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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.
Genworth Financial, Inc. (NYSE: GNW) announces a significant upgrade from Moody's Investors Service, raising its senior unsecured debt rating from B1 to Ba2. This marks the fourth upgrade since September 2021, attributed to improved financial stability and reduced debt levels. CFO Daniel Sheehan highlighted the strengthening of the company's balance sheet and risk reduction. The upgrade does not affect the Insurer Financial Strength ratings of Genworth's life insurance subsidiaries. The outlook for the rating remains stable.
Enact Holdings (Nasdaq: ACT) plans to release its second quarter earnings on August 1, 2022, after market close. A conference call to discuss the financial results will be held on August 2, 2022, at 8:00 a.m. (ET). Interested participants can access the call via telephone or Internet, with dial-in numbers provided in the release. The earnings release and additional financial information will be available on Enact's website upon release. Investors are encouraged to enroll for email alerts for future updates.
Genworth Financial (NYSE: GNW) will release its second-quarter earnings on August 1, 2022, following which a conference call is scheduled for August 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release, presentation, and financial supplement via the company's website at investor.genworth.com. Prior to this, its subsidiary, Enact Holdings (NASDAQ: ACT), will hold its own conference call on August 2, 2022, at 8:00 a.m. (ET) to discuss its results.
On July 7, 2022, Enact Holdings, Inc. (Nasdaq: ACT) announced a five-year $200 million senior unsecured revolving credit facility, effective June 30, 2022. This facility aims to enhance the company's financial flexibility and support working capital and corporate needs. Borrowings will accrue interest based on a short-term borrowing index plus 200 basis points, with no amounts borrowed as of the announcement date. The facility is arranged by JPMorgan Chase Bank and other financial institutions, reflecting Enact's strong financial position.
Genworth Financial (NYSE: GNW) held its 2022 annual meeting, where stockholders elected all nine director nominees, including Thomas J. McInerney and Karen E. Dyson. The meeting also saw the approval of the advisory vote on executive compensation and the ratification of KPMG LLP as the independent public accounting firm for 2022. Genworth, based in Richmond, Virginia, specializes in financial products for aging families and is the parent company of Enact Holdings (NASDAQ: ACT), a leading mortgage insurance provider.
Enact Holdings, Inc. (Nasdaq: ACT) reported a strong first quarter of 2022, achieving a net income of $165 million, or $1.01 per diluted share, reflecting a substantial increase from $125 million the previous year. Key metrics included a return on equity of 16.2% and insurance-in-force reaching $232 billion, a 10% year-over-year rise. The company initiated a quarterly dividend of $0.14 per share, enhancing shareholder value. However, new insurance written saw a notable decline of 25% from last year, signaling potential market challenges.
Genworth Financial (GNW) reported Q1 2022 net income of $149 million, a 20% decline from Q1 2021, and adjusted operating income of $131 million, down 22% year-over-year. The company announced a $350 million share repurchase program, the first in over 13 years, and initiated a $0.14 quarterly dividend. While Enact segment adjusted operating income rose to $135 million driven by a strong loss performance, the U.S. Life Insurance segment posted a $4 million adjusted operating loss due to unfavorable results. Overall, strong capital ratios were reported, with a risk-based capital ratio of 296%.
Genworth Financial (NYSE: GNW) has launched a $350 million share repurchase program, the first in over 13 years. This decision reflects an improved financial position and a commitment to return capital to shareholders. Genworth plans to fund repurchases from holding company capital and future cash flows, including dividends from its investment in Enact Holdings (NASDAQ: ACT). The program allows flexibility in timing and method of repurchase, with no expiration date set. CEO Tom McInerney emphasized the company's strong financial performance and future growth initiatives.
Enact Holdings, Inc. (Nasdaq: ACT) announced a new quarterly dividend program following board approval, with an inaugural payment of $0.14 per share on May 26, 2022, for shareholders on record by May 9, 2022. This decision reflects the company's confidence in its operational performance and commitment to enhancing shareholder value. Proceeds from Enact Mortgage Insurance Corporation will support the dividend payments, emphasizing a balanced approach to return capital while investing in business growth.
Enact Holdings, Inc. (Nasdaq: ACT) announced it will release its first quarter earnings on May 3, 2022, after market close. A conference call to discuss the results is scheduled for May 4, 2022, at 8:00 a.m. ET. Investors can access the earnings release, summary presentation, and financial supplement on the company’s website. The call will be available via telephone and webcast, with an archived version accessible for a year. Enact is a leading U.S. private mortgage insurance provider, committed to aiding homeownership through strong partnerships with lenders.
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