Enact Holdings, Inc. reported its financial results for the second quarter of 2025, revealing total revenues of $304.9 million, a 2% increase from $298.8 million in the same period last year. The company's net income for the quarter was $167.8 million, down 9% from $183.7 million in the prior year, resulting in diluted earnings per share of $1.11 compared to $1.16. For the first half of 2025, Enact's revenues reached $611.7 million, a 4% increase from $590.4 million in the first half of 2024, while net income decreased to $333.6 million from $344.7 million.
The company experienced a significant rise in losses incurred, which totaled $25.3 million for the second quarter, compared to a gain of $16.8 million in the same quarter of 2024. This shift was attributed to an increase in new delinquencies, which contributed $69 million in loss expenses during the quarter. Enact's loss ratio for the quarter was reported at 10%, compared to a negative 7% in the previous year, reflecting the impact of favorable reserve developments in both periods. The company also noted a decrease in its expense ratio to 22% from 23% year-over-year, driven by lower acquisition and operating expenses.
In terms of operational metrics, Enact's new insurance written (NIW) for the second quarter was $13.3 billion, a 3% decrease from $13.6 billion in the same quarter of 2024. The primary persistency rate was reported at 82%, slightly down from 83% in the prior year. The total primary insurance in-force increased to $269.8 billion, up from $266.1 billion year-over-year. The company also reported a total of 22,118 delinquent loans, an increase from 19,051 in the previous year, with a delinquency rate of 2.32%.
Strategically, Enact has continued to focus on its share repurchase program, having repurchased 2.4 million shares at an average price of $35.45 during the second quarter. The company has also maintained a strong liquidity position, with cash and cash equivalents totaling $613 million as of June 30, 2025, compared to $599 million at the end of 2024. Looking ahead, Enact remains cautious about the macroeconomic environment, particularly regarding inflation and housing market conditions, which could impact future performance. The company is committed to managing its capital effectively while continuing to return value to shareholders through dividends and share repurchases.
About Enact Holdings, Inc.
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