Financial Data and Key Metrics Changes - For the full year 2024, adjusted operating income reached a record high of $718 million or $4.56 per diluted share, up 9% year over year [11] - Adjusted return on equity was 15% and adjusted book value increased by 12% year over year to $34.16 per share [11] - In Q4 2024, adjusted operating income was $169 million, up 7% year over year, with adjusted earnings per share at $1.09 [14][30] Business Line Data and Key Metrics Changes - New insurance written for the year totaled $51 billion, with record insurance in force at $269 billion, supporting approximately 140,000 families [12] - In Q4, primary insurance in force increased to $269 billion, up $1 billion sequentially and up $66 billion or 2% year over year [32] - New insurance written in Q4 was $13 billion, down 2% sequentially but up 27% year over year [32] Market Data and Key Metrics Changes - The operating environment in the US housing market remains constructive, with long-term demographic drivers of housing demand robust [15] - Labor markets showed resilience with consistent wage growth surpassing inflation [16] - Approximately 70% of insurance in force had mortgage rates below 6%, indicating strong credit quality [17] Company Strategy and Development Direction - The company aims to extend its platform into compelling adjacencies leveraging capabilities across mortgage, housing, and credit [24] - Enact RE continues to participate in attractive GSE single and multi-family deals, viewed as a long-term growth opportunity [24] - The capital allocation priorities include supporting existing policyholders, investing in business growth, and returning excess capital to shareholders [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term view of the US economy and housing, despite current challenges [16] - The company remains committed to helping people achieve homeownership responsibly, which underpins all business aspects [54] - Management noted that the aging of the portfolio should slow the increase in new delinquency development [71] Other Important Information - The company returned $354 million to shareholders in 2024, exceeding the high end of capital return guidance [13] - Ratings were upgraded by S&P from BBB+ to A- and by Fitch from A- to A, reflecting the strength of the business model [13] - The company maintained a disciplined approach to expense management, reducing expenses by 2% year over year [20] Q&A Session Summary Question: Capital return guidance and potential for increase - Management confirmed the capital return guidance of $350 million for 2025, with the possibility of reassessing based on business performance and macroeconomic conditions [59][60] Question: Reinsurance business and GSE CRT volume - Management indicated potential for GSE CRT volume to increase under different scenarios, which would allow for attractive risk-adjusted returns [64] Question: Impact of portfolio seasoning on delinquencies - Management noted that the average age of the portfolio increased, which should slow the increase in new delinquency development [71]

Company Performance - Enact Holdings, Inc. reported quarterly earnings of $1.09 per share, missing the Zacks Consensus Estimate of $1.11 per share, but showing an increase from $0.98 per share a year ago, resulting in an earnings surprise of -1.80% [1] - The company posted revenues of $308.94 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 1.35%, and an increase from $296.19 million year-over-year [2] - Over the last four quarters, Enact Holdings has surpassed consensus EPS estimates three times and topped consensus revenue estimates only once [2] Market Outlook - Enact Holdings shares have increased approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.13 on revenues of $311.7 million, and for the current fiscal year, it is $4.33 on revenues of $1.24 billion [7] Industry Context - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 36% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Financial Performance - GAAP net income for Q4 2024 was $163 million, or $1.05 per diluted share, compared to $181 million, or $1.15 per diluted share in Q3 2024[1] - Adjusted operating income for Q4 2024 was $169 million, or $1.09 per diluted share, down from $182 million, or $1.16 per diluted share in Q3 2024[3] - Net income for Q4 2024 was $162,738,000, down 9.7% from Q3 2024 but up 3.4% from Q4 2023[18] - Adjusted operating income for Q4 2024 was $168,725,000, a decrease of 7.4% from Q3 2024 and an increase of 6.5% from Q4 2023[18] - The company reported a U.S. GAAP ROE of 13.0% in Q4 2024, down from 14.7% in Q3 2024[19] Revenue and Premiums - Total revenues for Q4 2024 were $301,776,000, a decrease of 2.6% from Q3 2024 and an increase of 1.9% from Q4 2023[18] - Net premiums earned were $246 million, down 1% from Q3 2024 but up 2% from Q4 2023[7] - New insurance written (NIW) was approximately $13 billion, a 2% decrease from Q3 2024 but a 27% increase from Q4 2023[7] Losses and Expenses - Losses incurred for Q4 2024 were $24 million, with a loss ratio of 10%, compared to a loss ratio of 5% in Q3 2024[7] - The loss ratio for Q4 2024 was 10%, up from 5% in Q3 2024 and equal to 10% in Q4 2023[18] - Operating expenses were $58 million, with an expense ratio of 24%, compared to 22% in Q3 2024[7] - The expense ratio for Q4 2024 was 24%, an increase from 22% in Q3 2024 and 25% in Q4 2023[18] Assets and Liabilities - Total assets decreased to $6,521,531,000 in Q4 2024 from $6,597,046,000 in Q3 2024[19] - Total liabilities decreased to $1,525,435,000 in Q4 2024 from $1,560,801,000 in Q3 2024[19] Shareholder Returns - The company returned over $350 million to shareholders in 2024, including dividends and share repurchases[7] - A quarterly cash dividend of $0.185 per common share was announced, payable on March 14, 2025[13] Capital and Ratios - PMIERs sufficiency was 167%, representing $2.1 billion above the PMIERs requirements[13] - The debt to capital ratio remained stable at 13% in both Q4 2024 and Q3 2024[19] - Book value per share increased to $32.80 in Q4 2024 from $32.61 in Q3 2024 and $29.07 in Q4 2023[19] Insurance Metrics - Primary insurance in-force reached a record $269 billion, a 2% increase from Q4 2023[7]

