Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q3 2024 Earnings Presentation
15 slides from Enact's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Financial Supplement
Third Quarter 2024 Financial Supplement
Slide 2: GAAP/Non-GAAP Disclosure Discussion
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 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 opera
Slide 3: Consolidated Statements of Income
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $249,055 $244,567 $240,747 $734,369 $240,101 $243,346 $238,520 $235,108 $957,075 Net investment income 61,056 59,773 57,111 177,940 56,161 54,952 50,915 45,341 207,369 Net investment gain
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Assets Investments: Fixed maturity securities available-for-sale, at fair value $5,652,399 $5,331,345 $5,351,138 $5,266,141 $
Slide 5: New Insurance Written
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 Total Direct NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW Product Primary $13,591 100 % $13,619 100 % $10,526 100 % $37,736 100 % $10,453 100 % $14,391 100 % $15,083 1
Slide 6: Insurance in Force
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $268,003 100 % $266,060 100 % $263,645 100 % $262,937 100 % $262,014 100 % $257,816 100 % $252,516 100 % Pool 394 - % 4
Slide 7: Primary Insurance in Force by FICO Score
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $114,424 43 % $113,115 43 % $111,589 43 % $110,635 42 % $109,701 42 % $107,427 42 % $104,635 42 % 740 - 759 43,793 17 % 43,485
Slide 8: Risk in Force
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $69,611 100 % $68,878 100 % $67,950 100 % $67,529 100 % $67,056 100 % $65,714 100 % $64,106 100 % Pool 60 - % 65 - % 67
Slide 9: Primary Risk in Force by FICO Score
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $29,644 43 % $29,219 43 % $28,703 42 % $28,363 42 % $28,014 42 % $27,305 42 % $26,480 41 % 740 - 759 11,423 17 % 11,305 17 % 11
Slide 10: Delinquencies and Incurred Losses
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 3Q 2Q 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 19,051 19,492 20,432 19,241 18,065 18,633 19,943 New delinquencies 12,964 10,461 11,395 11,706 11,107 9,205 9,599 Delinquency cures (10,749) (10,731) (12,160) (10,317) (9,778)
Slide 11: Missed Payment Status Tables - Direct Primary
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 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 payment
Slide 12: Top States, MSAs and Book Year Risk in Force
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 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% 2.27% Phoenix, AZ MSA 3% 3%
Slide 13: Investment Portfolio Composition
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 Carrying Amount % of Total Carrying Amount % of Total 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 $289,15
Slide 14: Reinsurance Transactions
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 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 2023-1 QSR 2024-1 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
Slide 15: Statutory Capital and PMIERs
Enact Holdings, Inc. Financial Supplement Third Quarter 2024 3Q 2Q 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $1,005 $863 $765 $1,085 $1,134 $1,088 $1,193 Contingency reserves 4,290 4,242 4,148 3,960 3,923 3,800 3,679 Combined statutory capital $5,295 $5,105 $4,913 $5,045 $5,0