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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 (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.
Enact Holdings, trading on Nasdaq under the symbol ACT, has announced its second quarter 2024 earnings call.
The earnings release will be issued after market close on July 31, 2024.
The call to review these financial results is scheduled for August 1, 2024, at 8:00 a.m. ET.
The company’s earnings release, summary presentation, and financial supplement will be accessible on its investor relations website.
Participants interested in the live Q&A session need to pre-register to obtain a dial-in number and unique PIN. A live webcast of the event will also be available and archived for one year.
Enact Holdings (Nasdaq: ACT), a renowned provider of private mortgage insurance, announced the completion of a $90 million excess of loss reinsurance transaction. Effective June 1, 2024, this coverage applies to specific mortgage insurance policies issued between July 1, 2023, and December 31, 2023. The reinsurance is sourced from a panel of reinsurers rated “A-” or higher by S&P and A.M. Best, and “A3” or higher by Moody’s. Enact's President and CEO, Rohit Gupta, emphasized that this transaction is a key part of their credit risk transfer (CRT) strategy to minimize credit risk and improve capital efficiency.
Enact Holdings, a financial services company listed on Nasdaq under the ticker ACT, announced that its President and CEO, Rohit Gupta, will participate in a fireside chat at the 2024 TD Financial Services and Fintech Summit. The event will take place on June 6, 2024, at 4:15 pm Eastern Time. The chat will be webcast live, and a replay will be available on Enact's website, under the News & Events section, until September 4, 2024.
Genworth Financial (NYSE: GNW) announced the results of its 2024 annual meeting of stockholders. All nine director nominees were re-elected, including G. Kent Conrad and Karen E. Dyson. Stockholders also approved executive officer compensation and ratified KPMG LLP as the independent accounting firm for 2024. Additionally, stockholders passed an Amended and Restated Certificate of Incorporation, removing references to legacy GE provisions and granting stockholders the right to request a special meeting at a 25% ownership threshold. These changes will take effect early next month.
Enact Holdings (Nasdaq: ACT) has announced the pricing of a $750 million public offering of 6.25% Senior Notes due 2029. The settlement is expected on May 28, 2024, subject to customary closing conditions. The notes will pay interest semi-annually at a rate of 6.25% per year, maturing on May 28, 2029. Proceeds from this offering, along with other funds, will be used to redeem Enact's 6.50% Senior Notes due August 2025. J.P. Morgan Securities, Citigroup Global Markets, and Goldman Sachs are acting as joint book-running managers for the offering. The notes are offered under an automatic shelf registration statement filed with the SEC.
Enact Holdings, Inc. (Nasdaq: ACT) reported strong financial results for Q1 2024, with a GAAP Net Income of $161 million and Adjusted Operating Income of $166 million. The company achieved a Return on Equity of 13.8% and a record Primary insurance in-force of $264 billion. Enact also highlighted its capital allocation strategy and commitment to shareholders through dividends and share repurchases.
Genworth Financial, Inc. (NYSE: GNW) reported strong Q1 2024 results with net income of $139M, or $0.31 per diluted share. Enact had a solid quarter with adjusted operating income of $135M and announced a new share repurchase program. CareScout expanded its Quality Network. The company repurchased $63M in shares, increased its dividend, and maintained a strong financial position.
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