Enact (ACT)2025-04-30 20:23Financial Performance - GAAP net income for Q1 2025 was $166 million, or $1.08 per diluted share, compared to $163 million, or $1.05 per diluted share in Q4 2024, and $161 million, or $1.01 per diluted share in Q1 2024[1][6] - Adjusted operating income was $169 million, or $1.10 per diluted share, consistent with Q4 2024 and up from $166 million, or $1.04 per diluted share in Q1 2024[1][6] - Net income for Q1 2025 was $165,778,000, representing a 2.5% increase from $162,738,000 in Q4 2024 and a 3.4% increase from $160,988,000 in Q1 2024[19] - Adjusted Operating Income for Q1 2025 was $168,837,000, slightly up from $168,725,000 in Q4 2024 and $166,235,000 in Q1 2024[19] Revenue and Premiums - Total revenues for Q1 2025 increased to $306,776,000, up 1.0% from $301,776,000 in Q4 2024 and 5.2% from $291,576,000 in Q1 2024[19] - Net premiums earned were $245 million, up 2% from $241 million in Q1 2024, and relatively flat from $246 million in Q4 2024[1][6] - New insurance written (NIW) was approximately $10 billion, down 26% from Q4 2024 and down 7% from Q1 2024[1][6] Losses and Ratios - Losses incurred were $31 million with a loss ratio of 12%, compared to $24 million and 10% in Q4 2024, and $20 million and 8% in Q1 2024[1][6] - The loss ratio for Q1 2025 was 12%, up from 10% in Q4 2024 and 8% in Q1 2024[19] - The expense ratio improved to 21% in Q1 2025, down from 24% in Q4 2024 and up from 22% in Q1 2024[19] Expenses and Shareholder Returns - Operating expenses were $53 million with an expense ratio of 21%, down from $58 million and 24% in Q4 2024[1][6] - The Board of Directors declared a 14% increase in the quarterly dividend from $0.185 to $0.21 per common share, payable on June 11, 2025[1][14] - The company repurchased approximately 2.0 million shares at an average price of $33.38 for a total of approximately $66 million in the quarter[1][14] Assets and Liabilities - Total assets rose to $6,721,520,000 in Q1 2025, up from $6,521,531,000 in Q4 2024 and $6,303,683,000 in Q1 2024[20] - Total liabilities increased to $1,602,113,000 in Q1 2025, compared to $1,525,435,000 in Q4 2024 and $1,589,919,000 in Q1 2024[20] Investment Income and Capital Structure - The company’s net investment income for Q1 2025 was $63,037,000, an increase from $62,624,000 in Q4 2024 and $57,111,000 in Q1 2024[19] - The company reported a Debt to Capital Ratio of 13% for Q1 2025, consistent with Q4 2024 and down from 14% in Q1 2024[20] Book Value - Book value per share increased to $33.96 in Q1 2025, compared to $32.80 in Q4 2024 and $29.89 in Q1 2024[20] Insurance In-Force - Primary insurance in-force (IIF) was $268 billion, a 2% increase from $264 billion in Q1 2024, and relatively flat from $269 billion in Q4 2024[1][6] PMIERs Sufficiency - PMIERs sufficiency was 165%, approximately $2.0 billion above the PMIERs requirements, compared to 167% in Q4 2024[1][7]