Enact (ACT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $312.9M; net income was $158.9M, or $1.15 per diluted share, and adjusted operating income was $164.2M, or $1.19 per diluted share.

• Primary insurance in-force reached $275.1B, up 1% YoY, with 81% persistency; a $37M reserve release reflected favorable cures and loss mitigation.

• Strong credit and balance-sheet position supported increased 2026 capital-return guidance to ~$600M.

Financial highlights

• Net premiums earned were $242.3M, down 1% YoY; net investment income was $74.4M, up 9% YoY, and net investment losses were $6.0M.

• Losses incurred rose 32% YoY to $47.4M; acquisition and operating expenses fell 5% to $47.9M.

• Adjusted operating income was $164.2M versus $165.9M in Q3 2025; 9M adjusted operating income rose to $513.9M from $508.3M.

• New insurance written was $14.1B, down 7% QoQ and nearly flat YoY; 9M volume rose to $42.1B from $37.1B.

Outlook and guidance

• 2026 capital returns are expected to be ~$600M, subject to business performance, market conditions, and regulatory approvals.

• 2026 operating expenses, excluding reorganization costs, are expected at the lower end of the $205M-$210M range.

• Delinquencies may rise with normal Q4 seasonality and continue gradually increasing into 2027 as recent books season, assuming a stable macro environment.

• No loss-ratio guidance was given; reserve-release opportunities depend partly on roll-rate assumptions and observed performance.