Core Insights - Enact Holdings, Inc. reported strong financial performance for the fourth quarter and full year of 2024, highlighting effective strategy execution in a complex economic environment [2][4] Financial Performance - GAAP Net Income for Q4 2024 was $163 million, or $1.05 per diluted share, compared to $181 million, or $1.15 per diluted share in Q3 2024, and $157 million, or $0.98 per diluted share in Q4 2023 [3][4] - Adjusted Operating Income for Q4 2024 was $169 million, or $1.09 per diluted share, down from $182 million, or $1.16 per diluted share in Q3 2024, but up from $158 million, or $0.98 per diluted share in Q4 2023 [3][4] - The company achieved a Return on Equity of 13.0% and an Adjusted Operating Return on Equity of 13.5% for Q4 2024, compared to 14.7% and 14.8% in Q3 2024, respectively [3][4][22] Insurance Metrics - New Insurance Written (NIW) for Q4 2024 was approximately $13 billion, a decrease of 2% from Q3 2024 but an increase of 27% from Q4 2023 [4][8] - Primary Insurance In-Force (IIF) reached a record $269 billion, up 2% from $263 billion in Q4 2023 [3][4] - The Primary Persistency Rate was 82%, down from 83% in Q3 2024 and 86% in Q4 2023 [3][4] Capital Management - The company returned over $350 million to shareholders in 2024, including a quarterly cash dividend of $0.185 per common share [3][4][8] - PMIERs Sufficiency was reported at 167%, equating to $2.1 billion above the PMIERs requirements [3][4][22] Investment Income - Net Investment Income for Q4 2024 was $63 million, an increase from $61 million in Q3 2024 and $56 million in Q4 2023, driven by elevated interest rates [4][8] - Net Investment Losses for the quarter were $(7) million, compared to $(1) million in both the previous quarter and the same period last year [4][8] Shareholder Actions - The company repurchased 7.6 million shares at an average price of $31.95 for a total of $243 million in 2024 [4][8] - As of December 31, 2024, Enact held $243 million in cash and cash equivalents, along with $298 million in invested assets [4][8]

Core Points - Integra Resources Corp. supports Idaho Governor Brad Little's Executive Order 2025-02, known as the SPEED Act, which aims to streamline the permitting process for development projects in Idaho [1][3] - The SPEED Act establishes a SPEED Council to enhance collaboration among state agencies and expedite permit reviews while maintaining environmental safeguards [4][6] - The Act is expected to significantly advance mining projects in Idaho, particularly Integra's DeLamar and Florida Mountain Project, by facilitating the permitting process [2][3] Company Initiatives - Integra plans to submit a revised Mine Plan of Operations (MPO) for the DeLamar Project in 2025, which will be part of an upcoming Feasibility Study [2] - Following the acceptance of the revised MPO, the U.S. Bureau of Land Management will publish a Notice of Intent (NOI) to initiate the Draft Environmental Impact Statement (DEIS) process [2] - The DeLamar Project is highlighted as one of the most advanced gold-silver development projects in the Western U.S., indicating its significant scarcity value [2] Industry Context - The SPEED Act aligns with federal initiatives, such as the Unleashing American Energy executive order, aimed at expediting permitting for domestic mineral production [3][6] - The SPEED Council's goals include fostering responsible development, job creation, and maintaining a high quality of life for Idaho residents through efficient permitting processes [4][5] - Both state and federal directives emphasize the importance of balancing resource development with environmental protection [6]

