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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) 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.
On October 13, 2021, Enact Holdings, Inc. (Nasdaq: ACT) released its monthly operating statistics for September 2021, detailing credit performance metrics such as total primary delinquencies and claims paid. The report is accessible on Enact's investor relations website. Due to improved economic conditions, the company plans to discontinue monthly reports and will provide selected metrics in quarterly earnings releases moving forward.
Enact Holdings, Inc. (Nasdaq: ACT) announced the passing of Board Member, General Raymond T. Odierno, on October 8, 2021. With nearly 40 years of service in the U.S. Army, General Odierno held significant leadership roles, including command during deployments in Europe and the Middle East. His contributions extended to corporate advisory roles post-retirement. Enact expressed deep condolences to the Odierno family, highlighting his exceptional service and leadership. The company plans to maintain its 11-person board and will share more details on succession in the future.
Enact Holdings (Nasdaq: ACT) will announce its third quarter earnings on November 2, 2021, after the market closes. A conference call is scheduled for November 3, 2021, at 8:00 a.m. ET, to discuss the financial results. Investors can access the earnings release and financial supplement on Enact's website. The call can be joined via telephone or webcast, with the dial-in information provided. Enact is committed to enhancing homeownership through its mortgage insurance services.
Genworth Financial (NYSE: GNW) announced its third quarter earnings release will be issued on November 2, 2021, after market close. A conference call to discuss the results is scheduled for November 3, 2021, at 9:00 a.m. ET. Investors can access the earnings release and financial supplement on Genworth's website. Additionally, Enact Holdings (NASDAQ: ACT) will hold a conference call on the same day at 8:00 a.m. ET. For more information, visit the investor relations section of the Genworth website.
Enact Holdings, Inc. (Nasdaq: ACT) announced the formation of its Board of Directors following its IPO that closed on September 20, 2021. The 11-member board comprises 8 independent directors, including notable figures like Dominic Addesso as Non-Executive Chairman and Rohit Gupta as CEO. The diverse board brings extensive financial and governance expertise, aimed at enhancing the company's service and growth. Enact, a leading U.S. private mortgage insurance provider, is committed to promoting homeownership through partnerships with lenders.
Enact Holdings (Nasdaq: ACT) announced significant ratings upgrades from Fitch, Moody's, and S&P Global Ratings. Fitch upgraded Genworth Mortgage Insurance Corporation's (GMICO) financial strength rating to 'BBB+' and improved Enact's ratings across the board, with a stable outlook. Moody's raised GMICO's insurance financial strength rating to Baa2, while S&P upgraded GMICO's rating to 'BBB'. These upgrades reflect Enact's strong capital position, governance, and declining delinquency rates, enhancing its ability to serve U.S. lenders.
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