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Enact (ACT) investor relations material
Enact Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Delivered GAAP net income of $163 million ($1.10 per diluted share) and adjusted operating income of $166 million ($1.12 per diluted share) for Q3 2025, reflecting a sequential and year-over-year decline.
Insurance in-force reached $272 billion, supported by $14 billion in new insurance written and an 83% persistency rate, with strong capital and liquidity positions maintained.
Raised full-year 2025 capital return guidance to approximately $500 million, the highest since IPO, reflecting business strength and higher mortgage originations.
Declared a $0.21 per share quarterly dividend and repurchased 2.8 million shares for $105 million in Q3, with further buybacks post-quarter.
Entered a new $435 million revolving credit facility, replacing a $200 million facility, enhancing financial flexibility.
Financial highlights
Net income for Q3 2025 was $163 million, down from $168 million in Q2 2025 and $181 million in Q3 2024; adjusted operating income was $166 million, down from $174 million in Q2 2025 and $182 million in Q3 2024.
Net premiums earned were $245 million, flat sequentially and down year-over-year due to higher ceded premiums.
Net investment income reached $69 million, up 4% sequentially and 12% year-over-year.
Loss ratio increased to 15% from 10% in Q2 2025 and 5% in Q3 2024, reflecting higher losses incurred.
Book value per share excluding AOCI reached $36.82, continuing a trend of accretion since IPO.
Outlook and guidance
Full-year 2025 capital return guidance increased to approximately $500 million, subject to business performance, market conditions, and regulatory approvals.
2025 expense forecast, excluding reorganization costs, lowered to ~$219 million from prior $220–$225 million range.
Management expects to maintain capital sufficiency well above regulatory requirements despite upcoming changes to PMIERS asset standards.
Confident in ability to deliver through economic cycles, supported by strong balance sheet and prudent risk management.
Final capital return amount and form will depend on business performance, market conditions, and regulatory approvals.
What factors increased capital return confidence?
When do new portfolio delinquencies peak?
How does tech/AI drive expense reduction?
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Q4 20256 Feb, 2026
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Frequently asked questions
Enact Holdings Inc. provides private mortgage insurance services that enable borrowers to purchase homes with low down payments. The company serves mortgage lenders by covering a portion of the lender’s risk in the event of borrower default. It is headquartered in Raleigh, North Carolina, and its shares are listed on the NASDAQ.
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