GAAP Net Income of $163 million, or $1.10 per diluted share
Adjusted Operating Income of $166 million, or $1.12 per diluted share
Return on Equity of 12.4% and Adjusted Operating Return on Equity of 12.6%
Primary Insurance in-force of $272 billion, a 2% year-over-year increase
PMIERs Sufficiency of 162% or approximately $1.9 billion
Book Value Per Share of $36.53 and Book Value Per Share excluding AOCI of $36.82
Increased Full-Year Capital Return Guidance to approximately $500 million
RALEIGH, N.C., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the third quarter of 2025.
"Enact continues to execute with discipline and purpose," stated Rohit Gupta, President and CEO of Enact. "We delivered another strong quarter, maintained our prudent approach to risk management and strong expense controls, and our performance positioned us to raise our capital returns target to its highest level since our IPO. Against the backdrop of an evolving housing market, we remain well positioned for success, with the proven strategy, financial flexibility and balance sheet strength to deliver and help more people responsibly achieve the dream of homeownership."
Key Financial Highlights
| (In millions, except per share data or otherwise noted) | 3Q25 | 2Q25 | 3Q24 | ||||||
| Net Income (loss) | $163 | $168 | $181 | ||||||
| Diluted Net Income (loss) per share | $1.10 | $1.11 | $1.15 | ||||||
| Adjusted Operating Income (loss) | $166 | $174 | $182 | ||||||
| Adj. Diluted Operating Income (loss) per share | $1.12 | $1.15 | $1.16 | ||||||
| NIW ($B) | $14 | $13 | $14 | ||||||
| Primary Persistency Rate | 83% | 82% | 83% | ||||||
| Primary IIF ($B) | $272 | $270 | $268 | ||||||
| Net Premiums Earned | $245 | $245 | $249 | ||||||
| Losses Incurred | $36 | $25 | $12 | ||||||
| Loss Ratio | 15% | 10% | 5% | ||||||
| Operating Expenses | $53 | $53 | $56 | ||||||
| Expense Ratio | 22% | 22% | 22% | ||||||
| Net Investment Income | $69 | $66 | $61 | ||||||
| Net Investment gains (losses) | $(3) | $(7) | $(1) | ||||||
| Return on Equity | 12.4% | 13.0% | 14.7% | ||||||
| Adjusted Operating Return on Equity | 12.6% | 13.4% | 14.8% | ||||||
| PMIERs Sufficiency | (7,343 | ) | (1,243 | ) | |||||
| Other income | 990 | 1,060 | 720 | ||||||
| Total revenues | 311,455 | 304,890 | 309,588 | ||||||
| LOSSES AND EXPENSES: | |||||||||
| Losses incurred | 35,885 | 25,289 | 12,164 | ||||||
| Acquisition and operating expenses, net of deferrals | 50,500 | 50,598 | 53,091 | ||||||
| Amortization of deferred acquisition costs and intangibles | 2,344 | 2,205 | 2,586 | ||||||
| Interest expense | 12,897 | 12,296 | 12,290 | ||||||
| Total losses and expenses | 101,626 | 90,388 | 80,131 | ||||||
| INCOME BEFORE INCOME TAXES | 209,829 | 214,502 | 229,457 | ||||||
| Provision for income taxes | 46,332 | 46,694 | 48,788 | ||||||
| NET INCOME | $163,497 | $167,808 | $180,669 | ||||||
| Net investment (gains) losses | 2,834 | 7,343 | 1,243 | ||||||
| Costs associated with reorganization | 189 | (24 | ) | 848 | |||||
| Loss on debt extinguishment | 0 | 0 | 0 | ||||||
| Taxes on adjustments | (635 | ) | (1,537 | ) | (439 | ) | |||
| Adjusted Operating Income | $165,885 | $173,590 | $182,321 | ||||||
