Enact Holdings Reports $167.8 Million Net Income and $312.1 Million Revenue in Q1 2026

Enact Holdings, Inc. reported a net income of $167.8 million for the first quarter of 2026, reflecting a slight increase of 1.2% from $165.8 million in the same period last year. Total revenues rose to $312.1 million, a 2% increase from $306.8 million in the prior year, driven primarily by a 12% increase in net investment income, which reached $70.9 million. However, premiums earned decreased by 1% to $242.9 million, attributed to higher ceded premiums and a decline in the persistency rate, which fell to 80% from 84% year-over-year.

The company experienced a notable increase in losses incurred, which rose by 22% to $37.2 million compared to $30.5 million in the previous year. This increase was influenced by a rise in new delinquencies, which totaled 13,559, contributing $76 million in loss expenses. The loss ratio for the quarter was reported at 15%, up from 12% in the prior year, while the expense ratio slightly improved to 20% from 21%. Enact's operational efficiency was reflected in a decrease in acquisition and operating expenses, which fell by 6% to $47 million.

In terms of strategic developments, Enact reported a 30% increase in new insurance written (NIW), totaling $12.8 billion, largely driven by refinancing activity amid fluctuating mortgage rates. The company’s primary insurance in-force also increased to $272.5 billion, up from $268.4 billion a year earlier. The total number of primary policies in-force decreased to 943,892 from 955,210, while the delinquency rate rose to 2.61% from 2.34%, indicating a slight deterioration in loan performance.

Enact's balance sheet showed total assets of $6.96 billion as of March 31, 2026, up from $6.89 billion at the end of 2025. The company maintained a strong capital position, with a risk-to-capital ratio of 10.0:1, well below the regulatory maximum of 25:1. The company’s liquidity position remained robust, with cash and cash equivalents totaling $549 million. Looking ahead, Enact anticipates continued challenges in the mortgage insurance market due to economic volatility and regulatory changes, but remains focused on maintaining its market share and profitability through strategic pricing and underwriting practices.