GAAP/非GAAP披露讨论本文件包括题为“调整后的营业收入(亏损)”、“调整后的每股营业收入(亏损)”和“调整后的营业股本收益”的非GAAP财务计量。调整后每股营业收入(亏损)来源于调整后营业收入(亏损)。首席经营决策者根据调整后的营业收入(亏损)评估业绩并分配资源。Enact控股公司(“本公司”)将调整后的营业收入(亏损)定义为净收益(亏损)，不包括净投资收益(亏损)、重组成本和不常见或不寻常的非营业项目的税后影响。本公司不包括净投资收益(亏损)及不常见或不寻常的非营运项目，因为本公司并不认为该等项目与本公司的经营业绩有关。已实现投资收益或亏损的确认在不同时期可能会有很大差异，因为由于市场机会或风险敞口管理等因素，这些活动是基于个别证券销售的时间而高度酌情决定的。在没有这些已实现的损益波动的情况下，我们的基本经营活动的盈利能力的趋势可以更清楚地确定。我们不认为它们表明我们的基本经营活动。因此，这些项目不包括在我们调整后的营业收入的计算中。此外, 调整后每股营业收入(亏损)由调整后营业收入(亏损)除以已发行股份得出。调整后的营业权益报酬率的计算方法是，所示期间的年化调整后营业收入除以本期和上期期末股东权益总额的平均值。虽然根据美国公认会计原则，其中一些项目可能是净收益(亏损)的重要组成部分，但本公司认为，调整后的营业收入(亏损)以及源自或包含调整后营业收入(亏损)的措施，包括基本和摊薄基础上的调整后每股营业收入(亏损)以及调整后的营业权益回报，是对投资者有用的适当衡量标准，因为它们确定了业务持续运营的收入(亏损)。管理层还使用调整后的营业收入(亏损)作为确定高级管理人员奖励和薪酬的基础，并在与分析师使用的基础上相媲美的基础上评估业绩。基本和摊薄基础上的调整后营业收入(亏损)和每股调整后营业收入(亏损)不能替代公司普通股股东可获得的净收益(亏损)或公司普通股股东根据美国公认会计原则确定的基本和摊薄基础上的每股净收益(亏损)。此外，该公司对调整后营业收入(亏损)的定义可能与其他公司使用的定义不同。对公司普通股股东可获得的净收益(亏损)与调整后的营业收益(亏损)进行调整的调整假设税率为21%。
3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $235,060 $237,386 $234,279 $706,725 $236,864 $243,063 $242,480 $252,542 $974,949 Net investment income 39,493 35,776 35,146 110,415 35,246 35,995 34,689 35,259 141,189 Net investment gains (losses) (42) (381) (339) (762) 5 580 (1,753) (956) (2,124) Other income 564 760 502 1,826 727 671 705 1,738 3,841 Total revenues 275,075 273,541 269,588 818,204 272,842 280,309 276,121 288,583 1,117,855 LOSSES AND EXPENSES: Losses incurred (40,309) (61,563) (10,446) (112,318) 5,972 34,124 30,003 55,374 125,473 Acquisition and operating expenses, net of deferrals 54,523 58,201 54,262 166,986 55,630 55,151 63,050 57,622 231,453 Amortization of deferred acquisition costs and intangibles 3,338 3,230 3,090 9,658 3,600 3,669 3,597 3,838 14,704 Interest expense 12,879 12,786 12,776 38,441 12,771 12,756 12,745 12,737 51,009 Total losses and expenses 30,431 12,654 59,682 102,767 77,973 105,700 109,395 129,571 422,639 INCOME BEFORE INCOME TAXES 244,644 260,887 209,906 715,437 194,869 174,609 166,726 159,012 695,216 Provision for income taxes 53,658 56,152 45,276 155,086 41,335 37,401 35,914 33,881 148,531 NET INCOME $190,986 $204,735 $164,630 $560,351 $153,534 $137,208 $130,812 $125,131 $546,685 Net investment (gains) losses $42 $381 $339 $762 ($5) ($580) $1,753 $956 $2,124 Costs associated with reorganization (156) 104 222 170 89 339 2,316 0 2,744 Taxes on adjustments 24 (102) (118) (196) (17) 50 (854) (201) (1,022) Adjusted Operating Income $190,896 $205,118 $165,073 $561,087 $153,601 $137,017 $134,027 $125,886 $550,531 Loss ratio (1) (17)% (26)% (4)% (16)% 3% 14% 12% 22% 13% Expense ratio (2) 25% 26% 24% 25% 25% 24% 27% 24% 25% Earnings Per Share Data: Net income per share Basic $1.17 $1.26 $1.01 $3.44 $0.94 $0.84 $0.80 $0.77 $3.36 Diluted $1.17 $1.25 $1.01 $3.43 $0.94 $0.84 $0.80 $0.77 $3.36 Adj operating income per share Basic $1.17 $1.26 $1.01 $3.44 $0.94 $0.84 $0.82 $0.77 $3.38 Diluted $1.17 $1.26 $1.01 $3.44 $0.94 $0.84 $0.82 $0.77 $3.38 Weighted-average common shares