Enact (US:ACT) Globenewswire·2025-11-05 21:20Core Insights - Enact Holdings, Inc. reported strong financial results for Q3 2025, with a GAAP net income of $163 million, or $1.10 per diluted share, and an adjusted operating income of $166 million, or $1.12 per diluted share [1][4] - The company has increased its full-year capital return guidance to approximately $500 million, reflecting its strong performance and market conditions [1][7] Financial Performance - Net income decreased from $168 million in Q2 2025 and $181 million in Q3 2024 [4][3] - Adjusted operating income also saw a decline from $174 million in Q2 2025 and $182 million in Q3 2024 [4][3] - New insurance written (NIW) was $14 billion, a 6% increase from Q2 2025 and a 3% increase from Q3 2024 [4][3] - The primary insurance in-force (IIF) rose to $272 billion, a 2% year-over-year increase [1][7] Risk Management and Operational Efficiency - The company maintained a primary persistency rate of 83%, consistent with the previous quarter and year [4][3] - Losses incurred increased to $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 [7][4] - Operating expenses remained stable at $53 million, with an expense ratio of 22% [7][4] Investment and Capital Management - Net investment income increased to $69 million, up from $66 million in Q2 2025 and $61 million in Q3 2024, driven by elevated interest rates [7][4] - The company repurchased approximately 2.8 million shares at an average price of $37.23, totaling around $105 million in the quarter [7][4] - PMIERs sufficiency was reported at 162%, approximately $1.9 billion above requirements [1][7] Future Outlook - The company is well-positioned for success in the evolving housing market, with a focus on disciplined execution and risk management [2][4] - Enact anticipates a total capital return of approximately $500 million for 2025, contingent on business performance and market conditions [7][4]