Enact Holdings, Inc.
ACT Financial Services Q1 2025
Document 1
Exhibit 99.1
ENACT REPORTS FIRST QUARTER 2025 RESULTS
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GAAP Net Income of$166 million, or $1.08 per diluted share
Adjusted Operating Income of $169 million, or $1.10 per diluted share
Return on Equity of 13.1% and Adjusted Operating Return on Equity of 13.4%
Primary Insurance in-force of $268 billion, a 2% increase from first quarter 2024
PMIERs Sufficiency of 165% or approximately $2.0 billion
Book Value Per Share of $33.96 and Book Value Per Share excluding AOCI of $34.97
Raleigh, NC, April 30, 2025 – Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the first quarter of 2025.
"We had a strong start to 2025 and continue to make progress against our priorities,” stated Rohit Gupta, President and CEO of Enact. "We continued to prudently underwrite new business, invest in our business, maintain expense discipline, and return substantial capital to our shareholders. Looking ahead, Enact is well positioned to navigate an uncertain economic backdrop. We are committed to executing against all aspects of our strategy and are doing so from a position of robust liquidity and financial strength. We believe the long-term drivers of housing demand remain in place, and we look forward to continuing to create value for all our stakeholders."
Key Financial Highlights
(In millions, except per share data or otherwise noted) | 1Q25 | 4Q24 | 1Q24 | ||||||||||||||
Net Income (loss) | $166 | $163 | $161 | ||||||||||||||
Diluted Net Income (loss) per share | $1.08 | $1.05 | $1.01 | ||||||||||||||
Adjusted Operating Income (loss) | $169 | $169 | $166 | ||||||||||||||
Adj. Diluted Operating Income (loss) per share | $1.10 | $1.09 | $1.04 | ||||||||||||||
NIW ($B) | $10 | $13 | $11 | ||||||||||||||
Primary Persistency Rate | 84% | 82% | 85% | ||||||||||||||
Primary IIF ($B) | $268 | $269 | $264 | ||||||||||||||
Net Premiums Earned | $245 | $246 | $241 | ||||||||||||||
Losses Incurred | $31 | $24 | $20 | ||||||||||||||
Loss Ratio | 12% | 10% | 8% | ||||||||||||||
Operating Expenses | $53 | $58 | $53 | ||||||||||||||
Expense Ratio | 21% | 24% | 22% | ||||||||||||||
Net Investment Income | $63 | $63 | $57 | ||||||||||||||
| Net Investment gains (losses) | $(3) | $(7) | $(7) | ||||||||||||||
Return on Equity | 13.1% | 13.0% | 13.8% | ||||||||||||||
Adjusted Operating Return on Equity | 13.4% | 13.5% | 14.2% | ||||||||||||||
PMIERs Sufficiency ($) | $1,966 | $2,052 | $1,883 | ||||||||||||||
PMIERs Sufficiency (%) | 165% | 167% | 163% | ||||||||||||||
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First Quarter 2025 Financial and Operating Highlights
•Net income was $166 million, or $1.08 per diluted share, compared with $163 million, or $1.05 per diluted share, for the fourth quarter of 2024 and $161 million, or $1.01 per diluted share, for the first quarter of 2024. Adjusted operating income was $169 million, or $1.10 per diluted share, compared with $169 million, or $1.09 per diluted share, for the fourth quarter of 2024 and $166 million, or $1.04 per diluted share, for the first quarter of 2024.
•New insurance written (NIW) was approximately $10 billion, down 26% from the fourth quarter of 2024 primarily from seasonality in the purchase origination market and down 7% from the first quarter of 2024 primarily driven by lower estimated market share. NIW for the current quarter was comprised of 94% monthly premium policies and 93% purchase originations.
•Persistency remained elevated at 84%, up from 82% in the fourth quarter of 2024 and down from 85% in the first quarter of 2024. Approximately 8% of the mortgages in our portfolio had rates at least 50 basis points above March 2025’s average mortgage rate of 6.7%.
•Primary insurance in-force (IIF) was $268 billion, relatively flat from $269 billion in the fourth quarter of 2024 and up 2% from $264 billion in the first quarter of 2024.
•Net premiums earned were $245 million, relatively flat from $246 million in the fourth quarter of 2024 and up 2% from $241 million in the first quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
•Losses incurred for the first quarter of 2025 were $31 million and the loss ratio was 12%, compared to $24 million and 10%, respectively, in the fourth quarter of 2024 and $20 million and 8%, respectively, in the first quarter of 2024. The current quarter reserve release of $47 million from favorable cure performance and loss mitigation activities compares to a reserve release of $56 million and $54 million in the fourth quarter of 2024 and first quarter of 2024, respectively.The sequential and year-over-year increase in losses and the loss ratio were primarily driven by the lower reserve release in the quarter.
•Operating expenses in the current quarter were $53 million and the expense ratio was 21%. This compared to $58 million and 24%, respectively, in the fourth quarter of 2024 and $53 million and 22%, respectively in the first quarter of 2024. The sequential decrease was primarily driven by lower incentive-based compensation.
•Net investment income was $63 million, flat from $63 million in the fourth quarter of 2024 and up from $57 million in the first quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
•Net investment gains (losses) in the quarter were $(3) million, as compared to $(7) million sequentially and $(7) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
•Annualized return on equity for the first quarter of 2025 was 13.1% and annualized adjusted operating return on equity was 13.4%. This compares to fourth quarter 2024 results of 13.0% and 13.5%, respectively, and to first quarter 2024 results of 13.8% and 14.2%, respectively.
Capital and Liquidity
•Fitch Ratings upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
•We announced two excess-of-loss reinsurance agreements with a panel of highly-rated reinsurers that will provide approximately $225 million and approximately $260 million of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
•We paid approximately $28 million, or $0.185 per share, dividend in the first quarter.
•EMICO completed a dividend of approximately $200 million in the first quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
•Enact Holdings, Inc. held $356 million of cash and cash equivalents plus $292 million of invested assets as of March 31, 2025. Combined cash and invested assets increased $108 million from the prior
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quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
•PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 167% and $2.1 billion above the PMIERs requirements in the fourth quarter of 2024.
Recent Events
•We repurchased approximately 2.0 million shares at an average price of $33.38 for a total of approximately $66 million in the quarter. Additionally, through April 25, 2025, we repurchased 0.6 million shares at an average price of $34.53 for a total of $21 million and approximately $6 million remains of our $250 million repurchase authorization.
