Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q2 2025 Earnings Presentation
15 slides from Enact's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Financial Supplement
Second Quarter 2025 Financial Supplement
Slide 2: GAAP/Non-GAAP Disclosure Discussion
Enact Holdings, Inc. Financial Supplement Second 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 oper
Slide 3: Consolidated Income Statement and Adjusted Operating Income
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $245,289 $244,786 $490,075 $245,735 $249,055 $244,567 $240,747 $980,104 Net investment income 65,884 63,037 128,921 62,624 61,056 59,773 57,111 240,564 Net investment gains (losses) (7,343)
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 June 30, 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 $5,896,818 $5,815,337 $5,624,773 $5,652,399 $5,331,345 $5,351,1
Slide 5: New Insurance Written by Product, Origination and Payment Type
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 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 Product Primary $13,254 100 % $9,818 100 % $23,072 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002
Slide 6: Insurance in Force by Product, Origination and Payment Type
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Pool 355 - % 367 - % 379 - % 394 - % 408
Slide 7: Insurance in Force by FICO Score and LTV
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $117,403 44 % $115,914 43 % $115,554 43 % $114,424 43 % $113,115 43 % $111,589 43 % 740 - 759 44,191 16 % 43,924 17 % 43,955 17 % 43,793 17
Slide 8: Risk in Force by Product, Origination and Payment Type
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Pool 54 - % 55 - % 57 - % 60 - % 65 - % 67 - %
Slide 9: Risk in Force by FICO Score and LTV
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $30,502 43 % $30,093 43 % $29,985 43 % $29,644 43 % $29,219 43 % $28,703 42 % 740 - 759 11,579 17 % 11,493 17 % 11,494 17 % 11,423 17 % 11,
Slide 10: Primary Delinquencies and Incurred Losses
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 2Q 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 22,349 23,566 21,027 19,051 19,492 20,432 New delinquencies 11,567 12,237 13,717 12,964 10,461 11,395 Delinquency cures (11,574) (13,263) (10,971) (10,749) (10,731) (12,160) Paid
Slide 11: Missed Payment Status Tables - Direct Primary
Enact Holdings, Inc. Financial Supplement Second 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 paymen
Slide 12: Risk in Force by Top States, MSAs and Book Year
Enact Holdings, Inc. Financial Supplement Second 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% 13% 2.50% Phoenix, AZ MSA 3% 3
Slide 13: Investment Portfolio Carrying Amounts
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 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 $264,981 4 % $289,008 5 % $277,36
Slide 14: Reinsurance Transactions: ILN, XOL and QSR
Enact Holdings, Inc. Financial Supplement Second 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 Ye
Slide 15: Statutory Capital, Risk-to-Capital and PMIERs
Enact Holdings, Inc. Financial Supplement Second Quarter 2025 2Q 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $821 $815 $887 $1,005 $863 $765 Contingency reserves 4,425 4,381 4,336 4,290 4,242 4,148 Combined statutory capital $5,246 $5,196 $5,223 $5,295 $5,105 $4,913 Adjusted RI