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Enact (ACT) investor relations material
Enact Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved Q4 2025 net income of $177.2 million ($1.22 per diluted share), up from $163.5 million in Q3 and $162.7 million in Q4 2024, with adjusted operating income of $179 million ($1.23 per share) and strong credit performance.
Returned over $500 million to shareholders in 2025 through $121 million in dividends and $382 million in share repurchases, with a new $500 million share repurchase program authorized for 2026.
Supported over 134,000 home purchases and 16,000 home retentions, leveraging advanced risk and pricing models.
Financial highlights
Q4 2025 adjusted operating income was $179 million, with adjusted operating ROE at 13.5% and net income of $177.2 million; full-year adjusted operating income was $688 million, down from $718 million in 2024.
Net premiums earned in Q4 were $246 million; net investment income was $69 million, up from $63 million in Q4 2024.
Losses incurred in Q4 2025 were $18 million, with a loss ratio of 7%, down from 15% in Q3 and 10% in Q4 2024.
Book value per share increased to $37.66 at year-end 2025, up from $32.80 in Q4 2024.
Outlook and guidance
2026 capital return expectations set at $500 million, with flexibility to adjust based on business performance, macroeconomic, and regulatory factors.
Operating expenses for 2026 expected in the $215–$220 million range, excluding reorganization costs.
Mortgage insurance market size projected to grow 10–15% in 2026, with purchase originations expected to increase 8–24%.
Management remains confident in future execution, citing strong capital and operating discipline.
Detail the impact of claim rate expectation change
Implications of 22% portfolio above 6.7% mortgage rates
Funding strategy for the new $500M share repurchase
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Next Enact earnings date
Q1 202630 Apr, 2026
Enact
Next Enact earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Enact Holdings Inc. provides private mortgage insurance services that enable borrowers to purchase homes with low down payments. The company serves mortgage lenders by covering a portion of the lender’s risk in the event of borrower default. It is headquartered in Raleigh, North Carolina, and its shares are listed on the NASDAQ.
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