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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 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.
Enact Holdings, Inc. (Nasdaq: ACT) announced that CEO Rohit Gupta and CFO Dean Mitchell will participate in a fireside chat at the Bank of America 2023 Financial Services Conference on February 15, 2023, at 2:30 PM Eastern Time. This event will be webcast live and accessible on the company's website for 24 hours after its conclusion. A replay will be available until May 17, 2023. Enact, which operates through its subsidiary, is a prominent U.S. private mortgage insurance provider, assisting in homeownership.
For more information, visit Enact's Investor Relations.
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Enact Holdings, Inc. (Nasdaq: ACT) will announce its fourth quarter earnings release on February 6, 2023, after market close. A conference call discussing the financial results is scheduled for February 7, 2023, at 8:00 a.m. ET. Interested participants can pre-register for the call and also access the earnings release and financial updates on Enact's website. The webcast will be available for one year after the event, ensuring transparency and continued access to performance data.
Genworth Financial (NYSE: GNW) will release its fourth quarter earnings after market close on February 6, 2023. A conference call to discuss the results is scheduled for February 7, 2023, at 9:00 a.m. ET. Stakeholders can access the earnings report and financial supplement via the company's website at investor.genworth.com.
Additionally, Genworth's subsidiary, Enact Holdings (NASDAQ: ACT), will hold its earnings call on the same day at 8:00 a.m. ET.
Enact Holdings, Inc. (Nasdaq: ACT) reported a net income of $191 million, or $1.17 per diluted share for Q3 2022, down from $205 million in Q2 2022. Year-over-year, net income increased from $137 million, driven by lower losses. The company declared a quarterly cash dividend of $0.14 per share, payable on December 6, 2022. Key metrics included a record insurance-in-force of $242 billion and a PMIERs sufficiency of 174%. The company emphasized its robust financial position despite housing market uncertainties.
Enact Holdings (Nasdaq: ACT) has declared a special cash dividend of $183 million ($1.12 per share) payable on December 6, 2022. Additionally, the Board authorized a $75 million share repurchase program. This dividend reflects Enact's strong capital position and commitment to returning capital to shareholders, targeting a total of at least $250 million for the year. The share buyback will utilize various methods, including open market purchases, and is based on market conditions and other factors.
Genworth Financial reported a net income of $104 million for Q3 2022, down 67% from $314 million a year earlier. The adjusted operating income also fell 33% to $159 million. The company achieved its debt target of under $1 billion, successfully redeeming $152 million of its debt. Enact's adjusted operating income was $156 million, while U.S. Life Insurance posted $11 million. Notably, annual premium rate increases of $47 million were approved, enhancing net present value by $300 million. The risk-based capital ratio for U.S. life insurance is estimated at 285%.
Enact Holdings, Inc. (Nasdaq: ACT) will release its third quarter earnings on November 1, 2022, after market close. A conference call to discuss the results is scheduled for November 2, 2022, at 8:00 a.m. (ET). Earnings materials will be accessible on their website at https://ir.enactmi.com/. Investors can join the conference call via telephone or webcast. The call will be archived online for one year. Enact is a leading U.S. private mortgage insurance provider, focused on supporting homeownership through partnerships with lenders.
Genworth Financial, Inc. (NYSE: GNW) will release its third quarter earnings after market close on November 1, 2022. A conference call to discuss the results is scheduled for November 2, 2022, at 9:00 a.m. ET. The earnings release, summary presentation, and financial supplement will be accessible on their website.
Additionally, Enact Holdings, Inc. (NASDAQ: ACT) will host its earnings call earlier the same day at 8:00 a.m. ET.