outstanding Basic 162,843 162,842 162,841 162,842 162,840 162,840 162,840 162,840 162,840 Diluted 163,376 163,225 163,054 163,219 162,985 162,852 162,840 162,840 162,879 (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three months ended September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, one percentage point for the three months ended September 30, 2021, two percentage points for the three months ended June 30, 2021 and one percentage point for the three months ended March 31, 2021. 2022 2021 (1)The ratio of losses incurred to net earned premiums. Consolidated Statements of Income (amounts in thousands, except per share amounts)
September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Investments: Fixed maturity securities available-for-sale, at fair value $4,877,902 $4,909,362 $5,093,084 $5,266,339 $5,376,067 $5,256,467 $5,106,128 Short term investments 2,434 0 0 0 12,500 12,499 12,500 Total investments 4,880,336 4,909,362 5,093,084 5,266,339 5,388,567 5,268,966 5,118,628 Cash and cash equivalents 535,775 583,947 440,160 425,828 451,582 435,323 431,335 Accrued investment income 35,896 33,103 32,565 31,061 31,372 30,843 28,821 Deferred acquisition costs 26,310 26,689 27,000 27,220 27,788 28,322 28,544 Premiums receivable 40,331 41,036 40,381 42,266 43,425 43,287 42,454 Deferred tax asset 135,152 98,695 56,060 0 0 0 0 Other assets 69,040 67,601 103,157 73,059 48,572 55,348 49,921 Total assets $5,722,840 $5,760,433 $5,792,407 $5,865,773 $5,991,306 $5,862,089 $5,699,703 Liabilities and Shareholder's Interest Liabilities: Loss reserves $510,237 $558,894 $625,279 $641,325 $648,365 $624,256 $603,528 Unearned premiums 212,987 224,781 236,410 246,319 254,806 263,573 280,742 Other liabilities 140,413 154,656 141,125 130,604 129,464 119,289 121,609 Long-term borrowings 742,211 741,602 741,004 740,416 739,838 739,269 738,711 Deferred tax liability 0 0 0 1,586 17,452 25,851 19,787 Total liabilities 1,605,848 1,679,933 1,743,818 1,760,250 1,789,925 1,772,238 1,764,377 Equity: Common stock 1,628 1,628 1,628 1,628 1,628 1,628 1,628 Additional paid-in capital 2,379,576 2,377,042 2,374,568 2,371,861 2,369,822 2,369,601 2,368,782 Accumulated other comprehensive income (427,085) (293,027) (140,690) 83,581 133,955 159,854 136,960 Retained earnings 2,162,873 1,994,857 1,813,083 1,648,453 1,695,976 1,558,768 1,427,956 Total equity $4,116,992 $4,080,500 $4,048,589 $4,105,523 $4,201,381 $4,089,851 $3,935,326 Total liabilities and equity $5,722,840 $5,760,433 $5,792,407 $5,865,773 $5,991,306 $5,862,089 $5,699,703 Book value per share $25.28 $25.06 $24.86 $25.21 $25.80 $25.12 $24.17 Book value per share excluding accumulated other comprehensive income $27.90 $26.86 $25.73 $24.70 $24.98 $24.13 $23.33 U.S. GAAP ROE (1) 18.6 % 20.1 % 16.2 % 14.8 % 13.2 % 13.0 % 12.8 % Net investment (gains) losses 0.0 % 0.0 % 0.0 % 0.0 % (0.1)% 0.2 % 0.1 % Costs associated with reorganization 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.2 % 0.0 % Taxes on adjustments 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % (0.1)% 0.0 % Adjusted Operating ROE(2) 18.6 % 20.2 % 16.2 % 14.8 % 13.2 % 13.4 % 12.9 % Debt to capital ratio 15% 15% 15% 15% 15% 15% 16% (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. Consolidated Balance Sheets (amounts in thousands, except per share amounts)
Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Product Primary $15,069 100% $17,448 100% $18,823 100 % $51,340 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Pool 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % Total $15,069 100% $17,448 100% $18,823 100 % $51,340 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Origination Purchase $14,634 97 % $16,802 96 % $17,326 92 % $48,762 95 % $19,284 90 % $20,988 88 % $21,143 79 % $15,500 62 % $76,915 79 % Refinance 435 3 % 646 4 % 1,497 8 % 2,578 5 % 2,157 10 % 2,984 12 % 5,514 21 % 9,434 38 % 20,089 21 % Total Primary $15,069 100 % $17,448 100 % $18,823 100 % $51,340 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Payment Type Monthly $14,138 94 % $16,169 93 % $17,071 91 % $47,378 92 % $19,395 91 % $21,475 90 % $24,887 93 % $23,358 94 % $89,115 92 % Single 890 6 % 1,218 7 % 1,690 9 % 3,798 8 % 1,991 9 % 2,431 10 % 1,686 7 % 1,446 6 % 7,554 8 % Other(1) 41 - % 61 - % 62 - % 164 - % 55 - % 66 - % 84 - % 130 - % 335 - % Total Primary $15,069 100 % $17,448 100 % $18,823 100 % $51,340 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % FICO Scores Over 760 $6,948 46% $7,981 45% $8,359 45 % $23,288 45 % $9,401 44 % $10,708 45 % $11,762 44 % $10,520 42 % $42,391 44 % 740 - 759 2,554 17% 2,916 17% 3,085 16 % 8,555 17 % 3,406 16 % 3,830 16 % 3,995 15 % 3,836 15 % 15,067 16 % 720 - 739 2,106 14% 2,530 15% 2,515 13 % 7,151 14 % 2,844 13 % 3,177 13 % 3,467 13 % 3,423 14 % 12,911 13 % 700 - 719 1,531 10% 1,917 11% 1,952 10 % 5,400 10 % 2,257 11 % 2,702 11 % 3,131 12 % 2,979 12 % 11,069 11 % 680 - 699 1,085 7% 1,099 6% 1,316 7 % 3,500 7 % 1,589 7 % 1,875 8 % 2,513 9 % 2,480 10 % 8,457 9 % 660 - 679(2) 527 3% 598 3% 931 5 % 2,056 4 % 1,106 5 % 1,010 4 % 1,068 4 % 983 4 % 4,167 4 % 640 - 659 234 2% 297 2% 486 3 % 1,017 2 % 611 3 % 504 2 % 547 2 % 511 2 % 2,173 2 % 620 - 639 79 1% 106 1% 173 1 % 358 1 % 223 1 % 166 1 % 174 1 % 202 1 % 765 1 %
IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Pool 531 - % 564 - % 600 - % 641 - % 771 - % 798 - % 841 - % Total $242,344 100 % $238,127 100 % $232,453 100 % $227,155 100 % $223,235 100 % $218,275 100 % $211,028 100 % Origination Purchase $199,322 82 % $192,499 81 % $184,080 79 % $176,550 78 % $169,944 76 % $162,832 75 % $156,298 74 % Refinance 42,491 18 % 45,064 19 % 47,773 21 % 49,964 22 % 52,520 24 % 54,645 25 % 53,889 26 % Total Primary $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Payment Type Monthly $211,062 87 % $206,361 87 % $200,304 86 % $194,826 86 % $190,702 86 % $185,694 85 % $177,126 84 % Single 28,550 12 % 28,945 12 % 29,198 13 % 29,205 13 % 29,013 13 % 28,743 13 % 29,653 14 % Other(2) 2,201 1 % 2,257 1 % 2,351 1 % 2,483 1 % 2,749 1 % 3,040 2 % 3,408 2 % Total Primary $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Book Year 2008 and prior $6,849 3 % $7,246 3 % $7,723 3 % $8,196 3 % $8,963 4 % $9,682 4 % $10,500 5 % 2009-2014 2,293 1 % 2,577 1 % 2,946 1 % 3,369 2 % 3,949 2 % 4,670 3 % 5,570 2 % 2015 3,133 1 % 3,526 1 % 3,960 2 % 4,488 2 % 5,087 2 % 5,810 3 % 6,729 3 % 2016 6,772 3 % 7,377 3 % 8,076 4 % 8,997 4 % 10,082 4 % 11,499 5 % 13,213 6 % 2017 6,818 3 % 7,328 3 % 8,023 4 % 8,962 4 % 10,185 5 % 11,763 5 % 13,817 7 % 2018 7,133 3 % 7,613 3 % 8,306 4 % 9,263 4 % 10,568 5 % 12,289 6 % 14,618 7 % 2019 17,070 7 % 18,141 8 % 19,609 8 % 21,730 10 % 24,884 11 % 28,842 13 % 33,430 16 % 2020 58,497 24 % 62,154 26 % 65,807 28 % 69,963 31 % 75,785 34 % 82,308 38 % 87,599 42 % 2021 83,740 35 % 86,175 37 % 88,757 38 % 91,546 40 % 72,961 33 % 50,614 23 % 24,711 12 % 2022 49,508 20 % 35,426 15 % 18,646 8 % 0 - % 0 - % 0 - % 0 - % Total Primary $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Insurance In-Force (IIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 1Q3Q 2021 2Q (1)Primary insurance in-force represents aggregate unpaid balance for loans the company insures. (2)Includes loans with annual and split payment types. 4Q 3Q 2022 1Q2Q
IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $99,177 41 % $96,625 40 % $93,222 40 % $89,982 40 % $87,073 39 % $83,602 38 % $79,285 38 % 740 - 759 38,731 16 % 37,853 16 % 36,821 16 % 35,874 16 % 35,177 16 % 34,402 16 % 33,607 16 % 720 - 739 33,874 14 % 33,263 14 % 32,363 14 % 31,730 14 % 31,374 14 % 30,964 14 % 30,295 14 % 700 - 719 28,384 12 % 28,136 12 % 27,620 12 % 27,359 12 % 27,371 12 % 27,032 12 % 26,309 13 % 680 - 699 21,294 9 % 21,221 9 % 21,259 9 % 21,270 9 % 21,458 10 % 21,469 10 % 20,777 10 % 660 -679(2) 10,842 4 % 10,822 5 % 10,805 5 % 10,549 5 % 10,309 5 % 10,191 6 % 10,001 5 % 640 - 659 6,115 3 % 6,154 3 % 6,188 3 % 6,124 3 % 6,009 3 % 6,008 3 % 5,981 3 % 620 - 639 2,663 1 % 2,725 1 % 2,774 1 % 2,783 1 % 2,787 1 % 2,838 1 % 2,893 1 %
RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Pool 84 - % 89 - % 97 - % 105 - % 117 - % 123 - % 134 - % Total $61,208 100 % $60,000 100 % $58,392 100 % $56,986 100 % $55,983 100 % $54,766 100 % $53,000 100 % Origination Purchase $52,134 85 % $50,449 84 % $48,326 83 % $46,470 82 % $44,871 80 % $43,121 79 % $41,396 78 % Refinance 8,990 15 % 9,462 16 % 9,969 17 % 10,411 18 % 10,995 20 % 11,522 21 % 11,470 22 % Total Primary $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Payment Type Monthly $54,247 89 % $52,896 88 % $51,153 88 % $49,614 87 % $48,495 87 % $47,153 86 % $45,009 85 % Single 6,324 10 % 6,449 11 % 6,561 11 % 6,658 12 % 6,709 12 % 6,766 13 % 7,049 13 % Other(2) 553 1 % 566 1 % 581 1 % 609 1 % 662 1 % 724 1 % 808 2 % Total Primary $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Book Year 2008 and