Thu, Nov 7, 10:16 PM (242 days ago)
Enact Holdings, Inc. (ACT) reported a solid third quarter for 2024, with total revenues reaching $309,588,000, a 4% increase from the previous year. Premium income rose 2% to $249,055,000, supported by a growth in insurance in-force (IIF) of approximately $5.1 billion since year-end 2023. Net investment income also improved by 11% to $61,056,000, reflecting higher yields from elevated interest rates. The company experienced a favorable loss ratio of 5%, down from 7%, aided by a $65 million reserve release due to improved delinquency cures. Cash and cash equivalents stood at $673,363,000, with a significant increase in operational cash flows attributed to higher net investment income. The company's risk-to-capital ratio improved to 10.4, remaining comfortably below regulatory limits. Enact's capital return strategy included a quarterly dividend of $0.185 per share and substantial share repurchases, totaling 2,096,329 shares at an average price of $34.04 during the quarter. Looking ahead, the company remains cautious amid economic uncertainties, including inflation and interest rate fluctuations, which could impact future performance metrics and operational strategies.