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) announced a quarterly dividend of $0.14 per share, set to be paid on September 9, 2022, to shareholders on record by August 26, 2022. The dividend reflects the company's ongoing commitment to returning value to shareholders. Enact is a prominent provider of private mortgage insurance, dedicated to enhancing homeownership opportunities while maintaining a strong financial foundation.
Enact Holdings, Inc. (NASDAQ: ACT) reported a strong second quarter 2022, achieving a net income of $205 million or $1.25 per diluted share, up from $165 million in Q1 2022. Adjusted operating income also rose to $205 million or $1.26 per diluted share. Total insurance in-force reached a record $238 billion, marking a 9% year-over-year growth. Despite lower new insurance written (NIW) of $17 billion, the company maintains a solid balance sheet and a 20.1% return on equity. PMIERs sufficiency stands at 166%, indicating robust financial health.
Genworth Financial reported Q2 2022 net income of $181 million, down 25% from $240 million in Q2 2021, and adjusted operating income of $176 million, a 9% decline year-over-year. Enact segment adjusted operating income grew to $167 million with a 9% increase in insurance in-force. The company executed $30 million in share repurchases and received a two-notch credit rating upgrade from Moody’s. However, U.S. Life Insurance's adjusted operating income fell to $21 million, influenced by unfavorable life insurance results despite $52 million in premium rate increases approved.
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Genworth Financial, Inc. (NYSE: GNW) announces a significant upgrade from Moody's Investors Service, raising its senior unsecured debt rating from B1 to Ba2. This marks the fourth upgrade since September 2021, attributed to improved financial stability and reduced debt levels. CFO Daniel Sheehan highlighted the strengthening of the company's balance sheet and risk reduction. The upgrade does not affect the Insurer Financial Strength ratings of Genworth's life insurance subsidiaries. The outlook for the rating remains stable.
Enact Holdings (Nasdaq: ACT) plans to release its second quarter earnings on August 1, 2022, after market close. A conference call to discuss the financial results will be held on August 2, 2022, at 8:00 a.m. (ET). Interested participants can access the call via telephone or Internet, with dial-in numbers provided in the release. The earnings release and additional financial information will be available on Enact's website upon release. Investors are encouraged to enroll for email alerts for future updates.
Genworth Financial (NYSE: GNW) will release its second-quarter earnings on August 1, 2022, following which a conference call is scheduled for August 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release, presentation, and financial supplement via the company's website at investor.genworth.com. Prior to this, its subsidiary, Enact Holdings (NASDAQ: ACT), will hold its own conference call on August 2, 2022, at 8:00 a.m. (ET) to discuss its results.
On July 7, 2022, Enact Holdings, Inc. (Nasdaq: ACT) announced a five-year $200 million senior unsecured revolving credit facility, effective June 30, 2022. This facility aims to enhance the company's financial flexibility and support working capital and corporate needs. Borrowings will accrue interest based on a short-term borrowing index plus 200 basis points, with no amounts borrowed as of the announcement date. The facility is arranged by JPMorgan Chase Bank and other financial institutions, reflecting Enact's strong financial position.
Genworth Financial (NYSE: GNW) held its 2022 annual meeting, where stockholders elected all nine director nominees, including Thomas J. McInerney and Karen E. Dyson. The meeting also saw the approval of the advisory vote on executive compensation and the ratification of KPMG LLP as the independent public accounting firm for 2022. Genworth, based in Richmond, Virginia, specializes in financial products for aging families and is the parent company of Enact Holdings (NASDAQ: ACT), a leading mortgage insurance provider.
Enact Holdings, Inc. (Nasdaq: ACT) reported a strong first quarter of 2022, achieving a net income of $165 million, or $1.01 per diluted share, reflecting a substantial increase from $125 million the previous year. Key metrics included a return on equity of 16.2% and insurance-in-force reaching $232 billion, a 10% year-over-year rise. The company initiated a quarterly dividend of $0.14 per share, enhancing shareholder value. However, new insurance written saw a notable decline of 25% from last year, signaling potential market challenges.