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 strong fourth quarter for 2021 with a net income of $154 million ($0.94 per diluted share), up from $137 million in the previous quarter. The company also achieved a full-year net income of $547 million, reflecting a 48% increase compared to 2020. New insurance written (NIW) was $21.4 billion, down 11% from the previous quarter, but primary insurance-in-force rose to $227 billion. The PMIERs sufficiency stood at 165% or $2,003 million. A $200 million dividend was issued, underscoring strong capital management.
Genworth Financial reported a fourth-quarter net income of $163 million and adjusted operating income of $164 million, down from $267 million and $188 million in Q4 2020. For 2021, net income surged to $904 million, compared to $178 million in 2020. The Enact segment showed strong performance with a 9% growth in primary insurance, while the U.S. Life Insurance segment achieved $41 million in adjusted operating income. Significant debt retirement totaling $2.1 billion was noted. The cash and liquid assets at year-end were $356 million.
Enact Holdings, Inc. (Nasdaq: ACT) announced that it will release its fourth quarter earnings after the market closes on February 1, 2022. A conference call will follow on February 2, 2022, at 8:00 a.m. ET to discuss the financial results. The earnings release and financial supplement will be accessible on the company's website. Interested parties can join the conference call via telephone or webcast. Enact, established in 1981, is a leading private mortgage insurance provider, focused on enhancing homeownership opportunities through partnerships with lenders.
Genworth Financial, Inc. (NYSE: GNW) will release its fourth quarter earnings after market close on February 1, 2022. A conference call to discuss these results is scheduled for February 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release and financial supplement via the company's website here. Additionally, Genworth's subsidiary, Enact Holdings, Inc. (NASDAQ: ACT), will hold its own conference call on February 2, at 8:00 a.m. (ET), to discuss its fourth quarter results.
Genworth Financial, Inc. (NYSE: GNW) has completed the redemption of all $308 million of its 4.900% Senior Notes due 2023, using approximately $334 million in cash. This amount covers the principal, a make-whole premium, and accrued interest up to the redemption date of December 15, 2021. Genworth Holdings, its wholly-owned subsidiary, executed this transaction. As a Fortune 500 provider, Genworth addresses financial challenges related to aging, while also being the parent company of Enact Holdings, Inc. (Nasdaq: ACT).
Genworth Financial, Inc. (GNW) announced a notice of redemption for its outstanding 4.900% Senior Notes due 2023, effective December 15, 2021. The redemption price will be 100% of the principal amount, along with a make-whole premium and any accrued interest. The redemption will be managed by The Bank of New York Mellon Trust Company. This strategic move is part of Genworth's financial management efforts. Genworth Holdings is a wholly-owned subsidiary of Genworth Financial, which also owns Enact Holdings, a leading mortgage insurance provider.
On November 15, 2021, Enact Holdings (Nasdaq: ACT) announced a special cash dividend of $200 million, equating to $1.23 per share. Shareholders recorded by November 26, 2021, will receive the payment on December 15, 2021. CEO Rohit Gupta highlighted the company's strong balance sheet and cash flows as foundational for a balanced capital allocation strategy, underscoring a commitment to shareholder value.
Enact Holdings, Inc. (Nasdaq: ACT) reported strong third-quarter 2021 financial results, achieving a GAAP net income of $137 million, or $0.84 per diluted share, which reflects a sequential increase from the previous quarter. The company reported a 13.2% return on equity and a PMIERs sufficiency of 181%, the highest ever. Although new insurance written decreased by 10% to $24.0 billion, primary insurance in force rose 2% to $222 billion. Operating expenses declined, contributing to improved profitability metrics.
On October 13, 2021, Enact Holdings, Inc. (Nasdaq: ACT) released its monthly operating statistics for September 2021, detailing credit performance metrics such as total primary delinquencies and claims paid. The report is accessible on Enact's investor relations website. Due to improved economic conditions, the company plans to discontinue monthly reports and will provide selected metrics in quarterly earnings releases moving forward.
Enact Holdings, Inc. (Nasdaq: ACT) announced the passing of Board Member, General Raymond T. Odierno, on October 8, 2021. With nearly 40 years of service in the U.S. Army, General Odierno held significant leadership roles, including command during deployments in Europe and the Middle East. His contributions extended to corporate advisory roles post-retirement. Enact expressed deep condolences to the Odierno family, highlighting his exceptional service and leadership. The company plans to maintain its 11-person board and will share more details on succession in the future.