Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net income of $164 million, down from $176 million a year ago, while diluted earnings per share increased to $1.67 from $1.65 a year ago [4][5] - The year-to-date return on equity was 13% through Q3 2025 [4] - Consolidated cash and investments totaled $6.6 billion with an annualized investment yield of 3.9% [5][6] Business Line Data and Key Metrics Changes - The U.S. mortgage insurance in force was $249 billion, a 2% increase year-over-year [5] - The mortgage insurance net premium earned for Q3 2025 was $232 million, including $15.9 million from third-party business [9] - The average base premium rate for the U.S. mortgage insurance portfolio remained at 41 basis points, while the average net premium rate decreased by one basis point to 35 basis points [9] Market Data and Key Metrics Changes - The portfolio default rate increased to 2.29%, up 17 basis points from the previous quarter [9] - The weighted average FICO score of the insurance in force was 746, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company continues to focus on a prudent capital strategy, maintaining a strong balance sheet while returning capital to shareholders [6][12] - A new $500 million share repurchase authorization was approved, running through year-end 2027 [7] - The company is committed to investing in strategic growth while balancing shareholder returns [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business, benefiting from favorable credit trends and the interest rate environment [4] - The company anticipates that current mortgage rates will support elevated persistency in the near term [5] - Management highlighted the strong credit quality of the insurance portfolio and the substantial home equity embedded in the in-force book as mitigating factors for potential claims [5][6] Other Important Information - The company repurchased nearly 9 million shares for over $500 million year-to-date through October 31 [7] - The board approved a common dividend of $0.31 for Q4 2025 [7] - The statutory capital of Essent Guarantee was $3.7 billion, with a risk-to-capital ratio of 8.9 to 1 [11] Q&A Session Summary Question: Credit trends and provisions - Management noted that the average loan size has increased to nearly $300,000, which affects provisions when defaults occur [15] Question: Claims amount and severity - Management indicated that fluctuations in claims are dependent on document processing and adjudication, with severity remaining below reserves [17] Question: Seeded premiums and reinsurance transactions - Management explained that seeded premiums will fluctuate based on default and provision activity, with seasonal trends expected [19][20] Question: Tax rate changes - The increase in the estimated annual effective tax rate was attributed to withholding taxes on dividends, with expectations of a rate around 16% going forward [21][22] Question: Severity rates and long-term expectations - Management stated that while severity rates have increased, the overall risk remains low, and they are conservative in provisioning [26][27] Question: Underwriting guardrails and credit score requirements - Management confirmed that current systems have not changed significantly, and lenders are focused on managing origination costs [39][40] Question: Upstreaming capital from MI subsidiary - Management indicated plans for consistent dividends, potentially larger in Q4, while maintaining a focus on upstreaming cash [42] Question: Title business performance and growth avenues - Management noted that the Title business is still in early stages, with a focus on lender relationships and potential future growth [43][44]

Financial Performance - Net income decreased from $195.3 million in 2Q25 to $164.2 million in 3Q25[5] - Annualized Return on Equity (ROE) decreased from 13.8% in 2Q25 to 11.5% in 3Q25[5] - Shareholders' equity remained constant at $5.7 billion in both 2Q25 and 3Q25[5] - The combined ratio for the Mortgage Insurance segment increased from 22.1% in 2Q25 to 33.9% in 3Q25[5] - Book value per share grew to $58.86 as of September 2025, with an annualized growth rate of 18.1% since December 31, 2013[10] Portfolio and Risk Management - Insurance In Force (IIF) increased from $246.8 billion in 2Q25 to $248.8 billion in 3Q25[5] - New Insurance Written (NIW) slightly decreased from $12.5 billion in 2Q25 to $12.2 billion in 3Q25[5] - Portfolio default rate increased from 2.12% in 2Q25 to 2.29% in 3Q25[5] - 97% of the Insurance In Force (IIF) is subject to reinsurance protection as of September 30, 2025[5, 32, 35] Capital and Liquidity - PMIERs Sufficiency Ratio was 177% in 3Q25[5] - Risk-to-Capital Ratio improved from 9.2:1 in 2Q25 to 8.9:1 in 3Q25[5] - The company has $5.7 billion in GAAP Equity as of September 30, 2025[34] - Available liquidity at the holding companies is $1.0 billion, with an additional $500 million in undrawn capacity with the credit facility as of September 30, 2025[34]

Third Quarter 2025 Financial Results November 5, 2025 Cautionary Note Regarding Forward-Looking Statements Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) income (loss) available to Enact's common stockholders per diluted share, respectively. 2 1 U.S. Generally Accepted Accounting Principles Third Quarter Key Takeaways Insurance in ...

