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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, Inc. (Nasdaq: ACT) announced the appointment of Michael A. Bless to its Board of Directors, expanding the board to 11 members. Bless brings extensive experience from his roles as CEO and CFO at Century Aluminum Company and director at CNA Financial Corporation. His financial expertise is expected to enhance the board's capabilities. The company aims to strengthen its leadership in private mortgage insurance and continue its mission to help more people achieve homeownership.
Enact Holdings, Inc. (Nasdaq: ACT) reported a strong fourth quarter for 2021 with a net income of $154 million ($0.94 per diluted share), up from $137 million in the previous quarter. The company also achieved a full-year net income of $547 million, reflecting a 48% increase compared to 2020. New insurance written (NIW) was $21.4 billion, down 11% from the previous quarter, but primary insurance-in-force rose to $227 billion. The PMIERs sufficiency stood at 165% or $2,003 million. A $200 million dividend was issued, underscoring strong capital management.
Genworth Financial reported a fourth-quarter net income of $163 million and adjusted operating income of $164 million, down from $267 million and $188 million in Q4 2020. For 2021, net income surged to $904 million, compared to $178 million in 2020. The Enact segment showed strong performance with a 9% growth in primary insurance, while the U.S. Life Insurance segment achieved $41 million in adjusted operating income. Significant debt retirement totaling $2.1 billion was noted. The cash and liquid assets at year-end were $356 million.
Enact Holdings, Inc. (Nasdaq: ACT) announced that it will release its fourth quarter earnings after the market closes on February 1, 2022. A conference call will follow on February 2, 2022, at 8:00 a.m. ET to discuss the financial results. The earnings release and financial supplement will be accessible on the company's website. Interested parties can join the conference call via telephone or webcast. Enact, established in 1981, is a leading private mortgage insurance provider, focused on enhancing homeownership opportunities through partnerships with lenders.
Genworth Financial, Inc. (NYSE: GNW) will release its fourth quarter earnings after market close on February 1, 2022. A conference call to discuss these results is scheduled for February 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release and financial supplement via the company's website here. Additionally, Genworth's subsidiary, Enact Holdings, Inc. (NASDAQ: ACT), will hold its own conference call on February 2, at 8:00 a.m. (ET), to discuss its fourth quarter results.
Genworth Financial, Inc. (NYSE: GNW) has completed the redemption of all $308 million of its 4.900% Senior Notes due 2023, using approximately $334 million in cash. This amount covers the principal, a make-whole premium, and accrued interest up to the redemption date of December 15, 2021. Genworth Holdings, its wholly-owned subsidiary, executed this transaction. As a Fortune 500 provider, Genworth addresses financial challenges related to aging, while also being the parent company of Enact Holdings, Inc. (Nasdaq: ACT).
Genworth Financial, Inc. (GNW) announced a notice of redemption for its outstanding 4.900% Senior Notes due 2023, effective December 15, 2021. The redemption price will be 100% of the principal amount, along with a make-whole premium and any accrued interest. The redemption will be managed by The Bank of New York Mellon Trust Company. This strategic move is part of Genworth's financial management efforts. Genworth Holdings is a wholly-owned subsidiary of Genworth Financial, which also owns Enact Holdings, a leading mortgage insurance provider.
On November 15, 2021, Enact Holdings (Nasdaq: ACT) announced a special cash dividend of $200 million, equating to $1.23 per share. Shareholders recorded by November 26, 2021, will receive the payment on December 15, 2021. CEO Rohit Gupta highlighted the company's strong balance sheet and cash flows as foundational for a balanced capital allocation strategy, underscoring a commitment to shareholder value.
Enact Holdings, Inc. (Nasdaq: ACT) reported strong third-quarter 2021 financial results, achieving a GAAP net income of $137 million, or $0.84 per diluted share, which reflects a sequential increase from the previous quarter. The company reported a 13.2% return on equity and a PMIERs sufficiency of 181%, the highest ever. Although new insurance written decreased by 10% to $24.0 billion, primary insurance in force rose 2% to $222 billion. Operating expenses declined, contributing to improved profitability metrics.
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