Financial Data and Key Metrics Changes - For the full year 2025, the company reported adjusted operating income of $688 million or $4.61 per diluted share, with a year-end adjusted book value per share increasing by 11% to $37.87 [4][12] - In Q4 2025, adjusted operating income was $179 million or $1.23 per diluted share, compared to $1.09 per diluted share in the same period last year [12][14] - Adjusted return on equity for Q4 was 13.5% [7][12] Business Line Data and Key Metrics Changes - New insurance written in Q4 was $14 billion, up 2% sequentially and 8% year-over-year [13] - The primary insurance in force reached $273 billion in Q4, up $1 billion from Q3 2025 and $4 billion year-over-year [14] - Operating expenses for Q4 were $59 million, with an expense ratio of 24%, compared to $53 million and 22% in Q3 2025 [18] Market Data and Key Metrics Changes - Persistency was 80% in Q4, down 3 points sequentially and 2 points year-over-year [13] - The risk-weighted average FICO score of the insurance in-force portfolio was 746, with a risk-weighted average loan-to-value ratio of 93% [8] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, supporting existing policyholders, and investing in business growth while returning excess capital to shareholders [9][10] - The company plans to return approximately $500 million to shareholders in 2026, supported by a strong capital position and effective risk management [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the uncertain macro environment and highlighted strong long-term housing demand driven by demographic trends [23] - The company remains engaged with policymakers regarding housing affordability and supply constraints, indicating a proactive approach to evolving regulatory environments [31][32] Other Important Information - The company received multiple credit ratings upgrades and industry awards, reflecting its commitment to excellence and employee experience [6][7] - The PMIER sufficiency ratio was 162%, providing significant financial flexibility [19] Q&A Session Summary Question: Capital return guidance for 2026 - Management is confident in delivering $500 million back to shareholders but will evaluate market dynamics and business performance throughout the year [25][26] Question: Regulatory environment concerns - Management is actively engaged with policymakers on various topics, including affordability and inventory challenges, and is monitoring potential regulatory changes [30][32] Question: Mortgage market expectations for 2026 - The company anticipates a 10%-15% increase in mortgage insurance market size based on external forecasts, with a focus on purchase originations [33][34] Question: Default rates and delinquency trends - Management expects new delinquencies to moderate, with current levels in line with expectations and historical patterns [36][38] Question: Performance of new book years - Recent book years are performing in line with pricing expectations, with no significant negative variations noted [42][44] Question: Areas of heightened risk - Management is monitoring housing markets with increased supply and declining prices, particularly in certain states, to manage risk effectively [46][47]

Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 GAAP/Non-GAAP Disclosure Discussion This document includes the non-GAAP financial measures entitled "adjusted operating income (loss)," "adjusted operating income (loss) per share," and "adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects o ...

Core Viewpoint - Enact Holdings, Inc. has announced a new share repurchase program authorizing the purchase of up to $500 million of its common stock, reflecting confidence in its long-term performance and commitment to returning capital to shareholders [1][3]. Share Repurchase Program - The new share repurchase program is in addition to the existing $350 million program, with $30 million remaining as of January 30, 2026 [1]. - The program allows for various methods of repurchase, including open market purchases and privately negotiated transactions, and may utilize Rule 10b5-1 and Rule 10b-18 trading plans [3]. - The timing and amount of repurchases will be opportunistic, influenced by factors such as share price, capital availability, and market conditions [4]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.21 per common share, payable on March 19, 2026, to shareholders of record on February 26, 2026 [2]. Company Overview - Enact Holdings, Inc. is a leading provider of private mortgage insurance in the U.S., operating through its subsidiary Enact Mortgage Insurance Corporation since 1981 [5]. - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide service, underwriting expertise, and risk management [5].