Core Viewpoint - NMI Holdings (NMIH) has shown modest performance over the past year with a gain of only 1%, but it is growing more quickly compared to other mortgage insurers, resulting in a smaller legacy portfolio of low-risk policies [1] Company Performance - NMIH's stock performance has been relatively stable, gaining just 1% over the past year [1] - The company is experiencing faster growth compared to its peers in the mortgage insurance sector [1] Portfolio Analysis - NMIH maintains a smaller legacy portfolio of low-risk policies, which may contribute to its growth potential and risk profile [1]

Core Insights - NMI Holdings, Inc. reported a net income of $96.0 million, or $1.22 per diluted share, for Q3 2025, showing slight changes compared to Q2 2025 and Q3 2024 [1][4]. Financial Performance - Net premiums earned increased to $151.3 million in Q3 2025 from $149.1 million in Q2 2025 and $143.3 million in Q3 2024, reflecting a 2% quarter-over-quarter (Q/Q) growth and a 6% year-over-year (Y/Y) growth [3][4]. - Total revenue for Q3 2025 was $178.7 million, up from $173.8 million in Q2 2025 and $166.1 million in Q3 2024 [4]. - Adjusted net income was $95.7 million, slightly down from $96.5 million in Q2 2025 but up from $92.8 million in Q3 2024 [4][3]. - The company’s book value per share (excluding net unrealized gains and losses) rose to $33.32, a 4% increase from Q2 2025 and a 16% increase from Q3 2024 [4][3]. Insurance Metrics - Primary insurance-in-force reached $218.4 billion, up 2% Q/Q and 5% Y/Y [3][4]. - New insurance written (NIW) was $13.0 billion, a 4% increase from Q2 2025 and a 6% increase from Q3 2024 [3][4]. - The loss ratio for Q3 2025 was 12.3%, compared to 9.0% in Q2 2025 and 7.2% in Q3 2024, indicating an increase in claims relative to premiums earned [4][3]. - The expense ratio improved to 19.3% from 19.8% in Q2 2025 and 20.3% in Q3 2024 [4][3]. Operational Highlights - The company maintains a robust balance sheet with total shareholders' equity of $2.5 billion at the end of Q3 2025 [4]. - Annualized return on equity for the quarter was 15.6%, down from 16.2% in Q2 2025 and 17.5% in Q3 2024 [4][3]. - The company’s CEO emphasized the importance of their products and services in the current market, highlighting strong operating performance and growth in their insured portfolio [2].

Core Insights - The article discusses reliable dividend stocks, emphasizing that companies with consistent dividend growth are often financially stable and less volatile than the broader market [1][2] - The S&P 500 Dividend Aristocrats Index has returned 10.68% annually since 2005, outperforming the S&P 500's 10.05% return, while also exhibiting lower volatility [2] - Companies with high dividend yields may face greater risks during downturns, whereas dividend growth stocks have shown resilience and higher yields on cost over time [3] Dividend Growth Stocks - The article identifies several top dividend growth stocks, highlighting their average annual dividend growth rates over the past five years [4][6] Levi Strauss & Co. (NYSE:LEVI) - Levi Strauss has achieved a 5-year dividend growth rate of 11.32% and is a leader in the denim market [8][9] - BTIG initiated coverage with a Buy rating and a price target of $27, citing strong brand performance and gross profit margins of 61.38% [10] - The company distributed $151 million to investors, a 118% increase year-over-year, with a quarterly dividend of $0.14 per share and a yield of 2.77% [12] Essent Group Ltd. (NYSE:ESNT) - Essent Group has a 5-year dividend growth rate of 13.94% and plays a crucial role in the US housing finance system [13][16] - Keefe Bruyette raised the price target from $67 to $71 while maintaining a Market Perform rating [14] - The company has consistently raised dividends for five years, with a quarterly payout of $0.31 per share and a yield of 2.04% [16] Patrick Industries, Inc. (NASDAQ:PATK) - Patrick Industries boasts a 5-year dividend growth rate of 19.14% and supplies components for various industries [17][19] - Truist raised the price target from $105 to $114 while maintaining a Buy rating [18] - The company returned $55 million to shareholders in FY24, with quarterly dividends increasing from $0.25 to $0.40 per share, yielding 1.59% [19]

