Enact Reports Third Quarter 2024 Results And Announces Quarterly Dividend

Core Viewpoint - Enact Holdings, Inc. reported strong financial results for the third quarter of 2024, highlighting effective execution of its strategy, record insurance in-force, and solid returns for shareholders [2][4]. Financial Performance - GAAP Net Income was $181 million, or $1.15 per diluted share, compared to $184 million, or $1.16 per diluted share in Q2 2024, and $164 million, or $1.02 per diluted share in Q3 2023 [3][4]. - Adjusted Operating Income was $182 million, or $1.16 per diluted share, down from $201 million, or $1.27 per diluted share in Q2 2024, but up from $164 million, or $1.02 per diluted share in Q3 2023 [3][4]. - New Insurance Written (NIW) was approximately $14 billion, flat from Q2 2024, but down 6% from Q3 2023 [4][5]. - Primary insurance in-force reached a record $268 billion, a 2% increase from $266 billion in Q2 2024 and up from $262 billion in Q3 2023 [3][5]. - Net Premiums Earned were $249 million, up 2% from $245 million in Q2 2024 and $243 million in Q3 2023 [5]. Operational Metrics - The Loss Ratio for Q3 2024 was 5%, compared to (7)% in Q2 2024 and 7% in Q3 2023, with losses incurred of $12 million [5][6]. - Operating Expenses were $56 million, with an Expense Ratio of 22%, consistent with Q2 2024 and down from 23% in Q3 2023 [5][6]. - Return on Equity was 14.7%, down from 15.4% in Q2 2024 but consistent with 14.9% in Q3 2023 [3][5]. Capital and Liquidity - The company declared a quarterly cash dividend of $0.185 per common share, totaling $29 million [6][7]. - PMIERs Sufficiency was reported at 173%, or $2.19 billion above requirements, an increase from 169% in Q2 2024 [6][7]. - As of September 30, 2024, Enact held $151 million in cash and cash equivalents, and $292 million in invested assets, a decrease of $83 million from the prior quarter [6][7]. Share Repurchase Activity - Enact repurchased approximately 2.1 million shares at an average price of $34.04, totaling about $71 million in Q3 2024 [7]. - An additional 0.8 million shares were repurchased at an average price of $35.89 through October 31, 2024, with approximately $137 million remaining from a $250 million repurchase authorization [7].