Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q3 2025 Earnings Presentation
21 slides from Enact's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 5, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the rela
Slide 3: Third Quarter Key Takeaways
Third Quarter Key Takeaways Insurance in-force was $272B, driven by strong NIW of $14B and persistency of 83% Reserve release of $45M during the quarter driven by continued strong cure performance and our loss mitigation activities Returned $136M capital to shareholders in 3Q25; $31M through our qua
Slide 4: About Us
About Us Vision: We enable the dream of homeownership MISSION: We help through industry leading customer experience from people buy a house quote to claim, best-in-class risk management, and and keep it their home a diverse team empowered to ACT! Drive Profitable Growth in Transform MI Business to G
Slide 5: Financial Highlights
Financial Highlights enactmi.com Primary Insurance in-Force Up $2B Q/Q $272 New Insurance Written Up 6% Q/Q $14.0 Net Premiums Earned Flat Q/Q $245 billion billion million Net Income Down 3% Q/Q $163 Adjusted Operating Income1 Down 4% Q/Q $166 Net Investment Income Up 4% Q/Q $69 million million mill
Slide 6: Driving Continued Book Value Accretion
Driving Continued Book Value Accretion enactmi.com 1 Book value per share excluding AOCI + cumulative dividends 6 1 Book value per share excluding Accumulated Other Comprehensive Income “AOCI” is a non-GAAP measure. Please see appendix for a reconciliation.
Slide 7: Market and Industry Dynamics
Market and Industry Dynamics enactmi.com Complex market with favorable Industry well positioned to navigate underpinnings a range of economic scenarios » Housing market remains slow in the near-term » High quality credit portfolio and strong given low affordability manufacturing quality » At the nat
Slide 8: Strong & Comprehensive Risk Management
Strong & Comprehensive Risk Management enactmi.com 1 2 FICO at Origination (Risk in-force “RIF”) Layered Risk (RIF) # of High-Risk 4Q07 3Q24 4Q24 1Q25 2Q25 3Q25 Layers2 LTV > +0 4.6% 0.6% 0.6% 0.6% 0.5% 0.5% 95% +1 7.9% 0.6% 0.6% 0.6% 0.6% 0.5% & +2 2.5% 0.1% 0.1% 0.1% 0.1% 0.1% FICO < 680 +3 or > 0
Slide 9: Primary Insurance in-Force (IIF) Growth
Primary Insurance in-Force (IIF) Growth enactmi.com 1, 2 NIW ($B), IIF ($B) and Persistency Rate Mortgage Rate IIF Concentration » NIW up 6% sequentially and 3% year-over-year » 21% of our IIF had mortgage rates at least 50 basis points » Persistency remains elevated and helps offset impact of above
Slide 10: Portfolio Premium Yield & Premiums
Portfolio Premium Yield & Premiums enactmi.com 1 In-Force Primary Portfolio Premium Yield Primary Direct & Ceded Premiums ($M) 3Q24 4Q24 1Q25 2Q25 3Q25 Base Premium Rate (bps) 40.2 40.0 40.1 39.8 39.7 Single Cancellations 0.4 0.3 0.1 0.2 0.2 Ceded Premium (4.3) (4.8) (4.9) (4.8) (5.0) Net Premium Ra
Slide 11: Strong Credit Performance
Strong Credit Performance enactmi.com Primary New Delinquencies1 Primary Cure Activity1 2 4 3 Remaining 1,431 2,041 2,579 4,491 9,485 Total Delqs 21,027 23,566 22,349 22,118 23,382 Delqs Cumulative 88% 85% 79% 61% 27% Delq Rate 2.2% 2.4% 2.3% 2.3% 2.5% Cure Rate » New delinquencies and rate increase
Slide 12: Losses
Losses enactmi.com Losses ($M) & Loss Ratio Highlights » 3Q25 reserve release of $45M from favorable cure performance and loss mitigation activities compares to reserve releases of $48M and $65M in 2Q25 and 3Q24, respectively » 4Q24 included ~1,000 new delinquencies from 2024 related hurricanes reco
Slide 13: Embedded Equity
Embedded Equity 1 enactmi.com Primary Portfolio Delinquent Policies 90% 84% 93% » Cumulative HPA and continued tight supply supporting housing prices support cumulative equity across our portfolio » 90% of delinquent policies and 84% of all policies have at least 10% equity, which has remained consi
Slide 14: Continued Strong Capital Return and Low Leverage
Continued Strong Capital Return and Low Leverage enactmi.com GAAP Capital Position1 ($M) Highlights » Updated 2025 capital return to be ~$500M reflecting our continued strong performance and current mortgage originations levels » Final amount and form will depend on business performance, market cond
Slide 15: Strong PMIERs Sufficiency
Strong PMIERs Sufficiency enactmi.com Sufficiency to PMIERs1, 2 ($M) PMIERs Credit by CRT Instrument » Operating leverage of 35% reflects successful execution of our well diversified CRT program in a complex market » Executed QSR transaction covering 2027 book year that will cede ~34% of a portion o
Slide 16: Robust Statutory Capital
Robust Statutory Capital enactmi.com EMICO Policyholder Surplus & Statutory Capital Scheduled Contingency Reserve Release1 Year $M 2025 $307 2026 $342 2027 $359 2028 $384 2029 $441 2030 $510 2031 $522 2032 $508 2033 $492 Contingency 2034 $460 $4,281 $4,325 $4,370 $4,412 $4,457 Reserve Total $4,325 »
Slide 17: Strong and Diversified Ratings
Strong and Diversified Ratings enactmi.com Rating Date Updated EMICO1 EHI2 LT Debt3 EMIC-NC1 Enact Re1 Agency Rating / Outlook Rating / Outlook Rating / Outlook Rating / Outlook Rating / Outlook Rating Upgraded Moody’s A2 / Stable Baa2 / Stable Baa2 / Stable - - August 2025 Affirmed October S&P A- /
Slide 18: Highly Rated & Diversified Investment Portfolio
Highly Rated & Diversified Investment Portfolio enactmi.com $6.1B Investment Portfolio and $0.5B of Cash Equivalents Composition by asset class1 Composition by rating2 » Top 10 issuers comprise ~6% of portfolio » 99% of portfolio is investment grade » Book yield of 4.3% up 10bps versus prior quarter
Slide 19: Appendix
Appendix “Enact
Slide 20: Non-GAAP Measures
Non-GAAP Measures enactmi.com Use of Non-GAAP Measures This communication 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 (loss) per share is deriv
Slide 21: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures enactmi.com 1 Figures may not foot due to rounding. See Enact’s current Quarterly Financial Supplement (QFS). 21