Enact Holdings Inc

Latest Results (04.04.2026):

Enact Holdings Inc — fourth quarter of 2025: Enact reported GAAP net income of $177 million ($1.22 diluted EPS) and adjusted operating income of $179 million ($1.23 adjusted diluted EPS) for 4Q25, with return on equity of 13.3% (adjusted operating ROE 13.5%) and primary insurance in‑force of $273 billion.

Quarterly earnings

4Q25 GAAP net income was $177M ($1.22 diluted), up from $163M in 3Q25; adjusted operating income was $179M ($1.23 diluted). Full‑year 2025 net income was $674M and adjusted operating income was $688M.

Losses and reserves

Losses incurred in 4Q25 were $18M (loss ratio 7%), down sequentially and year‑over‑year driven by a $60M net reserve release reflecting favorable cure performance and a lowered claim-rate expectation to 8%.

New business and insurance in-force

New insurance written (NIW) was $14B in 4Q25 (up 2% sequentially, 8% YoY); primary insurance in‑force rose to $273B (≈2% YoY). Persistency was 80% (vs. 83% in 3Q25).

Capital return and shareholder actions

Enact returned $503M of capital in 2025 (≈$121M dividends, $382M repurchases). In 4Q25 it repurchased ~3.4M shares (~$127M) and paid a $0.21/share dividend; the Board authorized a new $500M repurchase program and maintained a quarterly $0.21 dividend payable March 19, 2026.

Capital adequacy and liquidity

PMIERs sufficiency remained 162%, about $1.9B above required levels. At the holding company level Enact reported $257M in cash and $370M of invested assets as of Dec 31, 2025.

Balance sheet and book value

Total equity was $5.355B and book value per share was $37.66 (excluding AOCI $37.87) as of 4Q25.

Investments and investment results

Net investment income in 4Q25 was $69M (stable sequentially, up YoY), while net investment losses were $(3)M for the quarter; management noted realized sales to recoup losses via higher future investment income.

Other notable items

Enact announced an excess‑of‑loss reinsurance agreement providing ≈$170M coverage for part of expected NIW for the 2027 book year, EMICO paid a ~$150M dividend in 4Q, and S&P subsequently upgraded the financial strength outlook for EMICO, EHI and Enact Re to positive.