•We announced today that the Company’s Board of Directors approved a new share repurchase program with authorization to purchase up to $350 million of common stock.
•Additionally, the Board of Directors declared a 14% increase to our quarterly dividend from $0.185 to $0.21 per common share, payable on June 11, 2025, to shareholders of record on May 19, 2025.
Conference Call and Financial Supplement Information
This press release, the first quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.
Enact will discuss first quarter financial results in a conference call tomorrow, Thursday, May 1, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN.It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call.If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.
The webcast will also be archived on the Company’s website for one year.
About Enact
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation,
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restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share," and “adjusted operating return on equity." Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.
While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.
The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended March 31, 2025 and 2024, as well as for the three months ended December 31, 2024.
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Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)
| 1Q25 | 4Q24 | 1Q24 | |||||||||
| REVENUES: | |||||||||||
| Premiums | $244,786 | $245,735 | $240,747 | ||||||||
| Net investment income | 63,037 | 62,624 | 57,111 | ||||||||
| Net investment gains (losses) | (3,243) | (7,167) | (6,684) | ||||||||
| Other income | 2,196 | 584 | 402 | ||||||||
| Total revenues | 306,776 | 301,776 | 291,576 | ||||||||
| LOSSES AND EXPENSES: | |||||||||||
| Losses incurred | 30,541 | 23,813 | 19,501 | ||||||||
| Acquisition and operating expenses, net of deferrals | 50,094 | 55,325 | 50,934 | ||||||||
| Amortization of deferred acquisition costs and intangibles | 2,429 | 2,522 | 2,259 | ||||||||
| Interest expense | 12,291 | 12,262 | 12,961 | ||||||||
| Total losses and expenses | 95,355 | 93,922 | 85,655 | ||||||||
| INCOME BEFORE INCOME TAXES | 211,421 | 207,854 | 205,921 | ||||||||
Provision for income taxes | 45,643 | 45,116 | 44,933 | ||||||||
| NET INCOME | $165,778 | $162,738 | $160,988 | ||||||||
| Net investment (gains) losses | 3,243 | 7,167 | 6,684 | ||||||||
| Costs associated with reorganization | 629 | 411 | (42) | ||||||||
| Taxes on adjustments | (813) | (1,591) | (1,395) | ||||||||
| Adjusted Operating Income | $168,837 | $168,725 | $166,235 | ||||||||
Loss ratio (1) | 12 | % | 10 | % | 8 | % | |||||
Expense ratio (2) | 21 | % | 24 | % | 22 | % | |||||
| Earnings Per Share Data: | |||||||||||
| Net Income per share | |||||||||||
| Basic | $1.09 | $1.06 | $1.01 | ||||||||
| Diluted | $1.08 | $1.05 | $1.01 | ||||||||
| Adj operating income per share | |||||||||||
| Basic | $1.11 | $1.10 | $1.05 | ||||||||
| Diluted | $1.10 | $1.09 | $1.04 | ||||||||
| Weighted-average common shares outstanding | |||||||||||
| Basic | 151,831 | 153,537 | 158,818 | ||||||||
| Diluted | 152,907 | 154,542 | 160,087 | ||||||||
(1) The ratio of losses incurred to net earned premiums. | |||||||||||
(2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month period ended March 31, 2025, one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month period ended March 31, 2024. | |||||||||||
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Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)
| Assets | 1Q25 | 4Q24 | 1Q24 | ||||||||
| Investments: | |||||||||||
| Fixed maturity securities available-for-sale, at fair value | $5,815,337 | $5,624,773 | $5,351,138 | ||||||||
| Short term investments | 3,696 | 3,367 | 9,963 | ||||||||
| Total investments | 5,819,033 | 5,628,140 | 5,361,101 | ||||||||
| Cash and cash equivalents | 635,269 | 599,432 | 614,330 | ||||||||
| Accrued investment income | 49,654 | 49,595 | 43,450 | ||||||||
| Deferred acquisition costs | 23,322 | 23,771 | 24,861 | ||||||||
| Premiums receivable | 46,451 | 53,031 | 43,927 | ||||||||
| Other assets | 103,351 | 102,549 | 126,644 | ||||||||
| Deferred tax asset | 44,440 | 65,013 | 89,370 | ||||||||
| Total assets | $6,721,520 | $6,521,531 | $6,303,683 | ||||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Loss reserves | $542,528 | $524,715 | $531,443 | ||||||||
| Unearned premiums | 107,519 | 114,680 | 138,886 | ||||||||
| Other liabilities | 208,667 | 142,990 | 173,500 | ||||||||
| Long-term borrowings | 743,399 | 743,050 | 746,090 | ||||||||
| Total liabilities | 1,602,113 | 1,525,435 | 1,589,919 | ||||||||
| Equity: | |||||||||||
| Common stock | 1,508 | 1,523 | 1,577 | ||||||||
| Additional paid-in capital | 2,007,776 | 2,076,788 | 2,264,198 | ||||||||
| Accumulated other comprehensive income | (152,482) | (207,455) | (237,477) | ||||||||
| Retained earnings | 3,262,605 | 3,125,240 | 2,685,466 | ||||||||
| Total equity | 5,119,407 | 4,996,096 | 4,713,764 | ||||||||
| Total liabilities and equity | $6,721,520 | $6,521,531 | $6,303,683 | ||||||||
| Book value per share | $33.96 | $32.80 | $29.89 | ||||||||
| Book value per share excluding AOCI | $34.97 | $34.16 | $31.40 | ||||||||
