Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q4 2025 Earnings Presentation
22 slides from Enact's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results February 3, 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: Full Year 2025 Financial Results and Highlights
Full Year 2025 Financial Results and Highlights Organic growth and investing with intent: » Enact Re continues to participate in attractive GSE FY 2025 FY 2024 single and multi-family deals Net Income (M) $674 $688 Strong balance sheet principles and earnings profile: EPS (Diluted) $4.52 $4.37 » Con
Slide 4: Fourth Quarter Key Takeaways
Fourth Quarter Key Takeaways Insurance in-force was $273B, driven by strong NIW of $14B and persistency of 80% Net reserve release of $60M during the quarter driven by continued strong cure performance, our loss mitigation activities, and the reduction in our claim rate assumption Lowered the expect
Slide 5: 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 6: Quarterly Financial Highlights
Quarterly Financial Highlights enactmi.com Primary Insurance in-Force Up $1B Q/Q $273 New Insurance Written Up 2% Q/Q $14.4 Net Premiums Earned Flat Q/Q $246 billion billion million Net Income Up 8% Q/Q $177 Adjusted Operating Income1 $179 Net Investment Income Flat Q/Q $69 million Up 8% Q/Q million
Slide 7: Driving Continued Book Value Accretion
Driving Continued Book Value Accretion enactmi.com 1 Book value per share excluding AOCI + cumulative dividends 7 1 Book value per share excluding Accumulated Other Comprehensive Income “AOCI” is a non-GAAP measure. Please see appendix for a reconciliation.
Slide 8: Market and Industry Dynamics
Market and Industry Dynamics enactmi.com Complex market with favorable Industry well positioned to navigate underpinnings a range of economic scenarios » Housing market remains slow in the near-term » High quality credit portfolio and strong given low affordability manufacturing quality » At the nat
Slide 9: Strong & Comprehensive Risk Management
Strong & Comprehensive Risk Management enactmi.com 1 2 FICO at Origination (Risk in-force “RIF”) Layered Risk (RIF) # of High-Risk 4Q07 4Q24 1Q25 2Q25 3Q25 4Q25 Layers2 LTV > +0 4.6% 0.6% 0.6% 0.5% 0.5% 0.5% 95% +1 7.9% 0.6% 0.6% 0.6% 0.5% 0.5% & +2 2.5% 0.1% 0.1% 0.1% 0.1% 0.1% FICO < 680 +3 or > 0
Slide 10: Primary Insurance in-Force (IIF) Growth
Primary Insurance in-Force (IIF) Growth enactmi.com 1, 2 NIW ($B), IIF ($B) and Persistency Rate Mortgage Rate IIF Concentration » NIW up 2% sequentially and up 8% year-over-year » 22% of our IIF had mortgage rates at least 50 basis points » Persistency remains elevated and helps offset impact of ab
Slide 11: Portfolio Premium Yield & Premiums
Portfolio Premium Yield & Premiums enactmi.com 1 In-Force Primary Portfolio Premium Yield Primary Direct & Ceded Premiums ($M) 4Q24 1Q25 2Q25 3Q25 4Q25 Base Premium Rate (bps) 40.0 40.1 39.8 39.7 39.6 Single Cancellations 0.3 0.1 0.2 0.2 0.2 Ceded Premium (4.8) (4.9) (4.8) (5.0) (5.1) Net Premium Ra
Slide 12: Strong Credit Performance
Strong Credit Performance enactmi.com Primary New Delinquencies1 Primary Cure Activity1 2 4 3 Remaining 1,434 1,786 2,996 5,043 9,992 Total Delqs 23,566 22,349 22,118 23,382 24,885 Delqs Cumulative 89% 85% 74% 61% 27% Delq Rate 2.4% 2.3% 2.3% 2.5% 2.6% Cure Rate » New delinquencies and rate increase
Slide 13: Losses
Losses enactmi.com Losses ($M) & Loss Ratio Highlights » 4Q25 net reserve release of $60M from favorable cure performance and lowering of our claim rate expectations from 9% to 8%, this compares to reserve releases of $45M and $56M in 3Q25 and 4Q24, respectively » 4Q24 included ~1,000 new delinquenc
Slide 14: Embedded Equity
Embedded Equity 1 enactmi.com Primary Portfolio Delinquent Policies 88% 83% 93% » Cumulative HPA and continued tight supply supporting housing prices support cumulative equity across our portfolio » 88% of delinquent policies and 83% of all policies have at least 10% equity, which has remained consi
Slide 15: Continued Strong Capital Return and Low Leverage
Continued Strong Capital Return and Low Leverage enactmi.com GAAP Capital Position1 ($M) Highlights » Returned $157M to shareholders during the quarter, consisting of $30M dividend, and share repurchases of $127M (3.4M shares; $37.66 per share avg price) » Repurchased additional $31M thru January 30
Slide 16: Strong PMIERs Sufficiency
Strong PMIERs Sufficiency enactmi.com Sufficiency to PMIERs1, 2 ($M) PMIERs Credit by CRT Instrument » Operating leverage of 36% reflects successful execution of our well diversified CRT program in a complex market » Announced XOL reinsurance transaction that will provide ~$170M of coverage on the 2
Slide 17: 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 $4,325 $4,370 $4,412 $4,457 $4,498 Reserve Total $4,325 »
Slide 18: 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 Outlook Upgraded S&P A- /
Slide 19: Highly Rated & Diversified Investment Portfolio
Highly Rated & Diversified Investment Portfolio enactmi.com $6.1B Investment Portfolio and $0.6B 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 4.4% up 10bps versus prior quarter
Slide 20: Appendix
Appendix “Enact
Slide 21: 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 22: 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). 22