Enact Holdings, Inc. Stock Price, News & Analysis

Enact Holdings, Inc. (Nasdaq: ACT) has appointed Jerome Upton to its Board of Directors, enhancing the board's expertise in mortgage insurance. Upton brings significant experience from Genworth, where he held roles including Senior Vice President and Chief Financial Officer. His knowledge in international mortgage insurance is expected to strengthen Enact's governance. Upton's appointment follows Genworth's recent restructuring, which separated the roles of CFO and Chief Investment Officer, further indicating a focus on specialized leadership. Enact aims to positively impact homeownership and maintain a strong financial foundation.

Genworth Financial, Inc. (NYSE: GNW) announced a ratings upgrade from Moody's, with the company's senior unsecured debt rating for Genworth Holdings, Inc. raised to Ba1 from Ba2. This upgrade signifies a one-notch improvement and reflects Genworth's efforts in enhancing its financial standing. The outlook remains stable. CEO Tom McInerney expressed satisfaction with the upgrade, highlighting the company’s commitment to growth initiatives and shareholder returns. Notably, the Insurer Financial Strength ratings for Genworth’s life insurance subsidiaries were unaffected by this upgrade.

Enact Holdings, Inc. (Nasdaq: ACT) has received a significant upgrade from S&P Global Ratings, with its insurance subsidiary's long-term financial strength rating raised to BBB+ from BBB, while the issuer credit rating for Enact Holdings increased to BB+ from BB. This marks the second upgrade since the company's IPO, highlighting its strong performance and capital position. CEO Rohit Gupta emphasized that these upgrades reflect Enact's improved market position and execution of its strategic plans, reinforcing its financial stability and flexibility.

Genworth Financial, Inc. (NYSE: GNW) announced a credit rating upgrade from S&P Global Ratings, elevating its issuer credit ratings from B+ to BB-. The stable outlook reflects the company's improved liquidity and a robust balance sheet. CEO Tom McInerney indicated that this upgrade enhances financial flexibility, allowing for investment in growth initiatives and capital returns to shareholders. Notably, the financial strength ratings of Genworth’s life insurance subsidiaries remain unchanged. Additional insights can be found in the credit opinion published on February 16, 2023.

On February 9, 2023, Enact Holdings (Nasdaq: ACT) announced a quarterly dividend of $0.14 per common share, payable on March 9, 2023, to shareholders of record by February 23, 2023. The company is recognized as a leading provider of private mortgage insurance in the U.S., aiming to facilitate homeownership through strong partnerships with lenders. Enact is committed to delivering best-in-class service and underwriting expertise, helping borrowers sustainably attain and maintain homeownership.

Enact Holdings, Inc. (Nasdaq: ACT) reported a fourth quarter net income of $144 million, or $0.88 per diluted share, marking a decline from $191 million in Q3 2022 and $154 million in Q4 2021. For the full year, net income amounted to $704 million, or $4.31 per diluted share. The company saw a 10% increase in Primary Insurance-in-Force to $248 billion year-over-year. Return on equity for Q4 was 14.0%, down from 18.6% in Q3. Enact returned over $250 million to shareholders in 2022 and helped 192,000 homebuyers qualify for mortgages. Financial stability is highlighted by PMIERs sufficiency of 165%.

Genworth Financial reported a strong fourth quarter for 2022, with net income of $175 million, up from $163 million in Q4 2021. Adjusted operating income rose to $167 million compared to $164 million in the previous year. Full-year net income declined to $609 million from $904 million in 2021, while adjusted operating income fell from $765 million to $633 million. The Enact segment showed robust growth, with $120 million in adjusted operating income. The company returned $168 million to shareholders and executed $30 million in share repurchases. Genworth's Risk-Based Capital ratio stands at 290%, indicating strong financial health. The company aims to remove restrictions affecting Enact in early 2023.

Genworth Financial (NYSE: GNW) announced a leadership restructuring, separating the roles of Chief Financial Officer and Chief Investment Officer. Effective March, Dan Sheehan will transition out of his dual role, with Jerome Upton appointed as Executive Vice President and CFO, and Kelly Saltzgaber as Executive Vice President and CIO. Sheehan will assist in the transition until March 31, 2023. CEO Tom McInerney praised the leadership changes as beneficial for executing strategic priorities. Both Upton and Saltzgaber have been integral to Genworth’s financial transformation, with Upton recognized for his extensive finance experience and Saltzgaber for her investment management expertise.