Financial Data and Key Metrics Changes - Adjusted operating income for Q2 2024 was $201 million, representing a 21% increase sequentially and a 13% increase year-over-year [7] - Adjusted EPS was $1.27, with an adjusted return on equity of 17% [7][14] - Insurance In-Force reached a record $266 billion, up 1% sequentially and 3% year-over-year [7][16] - GAAP net income for Q2 was $184 million or $1.16 per diluted share, compared to $1.04 per diluted share in the same period last year [14] Business Line Data and Key Metrics Changes - New insurance written was $14 billion, up $3 billion sequentially but down $1 billion or 10% year-over-year [16] - Persistency was 83%, down 2 percentage points sequentially and down 1 percentage point year-over-year [16] - Net premiums earned were $245 million, up 2% sequentially and 3% year-over-year [16] Market Data and Key Metrics Changes - The risk-weighted average FICO score of the insured portfolio was 745, with a risk-weighted average loan-to-value ratio of 94% [9] - The delinquency rate remained flat at 2%, consistent with expectations [9][10] - New delinquencies decreased sequentially to 10,500, aligning with seasonal expectations [20] Company Strategy and Development Direction - The company is focused on driving profitable growth, maximizing efficiency, and creating shareholder value [6] - Enact Re was launched to expand into the GSE credit risk transfer market, performing well since inception [12] - The company aims to balance maintaining a strong balance sheet, investing in business, and returning capital to shareholders [25] Management's Comments on Operating Environment and Future Outlook - The U.S. economy is stable with a strong labor market, although inflation and higher interest rates pose risks [7] - Management is optimistic about the long-term demand for mortgage insurance, particularly among first-time homebuyers [8] - The company remains well-positioned for the second half of 2024 and beyond, focusing on risk management and solid returns [26] Other Important Information - The company repurchased $49 million of shares during the quarter and distributed $29 million in dividends [11][24] - A voluntary separation program was initiated, resulting in a $3 million restructuring charge [20][58] Q&A Session Summary Question: Why was new insurance written lower compared to peers? - Management noted that there was no significant difference this quarter and that market share is viewed as an outcome rather than a goal [29][30] Question: How sustainable is the lower claim rate given potential consumer slowdowns? - Management indicated that the claim rate was lowered based on reduced economic uncertainty and strong delinquency performance [32][33] Question: How does the company view the potential impact of a new administration on mortgage insurance? - Management believes mortgage insurance is well-positioned under both Democratic and Republican administrations, aligning with consumer needs and private capital interests [37][38] Question: What are the expectations for premium rates moving forward? - Management expects base premium rates to stabilize and remain flattish throughout the year [54] Question: What is the driver behind the updated capital return guidance? - The increase in guidance is attributed to strong business performance and a favorable economic environment [46][49]