prior $1,764 3 % $1,867 3 % $1,991 3 % $2,112 3 % $2,309 4 % $2,494 4 % $2,705 5 % 2009-2014 609 1 % 687 1 % 788 1 % 904 2 % 1,062 2 % 1,260 2 % 1,510 3 % 2015 840 1 % 943 2 % 1,058 2 % 1,197 2 % 1,355 2 % 1,549 3 % 1,795 3 % 2016 1,805 3 % 1,964 3 % 2,147 4 % 2,388 4 % 2,676 5 % 3,052 6 % 3,503 7 % 2017 1,792 3 % 1,922 3 % 2,094 4 % 2,324 4 % 2,631 5 % 3,032 6 % 3,556 7 % 2018 1,806 3 % 1,922 3 % 2,092 4 % 2,330 4 % 2,656 5 % 3,086 6 % 3,671 7 % 2019 4,313 7 % 4,575 8 % 4,935 8 % 5,454 10 % 6,239 11 % 7,225 13 % 8,361 16 % 2020 14,891 25 % 15,763 26 % 16,606 28 % 17,574 31 % 18,965 34 % 20,536 37 % 21,787 41 % 2021 20,848 34 % 21,384 36 % 21,959 38 % 22,598 40 % 17,973 32 % 12,409 23 % 5,978 11 % 2022 12,456 20 % 8,884 15 % 4,625 8 % 0 - % 0 - % 0 - % 0 - % Total Primary $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % (1)Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors. (2)Includes loans with annual and split payment types. Risk In-Force (RIF) (1) Metrics Excludes Run-off business, which is immaterial to our results (amounts in millions) 1Q2Q4Q3Q 3Q 20212022 1Q2Q
RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $24,965 41 % $24,252 40 % $23,326 40 % $22,489 40 % $21,767 39 % $20,908 38 % $19,829 37 % 740 - 759 9,808 16 % 9,559 16 % 9,267 16 % 9,009 16 % 8,824 16 % 8,628 16 % 8,442 16 % 720 - 739 8,656 14 % 8,484 14 % 8,224 14 % 8,055 14 % 7,966 14 % 7,879 14 % 7,715 15 % 700 - 719 7,200 12 % 7,129 12 % 6,974 12 % 6,907 12 % 6,923 12 % 6,848 13 % 6,678 13 % 680 - 699 5,356 9 % 5,329 9 % 5,334 9 % 5,334 9 % 5,383 10 % 5,385 10 % 5,231 10 % 660 -679(2) 2,739 4 % 2,728 5 % 2,715 5 % 2,638 5 % 2,568 5 % 2,531 5 % 2,484 5 % 640 - 659 1,541 3 % 1,547 3 % 1,550 3 % 1,530 3 % 1,497 3 % 1,494 3 % 1,485 3 % 620 - 639 672 1 % 687 1 % 699 1 % 702 1 % 705 1 % 720 1 % 734 1 %
2022年2022年3Q 2Q 4Q 3Q 2Q 1Q平均已支付索赔(1)$42.2$50.1$51.6$27.2$26.7$63.1$54.7准备金：主要直接案件(2)$476,063$525,948$590,508$606,102$612,754$588,683$564,208所有其他(2)34,174 32,946 34,771 35,223 34,909 34,838 38,704总准备金$510,237$558,894$625,279$641,325$647,663$623,521$602,912904 33,568 41,332 44,904新增违法行为9,121 7,847 8,724 8,2827 7,427 6,862 10,053违法行为(9,588)(10,806)(10,860)(11,929)(11,746)(14,473)(13，478)已清偿申索(187)(90)(107)(430)(343)(143)(134)撤销及驳回申索(3)(9)(6)(7)(2)(10)(13)截至一级拖欠个案数目18、856 19、513 22、571 24、820 28、904 33、568 41、332初级违约率1.99%2.06%2.40%2.65%3.08%3.60%4.48%每宗初级犯罪的平均准备金(3)$25.2$27.0$26.2$24.4$21.2$17.5$13.7开始直接初级案件准备金$525,948$590,508$606,102$612,754$588,683$564,208$516,863(8,349)(4,810)(5,617)(11,213)(8,293)(7,377)(5，准备金变动(41,536)(59,750)(9,977)4,561 32,364 31,852 53,278期末准备金$476,063$525,948$590,508$606,102$612,754$588,683$564,208发生的损失(4)本季度拖欠(5)$38,696$34,654$39,220$37,056$33,047$30,301$43，839本季度拖欠情况发展情况(6)-前期发展情况(7)(79,005)(96,217)(49，(31,084)1,077(298)11,535总损失(40,309美元)(61,563美元)(10,446美元)5,972美元34,124$30,003$55,374有效保单(计数)949,052 946,891 941,689 937,350 936,934 933,616 922, 186(6)本季度内拖欠行为的发展情况。这包括本期违约对准备金的影响，以及从拖欠之日到季度末的准备金发展。(以千美元为单位)不包括次要业务，这对我们的业绩拖欠指标无关紧要(5)违约贷款，其最近一次拖欠通知是在本季度显示的。(1)2022年第三季度和2021年第四季度和第三季度的平均已支付债权包括与不良贷款协议有关的付款。(2)主要直接案例不包括损失调整费用(LAE)、池、已发生但未报告(IBNR)和再保险准备金。其他包括LAE、IBNR、POOL和再保险准备金。(3)初级直接案件准备金除以初级违约率。(4)提供已发生损失的额外细目，其中包括在所报告的每个季度期间内新拖欠债务的影响。我们认为，以这种方式提供亏损信息可以使投资者了解业绩的透明度和一致性。2021年
