Core Insights - NMI Holdings, Inc. has appointed Renu Agrawal as an independent member of its Board of Directors, increasing the board size to ten members [1][2]. Group 1: Appointment Details - Renu Agrawal's appointment is effective immediately, and she brings a proven track record of executive leadership and extensive board experience [2]. - Agrawal currently serves on the boards of First Interstate BancSystem, Inc. and Sunrise Produce, and has previously held board positions at Luther Burbank Corporation and Woodruff Sawyer [2]. - She has over a decade of experience at Wells Fargo in senior executive roles, including Chief Operating Officer & EVP of the Financial Institutions Group [2]. Group 2: Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, which provides private mortgage insurance to enable low-down-payment borrowers to achieve home ownership [3]. - The company protects lenders and investors against losses related to borrower defaults [3].

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024 [4] - Diluted EPS reached $4.92, up 11% from 2024, with a return on equity of 16.2% [4][10] - Total revenue for the quarter was a record $180.7 million, compared to $166.5 million in Q4 2024, marking a 9% increase [10][12] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force grew to $221.4 billion, up 5.4% year-over-year [12] - The persistency rate was 83.4% in Q4, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, demonstrating strength despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership [5][6] - There is an emphasis on maintaining a disciplined approach to risk management while growing the insured portfolio [6][10] - The company is committed to building value for shareholders and delivering strong returns while prudently distributing excess capital [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment and housing market, noting broad resiliency and low unemployment [29] - There are concerns about consumer debt levels and confidence, but the overall outlook remains positive [29] - The company is well-positioned to capitalize on opportunities in the private MI market, with expectations for continued strength in 2026 [11][46] Other Important Information - The company repurchased $31 million of common stock in Q4, with a total of $349 million repurchased since the buyback program began in 2022 [15][16] - New reinsurance treaties were secured, extending coverage through 2028 at an estimated 4% pre-tax cost of capital [16][50] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain stable [21][22] Question: Regulatory concerns regarding potential FHA premium reductions - Management highlighted the private MI industry's role and expressed skepticism about the need for FHA rate adjustments given existing challenges [23][24] Question: Health of the consumer and credit trends by region - Management reported continued resiliency in the macro environment, with no notable emerging issues in default experience by geography [28][31] Question: Outlook for persistency and quarterly runoff trends - Management acknowledged a decline in persistency but expects it to remain above historical trends [33][34] Question: Implications of different portfolio vintages on credit - Management discussed the potential for normalization in credit experience as older vintages run off, with a focus on maintaining strong credit characteristics [40][41] Question: NIW market share and outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026, contingent on stable rates [43][46] Question: Quota share and capital management in 2026 - Management confirmed plans for continued share buybacks at a pace of approximately $25 million per quarter, depending on market conditions [50]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024 [4][10] - Diluted EPS reached $4.92, up 11% from 2024, with a return on equity of 16.2% [4][10] - Total revenue for Q4 was a record $180.7 million, compared to $166.5 million in Q4 2024, marking a 9% increase [10][12] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force grew to $221.4 billion, up 5.4% year-over-year [12][14] - The persistency rate was 83.4% in Q4, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, demonstrating strength despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership [5][6] - Plans to maintain discipline and risk responsibility while growing the insured portfolio [5] - The company is committed to building value for shareholders and delivering strong mid-teens returns [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro environment and housing market resilience, with expectations for continued strength in the private MI market [10][11] - There is a recognition of the unique role the private mortgage insurance industry plays in supporting borrowers [6][11] - Management noted potential risks, including consumer debt levels and labor market strains, while remaining optimistic about future opportunities [26][28] Other Important Information - The company repurchased $31 million of common stock in Q4, with a total of $349 million repurchased since the buyback program began in 2022 [14][15] - New reinsurance treaties were secured, extending coverage through 2028 at an estimated 4% pre-tax cost of capital [15][16] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain generally stable [19][21] Question: Regulatory concerns regarding potential FHA premium reductions - Management highlighted the private MI industry's role and expressed skepticism about the need for FHA rate adjustments given existing challenges [22][23] Question: Health of the consumer and credit trends by state - Management reported broad resiliency in the macro environment, with no notable emerging issues in default experience across regions [26][30] Question: Outlook for persistency and quarterly runoff trends - Management acknowledged a decline in persistency but expects it to remain above historical trends moving forward [32][34] Question: Implications of different portfolio vintages on credit - Management discussed the potential for normalization in credit experience as older vintages run off, while newer vintages may have different characteristics [37][39] Question: NIW market share outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026 [41][44] Question: Future of quota share and capital management - Management confirmed plans for continued share buybacks and indicated a stable expense ratio target for 2026 [47][49]

Core Insights - Enact Holdings, Inc. reported strong financial results for Q4 2025, with a net income of $177 million, or $1.22 per diluted share, marking an increase from $163 million in Q3 2025 and Q4 2024 [1][4] - The company emphasized its disciplined execution and resilient credit performance, despite ongoing affordability pressures and interest rate volatility in the housing market [2] Financial Performance - Q4 2025 net income was $177 million, up from $163 million in Q3 2025 and Q4 2024, with diluted earnings per share increasing to $1.22 from $1.10 and $1.05 respectively [3][4] - Adjusted operating income for Q4 2025 was $179 million, or $1.23 per diluted share, compared to $166 million and $1.12 in Q3 2025, and $169 million and $1.09 in Q4 2024 [3][4] - New insurance written (NIW) was $14 billion, a 2% increase from Q3 2025 and an 8% increase from Q4 2024 [4][7] Operational Metrics - The primary insurance in-force (IIF) reached $273 billion, a 2% increase year-over-year [1][7] - The primary persistency rate was 80%, down from 83% in Q3 2025 and 82% in Q4 2024 [4][7] - Losses incurred in Q4 2025 were $18 million, with a loss ratio of 7%, significantly lower than $36 million and 15% in Q3 2025, and $24 million and 10% in Q4 2024 [3][7] Capital Management - The company returned over $500 million to shareholders in 2025, including $121 million in dividends and $382 million in share repurchases [1][4] - As of December 31, 2025, Enact held $257 million in cash and cash equivalents and $370 million in invested assets [7] - PMIERs sufficiency was reported at 162%, approximately $1.9 billion above requirements, consistent with Q3 2025 [7] Future Outlook - The company announced a new share repurchase program with authorization to buy up to $500 million of common stock, alongside a quarterly dividend of $0.21 per share [7]

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 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 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 Insights - The article discusses important tax considerations for home buyers and sellers in 2025, particularly focusing on first-time buyers and the implications of recent tax law changes [1] Group 1: Tax Deductions for Home Buyers - Mortgage interest and property taxes are generally deductible, providing potential tax benefits for home buyers in 2025 [2] - The standard deduction for 2025 is set at $15,750 for single filers and $31,500 for joint filers, suggesting that itemizing expenses may be more beneficial for those with higher deductible expenses [3] - The "One Big Beautiful Bill Act" has increased the state and local tax deduction limit to $40,000, although this limit is lower for higher-income taxpayers [4] Group 2: Importance of Record Keeping - Maintaining excellent records for tax returns is crucial for home buyers, as emphasized by financial experts [5] - It is important to save all documents related to home purchases and mortgages, as well as receipts for home improvements, which can help reduce capital gains tax when selling the home [6] - The IRS considers substantial upgrades that improve the home's structure and livability as applicable for tax deductions, while normal wear and tear repairs do not qualify [7]

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 ...