Financial Performance - Total revenues for Q2 2024 were $298,834, an increase of 7.5% compared to $277,522 in Q2 2023[14] - Net income for Q2 2024 was $183,673, representing a 9.1% increase from $168,020 in Q2 2023[16] - Premiums earned in Q2 2024 were $244,567, up from $238,520 in Q2 2023, reflecting a growth of 2.2%[14] - Net investment income increased to $59,773 in Q2 2024, compared to $50,915 in Q2 2023, marking a rise of 17.4%[14] - The company reported a total comprehensive income of $184,845 for Q2 2024, compared to $143,019 in Q2 2023, an increase of 29.3%[16] - Net income for the six months ended June 30, 2024, was $344,661, compared to $344,008 for the same period in 2023, reflecting a slight increase[26] - Net cash provided by operating activities increased to $331,996 for the six months ended June 30, 2024, from $287,185 in 2023, representing a growth of approximately 15.6%[26] - Net investment income for the six months ended June 30, 2024, was $116,884, up from $96,256 in 2023, indicating a year-over-year increase of about 21.5%[34] - For the six months ended June 30, 2024, net income available to common stockholders was $344.661 million, compared to $344.008 million for the same period in 2023[127] - Basic earnings per share for the six months ended June 30, 2024, was $2.18, an increase from $2.13 for the same period in 2023[127] Assets and Equity - Total assets as of June 30, 2024, were $6,349,372, up from $6,190,473 at the end of 2023, indicating a growth of 2.6%[12] - Total equity increased to $4,825,829 as of June 30, 2024, compared to $4,632,347 at the end of 2023, reflecting a growth of 4.2%[12] - Cash and cash equivalents at the end of the period increased to $699,035 as of June 30, 2024, from $691,416 at the end of June 2023[26] Stock Repurchase and Dividends - The company repurchased common stock worth $48,610 during Q2 2024[20] - The company repurchased common stock worth $98,334 during the six months ended June 30, 2024, compared to $63,435 in the same period of 2023, reflecting a significant increase of about 55%[26] - A quarterly cash dividend of $0.185 per share was paid in Q2 2024, up from $0.16 per share in Q2 2023[135] - As of June 30, 2024, $238.2 million remained available under the share repurchase program[134] Investment Performance - Unrealized investment losses on available-for-sale securities were $236,463 as of June 30, 2024, compared to $230,556 at the end of 2023, indicating a slight deterioration in investment performance[42] - The total fair value of fixed maturity securities available-for-sale was $5,331,345, with gross unrealized losses of $318,662[47] - The amortized cost of total investments as of June 30, 2024, was $5,644,893, reflecting a decrease in fair value compared to the previous period[47] - The total fair value of fixed maturity securities in an unrealized loss position was $4,195,578, with gross unrealized losses of $318,662 as of June 30, 2024[49] - The fair value of U.S. corporate fixed maturity securities was $2,723.7 million, with $2,476.5 million classified as Level 2 and $247.2 million as Level 3[81] - Approximately 89% of the fixed maturity securities portfolio was priced using third-party pricing services as of June 30, 2024[64] Liabilities and Borrowings - The carrying amount of long-term borrowings was $742.368 million, with a fair value of $749.880 million[98] - As of June 30, 2024, long-term borrowings totaled $742.368 million, a slight decrease from $745.416 million as of December 31, 2023[114] - The company issued $750 million in Senior Notes due 2029, with an interest rate of 6.25% per year, beginning on November 28, 2024[112] - The company redeemed all $750 million of its 6.5% senior notes due 2025 at a price of 101% of the principal amount, resulting in a loss on debt extinguishment of $10.9 million[115] - The company has a five-year unsecured revolving credit facility of $200 million, with the option to increase by an additional $100 million, maturing in June 2027[116] - The company is in compliance with all covenants of the revolving credit facility, which has remained undrawn through June 30, 2024[117] Loss Reserves and Insurance Operations - Loss reserves decreased to $508,138 as of June 30, 2024, from $518,191 at the end of 2023, a reduction of 1.9%[12] - The net loss reserves at the end of June 30, 2024, were $505.362 million, down from $516.221 million at the beginning of the period[102] - The gross loss reserves for domestic mortgage insurance decreased from $517.515 million at the beginning of the period to $506.710 million at the end of the period[102] - Losses and loss adjustment expenses (LAE) incurred related to the current accident year were $135.053 million, compared to $120.175 million for the same period in 2023[104] - The company recorded favorable reserve adjustments of $131 million primarily on prior accident year reserves due to improved cure performance of delinquencies[104] - The total incurred losses and LAE for the six months ended June 30, 2024, were $1.821 million, reflecting a decrease from the previous year[104] - The company operates through a single segment, focusing on residential mortgage guaranty insurance, with operations in all 50 states and the District of Columbia[31]

-       Newly issued U.S. patent augments Actinium's existing composition of matter patent coverage over Iomab-B and Iomab-ACT targeted radiotherapy conditioning programs-       Pertains to the use of Iomab-ACT with genetically engineered hematopoietic stem cells for treating non-malignant diseases including sickle cell disease, severe combined immunodeficiency disease, β-thalassemia and Fanconi's anemiaNEW YORK, Aug. 1, 2024 /PRNewswire/ -- Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) (Actinium or ...

Enact Holdings, Inc. (ACT) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $1.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.30%. A quarter ago, it was expected that this company would post earnings of $0.99 per share when it actually produced earnings of $1.04, delivering a surprise of 5.05%.Over the last four quarters, the compa ...