按付款状态预留的百分比直接案例准备金风险有效准备金占RIF拖欠的百分比直接案例准备金风险有效准备金占RIF拖欠的百分比直接案例准备金风险有效准备金占RIF 3付款的百分比7,446$48$401 12%6,586$35$340 10%6,192$32$319 10%4-11违约付款6,119 146 358 41%7,360 111 426%9,021 128 529 24%12违约额5,291 282 295 96%10,874 460 643 72%13,691 453 813 56%18,856$476$1,054%24,820$606$1,409%28,904$1,637%9月30日2022年不及预期预期付款状态表不包括分批业务，这对我们的业绩无关紧要(单位：百万美元)2021年9月30日2021年12月31日
前10个州%RIF%案例准备金(1)Delq费率前10个MSA/大都会分区%RIF%案例准备金(1)Delq费率账面年度RIF和损失%RIF%案例准备金(1)Delq费率累计Delq费率(2)加利福尼亚州12%10%2.02%芝加哥-伊利诺伊州地铁分区3%4%2.85%德克萨斯州8%7%2.10%凤凰城，亚利桑那州MSA 3%2%1.71%2008年和之前的3%28%9.71%5.57%佛罗里达州(3)8%8%1.93%纽约，纽约地铁部门3%9%3.88%2009-2014年1%4%5.00%0.70%纽约(3)5%14%2.97%亚特兰大，佐治亚州MSA 2%3%2.47%2015 1%4%3.68%0.75%伊利诺伊州(3)5%6%2.53%华盛顿-阿灵顿特区地铁部门2%2%1.79%2016 3%7%3.14%0.83%Michigan 4%3%1.69%休斯顿，TX MSA 2%3%2.74%2017 3%8%3.75%1.03%亚利桑那州3%2%1.67%河滨-圣贝纳迪诺CA MSA 2%2%2.74%2018 3%10%4.47%1.18%北卡罗来纳州3%2%1.62%洛杉矶-长滩，CA Metro分区2%2%2.13%2019%12%2.65%0.94%佐治亚州3%3%2.26%达拉斯，德克萨斯州地铁分区2%2%1.78%2020 25%16%1.31%0.86%宾夕法尼亚州(3)3%3%2.11%拿骚县，纽约2%4%3.83%202134%10%0.92%0.83%所有其他州(4)46%42%1.85%所有其他MSA 77%67%1.85%202220%1%0.26%0.25%总计100%100%1.99%4.26%前10个州%RIF%案例储备(1)Delq率前10个MSA/大都会分部%RIF%案例储备(1)Delq利率账面年度RIF和亏损%RIF%案例准备金(1)Delq利率累计Delq利率(2)加利福尼亚州11%12%3.17%芝加哥-内珀维尔，IL地铁部门3%4%3.68%德克萨斯州8%8%2.89%凤凰城，亚利桑那州MSA 3%2%2.36%2008年及之前的3%24%10.54%5.59%佛罗里达(3)7%9%2.97%纽约，纽约地铁部门3%8%5.32%2009-2013年1%2%5.54%0.74%纽约(3)5%12%3.80%亚特兰大，佐治亚州MSA 2%3%3.28%2014 1%3%5.51%0.99%伊利诺伊州(3)5%6%3.09%华盛顿-阿灵顿DC地铁部2%2%2.96%2015 2%5%4.24%1.04%密歇根州4%2%1.87%休斯顿, TX MSA 2%3%3.61%2016 4%8%3.69%1.16%Arizona 4%2%2.31%Riverside-San Bernardino CA MSA 2%2%3.42%2017 4%10%4.78%1.56%北卡罗来纳州3%2%2.18%洛杉矶-长滩，CA Metro分区2%3%3.95%2018 4%13%5.93%1.88%宾夕法尼亚州(3)3%3%2.38%达拉斯，德克萨斯州地铁部门2%2%2.31%2019 10%19%3.89%1.68%华盛顿3%3%2.98%拿骚县，纽约2%4%5.55%2020 31%14%1.50%1.14%所有其他州(4)47%41%2.46%所有其他MSA 77%67%2.44%2021 40%2%0.37%0.36%总计100%100%2.65%4.42%前10个州%RIF%案例储备(1)Delq率前10个MSA/大都市区分部%RIF%案例储备(1)Delq利率账面年度RIF和亏损%RIF%案例准备金(1)Delq利率累计Delq利率(2)加利福尼亚州11%11%3.91%芝加哥-内珀维尔，IL地铁部门3%4%4.38%德克萨斯州8%8%3.47%凤凰城，亚利桑那州MSA 3%2%2.64%2008及之前的4%27%11.52%5.60%佛罗里达(3)7%9%3.73%纽约，纽约地铁部门3%8%6.48%2009-2013年1%3%6.03%0.78%纽约(3)5%12%4.41%亚特兰大，佐治亚州MSA 2%3%4.00%2014 1%3%5.81%1.12%伊利诺伊州(3)5%6%3.53%华盛顿-阿灵顿DC地铁部2%2%3.88%2015 2%5%4.67%1.22%密歇根州4%2%2.01%休斯顿，TX MSA 2%3%4.51%2016 5%8%4.31%1.45%亚利桑那州4%2%2.64%Riverside-San Bernardino CA MSA 2%2%4.42%2017 5%10%5.31%1.89%北卡罗来纳州4%2%2.54%洛杉矶-长滩，CA Metro分区2%3%4.98%2018 5%13%6.51%2.29%宾夕法尼亚州(3)3%3%2.75%达拉斯，德克萨斯州地铁部2%2%3.02%2019 11%18%4.43%2.14%华盛顿3%3%3.65%拿骚县，NY 2%4%6.93%2020 34%12%1.43%1.16%所有其他州(4)46%42%2.80%所有其他MSA 77%67%2.79%2021 32%1%0.24%0.23%总计100%100%3.08%4.50%9月30日，2021(1)直接主要案件准备金不包括损失调整费用, 已发生但未申报的准备金和再保险准备金。(2)计算方法为截至目前为止曾获支付索偿的保单数目，以及现时拖欠贷款的保单数目除以曾经有效的保单数目。(3)管辖权主要使用司法止赎程序，这通常会增加完成止赎所需的时间。(4)包括哥伦比亚特区。拖欠业绩不包括分期付款业务，这对我们的业绩无关紧要2022年9月30日2021年12月31日
Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Fixed Maturity Securities: U.S. treasuries $44,654 1% $49,668 1% $56,751 1% $58,408 1% $65,117 1% $65,625 1% $70,832 1% Municipals 432,229 9% 469,509 10% 508,391 10% 538,453 10% 459,783 9% 408,317 8% 300,104 6% Non-U.S. government 9,252 0% 21,120 0% 21,529 0% 22,416 0% 22,758 0% 22,950 1% 30,415 1% U.S. corporate 2,639,184 54% 2,742,523 56% 2,882,497 57% 2,945,303 56% 2,948,106 55% 2,891,598 55% 2,844,775 56% Non-U.S. corporate 647,063 14% 618,710 13% 629,795 12% 666,594 13% 712,603 13% 692,068 13% 679,302 13% Residential MBS 11,743 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% Other asset-backed 1,093,777 22% 1,007,832 20% 994,121 20% 1,035,165 20% 1,167,700 22% 1,175,909 22% 1,180,700 23% Total available-for-sale fixed maturity securities $4,877,902 100% $4,909,362 100% $5,093,084 100% $5,266,339 100% $5,376,067 100% $5,256,467 100% $5,106,128 100% Fixed Maturity Securities - Credit Quality NRSRO(1) Designation AAA $503,574 10% $441,105 9% $432,633 9% $482,950 9% $485,739 9% $483,513 9% $475,369 9% AA 771,698 16% 798,828 16% 839,185 16% 876,294 17% 898,158 17% 841,282 16% 777,345 15% A 1,699,803 35% 1,686,644 34% 1,736,936 34% 1,791,582 34% 1,829,844 34% 1,763,010 34% 1,786,601 35% BBB 1,790,168 37% 1,855,984 38% 1,936,838 38% 1,958,901 37% 2,004,994 37% 2,013,940 38% 1,921,999 38% BB & Lower 112,659 2% 126,801 3% 147,492 3% 156,612 3% 157,332 3% 154,722 3% 144,814 3% Total fixed maturity securities $4,877,902 100% $4,909,362 100% $5,093,084 100% $5,266,339 100% $5,376,067 100% $5,256,467 100% $5,106,128 100% Average duration 3.7 3.8 3.8 3.9 3.7 3.6 3.6 Average yield 3.0% 2.8% 2.7% 2.7% 2.7% 2.8% 2.8% (1)Nationally Recognized Statistical Rating Organizations. December 31, 2021 September 30, 2021 Composition of Investments at Fair Value (amounts in thousands) March 31, 2021June 30, 2022 June 30, 2021March 31, 2022September 30, 2022
2021-1 ILN 2020 XOL 2020 ILN 2021-2 ILN 2021 XOL 2021-3 ILN 2022 XOL -3 2022 XOL -4 2022 XOL -5 2022 XOL -1 2022 XOL -2 1/14-12/18, 4Q'19 Full Year 2020 1/20-8/20 9/20-12/20 Full Year 2021 1/21-6/21 7/21-12/21 7/21-12/21 1/22-6/22 Full Year 2022 Full Year 2022 At Closing ($MM) Initial CRT Risk In Force $14,142 $23,047 $14,909 $8,384 $22,373 $12,141 $10,550 $10,550 $8,547 $12,178 $12,178 Initial Reinsurance Amount $495 $168 $350 $303 $206 $372 $289 $36 $201 $136 $17 Initial First Loss Retention Layer $212 $691 $522 $189 $671 $304 $317 $264 $256 $365 $304 Initial Attachment % (2) 1.50% 3.00% 3.50% 2.25% 3.00% 2.50% 3.00% 2.50% 3.00% 3.00% 2.50% Initial Detachment % (2) 5.00% 7.00% 7.00% 7.00% 7.00% 6.75% 7.00% 3.00% 7.00% 7.00% 3.00% % Of Covered Loss Tier Reinsured 100.00% 18.25% 67.00% 76.00% 23.00% 72.00% 68.45% 68.45% 58.80% 28.50% 28.50% Commencement Date 03/02/21 01/01/20 10/22/20 04/16/21 01/01/21 09/02/21 03/01/22 03/01/22 