Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q1 2022 Earnings Presentation
15 slides from Enact's earnings presentation, May 4, 2022
Slide 1: First Quarter 2022 Financial Supplement
First Quarter 2022 Financial Supplement
Slide 2: Use of Non-GAAP Measures
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Use of Non-GAAP Measures 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
Slide 3: Consolidated Statements of Income
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Consolidated Statements of Income (amounts in thousands, except per share amounts) 2022 2021 1Q 4Q 3Q 2Q 1Q Total REVENUES: Premiums $234,279 $236,864 $243,063 $242,480 $252,542 $974,949 Net investment income 35,146 35,246 35,995 34,689 35
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Consolidated Balance Sheets (amounts in thousands, except per share amounts) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Investments: Fixed maturity securities available-for-sale, at fair value $5,093,0
Slide 5: Primary New Insurance Written Metrics
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Primary New Insurance Written Metrics (amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q Total Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Pri
Slide 6: Insurance In-Force (IIF) Metrics
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Insurance In-Force (IIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $231,853 100
Slide 7: Insurance In-Force (IIF) Metrics: FICO and LTV
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Insurance In-Force (IIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $93,222
Slide 8: Risk In-Force (RIF) Metrics
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Risk In-Force (RIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $58,295 100 % $56
Slide 9: Risk In-Force (RIF) Metrics: FICO and LTV
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Risk In-Force (RIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $23,326 40 %
Slide 10: Delinquency Metrics
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Delinquency Metrics Excludes Run-off business, which is immaterial to our results (dollar amounts in thousands) 2022 2021 1Q 4Q 3Q 2Q 1Q Average Paid Claim (1) $51.6 $27.2 $26.7 $63.1 $54.7 Reserves: Primary direct case(2) $590,508 $606,10
Slide 11: Missed Payment Status Tables
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Missed Payment Status Tables Excludes Run-off business, which is immaterial to our results (dollar amounts in millions) March 31, 2022 December 31, 2021 March 31, 2021 Direct Case Risk In- Reserves as Direct Case Risk In- Reserves as Direc
Slide 12: Delinquency Performance
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Delinquency Performance Excludes Run-off business, which is immaterial to our results March 31, 2022 % Case % Case % Case Cum Delq Top 10 States % RIF Delq Rate Top 10 MSAs / Metro Divisions % RIF Delq Rate Book Year RIF & Losses % RIF Del
Slide 13: Composition of Investments at Fair Value
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Composition of Investments at Fair Value (amounts in thousands) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Carrying Carrying Carrying Carrying Carrying Amount % of Total Amount % of Total Amount % of T
Slide 14: Credit Risk Transfer Transaction Summary
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Credit Risk Transfer Transaction Summary (amounts in millions) 2021-1 ILN 2019 XOL -2 2019 ILN 2020 XOL 2020 ILN 2021-2 ILN 2021 XOL 2021-3 ILN 2022 XOL -3 2022 XOL -4 2022 XOL -1 2022 XOL -2 1/14-12/18, 4Q'19 Full Year 2019 1/19-9/19 Full
Slide 15: Capital & PMIERs
Enact Holdings, Inc. Financial Supplement First Quarter 2022 Capital & PMIERs (dollar amounts in millions) 2022 2021 1Q 4Q 3Q 2Q 1Q COMBINED STAT: Statutory policyholders' surplus $1,438 $1,397 $1,558 $1,567 $1,557 Contingency reserves 3,168 3,042 2,914 2,783 2,652 Combined statutory capital $4,606