U.S. GAAP ROE (1) | 13.1 | % | 13.0 | % | 13.8 | % | |||||
| Net investment (gains) losses | 0.3 | % | 0.6 | % | 0.6 | % | |||||
| Costs associated with reorganization | 0.0 | % | 0.0 | % | 0.0 | % | |||||
| (Gains) losses on early extinguishment of debt | 0.0 | % | 0.0 | % | 0.0 | % | |||||
| Taxes on adjustments | (0.1) | % | (0.1) | % | (0.1) | % | |||||
Adjusted Operating ROE(2) | 13.4 | % | 13.5 | % | 14.2 | % | |||||
| Debt to Capital Ratio | 13 | % | 13 | % | 14 | % | |||||
(1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||||
(2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||||
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Document 1
Enact Holdings, Inc. Financial Supplement First Quarter 2025 GAAP/Non-GAAP Disclosure Discussion This document includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share," and “adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs, gains (losses) on debt extinguishment and infrequent or unusual non-operating items. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Company’s common stockholders or net income (loss) available to Company’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Company’s common stockholders to adjusted operating income (loss) assume a 21% tax rate. Page 2
Enact Holdings, Inc. Financial Supplement First Quarter 2025 2025 1Q 4Q 3Q 2Q 1Q Total REVENUES: Premiums $244,786 $245,735 $249,055 $244,567 $240,747 $980,104 Net investment income 63,037 62,624 61,056 59,773 57,111 240,564 Net investment gains (losses) (3,243) (7,167) (1,243) (7,713) (6,684) (22,807) Other income 2,196 584 720 2,207 402 3,913 Total revenues 306,776 301,776 309,588 298,834 291,576 1,201,774 LOSSES AND EXPENSES: Losses incurred 30,541 23,813 12,164 (16,821) 19,501 38,657 Acquisition and operating expenses, net of deferrals 50,094 55,325 53,091 53,960 50,934 213,310 Amortization of deferred acquisition costs and intangibles 2,429 2,522 2,586 2,292 2,259 9,659 Interest expense 12,291 12,262 12,290 13,644 12,961 51,157 Loss on debt extinguishment 0 0 0 10,930 0 10,930 Total losses and expenses 95,355 93,922 80,131 64,005 85,655 323,713 INCOME BEFORE INCOME TAXES 211,421 207,854 229,457 234,829 205,921 878,061 Provision for income taxes 45,643 45,116 48,788 51,156 44,933 189,993 NET INCOME $165,778 $162,738 $180,669 $183,673 $160,988 $688,068 Net investment (gains) losses $3,243 $7,167 $1,243 $7,713 $6,684 $22,807 Costs associated with reorganization 629 411 848 3,435 (42) 4,652 Loss on debt extinguishment 0 0 0 10,930 0 10,930 Taxes on adjustments (813) (1,591) (439) (4,636) (1,395) (8,061) Adjusted Operating Income $168,837 $168,725 $182,321 $201,115 $166,235 $718,396 Loss ratio (1) 12 % 10 % 5 % (7)% 8 % 4 % Expense ratio (2) 21 % 24 % 22 % 23 % 22 % 23 % Earnings per share data: Net income per share Basic $1.09 $1.06 $1.16 $1.17 $1.01 $4.40 Diluted $1.08 $1.05 $1.15 $1.16 $1.01 $4.37 Adjusted operating income per share Basic $1.11 $1.10 $1.17 $1.28 $1.05 $4.60 Diluted $1.10 $1.09 $1.16 $1.27 $1.04 $4.56 Weighted-average common shares outstanding Basic 151,831 153,537 155,561 157,193 158,818 156,277 Diluted 152,907 154,542 157,016 158,571 160,087 157,554 (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with restructuring costs increased the expense ratio by zero percentage points for the three months ended March 31, 2025, one percentage point for the three months ended December 31, 2024, zero percentage points for the three months ended September 30, 2024, one percentage point for the three months ended June 30, 2024, and zero percentage points for the three months ended March 31, 2024. 2024 (1)The ratio of losses incurred to net earned premiums. Consolidated Statements of Income (amounts in thousands, except per share amounts) Page 3
Enact Holdings, Inc. Financial Supplement First Quarter 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets Investments: Fixed maturity securities available-for-sale, at fair value $5,815,337 $5,624,773 $5,652,399 $5,331,345 $5,351,138 Short term investments 3,696 3,367 1,550 12,313 9,963 Total investments 5,819,033 5,628,140 5,653,949 5,343,658 5,361,101 Cash and cash equivalents 635,269 599,432 673,363 699,035 614,330 Accrued investment income 49,654 49,595 45,954 45,317 43,450 Deferred acquisition costs 23,322 23,771 24,160 24,619 24,861 Premiums receivable 46,451 53,031 48,834 48,698 43,927 Other assets 103,351 102,549 100,723 98,929 126,644 Deferred tax asset 44,440 65,013 50,063 89,116 89,370 Total assets $6,721,520 $6,521,531 $6,597,046 $6,349,372 $6,303,683 Liabilities and Shareholder's Interest Liabilities: Loss reserves $542,528 $524,715 $510,401 $508,138 $531,443 Unearned premiums 107,519 114,680 121,382 129,870 138,886 Other liabilities 208,667 142,990 186,312 143,167 173,500 Long-term borrowings 743,399 743,050 742,706 742,368 746,090 Total liabilities 1,602,113 1,525,435 1,560,801 1,523,543 1,589,919 Equity: Common stock 1,508 1,523 1,544 1,561 1,577 Additional paid-in capital 2,007,776 2,076,788 2,145,518 2,220,903 2,264,198 Accumulated other comprehensive income (152,482) (207,455) (101,984) (236,305) (237,477) Retained earnings 3,262,605 3,125,240 2,991,167 2,839,670 2,685,466 Total equity $5,119,407 $4,996,096 $5,036,245 $4,825,829 $4,713,764 Total liabilities and equity $6,721,520 $6,521,531 $6,597,046 $6,349,372 $6,303,683 Book value per share $33.96 $32.80 $32.61 $30.91 $29.89 Book value per share excluding accumulated other comprehensive income $34.97 $34.16 $33.27 $32.43 $31.40 U.S. GAAP ROE (1) 13.1 % 13.0 % 14.7 % 15.4 % 13.8 % Net investment (gains) losses 0.3 % 0.6 % 0.1 % 0.6 % 0.6 % Costs associated with reorganization 0.0 % 0.0 % 0.1 % 0.3 % 0.0 % (Gains) losses on early extinguishment of debt 0.0 % 0.0 % 0.0 % 0.9 % 0.0 % Taxes on adjustments (0.1)% (0.1)% 0.0 % (0.4)% (0.1)% Adjusted Operating ROE(2) 13.4 % 13.5 % 14.8 % 16.9 % 14.2 % Debt to capital ratio 13 % 13 % 13 % 13 % 14 % (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. Consolidated Balance Sheets (amounts in thousands, except per share amounts) Page 4
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Total Direct NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW Product Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Pool 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % Total $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Primary Only Origination Purchase $9,139 93 % $11,466 86 % $12,982 96 % $13,173 97 % $10,072 96 % $47,693 94 % Refinance 679 7 % 1,800 14 % 609 4 % 446 3 % 454 4 % 3,309 6 % Total Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Payment Type Monthly $9,229 94 % $12,768 96 % $12,851 95 % $13,177 97 % $10,034 95 % $48,830 96 % Single 576 6 % 483 4 % 722 5 % 422 3 % 475 5 % 2,102 4 % Other(1) 13 - % 15 - % 18 - % 20 - % 17 - % 70 —% Total Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % FICO Scores Over 760 $4,989 51 % $6,721 51 % $6,433 47 % $6,471 47 % $5,218 49 % $24,843 49 % 740 - 759 1,590 16 % 2,147 16 % 2,172 16 % 2,113 16 % 1,664 16 % 8,096 16 % 720 - 739 1,280 13 % 1,706 13 % 1,855 14 % 1,839 13 % 1,368 13 % 6,768 13 % 700 - 719 894 9 % 1,210 9 % 1,398 10 % 1,334 10 % 990 9 % 4,932 10 % 680 - 699 548 6 % 810 6 % 905 7 % 893 7 % 629 6 % 3,237 6 % 660 - 679(2) 313 3 % 363 3 % 446 3 % 562 4 % 388 4 % 1,759 3 % 640 - 659 145 1 % 222 2 % 268 2 % 289 2 % 193 2 % 972 2 % 620 - 639 51 1 % 80 - % 105 1 % 111 1 % 73 1 % 369 1 % <620 8 - % 7 - % 9 - % 7 - % 3 - % 26 - % Total Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg FICO 753 753 749 749 751 751 Loan-To-Value Ratio 95.01% and above $2,019 21 % $2,394 18 % $2,766 20 % $2,707 20 % $2,262 21 % $10,129 20 % 90.01% to 95.00% 3,571 36 % 4,934 37 % 5,232 39 % 5,228 38 % 3,876 37 % 19,270 38 % 85.01% to 90.00% 2,913 30 % 4,198 32 % 4,044 30 % 4,190 31 % 3,177 30 % 15,609 30 % 85.00% and below 1,315 13 % 1,740 13 % 1,549 11 % 1,494 11 % 1,211 12 % 5,994 12 % Total Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg LTV 93 % 92 % 93 % 93 % 93 % 93 % Debt-To-Income Ratio 45.01% and above $2,852 29 % $3,599 27 % $3,742 28 % $4,039 30 % $3,165 30 % $14,545 28 % 38.01% to 45.00% 3,591 37 % 4,825 36 % 5,026 37 % 5,036 37 % 3,824 36 % 18,711 37 % 38.00% and below 3,375 34 % 4,842 37 % 4,823 35 % 4,544 33 % 3,537 34 % 17,746 35 % Total Primary $9,818 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg DTI 40 % 40 % 40 % 40 % 40 % 40 % Avg loan size (thousands) $378 $373 $362 $363 $366 $365 (2)Loans with unknown FICO scores are included in the 660-679 category. (1)Includes loans with annual and split payment types. Direct New Insurance Written Metrics (amounts in millions) 3Q Total1Q2Q 2024 4Q1Q 2025 Page 5
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Pool 367 - % 379 - % 394 - % 408 - % 422 - % Total $268,733 100 % $269,204 100 % $268,397 100 % $266,468 100 % $264,067 100 % Primary Only Origination Purchase $244,409 91 % $243,730 91 % $242,514 90 % $238,699 90 % $234,211 89 % Refinance 23,957 9 % 25,095 9 % 25,489 10 % 27,361 10 % 29,434 11 % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Payment Type Monthly $241,572 90 % $241,785 90 % $240,369 89 % $237,721 89 % $234,747 89 % Single 25,108 9 % 25,301 9 % 25,844 10 % 26,495 10 % 27,013 10 % Other(1) 1,686 1 % 1,739 1 % 1,790 1 % 1,844 1 % 1,885 1 % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Book Year 2008 and prior $4,706 2 % $4,860 2 % $5,011 2 % $5,238 2 % $5,420 2 % 2009-2017 8,143 3 % 9,045 3 % 10,138 4 % 11,343 4 % 12,383 5 % 2018 4,584 2 % 4,790 2 % 5,037 2 % 5,300 2 % 5,524 2 % 2019 10,966 4 % 11,415 4 % 11,924 4 % 12,524 5 % 13,126 5 % 2020 33,268 12 % 34,940 13 % 36,958 14 % 39,502 15 % 42,183 16 % 2021 54,493 20 % 57,266 21 % 60,342 22 % 63,582 24 % 66,971 25 % 2022 51,444 19 % 53,063 20 % 54,878 20 % 56,456 21 % 58,051 22 % 2023 43,938 16 % 45,208 17 % 47,387 18 % 48,520 18 % 49,556 19 % 2024 47,107 18 % 48,238 18 % 36,328 14 % 23,595 9 % 10,431 4 % 2025 9,717 4 % 0 - % 0 - % 0 - % 0 - % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % (1)Includes loans with annual and split payment types. 4Q 3Q1Q Direct Insurance In-Force (IIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q 2024 2Q 2025 Page 6
