Enact (ACT) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Financials· May 6, 2026

Source: earnings call transcript

Enact delivered a strong start to the fiscal year, navigating a volatile rate environment with resilient credit performance and disciplined strategy execution. The company reported robust profitability and capital returns, including a dividend increase, while maintaining a strong balance sheet. Management continues to focus on dynamic risk-adjusted pricing and operational efficiencies, positioning the company for long-term success despite macroeconomic uncertainties.

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ACT operating KPIs by quarter

ACT operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
New insurance written	$13B Adjusted return on equity was 13%, and we generated strong new insurance written of $13 billion, resulting in total insurance in force of $272 billion. Source: earnings call transcript	$15B Adjusted return on equity was 13%, and we generated strong new insurance written of $15 billion, resulting in insurance in force of $274 million. Source: earnings call transcript	+15.4%
Risk-weighted average FICO score	746 In fact, our Insurance-in-Force portfolio remains resilient with a risk-weighted average FICO score of 746, risk-weighted average loan-to-value ratio of 93% and and layered risk was 1.2% of risk in-force. Source: earnings call transcript	746 Our insurance in force portfolio remains resilient with a risk-weighted average credit score of 746 and a risk-weighted average loan-to-value ratio of 93%. Source: earnings call transcript	0%
Risk-weighted average loan-to-value ratio	93% In fact, our Insurance-in-Force portfolio remains resilient with a risk-weighted average FICO score of 746, risk-weighted average loan-to-value ratio of 93% and and layered risk was 1.2% of risk in-force. Source: earnings call transcript	93% Our insurance in force portfolio remains resilient with a risk-weighted average credit score of 746 and a risk-weighted average loan-to-value ratio of 93%. Source: earnings call transcript	0 pt
PMIER sufficiency ratio	162% At the end of the quarter, our PMIER sufficiency ratio was 162%, providing significant financial flexibility and our credit and investment portfolios are in excellent shape. Source: earnings call transcript	151% At the end of the quarter, our PMIERs sufficiency ratio was 151%, providing significant financial flexibility and our credit and investment portfolios were in excellent shape. Source: earnings call transcript	-11 pt
Base premium rate	39.4 basis points Our base premium rate of 39.4 basis points was down 0.2 basis points sequentially, in line with our expectations. Source: earnings call transcript	39.1 basis points Our base premium rate of 39.1 basis points was down 0.3 basis points sequentially. Source: earnings call transcript	-0.8%
Net earned premium rate	34.3 basis points Our net earned premium rate was 34.3 basis points, down 0.5 basis points sequentially, driven by higher ceded premiums. Source: earnings call transcript	34.1 basis points Our net earned premium rate was 34.1 basis points, down 0.2 basis points sequentially and aligned with the decrease in base premium rate. Source: earnings call transcript	-0.6%
Average portfolio book yield	4.5% Our new money investment yield of 5% contributed to an increase in the average portfolio book yield of 4.5% for the quarter. Source: earnings call transcript	4.6% Our new money investment yield was over 5% and contributed to an increase in the average portfolio book yield to 4.6% for the quarter. Source: earnings call transcript	+0.1 pt
New delinquencies	13.6K New delinquencies decreased sequentially to 13,600 in the quarter from 13,700 in the fourth quarter of 2025, in line with expected seasonal trends. Source: earnings call transcript	12.3K New delinquencies decreased sequentially to 12,300 in the quarter from 13,500 in the first quarter of 2026, in line with expected seasonal trends. Source: earnings call transcript	-9.6%
New delinquency rate	1.5% Our new delinquency rate for the quarter remained consistent with pre-pandemic levels at 1.5%, flat from the fourth quarter of 2025 and an increase of 20 basis points from the first quarter of 2025. Source: earnings call transcript	1.3% Our new delinquency rate for the quarter remained consistent with prepandemic levels at 1.3%, down 20 basis points from the first quarter of 2026 and an increase of 10 basis points from the second quarter of 2025. Source: earnings call transcript	-0.2 pt
Total delinquencies	24.7K Total delinquencies in the first quarter decreased sequentially to 24,700 from 24,900 and the delinquency rate was flat sequentially at 2.6%. Source: earnings call transcript	24.3K Total delinquencies in the second quarter decreased sequentially to 24,300 from 24,700 and the delinquency rate was flat sequentially at 2.6%. Source: earnings call transcript	-1.6%
Delinquency rate	2.6% Total delinquencies in the first quarter decreased sequentially to 24,700 from 24,900 and the delinquency rate was flat sequentially at 2.6%. Source: earnings call transcript	2.6% Total delinquencies in the second quarter decreased sequentially to 24,300 from 24,700 and the delinquency rate was flat sequentially at 2.6%. Source: earnings call transcript	0 pt
PMIERs capital credit Third-party CRT program	$1.9B Our PMIER sufficiency was 162% or $1.9 billion above PMIERs requirements, and our third-party CRT program provides $1.9 billion of PMIERs capital credit at the end of the first quarter. Source: earnings call transcript	$1.5B Our PMIER sufficiency was 151% or $1.9 billion above PMIERs requirements, and our third-party CRT program, provides $1.5 billion of PMIERs capital credit at the end of the quarter. Source: earnings call transcript	-21.1%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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