AC
ACT
ACT Enact (ACT) Q2 FY26 earnings call
Enact Holdings delivered a strong Q2 FY26, marked by an upward revision in capital return expectations to $550 million-$600 million and resilient credit performance. The company continues to leverage technology with the launch of ELLA, an AI-powered underwriting tool, to enhance risk selection and operational efficiency. Despite a dynamic housing market with elevated rates and affordability pressures, Enact maintains a disciplined underwriting approach and strong capital position, positioning it for long-term success.
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ACT operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| New insurance written | $13BAdjusted 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 | $15BAdjusted 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 | 746In 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 | 746Our 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 pointsOur 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 pointsOur 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 pointsOur 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 pointsOur 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 | 13.6KNew 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 | 12.3KNew 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 | 24.7KTotal 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 | 24.3KTotal 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 | $1.9BOur 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 | $1.5BOur 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.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.