Enact (ACT) investor relations material

Executive summary

• Achieved GAAP net income of $168 million and adjusted operating income of $174 million for Q2 2025, reflecting stable sequential performance but a year-over-year decline.

• Insurance in-force reached $270 billion, supported by $13 billion in new insurance written and an 82% persistency rate.

• $116 million returned to shareholders in Q2 2025 through dividends and share repurchases; over $1.3 billion returned since IPO.

• Maintained strong capital and liquidity positions, with PMIERs sufficiency at 165% ($2.0 billion above requirements).

• Recognized for workplace excellence for the third consecutive year.

Financial highlights

• Adjusted operating income was $174 million, with adjusted EPS of $1.15 per diluted share; GAAP net income was $168 million ($1.11 per share).

• Net premiums earned were $245 million, flat sequentially and modestly higher year-over-year.

• Net investment income rose to $66 million, up 5% sequentially and 10% year-over-year.

• Loss ratio for the quarter was 10%, with a $48 million reserve release.

• Book value per share increased to $35.20 ($35.90 excluding AOCI), up from $33.96 in Q1 2025 and $30.91 in Q2 2024.

Outlook and guidance

• Full-year 2025 capital return guidance increased to approximately $400 million, subject to business performance and regulatory approval.

• MI market size for 2025 expected to be similar to 2024, around $300 billion.

• Operating expenses for 2025 projected at $220–$225 million, excluding reorganization costs.

• Dividend and share repurchase programs expected to continue.

• Management remains confident in housing market fundamentals and long-term value creation.