Core Insights - The company reported solid financial results for Q4 2025, with a net income of $169 million and an annualized return on equity of 13% [1] - For the full year, net income reached $738 million, with a return on equity of 14.3% and a book value per share increase of 13% year-over-year to $23.47 [5] - The company surpassed $300 billion in insurance in force, ending the year with over $303 billion, a 3% increase from the previous year [5] Financial Performance - The company earned net income of $0.75 per diluted share in Q4, compared to $0.72 in the same quarter last year [11] - For the full year, net income per diluted share was $3.14, up from $2.89 the previous year [12] - Investment income for Q4 totaled $62 million, with a book yield on the investment portfolio at 4% [14] Insurance Metrics - Annual persistency remained stable at 85% by the end of Q4 2025 [6] - The company wrote $17 billion in new insurance in Q4 and $60 billion for the full year, an 8% increase from the prior year [6] - The average credit score at origination for the insurance portfolio was 748, with low early payment defaults indicating solid credit quality [7] Capital Management - The company returned $915 million to shareholders through dividends and share repurchases, reducing shares outstanding by 12% [17] - A quarterly common stock dividend of $0.15 per share was approved, marking five consecutive years of dividend growth [17] - The reinsurance program reduced PMIERs requirements by $2.8 billion, or approximately 47% [11] Market Outlook - The consensus mortgage origination forecast suggests the MI market size in 2026 will be similar to 2025, with elevated mortgage rates [6] - The company anticipates that if mortgage rates decrease more than expected, it could lead to increased refinance volume, although this may offset growth in insurance in force due to lower persistency [7] - Housing affordability remains a challenge, and the company supports policy changes to improve it [20]

Core Viewpoint - Enact Holdings, Inc. is a private mortgage insurance company with a stable target price of $42.50, indicating steady analyst outlook despite a lower target from BTIG at $27, while recent upgrades suggest optimism about earnings prospects [2][3][6] Group 1: Company Overview - Enact Holdings, Inc. is based in Raleigh, North Carolina, providing insurance products for prime-based, individually underwritten residential mortgage loans and contract underwriting services [1] Group 2: Analyst Insights - The consensus target price for Enact Holdings has remained stable at $42.50 over the past year, reflecting a steady outlook from analysts [2][6] - Analysts from BTIG have set a lower price target of $27, indicating a potential divergence in expectations [2] - The recent upgrade to a Zacks Rank 2 (Buy) suggests growing optimism about Enact Holdings' earnings prospects [3][6] Group 3: Earnings Expectations - Enact Holdings is anticipated to surpass earnings estimates in its upcoming fourth-quarter report, with expectations for positive outcomes based on favorable factors [4][6] - Investors are preparing for potential positive outcomes as the earnings release approaches [4] Group 4: Upcoming Events - The upcoming earnings report and conference call on February 3 and 4, 2026, will provide insights into the company's performance and future outlook [5]

Core Insights - MGIC Investment Corporation reported a strong financial performance for the fourth quarter and full year of 2025, with net income of $169.3 million or $0.75 per diluted share for Q4, and $738.3 million or $3.14 per diluted share for the full year [1][2]. Financial Performance - Fourth Quarter 2025: - Net income: $169.3 million, down from $191.1 million in Q3 2025 and up from $184.7 million in Q4 2024 [4]. - Adjusted net operating income: $168.4 million, consistent with net income per diluted share of $0.75 [1][4]. - New insurance written (NIW): $17.1 billion, compared to $16.5 billion in Q3 2025 and $15.9 billion in Q4 2024 [4][25]. - Net premiums earned: $236.0 million, slightly up from $241.3 million in Q3 2025 [4]. - Insurance in force: $303.1 billion, an increase from $300.8 billion in Q3 2025 [4][25]. - Full Year 2025: - Net income: $738.3 million, down from $762.9 million in 2024 [1][4]. - Adjusted net operating income: $738.4 million, consistent with the previous year [1][4]. - Total revenues: $1.213 billion, compared to $1.208 billion in 2024 [21]. Capital and Liquidity - The company returned $915 million to shareholders in 2025, including dividends and share repurchases [2][10]. - As of December 31, 2025, PMIERs available assets were $5.9 billion, with PMIERs excess at $2.5 billion [5]. Risk Management and Market Position - The company emphasized its disciplined risk management and financial stability, playing a critical role in supporting low-down payment borrowers [3]. - MGIC had $303.1 billion of primary insurance in force, covering approximately 1.1 million mortgages as of December 31, 2025 [8]. Delinquency and Claims - Primary delinquency inventory increased to 27,072 loans, with a delinquency rate of 2.43% [27]. - Losses incurred in Q4 2025 were $31.2 million, significantly higher than $10.9 million in Q3 2025 [4][21]. Shareholder Actions - The company repurchased 6.8 million shares for $189.1 million and declared a dividend of $0.15 per common share [10]. - S&P revised its outlook on MGIC to positive from stable, indicating improved market confidence [10].

