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Enact Holdings, Inc. Common Stock (Nasdaq: ACT) operates as a holding company that provides private mortgage insurance services through its subsidiaries, primarily Enact Mortgage Insurance Corporation. Established in 1981 and headquartered in Raleigh, North Carolina, Enact plays a pivotal role in the U.S. housing finance market. The company's mortgage insurance services facilitate homeownership by protecting mortgage lenders and investors against losses caused by borrower defaults. Enact's principal customers include residential mortgage loan originators who select Enact for its extensive risk and capital management capabilities.
Enact boasts a robust financial foundation, underscored by its recent achievements and ongoing strategic initiatives. The company announced a quarterly dividend increase to $0.185 per common share, payable on June 13, 2024, and authorized a new share repurchase program of up to $250 million. These actions reflect Enact's strong financial position and commitment to shareholder returns.
The company also reported solid financial results for Q1 2024, with a net income of $161 million and an adjusted operating income of $166 million. Primary insurance in-force reached a record $264 billion, evidencing a 4% year-over-year increase. Enact's financial strength is further validated by its PMIERs sufficiency ratio of 163%, significantly above requirements.
Enact continues to innovate and enhance its service offerings. Recent integrations with PMI Rate Pro enable lenders to seamlessly order mortgage insurance via API, improving customer experience and operational efficiency. Additionally, Enact's commitment to ESG principles, highlighted in its 2023 ESG Report, demonstrates its dedication to sustainable business practices and positive community impact.
For investors and stakeholders, Enact Holdings, Inc. represents a stable and growth-oriented company with a strong track record of financial performance, strategic innovation, and shareholder value creation.
Enact Holdings (Nasdaq: ACT) announced that its subsidiary, Enact Mortgage Insurance , has secured two new quota share reinsurance agreements. Under these arrangements, the company will cede approximately 27% of portions of expected new insurance written for two periods: January 1-December 31, 2025, and January 1-December 31, 2026. The agreements were made with a panel of highly-rated reinsurers, demonstrating the company's commitment to risk management and capital optimization while supporting customer service in the mortgage insurance sector.
Genworth Financial (NYSE: GNW) reported Q3 2024 net income of $85M ($0.19 per diluted share) and adjusted operating income of $48M ($0.11 per diluted share). Key highlights include $124M in gross incremental premium approvals for long-term care, expansion of CareScout Quality Network to 49 states, and $36M in share repurchases. Enact reported strong performance with adjusted operating income of $148M and distributed $81M in capital returns to Genworth. The company's holding company cash and liquid assets stood at $369M, while the U.S. life insurance companies maintained an RBC ratio of 317%.
Enact Holdings reported strong Q3 2024 financial results with GAAP Net Income of $181 million ($1.15 per diluted share) and Adjusted Operating Income of $182 million ($1.16 per diluted share). The company achieved a Return on Equity of 14.7% and reached a record Primary insurance in-force of $268 billion, representing a 2% increase from Q3 2023. The company maintained strong capital position with PMIERs Sufficiency of 173% ($2,190 million). Net premiums earned increased to $249 million, up 2% from previous quarter. The company announced a quarterly cash dividend of $0.185 per common share.
Genworth Financial (NYSE: GNW) has announced its schedule for releasing third quarter results and hosting an earnings conference call. The company will release its earnings report after market close on November 6, 2024, followed by a conference call on November 7, 2024, at 9:00 a.m. (ET) to discuss the results. Investors can access the earnings release, summary presentation, and financial supplement through Genworth's investor website.
The conference call will be accessible via telephone and internet. The dial-in number is 888-208-1820 or 323-794-2110 (outside the U.S.) with conference ID #1689846. Participants can also join the webcast by registering at the investor website. Additionally, Genworth's publicly traded subsidiary, Enact Holdings, Inc. (Nasdaq: ACT), will hold its own conference call on November 7, 2024, at 8:00 a.m. (ET) to discuss its third-quarter results.
