The following is a summary of the Enact Holdings, Inc. (ACT) Q3 2024 Earnings Call Transcript:
Financial Performance:
Enact reported Q3 2024 adjusted operating income of $182 million, up 11% year-over-year.
Net income for Q3 2024 was $181 million, or $1.15 per diluted share.
Adjusted return on equity was a solid 15%, with an adjusted book value per share of $33.27, up 3% sequentially and 10% year-over-year.Primary insurance in force increased to $268 billion, up $6 billion or 2% year-over-year.
Business Progress:
Enact has successfully launched Enact Re, expanding their platform into the GSE credit risk transfer market, which is now rated A- by S&P.
Investments in technology and operations are aimed at enhancing customer engagement and operational efficiency.
They actively participate in GSE CRT transactions and expect gradual growth of Enact Re over time.
Opportunities:
The company continues to focus on deepening relationships with lenders and leveraging technology to enhance customer engagement and efficiencies in their core MI business.
Risks:
New delinquencies rose due to seasonality and the aging of newer books, though this was substantially offset by elevated cures indicating ongoing strong performance of the credit portfolio.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