Core Insights - Enact Holdings, Inc. has secured approximately $170 million in excess of loss reinsurance coverage from a panel of third-party reinsurance providers, effective January 1, 2027, for new insurance written in the 2027 book year [1] - The reinsurance coverage is part of the company's credit risk transfer strategy, which aims to manage risk effectively while delivering value to stakeholders [2] - Enact operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is committed to supporting homeownership in the U.S. through private mortgage insurance [3] Company Overview - Enact Holdings, Inc. is a leading provider of private mortgage insurance in the U.S., operating since 1981 [3] - The company focuses on partnering with lenders to provide superior service, underwriting expertise, and risk management [3] - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact communities by helping more people achieve homeownership [3]

Core Insights - MGIC Investment Corporation reported a net income of $191.1 million or $0.83 per diluted share for the third quarter of 2025, reflecting a slight decrease from $192.5 million in the previous quarter [1][2] - The adjusted net operating income for the same period was $190.8 million, also at $0.83 per diluted share, indicating a stable performance compared to $194.0 million in Q2 2025 [1][2] - The company emphasized the strength of its business model and effective risk management strategies, aiming for sustainable long-term value for shareholders [2] Financial Metrics - Net income for Q3 2025 was $191.1 million, down from $192.5 million in Q2 2025 [2] - Adjusted net operating income was $190.8 million, compared to $194.0 million in Q2 2025 [2] - New insurance written (NIW) increased to $16.5 billion from $16.4 billion in the previous quarter [2] - Net premiums earned were $241.8 million, a decrease from $244.3 million in Q2 2025 [2] - The annual persistency rate improved to 85.0% from 84.7% in Q2 2025 [2] Loss and Delinquency Statistics - Losses incurred, net, were reported at $10.9 million, a significant increase from a net gain of $2.8 million in Q2 2025 [2] - The primary delinquency inventory rose to 25,747 from 24,444 in the previous quarter, with a delinquency rate of 2.32% compared to 2.21% [2][20] - The loss ratio for the quarter was 4.5%, up from a negative 1.2% in Q2 2025 [2] Capital and Liquidity - As of September 30, 2025, the PMIERs available were $5.9 billion, an increase from $5.7 billion in June 2025 [2] - The company repurchased 7.0 million shares for $187.9 million and declared a dividend of $0.15 per common share [14] - The tangible book value per share increased to $23.58 from $22.99 in the previous quarter [2] Insurance Portfolio - The total primary insurance in force reached $300.8 billion, up from $297.0 billion in Q2 2025 [2][18] - The average loan size of insurance in force was $270.6 thousand, compared to $268.2 thousand in the previous quarter [18] - The company reported a total of 1,111,855 loans in force, an increase from 1,107,526 in Q2 2025 [18]

Core Insights - MGIC Investment Corporation has elected Martin P. Klein and Daniela A. O'Leary-Gill to its Board of Directors, enhancing its governance and strategic oversight [1][2][3] Group 1: Board Appointments - Martin P. Klein will serve on the Risk Management and Securities Investment Committees, while Daniela A. O'Leary-Gill will be part of the Audit and Business Transformation and Technology Committees [1] - Klein has extensive experience, having served as Executive Vice President and CFO at Athene Holdings and Genworth Financial, and currently holds a position at Apollo Global Management [2] - O'Leary-Gill has over 25 years of leadership experience in finance and strategy, previously serving as COO for BMO U.S. and on the Board of Discover Financial Services [3] Group 2: Company Overview - MGIC Investment Corporation, through its subsidiary MGIC, provides private mortgage insurance to facilitate affordable low-down-payment mortgages, aiding families in achieving homeownership [3]

Core Points - NMI Holdings, Inc. will report its third quarter results for the period ending September 30, 2025, after market close on November 4, 2025 [1] - A conference call and live webcast will be held on the same day at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time [2] - The webcast will be accessible on the company's website, and a replay along with the earnings press release and supplemental information will also be available [2] Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, a private mortgage insurance company in the U.S. [3] - The company enables low-down-payment borrowers to achieve home ownership while providing protection to lenders and investors against losses from borrower defaults [3]