Enact Holdings reported GAAP net income of $177 million, or $1.22 per diluted share, for the fourth quarter of 2025, up from $163 million, or $1.05 per diluted share, in the year-ago period. Adjusted operating income reached $179 million, or $1.23 per diluted share, compared with $169 million, or $1.09 per share, in the fourth quarter of 2024. Full-year GAAP net income was $674 million, and adjusted operating income totaled $688 million, reflecting disciplined execution and resilient credit performance in a challenging housing environment.

New insurance written (NIW) rose to $14 billion in Q4, an 8% increase from the same quarter last year, driven by 96% monthly premium policies and 81% purchase originations. Primary insurance in-force grew 2% year-over-year to $273 billion. Persistency held at 80%, while the loss ratio improved to 7% from 10% a year ago, supported by a $60 million net reserve release following favorable cure performance and a reduction in claim rate expectations from 9% to 8%. Net premiums earned remained flat at $246 million.

Enact returned over $500 million to shareholders in 2025, including $121 million in dividends and $382 million in share repurchases (10.5 million shares). In Q4, the company repurchased 3.4 million shares for $127 million and paid a $0.21 per share dividend. At year-end, cash and cash equivalents totaled $257 million, with $370 million in invested assets. PMIERs sufficiency stood at 162%, approximately $1.9 billion above regulatory requirements.

During the quarter, Enact secured an excess-of-loss reinsurance agreement covering $170 million of expected new insurance for the 2027 book year and received a positive rating outlook upgrade from S&P for its operating subsidiaries. The board approved a new $500 million share repurchase authorization and declared a $0.21 per share quarterly dividend. Management reiterated confidence in its strategy to support lenders, manage capital prudently, and deliver long-term value for shareholders.