Enact Reports Fourth Quarter and Full Year 2024 Results and Announces Quarterly Dividend
Enact Holdings (ACT) reported strong Q4 and full-year 2024 results, with GAAP net income of $163 million ($1.05 per diluted share) and adjusted operating income of $169 million ($1.09 per diluted share) for Q4. The company achieved a 13.0% return on equity and 13.5% adjusted operating return on equity.
Key highlights include record primary insurance in-force of $269 billion, representing a 2% increase from Q4 2023, and PMIERs sufficiency of 167% ($2,052 million). New insurance written (NIW) was $13 billion in Q4, down 2% quarterly but up 27% year-over-year.
The company demonstrated strong capital management, returning over $350 million to shareholders in 2024 through dividends and share repurchases. A quarterly dividend of $0.185 per common share was announced.
Enact Holdings (ACT) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con un utile netto GAAP di $163 milioni ($1,05 per azione diluita) e un utile operativo rettificato di $169 milioni ($1,09 per azione diluita) per il quarto trimestre. L'azienda ha raggiunto un ritorno sul patrimonio netto del 13,0% e un ritorno operativo rettificato sul patrimonio netto del 13,5%.
Tra i punti salienti ci sono i record di assicurazione primaria in vigore di $269 miliardi, in aumento del 2% rispetto al quarto trimestre del 2023, e una sufficienza PMIERs del 167% ($2.052 milioni). Le nuove polizze assicuratizie emesse (NIW) sono state di $13 miliardi nel quarto trimestre, in calo del 2% rispetto al trimestre precedente ma in aumento del 27% rispetto all'anno precedente.
L'azienda ha dimostrato una solida gestione del capitale, restituendo oltre $350 milioni agli azionisti nel 2024 attraverso dividendi e riacquisti di azioni. È stato annunciato un dividendo trimestrale di $0,185 per azione comune.
Enact Holdings (ACT) reportó sólidos resultados para el cuarto trimestre y el año completo 2024, con un ingreso neto GAAP de $163 millones ($1,05 por acción diluida) y un ingreso operativo ajustado de $169 millones ($1,09 por acción diluida) para el cuarto trimestre. La compañía logró un retorno sobre el patrimonio del 13,0% y un retorno operativo ajustado sobre el patrimonio del 13,5%.
Los aspectos destacados incluyen un récord de seguros primarios en vigor de $269 mil millones, representando un aumento del 2% con respecto al cuarto trimestre de 2023, y una suficiencia de PMIERs del 167% ($2.052 millones). Se emitieron nuevas pólizas de seguro (NIW) por $13 mil millones en el cuarto trimestre, una disminución del 2% trimestral, pero un aumento del 27% interanual.
La empresa demostró una sólida gestión de capital, devolviendo más de $350 millones a los accionistas en 2024 a través de dividendos y recompra de acciones. Se anunció un dividendo trimestral de $0,185 por acción común.
Enact Holdings (ACT)는 2024년 4분기 및 연간 실적에서 GAAP 순이익이 $163백만($1.05 희석주당)이고 조정 운영 이익이 $169백만($1.09 희석주당)으로 강력한 결과를 보고했습니다. 이 회사는 13.0%의 자기자본 이익률과 13.5%의 조정 운영 자기자본 이익률 달성했습니다.
주요 하이라이트로는 2023년 4분기 대비 2% 증가한 $2690억의 기록적인 보험이 유지되고 있으며, PMIERs 충족도가 167%($20.52억)입니다. 4분기에 작성된 신규 보험(NIW)은 $130억으로, 이전 분기 대비 2% 감소했지만, 전년 대비 27% 증가했습니다.
회사는 자본 관리를 잘 수행하여 2024년에 배당금과 자사주 매입을 통해 주주에게 $3.50억 이상을 반환했습니다. 공통주당 $0.185의 분기 배당금도 발표했습니다.