Enact Holdings, Inc. (Nasdaq: ACT) has announced its plans to release third quarter 2024 earnings after market close on November 6, 2024. The company will host a conference call to discuss these financial results on November 7, 2024 at 8:00 a.m. ET. Interested participants can pre-register for the call's live Q&A session to obtain a dial-in number and unique PIN. A live webcast of the event will also be available on Enact's investor relations website for those who wish to join without asking questions.
The earnings release, summary presentation, and financial supplement will be accessible through Enact's website at https://ir.enactmi.com/ upon their release to the public. It is recommended to join the call at least 15 minutes in advance, although registration and dialing in can be done at any time during the call. The webcast will be archived on the company's website for one year following the event.
Enact Holdings, Inc. (Nasdaq: ACT) addressed updated Private Mortgage Insurer Eligibility Requirements (PMIERs) released by Fannie Mae, Freddie Mac, and FHFA. The new guidelines will be phased in from March 31, 2025, to September 30, 2026. As of June 30, 2024, Enact had 169% of required assets under current PMIERs, about $2.1 billion above mandated thresholds. Under new standards, Enact estimates its PMIERs sufficiency ratio would be approximately 153%, exceeding requirements by $1.6 billion. After portfolio adjustments, sufficiency is projected at 160% or $1.8 billion above required assets. Enact expects to maintain compliance and does not anticipate material impacts on its PMIERs sufficiency ratio, investment portfolio yield, or capital allocation priorities, including its goal of returning $300-350 million to shareholders in 2024.
Enact Holdings, Inc. (Nasdaq: ACT), a leading private mortgage insurance provider, announced that S&P Global Ratings has assigned an A- rating to its subsidiary Enact Re, This marks Enact Re's first credit rating from S&P, with a stable outlook. The rating underscores Enact's strong capital position and disciplined execution.
Rohit Gupta, Enact's President and CEO, expressed satisfaction with the rating, viewing it as a testament to the company's financial strength. He reiterated Enact's commitment to maintaining robust financial health, serving stakeholders, and delivering significant shareholder value. This rating is the second for Enact Re since its launch, further validating its continued strong performance in the mortgage insurance market.
Genworth Financial (NYSE: GNW) reported solid Q2 2024 results with net income of $76M ($0.17 per diluted share) and adjusted operating income of $125M ($0.28 per diluted share). Key highlights include:
- $138M in gross incremental premium approvals for long-term care insurance
- $36M in share repurchases executed in Q2; $111M year-to-date
- Enact reported adjusted operating income of $165M
- U.S. life insurance companies' RBC ratio improved to 319%
- Holding company cash and liquid assets at $281M
The company continues to focus on returning capital to shareholders while investing in growth initiatives like the CareScout Quality Network, now available in over 40 states.
Enact Holdings (Nasdaq: ACT) reported strong Q2 2024 results with GAAP Net Income of $184 million ($1.16 per diluted share) and Adjusted Operating Income of $201 million ($1.27 per diluted share). The company achieved a Return on Equity of 15.4% and an Adjusted Operating Return on Equity of 16.9%. Enact reached a record Primary insurance in-force of $266 billion, up 3% from Q2 2023. The company maintained a strong PMIERs Sufficiency of 169% ($2,057 million). New insurance written (NIW) was $14 billion, up 29% from Q1 2024 but down 10% year-over-year. Enact announced a quarterly cash dividend of $0.185 per common share and completed a $100 million share repurchase program.
Genworth Financial (NYSE: GNW) has announced its second quarter earnings release and conference call schedule. The company will release its Q2 results after market close on July 31, 2024, followed by a conference call on August 1, 2024, at 10:00 a.m. ET. Investors can access the call via phone (888-208-1820 or 323-794-2110; conference ID # 1968462) or webcast (register at http://investor.genworth.com).
Additionally, Genworth's subsidiary Enact Holdings (Nasdaq: ACT) will hold its Q2 earnings call on August 1, 2024, at 8:00 a.m. ET. Participants must pre-register for Enact's Q&A session to obtain dial-in information. Both companies recommend joining their respective calls 15 minutes early.
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