Enact (US:ACT)2025-11-05 21:25Financial Performance - GAAP net income for Q3 2025 was $163 million, or $1.10 per diluted share, a decrease from $168 million in Q2 2025 and $181 million in Q3 2024[1][6] - Adjusted operating income was $166 million, or $1.12 per diluted share, compared to $174 million in Q2 2025 and $182 million in Q3 2024[1][6] - Net income for Q3 2025 was $163,497,000, down 2% from $167,808,000 in Q2 2025 and down 9.5% from $180,669,000 in Q3 2024[18] - The adjusted operating income for Q3 2025 was $165,885,000, a decrease from $173,590,000 in Q2 2025 and $182,321,000 in Q3 2024[18] Revenue and Expenses - Total revenues for Q3 2025 were $311,455,000, an increase of 2% from $304,890,000 in Q2 2025 and a slight increase from $309,588,000 in Q3 2024[18] - Operating expenses remained flat at $53 million with an expense ratio of 22%[1][6] - The provision for income taxes in Q3 2025 was $46,332,000, a slight decrease from $46,694,000 in Q2 2025 and $48,788,000 in Q3 2024[18] Insurance Metrics - New insurance written (NIW) was $14 billion, a 6% increase from Q2 2025 and a 3% increase from Q3 2024[1][6] - Primary insurance in-force (IIF) reached $272 billion, up 2% year-over-year[1][6] - Losses incurred were $36 million with a loss ratio of 15%, compared to $25 million and 10% in Q2 2025, and $12 million and 5% in Q3 2024[1][6] - The loss ratio increased to 15% in Q3 2025 from 10% in Q2 2025 and 5% in Q3 2024[18] Investment Performance - Net investment income increased to $69 million, up from $66 million in Q2 2025 and $61 million in Q3 2024[1][6] - The company reported net investment losses of $2,834,000 in Q3 2025, an improvement from losses of $7,343,000 in Q2 2025[18] Balance Sheet - Total assets as of Q3 2025 were $6,876,443,000, up from $6,773,473,000 in Q2 2025 and $6,597,046,000 in Q3 2024[19] - Total liabilities as of Q3 2025 were $1,559,157,000, slightly up from $1,550,345,000 in Q2 2025 but down from $1,560,801,000 in Q3 2024[19] - The debt to capital ratio remained stable at 12% in Q3 2025 and Q2 2025, down from 13% in Q3 2024[19] Shareholder Returns - The company announced a quarterly dividend of $0.21 per share, payable on December 11, 2025[1][13] - Full-year capital return guidance was increased to approximately $500 million, reflecting strong performance and current mortgage origination levels[1][13] PMIERs Sufficiency - PMIERs sufficiency was 162%, approximately $1.9 billion above requirements, down from 165% in Q2 2025[1][6]