Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q4 2021 Earnings Presentation
15 slides from Enact's earnings presentation, Feb 2, 2022
Slide 1: Fourth Quarter 2021 Financial Supplement
Fourth Quarter 2021 Financial Supplement
Slide 2: Use of Non-GAAP Measures
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Use of Non-GAAP Measures 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 operating incom
Slide 3: Consolidated Statements of Income
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Consolidated Statements of Income (amounts in thousands, except per share amounts) 2021 2020 4Q 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $ 236,864 $ 243,063 $ 242,480 $ 252,542 $ 974,949 $ 250,891 $ 251,423 $ 242,853 $ 226,198
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Consolidated Balance Sheets (amounts in thousands, except per share amounts) Assets December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Investments: Fixed mat
Slide 5: Primary New Insurance Written Metrics
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Primary New Insurance Written Metrics (amounts in millions) 2021 2020 4Q 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total % of % of % of % of % of % of % of % of % of % of Primary Primary Primary Primary Primary Primary Primary Primary Primary Primary Pr
Slide 6: Primary Insurance In-Force (IIF) Metrics
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Primary Insurance In-Force (IIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q % of % of % of % of % of % of % of % of Primary Primary Primary Primary Pri
Slide 7: Primary Insurance In-Force (IIF) Metrics: FICO Scores
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Primary Insurance In-Force (IIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q % of % of % of % of % of % of % of % of Primary Primary Primary Primary Pri
Slide 8: Primary Risk In-Force (RIF) Metrics
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Primary Risk In-Force (RIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q % of % of % of % of % of % of % of % of Primary Primary Primary Primary Primary
Slide 9: Primary Risk In-Force (RIF) Metrics: FICO Scores
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Primary Risk In-Force (RIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q % of % of % of % of % of % of % of % of Primary Primary Primary Primary Primary
Slide 10: Delinquency Metrics
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Delinquency Metrics Excludes Run-off business, which is immaterial to our results (dollar amounts in thousands) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Average Paid Claim (1) $ 27.2 $ 26.7 $ 63.1 $ 54.7 $ 47.2 $ 55.6 $ 47.1 $ 45.0 Reserves: Pri
Slide 11: Missed Payment Status Tables
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Missed Payment Status Tables Excludes Run-off business, which is immaterial to our results (dollar amounts in thousands) December 31, 2021 Direct Case Reserves as Percentage Reserved by Payment Status Delinquencies Reserves Risk In-Force
Slide 12: Delinquency Performance
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Delinquency Performance Excludes Run-off business, which is immaterial to our results December 31, 2021 % Case % Case Book Year RIF & % Case Cum Delq Top 10 States % RIF Delq Rate Top 10 MSAs / Metro Divisions % RIF Delq Rate % RIF Delq R
Slide 13: Composition of Investments at Fair Value
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Composition of Investments at Fair Value (amounts in thousands) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Carrying % of Carrying Carrying Carrying C
Slide 14: Credit Risk Transfer Transaction Summary
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Credit Risk Transfer Transaction Summary (amounts in millions) 2019 XOL -1 2019 XOL -2 2019 ILN 2020 XOL 2020 ILN 2021-1 ILN 2021-2 ILN 2021-3 ILN 2021 XOL Full Year Full Year 1/19-9/19 Full Year 1/20-8/20 1/14-12/18, 4Q'19 9/20-12/20 1/2
Slide 15: Capital & PMIERs
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2021 Capital & PMIERs (dollar amounts in millions) 2021 2020 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q COMBINED STAT: Statutory policyholders' surplus $ 1,397 $ 1,558 $ 1,567 $ 1,557 $ 1,555 $ 1,556 $ 1,539 $ 1,662 Contingency reserves 3,042 2,914 2,783 2,652 2