Enact Q2 2024 Earnings Release [Financial and Operating Highlights](index=1&type=section&id=Financial%20and%20Operating%20Highlights) Enact reported a strong second quarter of 2024, with GAAP Net Income of $184 million and Adjusted Operating Income of $201 million, achieving a record primary insurance-in-force of $266 billion driven by market execution Key Financial and Operating Metrics | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | GAAP Net Income ($) | $184 million | $161 million | $168 million | | Diluted EPS ($) | $1.16 | $1.01 | $1.04 | | Adjusted Operating Income ($) | $201 million | $166 million | $178 million | | Adj. Diluted Operating EPS ($) | $1.27 | $1.04 | $1.10 | | Primary Insurance-in-Force ($) | $266 billion | $264 billion | $258 billion | | Loss Ratio (%) | (7)% | 8% | (2)% | | Return on Equity (%) | 15.4% | 13.8% | 15.5% | | PMIERs Sufficiency (%) | 169% | 163% | 162% | - The CEO highlighted a very strong Q2 performance, emphasizing record insurance-in-force, prudent risk management, expense discipline, and capital return to shareholders amidst a dynamic market[2](index=2&type=chunk) [Performance Summary](index=2&type=section&id=Performance%20Summary) The company demonstrated improved profitability and premium growth, driven by favorable loss experience and increased new insurance written - Net income increased to **$184 million**, up from **$161 million** in Q1 2024 and **$168 million** in Q2 2023[4](index=4&type=chunk) - Adjusted operating income also rose to **$201 million**, compared to **$166 million** in the prior quarter and **$178 million** in the prior year's quarter[4](index=4&type=chunk) - New insurance written (NIW) was **$14 billion**, a **29% increase** from Q1 2024 due to a higher estimated MI market size, but down **10%** from Q2 2023[4](index=4&type=chunk) - Losses incurred were a benefit of **$(17) million**, resulting in a **(7)% loss ratio**, primarily driven by a **$77 million reserve release** reflecting favorable cure performance and a reduction in the claim rate expectation from **10% to 9%**[4](index=4&type=chunk) - Net premiums earned grew to **$245 million**, up **2% sequentially** and **3% year-over-year**, driven by growth in insurance-in-force and premiums from adjacencies like Enact Re's GSE CRT participation[4](index=4&type=chunk) [Capital Management and Shareholder Returns](index=3&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) Enact actively managed its capital through debt refinancing, share repurchases, and increased dividends, while maintaining strong PMIERs sufficiency - The company issued **$750 million** of **6.25% Senior Notes** due 2029 and used the proceeds to redeem its **6.5% Senior Notes** due 2025, extending maturities and saving approximately **$2 million** in annual interest expense[5](index=5&type=chunk) - Shareholder returns were enhanced through a new **$250 million share repurchase program** and an increased quarterly dividend to **$0.185 per share**[5](index=5&type=chunk)[6](index=6&type=chunk) - In Q2, approximately **1.6 million shares** were repurchased for **$49 million**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company now anticipates a total capital return to shareholders of between **$300 million** and **$350 million** for the full year 2024, subject to performance and market conditions[6](index=6&type=chunk) Key Capital and Book Value Metrics | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | PMIERs Sufficiency (%) | 169% | 163% | | PMIERs Sufficiency ($) | $2,057 million | $1,883 million | | Book Value Per Share ($) | $30.91 | $29.89 | | Book Value Per Share (ex-AOCI) ($) | $32.43 | $31.40 | [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the unaudited consolidated financial statements for the second quarter of 2024, including the Statements of Income and Balance Sheets [Exhibit A: Consolidated Statements of Income](index=6&type=section&id=Exhibit%20A%3A%20Consolidated%20Statements%20of%20Income) This exhibit details the company's revenues, expenses, and profitability for the reported periods, culminating in net income and adjusted operating income Consolidated Statements of Income (in thousands) | (In thousands) | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | **Total revenues** | **$298,834** | **$291,576** | **$277,522** | | Premiums | $244,567 | $240,747 | $238,520 | | Net investment income | $59,773 | $57,111 | $50,915 | | **Total losses and expenses** | **$64,005** | **$85,655** | **$63,375** | | Losses incurred | $(16,821) | $19,501 | $(4,070) | | **INCOME BEFORE INCOME TAXES** | **$234,829** | **$205,921** | **$214,147** | | **NET INCOME** | **$183,673** | **$160,988** | **$168,020** | | **Adjusted Operating Income** | **$201,115** | **$166,235** | **$178,323** | [Exhibit B: Consolidated Balance Sheets](index=7&type=section&id=Exhibit%20B%3A%20Consolidated%20Balance%20Sheets) This exhibit provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at the end of the reporting periods Consolidated Balance Sheets (in thousands) | (In thousands) | Q2 2024 | Q1 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Total assets** | **$6,349,372** | **$6,303,683** | **$5,923,860** | | Total investments | $5,343,658 | $5,361,101 | $4,925,888 | | Cash and cash equivalents | $344,444 | $614,330 | $691,416 | | **Total liabilities** | **$1,523,543** | **$1,589,919** | **$1,547,964** | | Loss reserves | $508,138 | $531,443 | $490,203 | | Long-term borrowings | $742,368 | $746,090 | $744,100 | | **Total equity** | **$4,825,829** | **$4,713,764** | **$4,375,896** | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like adjusted operating income to assess core performance, excluding non-recurring items, and provides their definitions and GAAP reconciliations - Adjusted operating income is defined as net income excluding the after-tax effects of net investment gains/losses, restructuring costs, infrequent or unusual non-operating items, and gain/loss on debt extinguishment[11](index=11&type=chunk) - Management uses these non-GAAP measures because they believe it helps investors identify income attributable to ongoing operations and provides a basis for performance evaluation comparable to that used by analysts[14](index=14&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially - The report contains forward-looking statements, identified by words such as "will," "anticipate," "expect," and "believe," which are subject to risks and uncertainties and are not guarantees of future performance[10](index=10&type=chunk) - Potential risks that could cause results to differ include economic downturns, changes in GSE policies, competition, and other factors described in the company's SEC filings, such as the 2023 Annual Report on Form 10-K[10](index=10&type=chunk)

