Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q4 2025 Earnings Presentation
15 slides from Enact's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter 2025 Financial Supplement
Exhibit 99.2 Fourth Quarter 2025 Financial Supplement
Slide 2: GAAP/Non-GAAP Disclosure Discussion
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 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 Fourth Quarter 2025 4Q 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $245,742 $244,688 $245,289 $244,786 $980,505 $245,735 $249,055 $244,567 $240,747 $980,104 Net investment income 68,621 68,611 65,884 63,037 266,153 62,624 61,056 59,773 57,111 240,564
Slide 4: Consolidated Balance Sheets
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets Investments: Fixed maturity securities available-for- sale, at fair value $6,050,542 $6,068,501 $5,
Slide 5: New Insurance Written by Product and Origination
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 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 NIW % of NIW NIW % of NIW Product Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 10
Slide 6: Insurance in Force by Product and Origination
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 %
Slide 7: Insurance in Force by FICO Score
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $120,093 44 % $119,234 44 % $117,403 44 % $115,914 43 % $115,554 43 % $114,424 43 % $113,115 43 % $111,589 43 % 7
Slide 8: Risk in Force by Product and Origination
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950
Slide 9: Risk in Force by FICO Score
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $31,186 44 % $30,991 44 % $30,502 43 % $30,093 43 % $29,985 43 % $29,644 43 % $29,219 43 % $28,703 42 % 740 - 759
Slide 10: Primary Delinquencies and Incurred Losses
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 23,382 22,118 22,349 23,566 21,027 19,051 19,492 20,432 New delinquencies 13,679 12,998 11,567 12,237 13,717 12,964 10,461 11,395 Delinquency cures (11,883) (11,467) (11,57
Slide 11: Missed Payment Status Tables - Direct Primary
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Percentage Reserved by Payment Status Delinquencies Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 12,647 $104 $867 12 % 4 - 11 payments in default 8,591 206 641 32 % 12 payments or more in default 3,647 2
Slide 12: Top States, MSAs and Book Year Distribution
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 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 12% 13% 2.84% Phoenix, AZ MSA 3% 3
Slide 13: Investment Portfolio Composition
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Carrying Amount % of Total Carrying Amount % of Total 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 Securit
Slide 14: Reinsurance Transactions: ILN, XOL and QSR
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 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 2025-1 XOL 2025-2 XOL 2023-1 QSR 2024-1 QSR 2025-1 QSR 9/20-12/20 1/21-6/21 7/22-6/23 Full Year 2021 Full Ye
Slide 15: Statutory Capital and Risk-to-Capital Ratios
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $806 $823 $821 $815 $887 $1,005 $863 $765 Contingency reserves 4,513 4,471 4,425 4,381 4,336 4,290 4,242 4,148 Combined statutory capital $5,319 $5,294 $5,246 $5,1