Enact (US:ACT)2025-02-04 21:16Financial 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]