Group 1 - Enact Holdings, Inc. has secured approximately $225 million and $260 million of excess of loss reinsurance coverage for the 2025 and 2026 book years respectively, effective January 1, 2025, and January 1, 2026 [1] - The reinsurance coverage is provided by a panel of reinsurers rated "A-" or better by Standard & Poor's or A.M. Best, or rated "A3" or better by Moody's [1] - The transactions are part of Enact's credit risk transfer strategy, aimed at managing credit risk and strengthening the company's financial position [2] Group 2 - Enact operates primarily through its wholly-owned subsidiary, Enact Mortgage Insurance Corporation, and has been a leading provider of private mortgage insurance in the U.S. since 1981 [3] - The company focuses on partnering with lenders to provide best-in-class service, underwriting expertise, and risk management, thereby helping more people achieve homeownership [3] - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact the communities it serves in a sustainable manner [3]

Core Viewpoint - Enact Holdings, Inc. has received upgrades in its insurance financial strength rating and senior debt rating from Fitch Ratings, indicating a strong financial performance and robust capital position [1][2]. Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is a leading provider of private mortgage insurance in the U.S. since 1981 [3]. - The company aims to assist individuals in achieving homeownership by partnering with lenders to provide top-tier service, underwriting expertise, and risk management [3]. Rating Upgrades - Fitch Ratings upgraded Enact's insurance financial strength rating from A- to A and its senior debt rating from BBB- to BBB, with a stable outlook for both ratings [1][2]. - The upgrades reflect the company's progress in strengthening its financial foundation and effectively managing risk while focusing on strategic priorities [2].

Core Viewpoint - Enact Holdings, Inc. is set to release its fourth quarter earnings on February 4, 2025, with a conference call scheduled for February 5, 2025, to discuss the financial results [1]. Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and has been a leading private mortgage insurance provider in the U.S. since 1981 [4]. - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide superior service, underwriting expertise, and risk management [4]. - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact communities through its services [4]. Conference Call Details - Participants interested in the live question and answer session must pre-register to obtain a dial-in number and unique PIN, with a recommendation to join at least 15 minutes early [2]. - A live webcast of the conference call will be available on the company's website, and the event will be archived for one year [3].

Core Viewpoint - The heavy selling of ACT shares is nearing exhaustion, suggesting a potential trend reversal as indicated by its RSI reading of 29.26, which is in oversold territory [3][4]. Group 1: Stock Performance - ACT has experienced a downtrend with an 8.1% decline over the past four weeks due to excessive selling pressure [4]. - The stock is currently in oversold territory, which may lead to a turnaround as investors look for entry opportunities [4][5]. Group 2: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with readings below 30 indicating potential price reversals [5]. - The current RSI reading for ACT is 29.26, suggesting that the stock is nearing a point of reversal [3][5]. Group 3: Analyst Sentiment - There is a strong consensus among sell-side analysts that ACT will report better earnings than previously predicted, leading to a 0.1% increase in the consensus EPS estimate over the last 30 days [6]. - ACT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a favorable outlook for a near-term turnaround [6].

Core Viewpoint - Aduro Clean Technologies Inc. has successfully completed a public offering, raising approximately US$4.52 million through the sale of 1,063,647 common shares at a price of US$4.25 per share, with a partial exercise of the over-allotment option [1][2] Group 1: Offering Details - The underwriters partially exercised their over-allotment option to purchase an additional 22,470 common shares [1] - The common shares began trading on The Nasdaq Capital Market under the ticker symbol "ADUR" on November 7, 2024 [1] - The offering was made under a registration statement filed with the U.S. Securities and Exchange Commission, which was declared effective on October 29, 2024 [4] Group 2: Use of Proceeds - The net proceeds from the offering are expected to be used for ongoing research and development costs, expenditures related to the construction of the "Next Generation Process" unit, and general corporate purposes and working capital [2] Group 3: Company Overview - Aduro Clean Technologies specializes in developing patented water-based technologies for recycling waste plastics, converting heavy crude and bitumen into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [6] - The company's Hydrochemolytic™ technology operates at relatively low temperatures and costs, utilizing water as a critical agent in its chemistry platform [6]