GAAP Net Income of $184 million, or $1.16 per diluted shareAdjusted Operating Income of $201 million, or $1.27 per diluted shareReturn on Equity of 15.4% and Adjusted Operating Return on Equity of 16.9%Record Primary insurance in-force of $266 billion, a 3% increase from second quarter 2023PMIERs Sufficiency of 169% or $2,057 millionBook Value Per Share of $30.91 and Book Value Per Share excluding AOCI of $32.43Announces quarterly cash dividend of $0.185 per common share RALEIGH, N.C., July 31, 2024 (GLOBE ...

- Sickle cell disease affects approximately 100,000 patients in the U.S. annually and is a debilitating and life-threatening condition with high unmet need- Current conditioning with non-targeted chemotherapies provides limited access to potentially curative bone marrow transplant and recently approved gene therapies for sickle cell disease patients- Initial trial focused on conditioning for bone marrow transplant intended to inform subsequent gene therapy conditioning study and provide broader access to ce ...

Core Insights - The median home price in the United States has risen significantly over the past decade, recently reaching nearly $435,000, which has led to frustrations among potential home buyers [1] - Mortgage insurers, including Enact Holdings, Radian Group, and MGIC Investment Corp., have outperformed the S&P 500 index over the last two years despite a decline in home sales and refinancing activity [2][3] - Enact Holdings has shown growth in revenue, with total revenue for Q1 2024 at $291.6 million, up from $280.9 million in the previous year, driven by rising premiums and investment income [6] Industry Overview - Home sales are projected to remain low in 2024, with an annual level trending to less than 4.5 million transactions, marking a significant decline compared to previous years [3] - The volume of mortgage insurance sold is closely tied to mortgage originations and refinancing, which are currently affected by high interest rates, limiting refinancing activity [3][4] - Despite the challenges in the housing market, mortgage insurers have managed to maintain strong performance, indicating potential resilience in the sector [4] Company Analysis: Enact Holdings - Enact Holdings was spun out from Genworth Financial and has seen its shares underperform relative to the broader market recently, with a total return of approximately 8.9% compared to 18.1% for the S&P 500 [5][6] - The company reported a net income drop to $161.0 million in Q1 2024 from $176.0 million in the previous year, attributed to increased incurred losses [6] - Enact's balance sheet remains strong, with total assets increasing by $113 million and liquidity in excellent shape, allowing for a dividend increase and share repurchase program [6] Valuation and Future Outlook - The mortgage insurance sector is currently trading at a premium to book value, with Enact Holdings holding the lowest premium among its peers, indicating a fully valued status [8] - Expectations for interest rate cuts could lead to increased housing inventory and potentially boost transaction volumes, benefiting Enact Holdings [7][9] - The company is expected to see gradual appreciation in share price in line with book value, but significant upside appears limited unless market conditions change favorably [9]

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Enact Holdings, Inc. (ACT) , which belongs to the Zacks Insurance - Multi line industry, could be a great candidate to consider.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 6.97%.For the most recent quarter, ...

RALEIGH, N.C., July 09, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) announced it will issue its second quarter earnings release after the market closes on July 31, 2024. Enact will host a conference call to review second quarter 2024 financial results on August 1, 2024 at 8:00 a.m. (ET). Enact’s earnings release, summary presentation and financial supplement will be available through the company's website, https://ir.enactmi.com/, at the time of their release to the public. Participa ...