Enact Holdings, Inc. Stock Price, News & Analysis

Enact Holdings reported strong Q3 2024 financial results with GAAP Net Income of $181 million ($1.15 per diluted share) and Adjusted Operating Income of $182 million ($1.16 per diluted share). The company achieved a Return on Equity of 14.7% and reached a record Primary insurance in-force of $268 billion, representing a 2% increase from Q3 2023. The company maintained strong capital position with PMIERs Sufficiency of 173% ($2,190 million). Net premiums earned increased to $249 million, up 2% from previous quarter. The company announced a quarterly cash dividend of $0.185 per common share.

Genworth Financial (NYSE: GNW) has announced its schedule for releasing third quarter results and hosting an earnings conference call. The company will release its earnings report after market close on November 6, 2024, followed by a conference call on November 7, 2024, at 9:00 a.m. (ET) to discuss the results. Investors can access the earnings release, summary presentation, and financial supplement through Genworth's investor website.

The conference call will be accessible via telephone and internet. The dial-in number is 888-208-1820 or 323-794-2110 (outside the U.S.) with conference ID #1689846. Participants can also join the webcast by registering at the investor website. Additionally, Genworth's publicly traded subsidiary, Enact Holdings, Inc. (Nasdaq: ACT), will hold its own conference call on November 7, 2024, at 8:00 a.m. (ET) to discuss its third-quarter results.

Enact Holdings, Inc. (Nasdaq: ACT) has announced its plans to release third quarter 2024 earnings after market close on November 6, 2024. The company will host a conference call to discuss these financial results on November 7, 2024 at 8:00 a.m. ET. Interested participants can pre-register for the call's live Q&A session to obtain a dial-in number and unique PIN. A live webcast of the event will also be available on Enact's investor relations website for those who wish to join without asking questions.

The earnings release, summary presentation, and financial supplement will be accessible through Enact's website at https://ir.enactmi.com/ upon their release to the public. It is recommended to join the call at least 15 minutes in advance, although registration and dialing in can be done at any time during the call. The webcast will be archived on the company's website for one year following the event.

Enact Holdings, Inc. (Nasdaq: ACT) addressed updated Private Mortgage Insurer Eligibility Requirements (PMIERs) released by Fannie Mae, Freddie Mac, and FHFA. The new guidelines will be phased in from March 31, 2025, to September 30, 2026. As of June 30, 2024, Enact had 169% of required assets under current PMIERs, about $2.1 billion above mandated thresholds. Under new standards, Enact estimates its PMIERs sufficiency ratio would be approximately 153%, exceeding requirements by $1.6 billion. After portfolio adjustments, sufficiency is projected at 160% or $1.8 billion above required assets. Enact expects to maintain compliance and does not anticipate material impacts on its PMIERs sufficiency ratio, investment portfolio yield, or capital allocation priorities, including its goal of returning $300-350 million to shareholders in 2024.

Enact Holdings, Inc. (Nasdaq: ACT), a leading private mortgage insurance provider, announced that S&P Global Ratings has assigned an A- rating to its subsidiary Enact Re, This marks Enact Re's first credit rating from S&P, with a stable outlook. The rating underscores Enact's strong capital position and disciplined execution.

Rohit Gupta, Enact's President and CEO, expressed satisfaction with the rating, viewing it as a testament to the company's financial strength. He reiterated Enact's commitment to maintaining robust financial health, serving stakeholders, and delivering significant shareholder value. This rating is the second for Enact Re since its launch, further validating its continued strong performance in the mortgage insurance market.

Genworth Financial (NYSE: GNW) reported solid Q2 2024 results with net income of $76M ($0.17 per diluted share) and adjusted operating income of $125M ($0.28 per diluted share). Key highlights include:

- $138M in gross incremental premium approvals for long-term care insurance
- $36M in share repurchases executed in Q2; $111M year-to-date
- Enact reported adjusted operating income of $165M
- U.S. life insurance companies' RBC ratio improved to 319%
- Holding company cash and liquid assets at $281M

The company continues to focus on returning capital to shareholders while investing in growth initiatives like the CareScout Quality Network, now available in over 40 states.

Enact Holdings (Nasdaq: ACT) reported strong Q2 2024 results with GAAP Net Income of $184 million ($1.16 per diluted share) and Adjusted Operating Income of $201 million ($1.27 per diluted share). The company achieved a Return on Equity of 15.4% and an Adjusted Operating Return on Equity of 16.9%. Enact reached a record Primary insurance in-force of $266 billion, up 3% from Q2 2023. The company maintained a strong PMIERs Sufficiency of 169% ($2,057 million). New insurance written (NIW) was $14 billion, up 29% from Q1 2024 but down 10% year-over-year. Enact announced a quarterly cash dividend of $0.185 per common share and completed a $100 million share repurchase program.

Genworth Financial (NYSE: GNW) has announced its second quarter earnings release and conference call schedule. The company will release its Q2 results after market close on July 31, 2024, followed by a conference call on August 1, 2024, at 10:00 a.m. ET. Investors can access the call via phone (888-208-1820 or 323-794-2110; conference ID # 1968462) or webcast (register at http://investor.genworth.com).

Additionally, Genworth's subsidiary Enact Holdings (Nasdaq: ACT) will hold its Q2 earnings call on August 1, 2024, at 8:00 a.m. ET. Participants must pre-register for Enact's Q&A session to obtain dial-in information. Both companies recommend joining their respective calls 15 minutes early.

Enact Holdings, trading on Nasdaq under the symbol ACT, has announced its second quarter 2024 earnings call.

The earnings release will be issued after market close on July 31, 2024.

The call to review these financial results is scheduled for August 1, 2024, at 8:00 a.m. ET.

The company’s earnings release, summary presentation, and financial supplement will be accessible on its investor relations website.

Participants interested in the live Q&A session need to pre-register to obtain a dial-in number and unique PIN. A live webcast of the event will also be available and archived for one year.