On November 1, 2023, Enact Holdings Inc (ACT, Financial) announced its financial results for the third quarter of 2023. The company reported a GAAP Net Income of $164 million, or $1.02 per diluted share, and an Adjusted Operating Income of $164 million, or $1.02 per diluted share. The company's Return on Equity stood at 14.9% and the Adjusted Operating Return on Equity was also 14.9%.
Financial Performance
Enact Holdings Inc (ACT, Financial) reported a record Primary Insurance-in-Force of $262 billion, marking an 8% increase from the third quarter of 2022. The PMIERs Sufficiency was 162% or $2,017 million. The Book Value Per Share was $27.86 and the Book Value Per Share excluding AOCI was $30.36.
Dividends and Share Repurchase
The company announced a quarterly cash dividend of $0.16 per common share and a special cash dividend of $0.71 per common share. During the quarter, repurchases under the share repurchase program totaled $6 million. Year to date through October 2023, the company has made $78 million in repurchases authorized under the existing share repurchase programs.
Key Financial Highlights
Net income for the third quarter was $164 million, or $1.02 per diluted share, compared with $168 million, or $1.04 per diluted share, for the second quarter of 2023 and $191 million, or $1.17 per diluted share, for the third quarter of 2022. Adjusted operating income was $164 million, or $1.02 per diluted share, compared with $178 million, or $1.10 per diluted share, for the second quarter of 2023 and $191 million, or $1.17 per diluted share, for the third quarter of 2022.
Operating Highlights
New insurance written (NIW) was $14 billion, down 5% from $15 billion in the second quarter of 2023 and down 4% from the prior year primarily driven by lower mortgage originations. Primary Insurance-In-Force was a record $262 billion, up 2% from $258 billion in the second quarter of 2023 and up 8% from $242 billion in the third quarter of 2022.
Looking Forward
Enact Holdings Inc (ACT, Financial) remains committed to returning $300 million to shareholders by year-end. The company's financial results, the third quarter 2023 financial supplement, and earnings presentation are now posted on the Company’s website.
Explore the complete 8-K earnings release (here) from Enact Holdings Inc for further details.
