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.
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.
Genworth Financial (NYSE: GNW) mourns the loss of former board member William H. Bolinder, who passed away on September 29, 2022. Bolinder served on the Board from 2010 to 2019, contributing significantly as Chair of the Nominating and Corporate Governance Committee. He was highly regarded for his financial services expertise and instrumental in shaping Genworth's direction. Bolinder previously held leadership roles at Acadia Trust and Zurich Financial Services Group, demonstrating a strong commitment to the company's success.
Genworth Financial, Inc. (NYSE: GNW) has successfully redeemed all $152 million of its 4.800% Senior Notes due 2024. The total cash outlay for this redemption amounted to approximately $155 million, covering the principal, a make-whole premium, and accrued interest up to September 21, 2022. This strategic move is part of Genworth's efforts to manage debt efficiently while enhancing its financial position.
Enact Holdings has secured approximately $201 million in excess of loss reinsurance coverage, effective September 1, 2022. This credit risk transfer transaction encompasses existing mortgage insurance policies established between January 1 and June 30, 2022. The reinsurance is backed by a panel of highly rated reinsurers. This marks Enact's third such transaction in 2022, reinforcing its strong capital efficiency and risk management strategy. Since 2015, Enact has completed around $4.6 billion in CRT transactions, underscoring its robust market access.
Enact Holdings, Inc. (Nasdaq: ACT) has appointed mortgage industry expert Neenu Kainth as its new Chief Customer Experience Officer. Kainth brings over 20 years of experience, having previously served as EVP Chief Digital Officer at Newrez and Chief Digital Officer at Mr. Cooper. CEO Rohit Gupta emphasized Kainth's knowledge and leadership as vital for the company's growth. Kainth holds a Bachelor and Master of Science in Computer Science from Arizona State University, along with an Executive MBA from the University of Pennsylvania’s Wharton School.
Genworth Financial, Inc. (NYSE: GNW) announced that its subsidiary, Genworth Holdings, Inc., will redeem all outstanding 4.800% Senior Notes due 2024. The redemption date is set for September 21, 2022, with the redemption price at 100% of the principal plus a make-whole premium and accrued interest. The Bank of New York Mellon Trust Company will act as the Paying Agent for this transaction.
This strategic move reflects Genworth's focus on managing its debt portfolio efficiently.