Enact Holdings, Inc. Financial Supplement First Quarter 2025 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $115,914 43 % $115,554 43 % $114,424 43 % $113,115 43 % $111,589 43 % 740 - 759 43,924 17 % 43,955 17 % 43,793 17 % 43,485 17 % 43,155 17 % 720 - 739 37,643 14 % 37,717 14 % 37,671 14 % 37,407 14 % 37,068 14 % 700 - 719 29,629 11 % 29,819 11 % 29,910 11 % 29,781 11 % 29,679 11 % 680 - 699 21,082 8 % 21,355 8 % 21,557 8 % 21,596 8 % 21,628 8 % 660 - 679(1) 11,126 4 % 11,245 4 % 11,391 4 % 11,417 4 % 11,316 4 % 640 - 659 6,068 2 % 6,147 2 % 6,179 2 % 6,167 2 % 6,109 2 % 620 - 639 2,419 1 % 2,461 1 % 2,495 1 % 2,491 1 % 2,488 1 % <620 561 - % 572 - % 583 - % 601 - % 613 - % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg FICO 745 745 745 745 744 Loan-To-Value Ratio 95.01% and above $51,280 19 % $50,318 18 % $49,363 18 % $47,837 18 % $46,259 17 % 90.01% to 95.00% 112,086 42 % 112,362 42 % 111,992 42 % 110,825 42 % 109,566 42 % 85.01% to 90.00% 79,332 29 % 79,932 30 % 79,628 30 % 79,132 30 % 78,214 30 % 85.00% and below 25,668 10 % 26,213 10 % 27,020 10 % 28,266 10 % 29,606 11 % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg LTV 93 % 93 % 93 % 93 % 93 % Debt-To-Income Ratio 45.01% and above $60,714 23 % $59,864 22 % $58,718 22 % $57,044 21 % $54,943 21 % 38.01% to 45.00% 97,492 36 % 97,361 36 % 96,861 36 % 95,760 36 % 94,459 36 % 38.00% and below 110,160 41 % 111,600 42 % 112,424 42 % 113,256 43 % 114,243 43 % Total Primary $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg DTI 39 % 39 % 38 % 38 % 38 % Primary persistency rate 84 % 82 % 83 % 83 % 85 % Avg loan size (thousands) $281 $279 $277 $274 $272 (1)Loans with unknown FICO scores are included in the 660-679 category. 4Q1Q Direct Insurance In-Force (IIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2024 3Q 2025 Page 7
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Pool 55 - % 57 - % 60 - % 65 - % 67 - % Total $69,992 100 % $70,042 100 % $69,671 100 % $68,943 100 % $68,017 100 % Primary Only Origination Purchase $64,228 92 % $64,031 91 % $63,622 91 % $62,553 91 % $61,263 90 % Refinance 5,709 8 % 5,954 9 % 5,989 9 % 6,325 9 % 6,687 10 % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Payment Type Monthly $64,113 92 % $64,078 91 % $63,582 91 % $62,649 91 % $61,606 91 % Single 5,395 8 % 5,466 8 % 5,575 8 % 5,762 8 % 5,867 8 % Other(1) 429 - % 441 1 % 454 1 % 467 1 % 477 1 % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Book Year 2008 and prior $1,217 2 % $1,256 2 % $1,296 2 % $1,351 2 % $1,397 2 % 2009-2017 2,119 3 % 2,368 3 % 2,666 4 % 2,988 4 % 3,267 5 % 2018 1,181 2 % 1,233 2 % 1,297 2 % 1,363 2 % 1,419 2 % 2019 2,867 4 % 2,984 4 % 3,113 4 % 3,261 5 % 3,403 5 % 2020 9,119 13 % 9,553 14 % 10,042 14 % 10,601 15 % 11,181 16 % 2021 14,427 21 % 15,043 21 % 15,710 23 % 16,422 24 % 17,174 25 % 2022 13,102 19 % 13,476 19 % 13,892 20 % 14,254 21 % 14,629 22 % 2023 11,403 16 % 11,719 17 % 12,271 18 % 12,552 18 % 12,810 19 % 2024 12,070 17 % 12,353 18 % 9,324 13 % 6,086 9 % 2,670 4 % 2025 2,432 3 % 0 - % 0 - % 0 - % 0 - % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % (1)Includes loans with annual and split payment types. Direct Risk In-Force (RIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q4Q 3Q 2024 1Q 2025 Page 8
Enact Holdings, Inc. Financial Supplement First Quarter 2025 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $30,093 43 % $29,985 43 % $29,644 43 % $29,219 43 % $28,703 42 % 740 - 759 11,493 17 % 11,494 17 % 11,423 17 % 11,305 17 % 11,167 17 % 720 - 739 9,939 14 % 9,949 14 % 9,912 14 % 9,809 14 % 9,669 14 % 700 - 719 7,711 11 % 7,746 11 % 7,751 11 % 7,688 11 % 7,629 11 % 680 - 699 5,464 8 % 5,523 8 % 5,553 8 % 5,540 8 % 5,524 8 % 660 - 679(1) 2,901 4 % 2,924 4 % 2,951 4 % 2,948 4 % 2,908 4 % 640 - 659 1,574 2 % 1,589 2 % 1,592 2 % 1,582 2 % 1,562 3 % 620 - 639 619 1 % 629 1 % 636 1 % 634 1 % 632 1 % <620 143 - % 146 - % 149 - % 153 - % 156 - % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Loan-To-Value Ratio 95.01% and above $14,682 21 % $14,428 21 % $14,141 20 % $13,722 20 % $13,250 20 % 90.01% to 95.00% 32,597 47 % 32,686 47 % 32,579 47 % 32,254 47 % 31,881 47 % 85.01% to 90.00% 19,583 28 % 19,729 28 % 19,649 28 % 19,510 28 % 19,265 28 % 85.00% and below 3,075 4 % 3,142 4 % 3,242 5 % 3,392 5 % 3,554 5 % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Debt-To-Income Ratio 45.01% and above $15,910 23 % $15,674 22 % $15,353 22 % $14,867 22 % $14,265 21 % 38.01% to 45.00% 25,273 36 % 25,226 36 % 25,052 36 % 24,706 36 % 24,289 36 % 38.00% and below 28,754 41 % 29,085 42 % 29,206 42 % 29,305 42 % 29,396 43 % Total Primary $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % (1)Includes loans with annual and split payment types. 4Q Direct Risk In-Force (RIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2024 3Q1Q 2025 Page 9
