Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q1 2026 Earnings Presentation
21 slides from Enact's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results May 5, 2026
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: First Quarter Key Takeaways
First Quarter Key Takeaways Insurance in-force was $272B, driven by NIW of $13B and continued elevated persistency of 80% Reserve release of $39M during the quarter driven by continued strong cure performance and our loss mitigation activities Returned $123M capital to shareholders in 1Q26; $30M thr
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: Quarterly Financial Highlights
Quarterly Financial Highlights enactmi.com Primary Insurance in-Force Down $1B Q/Q $272 New Insurance Written Down 11% Q/Q $12.8 Net Premiums Earned Down $3M Q/Q $243 billion billion million Net Income Down 5% Q/Q $168 Adjusted Operating Income1 $172 Net Investment Income Up 3% Q/Q $71 million Down
Slide 6: Driving Continued Book Value Accretion
Driving Continued Book Value Accretion enactmi.com 1 Book value per share excluding AOCI + cumulative dividends 6 1 Book value per share excluding Accumulated Other Comprehensive Income “AOCI” is a non-GAAP measure. Please see appendix for a reconciliation.
Slide 7: Market and Industry Dynamics
Market and Industry Dynamics enactmi.com Complex market with favorable Industry well positioned to navigate underpinnings a range of economic scenarios » Housing market remains slow in the near-term » High quality credit portfolio and strong given low affordability manufacturing quality » At the nat
Slide 8: Strong & Comprehensive Risk Management
Strong & Comprehensive Risk Management enactmi.com 1 2 FICO at Origination (Risk in-force “RIF”) Layered Risk (RIF) # of High-Risk 4Q07 1Q25 2Q25 3Q25 4Q25 1Q26 Layers2 LTV > +0 4.6% 0.6% 0.5% 0.5% 0.5% 0.5% 95% +1 7.9% 0.6% 0.6% 0.5% 0.5% 0.5% & +2 2.5% 0.1% 0.1% 0.1% 0.1% 0.1% FICO < 680 +3 or > 0
Slide 9: Primary Insurance in-Force (IIF) Growth
Primary Insurance in-Force (IIF) Growth enactmi.com 1 1, 2 NIW ($B), IIF ($B) and Persistency Rate Mortgage Rate IIF Concentration » NIW down 11% sequentially and up 30% year-over-year » 21% of our IIF had mortgage rates at least 50 basis points » Persistency remains elevated and helps offset impact
Slide 10: Portfolio Premium Yield & Premiums
Portfolio Premium Yield & Premiums enactmi.com 1 In-Force Primary Portfolio Premium Yield Primary Direct & Ceded Premiums ($M) 1Q25 2Q25 3Q25 4Q25 1Q26 Base Premium Rate (bps) 40.1 39.8 39.7 39.6 39.4 Single Cancellations 0.1 0.2 0.2 0.2 0.2 Ceded Premium (4.9) (4.8) (5.0) (5.1) (5.3) Net Premium Ra
Slide 11: Strong Credit Performance
Strong Credit Performance enactmi.com Primary New Delinquencies1 Primary Cure Activity1 2 3 Remaining 1,259 2,022 3,282 4,997 9,277 Total Delqs 22,349 22,118 23,382 24,885 24,670 Delqs Cumulative 89% 82% 75% 64% 32% Delq Rate 2.3% 2.3% 2.5% 2.6% 2.6% Cure Rate » New delinquencies and rate increased
Slide 12: Losses
Losses enactmi.com Losses ($M) & Loss Ratio Highlights » The current quarter reserve release of $39 million from favorable cure performance and loss mitigation activities compares to a net reserve release of $60 million, inclusive of our claim rate reduction from 9% to 8% in the fourth quarter of 20
Slide 13: Embedded Equity
Embedded Equity 1 enactmi.com Primary Portfolio Delinquent Policies 88% 83% 93% » Cumulative HPA and continued tight supply supporting housing prices support cumulative equity across our portfolio » 88% of delinquent policies and 83% of all policies have at least 10% equity, which has remained consi
Slide 14: Continued Strong Capital Return and Low Leverage
Continued Strong Capital Return and Low Leverage enactmi.com GAAP Capital Position1 ($M) Highlights » Expect 2026 capital returns to be approximately $500M » Returned $123M to shareholders during the quarter, consisting of $30M dividend, and share repurchases of $93M (2.3M shares; $40.66 per share a
Slide 15: Strong PMIERs Sufficiency
Strong PMIERs Sufficiency enactmi.com Sufficiency to PMIERs1, 2 ($M) PMIERs Credit by CRT Instrument » Operating leverage of 36% reflects successful execution of our well diversified CRT program in a complex market » Strong and consistent PMIERs sufficiency 1 PMIERs calculated as available assets di
Slide 16: Robust Statutory Capital
Robust Statutory Capital enactmi.com EMICO Policyholder Surplus & Statutory Capital Scheduled Contingency Reserve Release1 Year $M 2026 $342 2027 $359 2028 $384 2029 $441 2030 $510 2031 $522 2032 $508 2033 $492 2034 $460 Contingency $4,370 $4,412 $4,457 $4,498 $4,535 2035 $480 Reserve Total $4,498 »
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 Rating / Outlook Rating / Outlook Rating Upgraded Moody’s A2 / Stable Baa2 / Stable Baa2 / Stable - - August 2025 Outlook Upgraded S&P A- / Positive
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 ~5% of portfolio » 99% of portfolio is investment grade » Book yield of 4.5% 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 Net Income to Adj Operating Income 1Q25 2Q25 3Q25 4Q25 2025 1Q26 Net Income $166 $168 $163 $177 $674 $168 Adjustments to Net Income: Net investment (gains) losses $3 $7 $3 $3 $16 $6 Costs associated with reorganization $1 ($0) $0 $0 $1 $0 Taxes on adju