Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q2 2024 Earnings Presentation
15 slides from Enact's earnings presentation, Jul 31, 2024
Slide 1: Second Quarter 2024 Financial Supplement
Second Quarter 2024 Financial Supplement
Slide 2: GAAP/Non-GAAP Disclosure Discussion
Enact Holdings, Inc. Financial Supplement Second 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 oper
Slide 3: Consolidated Income Statement and Adjusted Operating Income
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $244,567 $240,747 $485,314 $240,101 $243,346 $238,520 $235,108 $957,075 Net investment income 59,773 57,111 116,884 56,161 54,952 50,915 45,341 207,369 Net investment gains (losses) (7,713)
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement Second Quarter 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 $5,331,345 $5,351,138 $5,266,141 $4,990,692 $4,915,039 $4,929,6
Slide 5: New Insurance Written by Product and Origination
Enact Holdings, Inc. Financial Supplement Second 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 Product Primary $13,619 100 % $10,526 100 % $24,145 100 % $10,453 100 % $14,391 100 % $15,083 100 % $13,154 100 % $53,081
Slide 6: Insurance in Force by Product and Origination
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $266,060 100 % $263,645 100 % $262,937 100 % $262,014 100 % $257,816 100 % $252,516 100 % Pool 408 - % 422 - % 436 - % 451 - % 469
Slide 7: Insurance in Force by FICO Score
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $113,115 43 % $111,589 43 % $110,635 42 % $109,701 42 % $107,427 42 % $104,635 42 % 740 - 759 43,485 17 % 43,155 17 % 43,053 17 % 42,899 16
Slide 8: Risk in Force by Product and Origination
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $68,878 100 % $67,950 100 % $67,529 100 % $67,056 100 % $65,714 100 % $64,106 100 % Pool 65 - % 67 - % 69 - % 70 - % 73 - % 76 - %
Slide 9: Risk in Force by FICO and Loan-to-Value
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $29,219 43 % $28,703 42 % $28,363 42 % $28,014 42 % $27,305 42 % $26,480 41 % 740 - 759 11,305 17 % 11,167 17 % 11,096 17 % 11,009 17 % 10,
Slide 10: Primary Delinquencies and Incurred Losses
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 2Q 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 19,492 20,432 19,241 18,065 18,633 19,943 New delinquencies 10,461 11,395 11,706 11,107 9,205 9,599 Delinquency cures (10,731) (12,160) (10,317) (9,778) (9,609) (10,771) Paid cla
Slide 11: Percentage Reserved by Payment Status
Enact Holdings, Inc. Financial Supplement Second 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 paymen
Slide 12: Top States, MSAs and Book Year Risk in Force
Enact Holdings, Inc. Financial Supplement Second 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% 2.06% Phoenix, AZ MSA 3% 3
Slide 13: Investment Portfolio Fixed Maturity Securities
Enact Holdings, Inc. Financial Supplement Second 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 Fixed Maturity Securities: U.S. treasuries $303,543 6 % $250,449 5 % $195,12
Slide 14: Reinsurance Programs: ILN, XOL and QSR
Enact Holdings, Inc. Financial Supplement Second 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 Available Assets
Enact Holdings, Inc. Financial Supplement Second Quarter 2024 2Q 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $863 $765 $1,085 $1,134 $1,088 $1,193 Contingency reserves 4,242 4,148 3,960 3,923 3,800 3,679 Combined statutory capital $5,105 $4,913 $5,045 $5,057 $4,888 $4,872 Adjus