Enact Holdings (ACT) a annoncé des résultats solides pour le quatrième trimestre et l'année 2024, avec un bénéfice net GAAP de 163 millions de dollars (1,05 $ par action diluée) et un bénéfice opérationnel ajusté de 169 millions de dollars (1,09 $ par action diluée) pour le quatrième trimestre. La société a atteint un rendement des capitaux propres de 13,0 % et un rendement opérationnel ajusté des capitaux propres de 13,5 %.
Les faits saillants incluent un niveau record d'assurance primaire en vigueur de 269 milliards de dollars, représentant une augmentation de 2 % par rapport au quatrième trimestre 2023, et un niveau de suffisance des PMIERs de 167 % (2 052 millions de dollars). Les nouvelles polices écrites (NIW) s'élevaient à 13 milliards de dollars au quatrième trimestre, en baisse de 2 % par rapport au trimestre précédent, mais en hausse de 27 % par rapport à l'année précédente.
L'entreprise a démontré une solide gestion du capital, retournant plus de 350 millions de dollars aux actionnaires en 2024 par le biais de dividendes et de rachats d'actions. Un dividende trimestriel de 0,185 $ par action ordinaire a été annoncé.
Enact Holdings (ACT) meldete starke Ergebnisse für das 4. Quartal und das gesamte Jahr 2024, mit einem GAAP-Reinverdienst von $163 Millionen ($1,05 pro verwässerter Aktie) und einem angepassten Betriebsergebnis von $169 Millionen ($1,09 pro verwässerter Aktie) für das 4. Quartal. Das Unternehmen erzielte eine Eigenkapitalrendite von 13,0% und eine angepasste operative Eigenkapitalrendite von 13,5%.
Wesentliche Highlights umfassen einen Rekordbestand an primären Versicherungen von $269 Milliarden, was einem Anstieg von 2% gegenüber dem 4. Quartal 2023 entspricht, sowie eine PMIERs-Deckungsquote von 167% ($2.052 Millionen). Die neu unterzeichneten Versicherungen (NIW) beliefen sich im 4. Quartal auf $13 Milliarden, was ein Rückgang von 2% im Quartalsvergleich, aber ein Anstieg von 27% im Jahresvergleich bedeutet.
Das Unternehmen demonstrierte ein starkes Kapitalmanagement und gab im Jahr 2024 über $350 Millionen an die Aktionäre durch Dividenden und Aktienrückkäufe zurück. Eine vierteljährliche Dividende von $0,185 pro Stammaktie wurde angekündigt.
- Record primary insurance in-force of $269B, up 2% YoY
- Net income increased to $688M in 2024 from $666M in 2023
- Net premiums earned grew to $980M in 2024 from $957M in 2023
- Strong capital return of $354M to shareholders in 2024
- Fitch upgraded EMICO's Financial Strength rating to A from A-
- NIW decreased to $51B in 2024 from $53B in 2023
- Persistency rate declined to 82% from 86% YoY
- Net investment losses increased to $23M in 2024 from $14M in 2023
- Q4 loss ratio increased to 10% from 5% in Q3 2024
Insights
The Q4 2024 results demonstrate Enact's robust operational execution and financial strength in a challenging mortgage market environment. The company's record primary insurance in-force of
The reinsurance strategy is particularly noteworthy, with new quota share and excess of loss agreements providing significant risk transfer capacity for 2025-2026 book years. This proactive risk management approach, combined with a PMIERs sufficiency ratio of
Capital management remains impressive with
Recent credit rating upgrade by Fitch to 'A' validates the company's strong market position and financial profile. The continued growth in net investment income to
GAAP Net Income of
Adjusted Operating Income of
Return on Equity of
Record Primary insurance in-force of
PMIERs Sufficiency of
Book Value Per Share of
Returned over
Announces quarterly cash dividend of
RALEIGH, N.C., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) today announced its fourth quarter and full-year 2024 results.
"Our very strong performance in 2024 underscores the effectiveness of our strategy and the continued successful execution of our priorities," stated Rohit Gupta, President and CEO of Enact. "In a complex economic environment, we responsibly grew our portfolio, drove operational efficiencies, maintained a strong balance sheet and generated meaningful capital returns to our shareholders. As we look to the future, our proven strategy and disciplined execution position us well to realize the opportunities ahead and to create long-term value for our stakeholders."
