Enact Holdings, Inc. reported its financial results for the third quarter of 2025, revealing total revenues of $311.5 million, a slight increase of 1% from $309.6 million in the same period last year. The company's net income for the quarter was $163.5 million, down 10% from $180.7 million in the prior year. For the nine months ending September 30, 2025, Enact's total revenues reached $923.1 million, a 3% increase compared to $900 million for the same period in 2024, while net income decreased by 5% to $497.1 million from $525.3 million.
The company experienced a notable rise in losses incurred, which totaled $35.9 million for the third quarter, a significant increase from $12.2 million in the same quarter of 2024. This surge was attributed to a higher number of new delinquencies, which totaled 12,998, contributing $79 million in loss expenses. The loss ratio for the quarter was reported at 15%, compared to 5% in the previous year. Enact's premium income for the quarter was $244.7 million, a decrease from $249.1 million in the prior year, primarily due to higher ceded premiums.
In terms of operational developments, Enact reported a primary insurance in-force of $272.3 billion as of September 30, 2025, up from $268 billion at the end of 2024. The company also noted a persistency rate of 83%, consistent with the previous year. The total number of primary policies in force decreased to 953,657 from 967,501 a year earlier. Enact's new insurance written (NIW) for the third quarter was $14 billion, reflecting a 3% increase compared to the same quarter in 2024.
Strategically, Enact has made significant moves to enhance its capital structure, including the establishment of a new $435 million unsecured revolving credit facility, which replaces a previous $200 million facility. The company has also been active in share repurchases, having repurchased 2.8 million shares at an average price of $37.23 during the quarter. The company’s financial strength ratings were upgraded by both Moody’s and Fitch in 2025, reflecting improved credit quality and operational performance.
Looking ahead, Enact Holdings anticipates continued challenges in the mortgage insurance market due to macroeconomic factors, including inflation and interest rate fluctuations. The company remains focused on maintaining its capital adequacy under PMIERs and managing its risk-to-capital ratio, which stood at 10.2:1 as of September 30, 2025. Enact's management expressed confidence in its ability to navigate the competitive landscape while pursuing growth opportunities in the mortgage insurance sector.
About Enact Holdings, Inc.
Enact Holdings, Inc. is a leading private mortgage insurance provider in the U.S., supporting the housing finance system since 1981. It offers primary and pool mortgage insurance to protect lenders and investors against losses on low down payment loans, facilitating secondary market sales. The company serves a diverse customer base, leveraging advanced risk modeling, reinsurance strategies, and technology to deliver competitive, risk-adjusted solutions.
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