Enact Reports Fourth Quarter and Full Year 2024 Results and Announces Quarterly Dividend

Core Insights - Enact Holdings, Inc. reported strong financial performance for the fourth quarter and full year of 2024, highlighting effective strategy execution in a complex economic environment [2][4] Financial 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, and $157 million, or $0.98 per diluted share in Q4 2023 [3][4] - 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, but up from $158 million, or $0.98 per diluted share in Q4 2023 [3][4] - The company achieved a Return on Equity of 13.0% and an Adjusted Operating Return on Equity of 13.5% for Q4 2024, compared to 14.7% and 14.8% in Q3 2024, respectively [3][4][22] Insurance Metrics - New Insurance Written (NIW) for Q4 2024 was approximately $13 billion, a decrease of 2% from Q3 2024 but an increase of 27% from Q4 2023 [4][8] - Primary Insurance In-Force (IIF) reached a record $269 billion, up 2% from $263 billion in Q4 2023 [3][4] - The Primary Persistency Rate was 82%, down from 83% in Q3 2024 and 86% in Q4 2023 [3][4] Capital Management - The company returned over $350 million to shareholders in 2024, including a quarterly cash dividend of $0.185 per common share [3][4][8] - PMIERs Sufficiency was reported at 167%, equating to $2.1 billion above the PMIERs requirements [3][4][22] Investment Income - Net Investment Income for Q4 2024 was $63 million, an increase from $61 million in Q3 2024 and $56 million in Q4 2023, driven by elevated interest rates [4][8] - Net Investment Losses for the quarter were $(7) million, compared to $(1) million in both the previous quarter and the same period last year [4][8] Shareholder Actions - The company repurchased 7.6 million shares at an average price of $31.95 for a total of $243 million in 2024 [4][8] - As of December 31, 2024, Enact held $243 million in cash and cash equivalents, along with $298 million in invested assets [4][8]