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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) will announce its fourth quarter earnings release on February 6, 2023, after market close. A conference call discussing the financial results is scheduled for February 7, 2023, at 8:00 a.m. ET. Interested participants can pre-register for the call and also access the earnings release and financial updates on Enact's website. The webcast will be available for one year after the event, ensuring transparency and continued access to performance data.
Genworth Financial (NYSE: GNW) will release its fourth quarter earnings after market close on February 6, 2023. A conference call to discuss the results is scheduled for February 7, 2023, at 9:00 a.m. ET. Stakeholders can access the earnings report and financial supplement via the company's website at investor.genworth.com.
Additionally, Genworth's subsidiary, Enact Holdings (NASDAQ: ACT), will hold its earnings call on the same day at 8:00 a.m. ET.
Enact Holdings, Inc. (Nasdaq: ACT) reported a net income of $191 million, or $1.17 per diluted share for Q3 2022, down from $205 million in Q2 2022. Year-over-year, net income increased from $137 million, driven by lower losses. The company declared a quarterly cash dividend of $0.14 per share, payable on December 6, 2022. Key metrics included a record insurance-in-force of $242 billion and a PMIERs sufficiency of 174%. The company emphasized its robust financial position despite housing market uncertainties.
Enact Holdings (Nasdaq: ACT) has declared a special cash dividend of $183 million ($1.12 per share) payable on December 6, 2022. Additionally, the Board authorized a $75 million share repurchase program. This dividend reflects Enact's strong capital position and commitment to returning capital to shareholders, targeting a total of at least $250 million for the year. The share buyback will utilize various methods, including open market purchases, and is based on market conditions and other factors.
Genworth Financial reported a net income of $104 million for Q3 2022, down 67% from $314 million a year earlier. The adjusted operating income also fell 33% to $159 million. The company achieved its debt target of under $1 billion, successfully redeeming $152 million of its debt. Enact's adjusted operating income was $156 million, while U.S. Life Insurance posted $11 million. Notably, annual premium rate increases of $47 million were approved, enhancing net present value by $300 million. The risk-based capital ratio for U.S. life insurance is estimated at 285%.
Enact Holdings, Inc. (Nasdaq: ACT) will release its third quarter earnings on November 1, 2022, after market close. A conference call to discuss the results is scheduled for November 2, 2022, at 8:00 a.m. (ET). Earnings materials will be accessible on their website at https://ir.enactmi.com/. Investors can join the conference call via telephone or webcast. The call will be archived online for one year. Enact is a leading U.S. private mortgage insurance provider, focused on supporting homeownership through partnerships with lenders.
Genworth Financial, Inc. (NYSE: GNW) will release its third quarter earnings after market close on November 1, 2022. A conference call to discuss the results is scheduled for November 2, 2022, at 9:00 a.m. ET. The earnings release, summary presentation, and financial supplement will be accessible on their website.
Additionally, Enact Holdings, Inc. (NASDAQ: ACT) will host its earnings call earlier the same day at 8:00 a.m. ET.
Genworth Financial (NYSE: GNW) mourns the loss of former board member William H. Bolinder, who passed away on September 29, 2022. Bolinder served on the Board from 2010 to 2019, contributing significantly as Chair of the Nominating and Corporate Governance Committee. He was highly regarded for his financial services expertise and instrumental in shaping Genworth's direction. Bolinder previously held leadership roles at Acadia Trust and Zurich Financial Services Group, demonstrating a strong commitment to the company's success.
Genworth Financial, Inc. (NYSE: GNW) has successfully redeemed all $152 million of its 4.800% Senior Notes due 2024. The total cash outlay for this redemption amounted to approximately $155 million, covering the principal, a make-whole premium, and accrued interest up to September 21, 2022. This strategic move is part of Genworth's efforts to manage debt efficiently while enhancing its financial position.
Enact Holdings has secured approximately $201 million in excess of loss reinsurance coverage, effective September 1, 2022. This credit risk transfer transaction encompasses existing mortgage insurance policies established between January 1 and June 30, 2022. The reinsurance is backed by a panel of highly rated reinsurers. This marks Enact's third such transaction in 2022, reinforcing its strong capital efficiency and risk management strategy. Since 2015, Enact has completed around $4.6 billion in CRT transactions, underscoring its robust market access.
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