Q4 2025 Enact Holdings Inc Earnings Call Transcript
Key Points
- Enact Holdings Inc (ACT) reported a strong finish to 2025 with an adjusted operating income of $688 million, reflecting disciplined execution of their strategy.
- The company returned over $500 million of capital to shareholders and increased the year-end adjusted book value per share by 11% to $37.87.
- Enact Holdings Inc (ACT) generated $52 billion of new insurance written and ended the year with a record insurance in force of $223 billion.
- The company maintained expense discipline with full-year operating expenses at $217 million, excluding restructuring charges.
- Enact Holdings Inc (ACT) received multiple credit ratings upgrades and industry awards, highlighting their commitment to excellence and employee experience.
- Persistency was down 3 points sequentially and 2 points year over year due to lower prevailing mortgage rates.
- Total delinquencies in the fourth quarter increased sequentially to 24,900 from 23,400, with the delinquency rate rising 10 basis points to 2.6%.
- The net earned premium rate was slightly down sequentially, driven by higher ceded premiums.
- Operating expenses for the fourth quarter increased to $59 million, with the expense ratio rising to 24% compared to the previous quarter.
- The company faces uncertainties in the macroeconomic environment and regulatory changes that could impact future capital return plans.
Hello, and thank you for standing by. Welcome to Enact's fourth-quarter 2025 earnings conference call. (Operator Instructions).
I would now like to turn the call over to Daniel Kohl. You may begin.
Thank you, and good morning. Welcome to our fourth-quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer; and Dean Mitchell, Chief Financial Officer and Treasurer. Rohit will provide an overview of our business performance and progress against our strategy. Dean will then discuss the details of our quarterly results before turning the call back to Rohit for closing remarks. We will then take your questions.
The earnings materials we issued after market closed yesterday contain our financial results for the quarter, along with a comprehensive set of financial and operational metrics. These are available on the Investor Relations section of our website. Today's call is being recorded and will include the use of forward-looking
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