Enact Holdings, Inc.

Listed Company

ACTCIK 0001823529NasdaqLarge AcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.24B

Net Income

—

Total Assets

$6.89B

Equity

$5.36B

Shares Out

141.51M

Op. Cash Flow

$724.52M

Business

Enact Holdings, Inc. is a private mortgage insurance company that writes and assumes residential mortgage guaranty insurance to protect lenders and investors against losses on low down payment loans. It offers primary and pool mortgage insurance, fee‑based contract underwriting services, reinsurance via Enact Re Ltd., and credit risk transfer programs to mitigate loss volatility. Its operations run primarily through its insurance subsidiaries, including Enact Mortgage Insurance Corporation and a Bermuda-based reinsurer, and include a small run-off insurance block. Enact distributes products across all 50 U.S. states and the District of Columbia through a direct sales force, digital channels, delegated and non-delegated underwriting, and partnerships with banks, non-bank mortgage lenders, community banks, credit unions and the GSEs.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	981	980	957	939	975
Net investment income	266	241	207	155	141
Net investment gains (losses)	−16	−23	−14	−2	−2
Other income	5	4	3	2	4
Total revenues	1,236	1,202	1,154	1,095	1,118
Losses incurred	110	39	27	−94	125
Acquisition and operating expenses, net of deferrals	208	213	212	227	231
Amortization of deferred acquisition costs and intangibles	9	10	11	12	15
Interest expense	50	51	52	52	51
Total losses and expenses	377	324	302	197	423
Income before income taxes	859	878	852	898	695
Provision for income taxes	185	190	186	194	149
Net income	674	688	666	704	547
Basic (in usd per share)	4.54	4.4	4.14	4.32	3.36
Diluted (in usd per share)	4.52	4.37	4.11	4.31	3.36
Basic (in shares)	148	156	161	163	163
Diluted (in shares)	149	158	162	163	163
Gain (loss) on extinguishment of debt	0	11	0	0	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities available-for-sale, fair value	6,051	5,625	5,266	4,885	5,266
Short-term investments	0	3	20	3	0
Total investments	6,051	5,628	5,286	4,888	5,266
Cash and cash equivalents	582	599	616	514	426
Accrued investment income	56	50	42	36	31
Deferred acquisition costs	22	24	25	26	27
Premiums receivable	46	53	45	42	42
Other assets	116	103	88	76	73
Deferred tax asset	20	65	88	127	0
Total assets	6,893	6,522	6,190	5,709	5,866
Liability for Claims and Claims Adjustment Expense	572	525	518	519	641
Unearned premiums	92	115	149	203	246
Other liabilities	130	143	145	144	131
Long-term borrowings	744	743	745	743	740
Total liabilities	1,538	1,525	1,558	1,608	1,760
Common stock, $0.01 par value; 600,000 shares authorized; 142,209 and 152,318 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1	2	2	2	2
Additional paid-in capital	1,706	2,077	2,311	2,382	2,372
Accumulated other comprehensive income	−30	−207	−230	−383	84
Retained earnings	3,677	3,125	2,550	2,100	1,648
Total equity	5,355	4,996	4,632	4,101	4,106
Total liabilities and equity	6,893	6,522	6,190	5,709	5,866

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of fixed maturity securities discounts and premiums	−14	−12	−7	−3	−8
Acquisition costs deferred	−5	−6	−6	−7	−7
Deferred income taxes	8	4	−2	−2	−1
Stock-based compensation expense	19	19	15	10	1
Amortization of debt issuance costs	1	2	3	2	2
Accrued investment income	−6	−8	−6	−5	−2
Premiums receivable	7	−8	−3	528,000	4
Other assets	−17	1	1	−2	−7
Loss reserves	48	7	−817,000	−122	86
Unearned premiums	−23	−35	−53	−44	−61
Other liabilities	7	−10	494,000	14	1
Net cash provided by operating activities	725	686	632	561	572
Purchases of fixed maturity securities available-for-sale	−1,896	−1,606	−1,018	−1,216	−1,583
Payments to acquire limited partnership and equity interests	−1	−6	0	—	—
Proceeds from sales of fixed maturity securities available-for-sale	764	554	423	535	499
Maturities of fixed maturity securities available-for-sale	912	735	396	471	713
Change in short-term investments	3	17	−17	−3	0
Other	−8	−16	−14	0	0
Net cash used in investing activities	−226	−321	−229	−220	−399
Proceeds from the issuance of long-term debt	0	750	0	0	0
Payments of Debt Issuance Costs	0	−7	0	0	—
Early Repayment of Senior Debt	0	−758	0	0	—
Repurchase of common stock	−382	−244	−88	−2	0
Dividends paid	−121	−112	−213	−251	−200
Proceeds from (Payment for) Other Financing Activity	−12	−11	0	0	—
Net cash used in financing activities	−515	−382	−301	−252	−200
Net increase (decrease) in cash and cash equivalents	−17	−16	102	88	−27
Income taxes paid	191	189	182	186	146
Interest paid	47	63	49	49	48

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