Welcome to our dedicated page for Enact Holdings news (Ticker: ACT), a resource for investors and traders seeking the latest updates and insights on Enact Holdings stock.
Enact Holdings, Inc. operates as a U.S. private mortgage insurance provider serving the housing finance market through Enact Mortgage Insurance Corporation. Company news centers on mortgage insurance earnings, primary insurance in force, credit performance, PMIERs capital sufficiency, book value measures, and the operating environment for residential mortgage lending.
Recurring updates also cover capital management, including quarterly dividends, share repurchase authorizations, and capital returns. Enact's disclosures describe its work with mortgage lenders and loan originators, its underwriting and risk-management role in residential mortgage guaranty insurance, and its position as a publicly traded subsidiary of Genworth Financial.
Genworth and CareScout's 2024 Cost of Care Survey reveals that long-term care costs in Idaho showed mixed trends year-over-year, with increases in some care settings and decreases in others, while remaining comparable to national averages.
The national data indicates an upward trend in long-term care costs across various care types, with increases exceeding inflation rates. The primary factors driving these cost increases are inflation and labor costs.
The survey results are now accessible at CareScout.com/cost-of-care, featuring interactive tools for calculating median care costs, state-by-state comparisons, and resources for long-term care planning. The platform also includes access to the CareScout Quality Network of vetted care providers and comprehensive guides for aging care planning.
Genworth and CareScout's 2024 Cost of Care Survey reveals that long-term care service costs in Maine have increased year-over-year, surpassing national averages. The survey indicates a continued upward trend in long-term care costs across various care types nationally, with most increases outpacing inflation rates.
The primary factors driving these cost increases are inflation and labor costs. The survey results and additional resources are now available on CareScout.com/cost-of-care, featuring interactive tools to calculate median costs, state-by-state comparisons, and access to CareScout's Quality Network of long-term care providers.
Genworth and CareScout have released their 2024 Cost of Care Survey for Virginia, revealing that long-term care service costs in the state remain comparable to national averages, with mixed year-over-year changes across different care settings.
The national data indicates a continued upward trend in long-term care costs, with increases exceeding inflation rates. The primary factors driving these cost increases are identified as inflation and labor costs.
The survey results are now accessible at CareScout.com/cost-of-care, featuring interactive tools for calculating median care costs, state-by-state comparisons, and resources for long-term care planning. The platform also introduces the CareScout Quality Network, a curated selection of long-term care providers meeting high-quality standards for person-centered care.
Genworth and CareScout's 2024 Cost of Care Survey reveals that long-term care costs in New York have increased year-over-year, maintaining pace with national trends. The survey indicates that costs across various care types continue to outpace inflation rates, primarily driven by rising inflation and labor costs.
The survey data and tools are now accessible at www.CareScout.com/cost-of-care, featuring interactive resources including:
- Cost of Care Survey tool for calculating median costs
- National and state median data comparisons
- CareScout Quality Network of vetted care providers
- Aging care planning guides
- Information on long-term care funding options
- Resources on person-centered care
Genworth and CareScout's 2024 Cost of Care Survey reveals that long-term care costs in Oregon have increased year-over-year, surpassing national averages. The survey indicates a continued upward trend in long-term care expenses across various care types nationwide, with most increases outpacing inflation rates.
The primary factors driving these cost increases are inflation and labor costs. The survey data and resources are now accessible at www.CareScout.com/cost-of-care, featuring interactive tools to calculate median long-term care costs by area, state-level data comparisons, and access to CareScout's Quality Network of care providers.
Genworth and CareScout's 2024 Cost of Care Survey reveals significant increases across all long-term care services. Homemaker services and assisted living communities saw the highest growth at 10%, with annual median costs reaching $75,504 and $70,800 respectively.
Key findings include:
- Home health aide costs rose 3% to $77,792 annually
- Adult day care increased 5% to $26,000 per year
- Nursing home costs grew: semi-private rooms up 7% to $111,325, private rooms up 9% to $127,750
- Assisted living occupancy rates increased from 77% to 84%
The survey identified inflation as the primary cost driver for assisted living, nursing homes, and adult day care centers, while labor costs primarily affected home care services. Notably, two-thirds of home care agencies now charge the same rate for both health aide and homemaker services.
Genworth Financial (NYSE: GNW) reported Q4 2024 results with a net loss of $1M and adjusted operating income of $15M. The company achieved full-year 2024 net income of $299M ($0.68 per diluted share) and adjusted operating income of $273M ($0.623 per diluted share).
Key highlights include: Enact's strong performance with $137M in adjusted operating income for Q4; expansion of CareScout Quality Network to all 50 states; $40M in gross incremental premium approvals for long-term care; and $51M in share repurchases at $7.32 per share during Q4.
The company's U.S. life insurance companies maintained a strong RBC ratio of 306%, reflecting statutory pre-tax income of $378M in 2024. Holding company cash and liquid assets stood at $294M at quarter-end. Through February 14th, GNW has executed $565M in total share repurchases at an average price of $5.69 per share.
Enact Holdings (ACT) reported strong Q4 and full-year 2024 results, with GAAP net income of $163 million ($1.05 per diluted share) and adjusted operating income of $169 million ($1.09 per diluted share) for Q4. The company achieved a 13.0% return on equity and 13.5% adjusted operating return on equity.
Key highlights include record primary insurance in-force of $269 billion, representing a 2% increase from Q4 2023, and PMIERs sufficiency of 167% ($2,052 million). New insurance written (NIW) was $13 billion in Q4, down 2% quarterly but up 27% year-over-year.
The company demonstrated strong capital management, returning over $350 million to shareholders in 2024 through dividends and share repurchases. A quarterly dividend of $0.185 per common share was announced.
Enact Holdings (Nasdaq: ACT) has secured two significant excess of loss (XOL) reinsurance transactions through its subsidiary Enact Mortgage Insurance The company obtained approximately $225 million and $260 million in reinsurance coverage from highly-rated reinsurance providers.
The coverage applies to expected new insurance written for the 2025 book year (January 1 - December 31, 2025) and 2026 book year (January 1 - December 31, 2026), effective from their respective start dates. All participating reinsurers maintain strong credit ratings of 'A-' or better from S&P or A.M. Best, or 'A3' or better from Moody's.
These credit risk transfer (CRT) transactions demonstrate Enact's commitment to proactive credit risk management and financial strength enhancement.
Enact Holdings (Nasdaq: ACT) has received significant ratings upgrades from Fitch Ratings, demonstrating the company's strong financial performance and capital position. Fitch has upgraded the insurance financial strength rating of Enact Mortgage Insurance to A from A-, and elevated Enact's senior debt rating to BBB from BBB-. Both ratings maintain a stable outlook.
CEO Rohit Gupta emphasized that these upgrades reflect the company's success in strengthening its financial foundation and executing strategic priorities while maintaining effective risk management. The company remains committed to its strategy of supporting partners and creating stakeholder value.