| Loss ratio(1) | 15 | % | 10 | % | 5 | % | |||
| Expense ratio(2) | 22 | % | 22 | % | 22 | % | |||
| Earnings Per Share Data: | |||||||||
| Net Income per share | |||||||||
| Basic | $1.11 | $1.12 | $1.16 | ||||||
| Diluted | $1.10 | $1.11 | $1.15 | ||||||
| Adj operating income per share | |||||||||
| Basic | $1.13 | $1.16 | $1.17 | ||||||
| Diluted | $1.12 | $1.15 | $1.16 | ||||||
| Weighted-average common shares outstanding | |||||||||
| Basic | 147,434 | 149,940 | 155,561 | ||||||
| Diluted | 148,340 | 150,729 | 157,016 | ||||||
| (1)The ratio of losses incurred to net earned premiums. | |||||||||
| (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended September 30, 2025, June 30, 2025, and September 30, 2024. | |||||||||
Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)
| Assets | 3Q25 | 2Q25 | 3Q24 | ||||||
| Investments: | |||||||||
| Fixed maturity securities available-for-sale, at fair value | $6,068,501 | $5,896,818 | $5,652,399 | ||||||
| Short term investments | 2,002 | 3,001 | 1,550 | ||||||
| Total investments | 6,070,503 | 5,899,819 | 5,653,949 | ||||||
| Cash and cash equivalents | 543,577 | 612,967 | 673,363 | ||||||
| Accrued investment income | 53,895 | 53,259 | 45,954 | ||||||
| Deferred acquisition costs | 22,521 | 22,910 | 24,160 | ||||||
| Premiums receivable | 48,648 | 44,091 | 48,834 | ||||||
| Other assets | 114,114 | 107,882 | 100,723 | ||||||
| Deferred tax asset | 23,185 | 32,545 | 50,063 | ||||||
| Total assets | $6,876,443 | $6,773,473 | $6,597,046 | ||||||
| Liabilities and Shareholders' Equity | |||||||||
| Liabilities: | |||||||||
| Loss reserves | $572,054 | $551,940 | $510,401 | ||||||
| Unearned premiums | 96,031 | 101,205 | 121,382 | ||||||
| Other liabilities | 146,958 | 153,447 | 186,312 | ||||||
| Long-term borrowings | 744,114 | 743,753 | 742,706 | ||||||
| Total liabilities | 1,559,157 | 1,550,345 | 1,560,801 | ||||||
| Equity: | |||||||||
| Common stock | 1,456 | 1,484 | 1,544 | ||||||
| Additional paid-in capital | 1,826,764 | 1,927,372 | 2,145,518 | ||||||
| Accumulated other comprehensive income | (41,785 | ) | (104,342 | ) | (101,984 | ) | |||
| Retained earnings | 3,530,851 | 3,398,614 | 2,991,167 | ||||||
| Total equity | 5,317,286 | 5,223,128 | 5,036,245 | ||||||
| Total liabilities and equity | $6,876,443 | $6,773,473 | $6,597,046 | ||||||
| Book value per share | $36.53 | $35.20 | $32.61 | ||||||
| Book value per share excluding AOCI | $36.82 | $35.90 | $33.27 | ||||||
| U.S. GAAP ROE(1) | 12.4 | % | 13.0 | % | 14.7 | % | |||
| Net investment (gains) losses | 0.2 | % | 0.6 | % | 0.1 | % | |||
| Costs associated with reorganization | 0.0 | % | 0.0 | % | 0.1 | % | |||
| (Gains) losses on early extinguishment of debt | 0.0 | % | 0.0 | % | 0.0 | % | |||
| Taxes on adjustments | 0.0 | % | (0.1) % | 0.0 | % | ||||
| Adjusted Operating ROE(2) | 12.6 | % | 13.4 | % | 14.8 | % | |||
| Debt to Capital Ratio | 12 | % | 12 | % | 13 | % | |||
| (1)Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | |||||||||
| (2)Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | |||||||||
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