Enact Holdings, Inc. Financial Supplement First Quarter 2025 2025 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 23,566 21,027 19,051 19,492 20,432 New delinquencies 12,237 13,717 12,964 10,461 11,395 Delinquency cures (13,263) (10,971) (10,749) (10,731) (12,160) Paid claims (179) (191) (220) (160) (172) Rescissions and claim denials (12) (16) (19) (11) (3) Ending Number of Primary Delinquencies 22,349 23,566 21,027 19,051 19,492 Primary Policies in Force (count) 955,210 962,849 967,501 969,767 969,866 Primary delinquency rate 2.34 % 2.45 % 2.17 % 1.96 % 2.01 % Incurred Losses: Direct primary case(1) $27,237 $20,678 $6,993 ($17,260) $15,540 All other(1) 3,304 3,135 5,171 439 3,961 Total Incurred Losses $30,541 $23,813 $12,164 ($16,821) $19,501 Direct Primary Case Incurred Losses(2) Current quarter delinquencies(3) $74,627 $77,674 $75,193 $59,763 $74,087 Development of current quarter delinquencies (4) 0 0 0 0 0 Prior period development and other (47,390) (56,996) (68,200) (77,023) (58,547) Direct Primary Case Incurred Losses $27,237 $20,678 $6,993 ($17,260) $15,540 Reserves: Direct primary case(1) $489,329 $472,110 $460,513 $462,247 $485,791 All other(1) 53,199 52,605 49,888 45,891 45,652 Total Reserves $542,528 $524,715 $510,401 $508,138 $531,443 Beginning Direct Primary Case Reserves $472,110 $460,513 $462,247 $485,791 $476,709 Paid claims (10,018) (9,081) (8,727) (6,284) (6,458) Change in reserves 27,237 20,678 6,993 (17,260) 15,540 Ending Direct Primary Case Reserves $489,329 $472,110 $460,513 $462,247 $485,791 Average Reserve Per Primary Delinquency (5) $21.9 $20.0 $21.9 $24.3 $24.9 Average Direct Primary Paid Claim (6) $56.0 $47.5 $39.7 $39.3 $37.5 (6) Average direct primary paid claim is calculated by dividing paid claims on direct primary case reserves by the number of paid claims for the quarter. Average paid claims in each quarter of 2024 include payments in relation to agreements on non-performing loans. (2) Provides additional breakdown of incurred losses, which includes the impact of new delinquencies within each quarterly period reported. We believe providing loss information in this manner allows transparency and consistency for investors to understand performance. (3) Defaulted loans with most recent delinquency notice in the quarter indicated. (1) Direct primary case excludes loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. (4) Development of current quarter delinquencies within the current quarter. This includes reserve impact from current period delinquencies that cure in the period and reserve development from the date of delinquency to quarter end. Delinquency Metrics Primary metrics exclude run-off business, which is immaterial to our results (dollar amounts in thousands) 2024 (5) Direct primary case reserves divided by primary delinquency count. Page 10
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Percentage Reserved by Payment Status Delinquencies Case Reserves Risk In- Force Reserves as % of RIF Delinquencies Case Reserves Risk In- Force Reserves as % of RIF Delinquencies Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 10,646 $102 $714 14 % 12,712 $108 $849 13 % 9,506 $87 $600 14 % 4 - 11 payments in default 8,420 210 618 34 % 7,701 191 545 35 % 6,853 220 468 47 % 12 payments or more in default 3,283 177 225 79 % 3,153 173 213 81 % 3,133 179 197 91 % Total 22,349 $489 $1,557 31 % 23,566 $472 $1,607 29 % 19,492 $486 $1,265 38 % March 31, 2025 Missed Payment Status Tables - Direct Primary Excludes run-off business, which is immaterial to our results (dollar amounts in millions) December 31, 2024 March 31, 2024 Page 11
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 12% 12% 2.56% Phoenix, AZ MSA 3% 3% 2.36% Texas 9% 9% 2.49% Chicago-Naperville, IL MD 3% 4% 3.21% 2008 and prior 2% 10% 7.91% 5.55% Florida (3) 8% 12% 3.28% Atlanta, GA MSA 3% 3% 3.13% 2009-2017 3% 9% 4.61% 0.62% New York (3) 5% 10% 3.09% New York, NY MD 2% 6% 3.56% 2018 2% 4% 4.57% 0.93% Illinois (3) 4% 6% 2.90% Houston, TX MSA 2% 3% 3.15% 2019 4% 7% 3.13% 0.83% Arizona 4% 3% 2.26% Dallas, TX MD 2% 2% 2.18% 2020 13% 13% 2.08% 0.89% Michigan 4% 3% 1.97% Washington-Arlington, DC MD 2% 2% 2.06% 2021 21% 21% 2.17% 1.41% Georgia 3% 4% 2.89% Riverside-San Bernardino, CA MSA 2% 3% 3.36% 2022 19% 21% 2.43% 2.10% North Carolina 3% 2% 1.90% Los Angeles-Long Beach, CA MD 2% 3% 3.17% 2023 16% 12% 1.84% 1.62% Pennsylvania 3% 3% 2.15% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.53% 2024 17% 3% 0.67% 0.63% All Other States (4) 45% 36% 2.04% All Other MSAs/MDs 77% 70% 2.22% 2025 3% 0% 0.02% 0.02% Total 100% 100% 2.34% Total 100% 100% 2.34% Total 100% 100% 2.34% 4.14% Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 12% 12% 2.53% Phoenix, AZ MSA 3% 3% 2.41% Texas 9% 9% 2.64% Chicago-Naperville, IL MD 3% 4% 3.29% 2008 and prior 2% 10% 8.17% 5.55% Florida (3) 8% 12% 3.67% Atlanta, GA MSA 3% 3% 3.02% 2009-2016 2% 6% 4.75% 0.60% New York (3) 5% 10% 3.30% New York, NY MD 2% 6% 3.53% 2017 1% 4% 4.37% 0.84% Illinois (3) 4% 6% 2.96% Houston, TX MSA 2% 3% 3.58% 2018 2% 5% 4.66% 0.96% Arizona 4% 3% 2.35% Dallas, TX MD 2% 2% 2.38% 2019 4% 8% 3.31% 0.89% Michigan 4% 3% 2.14% Washington-Arlington, DC MD 2% 2% 2.03% 2020 14% 14% 2.14% 0.94% Georgia 3% 4% 3.02% Riverside-San Bernardino, CA MSA 2% 3% 3.25% 2021 21% 21% 2.25% 1.51% North Carolina 3% 2% 2.14% Los Angeles-Long Beach, CA MD 2% 2% 2.65% 2022 19% 20% 2.50% 2.18% Pennsylvania 3% 3% 2.17% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.38% 2023 17% 10% 1.83% 1.64% All Other States (4) 45% 36% 2.10% All Other MSAs/MDs 77% 71% 2.35% 2024 18% 2% 0.49% 0.47% Total 100% 100% 2.45% Total 100% 100% 2.45% Total 100% 100% 2.45% 4.17% Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 13% 12% 2.15% Phoenix, AZ MSA 3% 3% 1.93% Texas 9% 8% 2.08% Chicago-Naperville, IL MD 3% 4% 2.91% 2008 and prior 2% 15% 8.12% 5.55% Florida (3) 8% 10% 2.29% Atlanta, GA MSA 3% 3% 2.49% 2009-2016 3% 7% 3.74% 0.62% New York (3) 5% 