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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) 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.
Enact Holdings, Inc. (Nasdaq: ACT) has appointed mortgage industry expert Neenu Kainth as its new Chief Customer Experience Officer. Kainth brings over 20 years of experience, having previously served as EVP Chief Digital Officer at Newrez and Chief Digital Officer at Mr. Cooper. CEO Rohit Gupta emphasized Kainth's knowledge and leadership as vital for the company's growth. Kainth holds a Bachelor and Master of Science in Computer Science from Arizona State University, along with an Executive MBA from the University of Pennsylvania’s Wharton School.
Genworth Financial, Inc. (NYSE: GNW) announced that its subsidiary, Genworth Holdings, Inc., will redeem all outstanding 4.800% Senior Notes due 2024. The redemption date is set for September 21, 2022, with the redemption price at 100% of the principal plus a make-whole premium and accrued interest. The Bank of New York Mellon Trust Company will act as the Paying Agent for this transaction.
This strategic move reflects Genworth's focus on managing its debt portfolio efficiently.
Enact Holdings, Inc. (Nasdaq: ACT) announced a quarterly dividend of $0.14 per share, set to be paid on September 9, 2022, to shareholders on record by August 26, 2022. The dividend reflects the company's ongoing commitment to returning value to shareholders. Enact is a prominent provider of private mortgage insurance, dedicated to enhancing homeownership opportunities while maintaining a strong financial foundation.
Enact Holdings, Inc. (NASDAQ: ACT) reported a strong second quarter 2022, achieving a net income of $205 million or $1.25 per diluted share, up from $165 million in Q1 2022. Adjusted operating income also rose to $205 million or $1.26 per diluted share. Total insurance in-force reached a record $238 billion, marking a 9% year-over-year growth. Despite lower new insurance written (NIW) of $17 billion, the company maintains a solid balance sheet and a 20.1% return on equity. PMIERs sufficiency stands at 166%, indicating robust financial health.
Genworth Financial reported Q2 2022 net income of $181 million, down 25% from $240 million in Q2 2021, and adjusted operating income of $176 million, a 9% decline year-over-year. Enact segment adjusted operating income grew to $167 million with a 9% increase in insurance in-force. The company executed $30 million in share repurchases and received a two-notch credit rating upgrade from Moody’s. However, U.S. Life Insurance's adjusted operating income fell to $21 million, influenced by unfavorable life insurance results despite $52 million in premium rate increases approved.
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