Core Insights - MGIC Investment Corporation (NYSE:MTG) is recognized among the 15 Dividend Growth Stocks with the highest growth rates [1] - Barclays has raised its price target for MGIC to $30 from $28, maintaining an Equal Weight rating, citing a positive outlook for consumer finance in 2026 [2] Financial Performance - In Q3 2025, MGIC reported a net income of $191 million and an annualized return on equity of 14.8% [3] - The book value per share increased to $22.87, reflecting an 11% rise compared to the same period last year [3] Shareholder Returns - MGIC returned $980 million to shareholders through dividends and share repurchases, reducing its share count by 12% [4] - The company achieved a significant milestone by surpassing $300 billion in insurance in force, marking a first in the industry [4] Business Operations - MGIC operates primarily through its subsidiary, Mortgage Guaranty Insurance Corporation, providing mortgage insurance to lenders across the United States [4]

Core Viewpoint - NMI Holdings, Inc. will report its fourth quarter results for the period ending December 31, 2025, on February 10, 2026, after market close [1] Group 1: Earnings Announcement - The earnings report will be followed by a conference call and live webcast scheduled for 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] Group 2: Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, which provides private mortgage insurance to support low-down-payment borrowers while protecting lenders and investors from losses due to borrower defaults [3]

Core Viewpoint - Enact Holdings, Inc. is set to release its fourth quarter earnings on February 3, 2026, with a conference call scheduled for February 4, 2026, to discuss the financial results [1]. Group 1: Earnings Release Information - The fourth quarter earnings release will be available after market close on February 3, 2026 [1]. - A conference call to review the financial results will take place on February 4, 2026, at 8:00 a.m. (ET) [1]. - Earnings release materials, including a summary presentation and financial supplement, will be accessible on the company's website at the time of release [1]. Group 2: Participation Details - Participants wishing to join the live Q&A session must pre-register to obtain a dial-in number and unique PIN [2]. - It is recommended to join the call at least 15 minutes in advance, although registration can occur at any time [2]. - A live webcast of the event will be available for those who do not plan to ask questions [2]. Group 3: Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and has been a leading U.S. private mortgage insurance provider since 1981 [4]. - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide top-tier service and underwriting expertise [4]. - Enact aims to positively impact communities by empowering customers and their borrowers in a sustainable manner [4].

Core Viewpoint - Rocket Companies Inc. is identified as a strong investment opportunity for the next five years, supported by positive sector growth expectations in mortgage insurance and strategic acquisitions [1][4]. Financial Performance - In Q3 2025, Rocket Companies reported adjusted revenue of $1.783 billion, exceeding guidance by $133.93 million and reflecting a year-over-year growth of 34.77% [2]. - The company earned $0.07 per share, surpassing Street estimates by $0.02 [2]. Sector Outlook - Keefe Bruyette raised the price target for Rocket Companies to $20, citing a positive outlook for the mortgage insurance sector, with expectations of double-digit growth in book value [1][3]. - Oppenheimer initiated coverage with an Outperform rating and a $25 price target, highlighting Rocket as a premier investment in the residential real estate sector, particularly due to declining interest rates boosting refinance demand [4]. Strategic Acquisitions - The integration of Redfin and Mr. Cooper is a significant driver of Rocket's performance, creating a large servicing portfolio nearing 10 million clients, which represents one in every six US mortgages [3]. - This merger is expected to enhance Rocket's top-of-funnel strategy, allowing the company to capture and monetize the entire real estate lifecycle effectively [4]. Company Overview - Rocket Companies provides a range of mortgage, real estate, and personal finance services in the US and Canada, operating through two segments: Direct to Consumer and Partner Network [4].