11% 2.93% New York, NY MD 2% 7% 3.37% 2017 2% 4% 3.41% 0.81% Illinois (3) 4% 6% 2.57% Houston, TX MSA 2% 3% 2.48% 2018 2% 6% 4.13% 0.94% Arizona 4% 3% 1.88% Washington-Arlington, DC MD 2% 2% 1.93% 2019 5% 8% 2.70% 0.81% Michigan 4% 3% 1.78% Dallas, TX MD 2% 1% 1.79% 2020 16% 14% 1.67% 0.85% Georgia 3% 4% 2.32% Los Angeles-Long Beach, CA MD 2% 3% 2.32% 2021 25% 22% 1.63% 1.23% North Carolina 3% 2% 1.46% Riverside-San Bernardino, CA MSA 2% 3% 2.78% 2022 22% 19% 1.61% 1.48% Washington 3% 3% 1.64% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.27% 2023 19% 5% 0.67% 0.64% All Other States (4) 44% 38% 1.85% All Other MSAs/MDs 77% 70% 1.92% 2024 4% 0% 0.02% 0.02% Total 100% 100% 2.01% Total 100% 100% 2.01% Total 100% 100% 2.01% 4.17% Delinquency Performance - Direct Primary Excludes run-off business, which is immaterial to our results March 31, 2024 (4) Includes the District of Columbia. March 31, 2025 (1) Direct primary case reserves exclude pool, loss adjustment expenses, incurred but not reported and reinsurance reserves. (2) Calculated as the sum of the number of policies where claims were ever paid to date and number of policies for loans currently in default divided by policies ever in-force. (3) Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed. December 31, 2024 Page 12
Enact Holdings, Inc. Financial Supplement First Quarter 2025 Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Fixed Maturity Securities: U.S. treasuries $289,008 5 % $277,363 5 % $289,159 5 % $303,543 6 % $250,449 5 % Municipals 476,141 8 % 467,476 8 % 456,606 8 % 432,929 8 % 442,440 8 % Non-U.S. government 113,153 2 % 83,802 2 % 48,267 1 % 11,405 - % 11,381 - % U.S. corporate 2,900,205 50 % 2,825,679 50 % 2,871,882 51 % 2,646,014 50 % 2,745,314 51 % Non-U.S. corporate 768,953 13 % 772,624 14 % 759,329 13 % 696,573 13 % 686,637 13 % Residential MBS 111,683 2 % 8,364 - % 8,321 - % 9,404 - % 9,754 - % Commercial MBS 20,702 - % 0 - % 0 - % 0 - % 0 - % Other asset-backed 1,135,492 20 % 1,189,465 21 % 1,218,835 22 % 1,231,477 23 % 1,205,163 23 % Total available-for-sale fixed maturity securities $5,815,337 100 % $5,624,773 100 % $5,652,399 100 % $5,331,345 100 % $5,351,138 100 % Fixed Maturity Securities - Credit Quality NRSRO(1) Designation AAA $600,780 10 % $613,951 11 % $599,829 11 % $587,795 11 % $556,749 10 % AA 1,362,190 24 % 1,228,794 22 % 1,225,680 22 % 1,184,209 22 % 1,131,317 21 % A 1,704,440 29 % 1,736,450 31 % 1,767,252 31 % 1,683,198 32 % 1,711,854 32 % BBB 2,078,180 36 % 1,977,281 35 % 1,978,958 35 % 1,812,275 34 % 1,851,947 35 % BB & Lower 69,747 1 % 68,297 1 % 80,680 1 % 63,868 1 % 99,271 2 % Total fixed maturity securities $5,815,337 100 % $5,624,773 100 % $5,652,399 100 % $5,331,345 100 % $5,351,138 100 % Average duration 4.3 4.1 3.9 3.7 3.7 Average book yield 4.1 % 4.0 % 3.9 % 3.8 % 3.7 % (1)Nationally Recognized Statistical Rating Organizations. December 31, 2024 September 30, 2024 Composition of Consolidated Investments at Fair Value (amounts in thousands) March 31, 2024June 30, 2024March 31, 2025 Page 13
Enact Holdings, Inc. Financial Supplement First Quarter 2025 2021-2 ILN 2021-3 ILN 2023-1 ILN 2021 XOL 2022-1 XOL 2022-2 XOL 2022-3 XOL 2022-4 XOL 2022-5 XOL 2023-1 XOL 2024-1 XOL 2024-2 XOL 2025-1 XOL 2025-2 XOL 2023-1 QSR 2024-1 QSR 2025-1 QSR 9/20-12/20 1/21-6/21 7/22-6/23 Full Year 2021 Full Year 2022 Full Year 2022 7/21-12/21 7/21-12/21 1/22-6/22 Full Year 2023 Full Year 2024 7/23-12/23 Full Year 2025 Full Year 2025 Full Year 2023 Full Year 2024 Full Year 2025 At Closing Initial Risk In-Force $8,384 $12,141 $7,288 $22,373 $15,400 $15,400 $10,550 $10,550 $8,547 $11,991 $12,062 $5,349 $2,350 $2,350 $11,991 $12,062 $2,350 Initial Reinsurance Amount / Ceded RIF (2) $303 $372 $248 $206 $196 $25 $289 $36 $201 $180 $270 $90 $32 $5 $1,934 $2,560 $638 Initial First Loss Retention Layer $189 $304 $244 $671 $462 $385 $317 $264 $256 $360 $362 $134 $68 $57 n/a n/a n/a Initial Attachment % (3) 2.25% 2.50% 3.35% 3.00% 3.00% 2.50% 3.00% 2.50% 3.00% 3.00% 3.00% 2.50% 2.91% 2.41% n/a n/a n/a Initial Detachment % (3) 7.00% 6.75% 6.75% 7.00% 6.99% 3.00% 7.00% 3.00% 7.00% 6.57% 6.50% 6.50% 6.16% 2.91% n/a n/a n/a % Of Covered Loss Tier Reinsured 76.00% 72.00% 100.00% 23.00% 31.92% 31.92% 68.45% 68.45% 58.80% 42.00% 63.96% 41.88% 41.58% 41.59% 16.13% 21.23% 27.15% Commencement Date 04/16/21 09/02/21 11/15/23 01/01/21 01/01/22 01/01/22 03/01/22 03/01/22 09/01/22 01/01/23 01/01/24 06/01/24 01/01/25 01/01/25 04/01/23 01/01/24 01/01/25 Termination Date 10/25/33 02/25/34 11/25/33 12/31/31 12/31/32 12/31/32 12/31/31 12/31/31 12/31/32 12/31/33 12/31/34 06/30/34 12/31/35 12/31/35 04/01/34 12/31/34 12/31/35 Optional Call Date 04/25/28 08/25/28 11/27/28 06/30/28 12/31/29 12/31/29 12/31/28 12/31/28 01/01/30 12/31/30 12/31/31 06/30/29 12/31/30 12/31/30 12/31/26 12/31/27 12/31/27 Clean-Up Call 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% n/a n/a n/a As of March 31, 2025 Current Risk In-Force $3,916 $6,673 $6,388 $14,301 $12,695 $12,695 $7,404 $7,404 $6,784 $10,511 $11,785 $4,652 $2,350 $2,350 $10,511 $11,785 $2,350 Current Reinsured Amount / Ceded RIF (2) $107 $161 $220 $82 $160 $25 $154 $36 $157 $180 $270 $90 $32 $5 $1,695 $2,501 $638 PMIERs Required Asset Credit (4) $71 $117 $208 $79 $154 $24 $148 $35 $151 $173 $260 $86 $30 $5 $126 $172 $41 Current Attachment % (3) 4.77% 4.50% 3.80% 4.64% 3.55% 2.94% 4.22% 3.51% 3.67% 3.40% 3.07% 2.87% 2.91% 2.41% n/a n/a n/a Current Detachment % (3) 8.35% 7.85% 7.25% 7.13% 7.50% 3.55% 7.25% 4.22% 7.60% 7.48% 6.65% 7.47% 6.16% 2.91% n/a n/a n/a Enact Claims Paid $2 $3 $1 $8 $11 $11 $4 $4 $8 $2 $0 $0 $0 $0 $0 $0 $0 Incurred Losses Ever To Date (5) $28 $47 $58 $111 $109 $109 $59 $59 $61 $54 $15 $14 $0 $0 $9 $3 $0 Remaining First Loss Retention Layer $187 $300 $243 $663 $451 $374 $312 $260 $249 $358 $362 $134 $68 $57 n/a n/a n/a Reinsurer Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Third Party Ceded Reinsurance Transaction Summary (amounts in millions) (1) Excess of loss (XOL) and quota share (QSR) transactions are with panels of U.S. and global reinsurers. (2) The initial reinsurance amount for insurance linked notes and excess of loss reinsurance reflects the total loss coverage; Ceded RIF reflects the RIF associated with quota share reinsurance which is subject to annual and life loss ratio limits. (3) Attachment % and detachment % are the aggregate loss amounts as a percentage of risk in force at which the reinsurer begins and stops paying claims under the policy. (4) Current PMIERs required asset credit considers the counterparty credit haircut. (5) Incurred losses ever to date shown does not include IBNR or loss adjustment expenses. Definitions: CRT = Credit Risk Transfer; RIF = Risk In Force; XOL = Excess Of Loss; ILN = Insurance Linked Note; QSR = Quota Share Reinsurance - Excess of Loss (1) Reinsurance - Quota Share (1)Insurance Linked Notes Page 14
Enact Holdings, Inc. Financial Supplement First Quarter 2025 2025 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $815 $887 $1,005 $863 $765 Contingency reserves 4,381 4,336 4,290 4,242 4,148 Combined statutory capital $5,196 $5,223 $5,295 $5,105 $4,913 Adjusted RIF(2) $54,569 $55,001 $55,352 $55,365 $55,254 Combined risk-to-capital ratio ("RTC") 10.5 10.5 10.5 10.8 11.2 EMICO(3) STAT: Statutory policyholders' surplus $777 $850 $968 $827 $729 Contingency reserves 4,370 4,325 4,281 4,234 4,140 EMICO statutory capital $5,147 $5,175 $5,249 $5,061 $4,869 Adjusted RIF(2) $53,951 $54,418 $54,794 $54,834 $54,741 EMICO risk-to-capital ratio 10.5 10.5 10.4 10.8 11.2 PMIERs Available Assets(3) $4,999 $5,095 $5,194 $5,024 $4,853 PMIERs Minimum Required Assets ($3,033) ($3,043) ($3,004) ($2,967) ($2,970) Available Assets Above PMIERs Requirements(3) $1,966 $2,052 $2,190 $2,057 $1,883 PMIERs Sufficiency Ratio(4) 165 % 167 % 173 % 169 % 163 % (4) The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing. 2024 Capital & PMIERs (dollar amounts in millions) (3) Estimated statutory capital of Enact Mortgage Insurance Corporation (EMICO), the company's primary U.S. mortgage insurance subsidiary. (1) Reflects estimated combined statutory capital position of our mortgage insurance subsidiaries. (2) Adjusted RIF for purposes of calculating statutory RTC differs from RIF presented elsewhere in this financial supplement. In accordance with North Carolina Department of Insurance requirements, adjusted RIF excludes delinquent policies. Page 15
Document 1
Exhibit 99.3
8325 Six Forks Road
Raleigh, NC 27615
919-846-4100
800-444-5664
EnactMI.com
FOR IMMEDIATE RELEASE
April 30, 2025
Enact Announces 14% Increase to Quarterly Dividend and New $350 Million Share Repurchase Program
RALEIGH, N.C., April 30, 2025 – Enact Holdings, Inc. (Nasdaq: ACT) announced that its Board of Directors declared a quarterly dividend of $0.21 per common share, an increase of 14% from the prior quarter’s dividend. This dividend will be payable on June 11, 2025, to shareholders of record on May 19, 2025.
Additionally, Enact’s Board of Directors authorized a new share repurchase program under which the company may purchase up to $350 million of its common stock. The new share repurchase authorization is in addition to the company’s current $250 million share repurchase program, of which $6 million remains as of April 25, 2025.
“Our increased dividend and new share repurchase program reflect our continued commitment to creating value for our shareholders,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “With today’s announcement, we have raised our quarterly dividend every year since its inception three years ago, underscoring the strength of our financial performance and confidence in our business. Going forward we will continue to take a thoughtful and disciplined approach to our capital allocation priorities.”
Enact’s new share repurchase program authorizes the purchase of up to $350 million of the company’s common stock utilizing a variety of methods, including open market purchases, and privately negotiated transactions, and may be made under Rule 10b5-1 and Rule 10b-18 trading plans, at such times and in such amounts as management deems appropriate. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact.
Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.
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About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders'
businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
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