Key Financial Highlights
| (In millions, except per share data or otherwise noted) | 4Q24 | 3Q24 | 4Q23 | 2024 | 2023 |
| Net Income (loss) | |||||
| Diluted Net Income (loss) per share | |||||
| Adjusted Operating Income (loss) | |||||
| Adj. Diluted Operating Income (loss) per share | |||||
| NIW ($B) | |||||
| Primary IIF ($B) | |||||
| Primary Persistency Rate | |||||
| Net Premiums Earned | |||||
| Losses Incurred | |||||
| Loss Ratio | |||||
| Operating Expenses | |||||
| Expense Ratio | |||||
| Net Investment Income | |||||
| Net Investment gains (losses) | |||||
| Return on Equity | |||||
| Adjusted Operating Return on Equity | |||||
| PMIERs Sufficiency ($) | |||||
| PMIERs Sufficiency (%) | |||||
Fourth Quarter 2024 Financial and Operating Highlights
- Net income was
$163 million , or$1.05 per diluted share, compared with$181 million , or$1.15 per diluted share, for the third quarter of 2024 and$157 million , or$0.98 per diluted share, for the fourth quarter of 2023. Adjusted operating income was$169 million , or$1.09 per diluted share, compared with$182 million , or$1.16 per diluted share, for the third quarter of 2024 and$158 million , or$0.98 per diluted share, for the fourth quarter of 2023. - New insurance written (NIW) was approximately
$13 billion , down2% from the third quarter of 2024 primarily from seasonality partially offset by an estimated increase in refinance originations and up27% from the fourth quarter of 2023 primarily driven by estimated higher originations. NIW for the current quarter was comprised of96% monthly premium policies and86% purchase originations. - Primary insurance in-force (IIF) was a record
$269 billion , up from$268 billion in the third quarter of 2024 and up2% from$263 billion in the fourth quarter of 2023. - Persistency remained elevated at
82% , down slightly from83% in the third quarter of 2024 and down from86% in the fourth quarter of 2023. The decrease year-over-year was primarily driven by a decline in mortgage rates in September 2024. Approximately70% of our IIF had mortgage rates below6% . - Net premiums earned were
$246 million , down1% from$249 million in the third quarter of 2024 and up2% from$240 million in the fourth quarter of 2023. Net premiums decreased sequentially, primarily driven by higher ceded premiums and increased year over year driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums. - Losses incurred for the fourth quarter of 2024 were
$24 million and the loss ratio was10% , compared to$12 million and5% , respectively, in the third quarter of 2024 and$24 million and10% , respectively, in the fourth quarter of 2023. The current quarter reserve release of$56 million from favorable cure performance and loss mitigation activities compares to a reserve release of$65 million and$53 million in the third quarter of 2024 and fourth quarter of 2023, respectively. The sequential increase in losses and the loss ratio were primarily driven by a lower reserve release and new delinquencies are up1% excluding hurricane-related delinquencies. - Operating expenses in the current quarter were
$58 million and the expense ratio was24% . This compared to$56 million and22% , respectively, in the third quarter of 2024 and$59 million and25% , respectively in the fourth quarter of 2023. The sequential increase was driven by incentive-based compensation while the year-over-year decrease was driven in part by the impact of our cost reduction initiatives. - Net investment income was
$63 million , up from$61 million in the third quarter of 2024 and$56 million in the fourth quarter of 2023, driven by the continuation of elevated interest rates and higher average invested assets. - Net investment loss in the quarter was
$(7) million , as compared to$(1) million sequentially and$(1) million in the same period last year. The current period was primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income. - Annualized return on equity for the fourth quarter of 2024 was
13.0% and annualized adjusted operating return on equity was13.5% . This compares to third quarter 2024 results of14.7% and14.8% , respectively, and to fourth quarter 2023 results of13.8% and13.9% , respectively.
