From GlobeNewswire: 2024-05-01 16:20:00

Enact Holdings, Inc. reported a GAAP Net Income of $161 million and Adjusted Operating Income of $166 million in the first quarter of 2024. They achieved a Return on Equity of 13.8% and Adjusted Operating Return on Equity of 14.2%. Primary insurance in-force reached $264 billion, with a PMIERs Sufficiency of 163%, or $1,883 million.
The company’s strong performance in the first quarter of 2024 was highlighted by insurance-in-force growth, continued credit performance, and expense discipline. Enact also executed a balanced capital allocation strategy, returning capital to shareholders through increased quarterly dividends and share repurchases. The financial results laid a solid foundation for the rest of the year, with confidence in future demand for mortgage insurance.
Enact’s net income for the first quarter was $161 million, or $1.01 per diluted share, compared to $157 million in the fourth quarter of 2023 and $176 million in the first quarter of 2023. New insurance written was $11 billion, up 1% from the previous quarter. The primary insurance in-force increased to $264 billion, and net premiums earned rose to $241 million.
Losses incurred for the first quarter of 2024 were $20 million, with a loss ratio of 8%. Operating expenses totaled $53 million, with an expense ratio of 22%. The net investment income was $57 million, reflecting a positive trend of elevated interest rates and higher average invested assets. Enact’s annualized return on equity for the quarter was 13.8%, while adjusted operating return on equity was 14.2%.
Enact Holdings, Inc. also enhanced its capital and liquidity position, completing a distribution of approximately $270 million and securing reinsurance transactions to manage risk effectively. S&P Global Ratings upgraded the company’s financial strength and issuer credit ratings, providing a more stable outlook. Enact also repurchased shares, increased its quarterly dividend, and announced a new share repurchase program.



Read more at GlobeNewswire:: Enact Reports First Quarter 2024 Results