09/01/22 01/01/22 01/01/22 Termination Date 08/25/33 12/31/30 10/25/30 10/25/33 12/31/31 02/25/34 12/31/31 12/31/31 12/31/32 12/31/32 12/31/32 Optional Call Date 02/25/26 06/30/27 10/25/27 04/25/28 06/30/28 08/25/28 12/31/28 12/31/28 01/01/30 12/31/30 12/31/30 Clean-Up Call 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% As of September 30, 2022 ($MM) Current CRT Risk In Force (1) $5,725 $14,788 $7,975 $6,466 $20,653 $10,353 $9,957 $9,957 $8,357 $12,178 $12,178 Current Reinsured Amount $169 $68 $86 $269 $192 $360 $282 $36 $193 $136 $17 PMIERs Required Asset Credit (3) $151 $65 $11 $227 $185 $322 $269 $35 $177 $131 $17 Current Attachment % (2) 3.70% 4.67% 6.54% 2.92% 3.25% 2.93% 3.18% 2.65% 3.07% 3.00% 2.50% Current Detachment % (2) 6.64% 7.18% 8.16% 8.38% 7.30% 7.76% 7.31% 3.18% 7.00% 6.92% 3.00% Enact Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Incurred Losses Ever To Date (4) $26 $77 $40 $22 $47 $25 $14 $14 $2 $4 $4 Remaining First Loss Retention Layer $212 $691 $522 $189 $671 $304 $317 $264 $256 $365 $304 Reinsurer Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 (amounts in millions) Credit Risk Transfer Transaction Summary (1) The total primary risk in force is $61.1B and the total current risk in force covered by a CRT is $54.2B. (2) Attachment % and detachment % are the aggregate loss amounts as a percentage of risk in force at which the reinsurer begins and stops paying claims under the policy. (3) Current PMIERs required asset credit considers the counterparty credit haircut. (4) Incurred losses ever to date shown does not include IBNR or loss adjustment expenses. Definitions: CRT = Credit Risk Transfer; RIF = Risk In Force; XOL = Excess Of Loss; ILN = Insurance Linked Note
第三季第二季第一季第四季第三季第二季综合统计数字：法定保单持有人盈余$1,348$1,277$1,442$1,397$1,558$1,567$1,557应急储备金3,424 3,297 3,168 3,042 2,914 2,783 2,652合并法定资本$4,772$4,574$4,610$4,439$4,472$4,350$4,209经调整RIF(1)$58,542$57,407$55,512$54,201$52,752$51,436$49,436$49347综合风险资本比率12.3 12.6 12.0 12.2 11.8 11.8 11.7 Emico(2)统计：法定保单持有人盈余$1,296$1,226$1,390$1,346$1,508$1,487$1,477应急准备金3,422 3,294 3,167 3,041 2,913 2,782 2,652 Emico法定资本$4,718$4,520$4,557$4,387$4,421$4,269$4,129经调整RIF(1)$58,233$57,169$55,321$54,033$52，608$51,312$49,249 Emico风险与资本比率12.3 12.6 12.1 12.3 11.9 12.0 11.9 PMIER可用资产(3)$5,292$5,147$5,222$5,077$5,126$4,926$4,769 PMIER所需总资产(3)(4,773)(4,789)(4,855)(4,868)(5,006)(5,151)(5,302)PMIER再保险信贷1,590 1,511 1,622 1,404,597 1需要净资产(3,043美元)(3,100美元)(2,961美元)(3,074美元)(2,839美元)(2,985美元)(3,005美元)高于PMIERs要求的可用资产(3,249美元2,047美元2,261 2,003美元2,287美元1,941美元，764 PMIERS充足率(3)174%166%176%165%181%165%159%(3)PMIERS充足率的计算方法为可用资产除以PMIERs中定义的所需资产。本期PMIERs充足率是由于PMIERs提交的时间所致的估计，没有考虑政府支持的企业(GSE)最近施加的限制的影响。GSE对该公司施加了某些资本限制，这些限制在满足某些条件之前一直有效。这些限制要求Emico在2021年12月31日之前保持已公布PMIER最低所需资产的115%，以及其他限制。自2022年1月1日起生效, 这些要求增加到120%。2021年资本和PMIERs(以百万美元为单位)(1)用于计算合并法定RTC的调整后RIF与本财务补充资料中其他地方列出的RIF不同。根据北卡罗来纳州保险部的要求，调整后的RIF不包括拖欠保单。(2)制定该公司在美国的主要抵押贷款保险子公司--抵押保险公司(Emico)。2022年