Capital and Liquidity
- We returned
$354 million to shareholders in 2024 inclusive of quarterly dividends and share repurchases. - During the quarter, we announced two quota share reinsurance agreements with a panel of highly-rated reinsurers that will cede approximately
27% of a portion of expected new insurance written for the 2025 and 2026 book years. - As previously announced, we paid approximately
$28 million , or$0.18 5 per share, dividend in the fourth quarter. - For the full year 2024, we repurchased 7.6 million shares at a weighted average share price of
$31.95 for a total of$243 million . - EMICO completed a distribution of approximately
$230 million in the fourth quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility. - Enact Holdings, Inc. held
$243 million of cash and cash equivalents plus$298 million of invested assets as of December 31, 2024. Combined cash and invested assets increased$98 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend. - PMIERs sufficiency was
167% and$2.1 billion above the PMIERs requirements, compared to173% and$2.2 billion above the PMIERs requirements in the third quarter of 2024.
Recent Events
- In January 2025, Fitch Ratings (“Fitch”) upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
- Subsequent to quarter end, we announced two excess of loss reinsurance agreements with a panel of highly rated reinsurers that will provide ~
$225M and ~$260M of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively. - We repurchased approximately 2.1 million shares at an average price of
$34.75 for a total of approximately$74 million in the quarter. Additionally, through January 31, 2024, we repurchased 0.6 million shares at an average price of$32.60 for a total of$19 million . There remains approximately$74 million of our$250 million repurchase authorization. - We announced today that the Board of Directors declared a quarterly dividend of
$0.18 5 per common share, payable on March 14, 2025, to shareholders of record on February 21, 2025.
Conference Call and Financial Supplement Information
This press release, the fourth quarter 2024 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.
Enact will discuss third quarter financial results in a conference call tomorrow, Wednesday, February 5, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.
The webcast will also be archived on the Company’s website for one year.
About Enact
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
GAAP/Non-GAAP Disclosure Discussion
This communication 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). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.
While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a
The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months and twelve months ending December 31, 2024 and 2023, as well as for the three months ended September 30, 2024
Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)
| 4Q24 | 3Q24 | 4Q23 | 2024 | 2023 | |||||||||||
| REVENUES: | |||||||||||||||
| Premiums | |||||||||||||||
| Net investment income | 62,624 | 61,056 | 56,161 | 240,564 | 207,369 | ||||||||||
| Net investment gains (losses) | (7,167) | (1,243) | (876) | (22,807) | (14,022) | ||||||||||
| Other income | 584 | 720 | 804 | 3,913 | 3,264 | ||||||||||
| Total revenues | 301,776 | 309,588 | 296,190 | 1,201,774 | 1,153,686 | ||||||||||
| LOSSES AND EXPENSES: | |||||||||||||||
| Losses incurred | 23,813 | 12,164 | 24,372 | 38,657 | 27,165 | ||||||||||
| Acquisition and operating expenses, net of deferrals | 55,325 | 53,091 | 56,560 | 213,310 | 212,491 | ||||||||||
| Amortization of deferred acquisition costs and intangibles | 2,522 | 2,586 | 2,566 | 9,659 | 10,654 | ||||||||||
| Interest expense | 12,262 | 12,290 | 12,948 | 51,157 | 51,867 | ||||||||||
| Loss on debt extinguishment | 0 | 0 | 0 | 10,930 | 0 | ||||||||||
