Enact Holdings Inc ( (ACT) ) has released its Q3 earnings. Here is a breakdown of the information Enact Holdings Inc presented to its investors.
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Enact Holdings Inc., a leading U.S. private mortgage insurance provider, partners with lenders to facilitate homeownership through innovative insurance solutions, headquartered in Raleigh, North Carolina.
In the third quarter of 2024, Enact Holdings Inc. reported a GAAP net income of $181 million, continuing its strong financial performance in line with its strategic execution. The company also announced a quarterly dividend, reflecting its commitment to returning capital to shareholders.
The company achieved an adjusted operating income of $182 million, with a return on equity of 14.7%, and a record primary insurance in-force of $268 billion, marking a 2% increase from the previous year. The persistency rate remained stable at 83%, while net premiums earned rose to $249 million due to insurance in-force growth. Operating expenses totaled $56 million, with a loss ratio of 5%.
Additionally, Enact repurchased approximately 2.1 million shares and declared a quarterly dividend of $0.185 per share. These actions, along with a PMIERs sufficiency of 173%, underscore its robust capital and liquidity position.
Looking ahead, Enact Holdings remains optimistic about its ability to drive value for stakeholders, bolstered by strong demand drivers and its essential role in supporting homeownership goals.
