Financial Data and Key Metrics Changes - The company recorded net income of $193 million and an annualized return on equity of 15% for the second quarter [5] - Adjusted net operating income was $0.82 per diluted share compared to $0.77 in the same period last year, while net income per diluted share increased to $0.81 from $0.77 [11] - Book value per share increased to $22.11, reflecting a 13% year-over-year growth [12] Business Line Data and Key Metrics Changes - The company wrote $16 billion of new insurance during the quarter, with insurance in force ending at $297 billion [5] - Annual persistency remained at 85%, with both insurance in force and annual persistency remaining relatively flat over the past two quarters [6] Market Data and Key Metrics Changes - The delinquency rate decreased by nine basis points to 2.21%, consistent with seasonal trends [13] - The company received 12,000 new delinquency notices, which is 5% higher than the second quarter of last year but 7% lower than 2019 [14] Company Strategy and Development Direction - The company focuses on maintaining financial strength and flexibility to navigate various economic scenarios, with a commitment to returning excess capital to shareholders through share repurchases and dividends [7][8] - The company has authorized a 15% increase in its quarterly common stock dividend to $0.15 per share, marking five consecutive years of dividend increases [9] Management Comments on Operating Environment and Future Outlook - The housing market faces challenges from elevated interest rates and affordability issues, but demographic trends and pent-up demand are expected to support long-term growth in mortgage insurance opportunities [9] - The company remains focused on disciplined risk management and strong underwriting standards to maintain a high-quality portfolio [6] Other Important Information - The company paid a quarterly common stock dividend of $0.13 per share, totaling $31 million, and repurchased 7.1 million shares for $181 million during the second quarter [7] - The unrealized loss position on the investment portfolio narrowed by $36 million due to a decrease in interest rates [17] Q&A Session Summary Question: Can you remind us how you are thinking about sizing the level of capital return? - The company has been paying dividends in the range of $300 to $400 million every six months, driven by excellent credit performance and financial results [24] Question: Could there be a case where you could increase the payout further? - The company is constrained by its contingency reserve balance, but as long as capital levels remain above targets, dividends at similar levels to previous years are expected [28][29] Question: Can you talk about your expectation for home prices? - National home prices are forecasted to be flat over the next several years, with different dynamics in various regions [33] Question: Does the OpEx guidance exclude the $4 million charge? - Yes, the $4 million charge is included in the Q2 number and the full-year guidance, with expectations for smaller charges in the future [37]