| Total losses and expenses | 93,922 | 80,131 | 96,446 | 323,713 | 302,177 | ||||||||||
| INCOME BEFORE INCOME TAXES | 207,854 | 229,457 | 199,744 | 878,061 | 851,509 | ||||||||||
| Provision for income taxes | 45,116 | 48,788 | 42,436 | 189,993 | 185,998 | ||||||||||
| NET INCOME | $162,738 | $180,669 | $157,308 | $688,068 | $665,511 | ||||||||||
| Net investment (gains) losses | 7,167 | 1,243 | 876 | 22,807 | 14,022 | ||||||||||
| Costs associated with reorganization | 411 | 848 | 408 | 4,652 | (131) | ||||||||||
| Loss on debt extinguishment | 0 | 0 | 0 | 10,930 | 0 | ||||||||||
| Taxes on adjustments | (1,591) | (439) | (270) | (8,061) | (2,917) | ||||||||||
| Adjusted Operating Income | $168,725 | $182,321 | $158,322 | $718,396 | $676,485 | ||||||||||
| Loss ratio (1) | |||||||||||||||
| Expense ratio (2) | |||||||||||||||
| Earnings Per Share Data: | |||||||||||||||
| Net Income per share | |||||||||||||||
| Basic | |||||||||||||||
| Diluted | |||||||||||||||
| Adj operating income per share | |||||||||||||||
| Basic | |||||||||||||||
| Diluted | |||||||||||||||
| Weighted-average common shares outstanding | |||||||||||||||
| Basic | 153,537 | 155,561 | 159,655 | 156,277 | 160,870 | ||||||||||
| Diluted | 154,542 | 157,016 | 160,895 | 157,554 | 161,847 | ||||||||||
| (1) The ratio of losses incurred to net earned premiums. | |||||||||||||||
| (2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month periods ended September 30, 2024, and December 31, 2023. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the year ended December 31, 2024 and zero percentage points for the year ended December 31, 2023. | |||||||||||||||
Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)
| Assets | 4Q24 | 3Q24 | 4Q23 | ||||||
| Investments: | |||||||||
| Fixed maturity securities available-for-sale, at fair value | |||||||||
| Short term investments | 3,367 | 1,550 | 20,219 | ||||||
| Total investments | 5,628,140 | 5,653,949 | 5,286,360 | ||||||
| Cash and cash equivalents | 599,432 | 673,363 | 615,683 | ||||||
| Accrued investment income | 49,595 | 45,954 | 41,559 | ||||||
| Deferred acquisition costs | 23,771 | 24,160 | 25,006 | ||||||
| Premiums receivable | 53,031 | 48,834 | 45,070 | ||||||
| Other assets | 102,549 | 100,723 | 88,306 | ||||||
| Deferred tax asset | 65,013 | 50,063 | 88,489 | ||||||
| Total assets | $6,521,531 | $6,597,046 | $6,190,473 | ||||||
| Liabilities and Shareholders' Equity | |||||||||
| Liabilities: | |||||||||
| Loss reserves | |||||||||
| Unearned premiums | 114,680 | 121,382 | 149,330 | ||||||
| Other liabilities | 142,990 | 186,312 | 145,189 | ||||||
| Long-term borrowings | 743,050 | 742,706 | 745,416 | ||||||
| Total liabilities | 1,525,435 | 1,560,801 | 1,558,126 | ||||||
| Equity: | |||||||||
| Common stock | 1,523 | 1,544 | 1,593 | ||||||
| Additional paid-in capital | 2,076,788 | 2,145,518 | 2,310,891 | ||||||
| Accumulated other comprehensive income | (207,455) | (101,984) | (230,400) | ||||||
| Retained earnings | 3,125,240 | 2,991,167 | 2,550,263 | ||||||
| Total equity | 4,996,096 | 5,036,245 | 4,632,347 | ||||||
| Total liabilities and equity | $6,521,531 | $6,597,046 | $6,190,473 | ||||||
| Book value per share | |||||||||
| Book value per share excluding AOCI | |||||||||
| U.S. GAAP ROE (1) | |||||||||
| Net investment (gains) losses | |||||||||
| Costs associated with reorganization | |||||||||
| (Gains) losses on early extinguishment of debt | |||||||||
| Taxes on adjustments | (0.1)% | ||||||||
| Adjusted Operating ROE(2) | 13.5% | 14.8% | 13.9% | ||||||
| Debt to Capital Ratio | 13% | 13% | 14% | ||||||
| (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||
| (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||
This press release was published by a CLEAR® Verified individual.
FAQ
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