Enact Holdings, Inc. (ACT) Earnings
Enact Holdings, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.21. ACT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +4.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.21 | $1.21 | +0.0% | $312M | -0.9% |
| Feb 3, 2026 | $1.09 | $1.23 | +12.8% | $312M | -2.5% |
| Nov 5, 2025 | $1.12 | $1.12 | +0.0% | $311M | -1.3% |
| Jul 30, 2025 | $1.11 | $1.15 | +3.6% | $305M | -1.8% |
| Apr 30, 2025 | $1.12 | $1.10 | -1.8% | $307M | +1.5% |
| Feb 4, 2025 | $1.02 | $1.09 | +6.9% | $302M | -2.4% |
| Jul 31, 2024 | $0.99 | $1.27 | +28.3% | $299M | -0.2% |
| May 1, 2024 | $0.96 | $1.04 | +8.3% | $292M | -0.9% |
| Feb 6, 2024 | $0.92 | $0.98 | +6.5% | $296M | -0.4% |
| Nov 1, 2023 | $0.89 | $1.02 | +14.6% | $299M | +2.6% |
| Aug 1, 2023 | $0.84 | $1.04 | +23.8% | $278M | -4.2% |
| May 3, 2023 | $0.80 | $1.08 | +35.0% | $281M | -1.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- ANAC had a strong start in 2026 with adjusted operating income of $172 million, adjusted return on equity of 13%, and new insurance written of $13 billion. - The housing market was dynamic with mortgage rate volatility affecting activity. Persistency was elevated at 80%. - Credit performance was healthy with no significant impact in the credit portfolio. - Pricing was constructive with the use of Rate360. Losses saw total delinquencies decrease sequentially and a net reserve release of $39 million. - There was prudent expense management with progress towards achieving the 2026 expense guidance. - ENACRE had strong performance and provided robust capital returns to shareholders with a dividend increase. - Applauded the FHFA and GSEs' announcement of the limited rollout of Vantage Score 4.0.
Guidance
- The 2026 total capital return guidance remains unchanged at around $500 million. - For 2026, operating expenses are expected to be in the range of $215 million to $220 million excluding reorganizational costs. - The board of directors approved a 14% increase in the dividend from 21 cents to 24 cents per share, payable on June 18, 2026.
Segment performance
In the first quarter, adjusted operating income was $172 million, equivalent to $1.21 per diluted share. New insurance written amounted to $13 billion. Persistency stood at 80%. Primary insurance in force was $272 billion. Investment income was $71 million. Operating expenses were $49 million. The PMIRES sufficiency was 162%. New delinquencies decreased sequentially, while the cure rate increased sequentially. Losses were $37 million with a loss ratio of 15%. ENACRE generated attractive risk-adjusted returns.
Analyst Q&A
Q: Regarding credit, are there any markets to keep an eye on for home prices and have you adjusted pricing or exposures?
A: Dean stated that there are geographies with different home price dynamics, and Rate360 can price across over 300 MSAs based on future home price views, charging incremental premium in markets likely to pull back.
Q: Vantage score rollout and PMIRES?
A: Rohit said they support initiatives to expand homeownership access, have been working with FHFA, and are waiting for PMIRES guidance for VantageScore 4.0.
Q: What are the expectations for the credit delinquency rate?
A: Dean said it's hard to predict precisely, but aging purchase-heavy books with certain risk attributes may lead to a tick up in the delinquency rate.
Q: Premium yield expectations and competitive intensity?
A: Dean talked about various variables affecting the base premium rate, and Rohit said the market is constructive and they like the new insurance written.
Q: GST behavior and its impact on MI?
A: Rohit said there are no meaningful changes in GSE risk appetite.
Q: Refi activity and its impact on the portfolio's risk?
A: Rohit and Dean discussed refi windows, borrower behavior, and how different risk attributes are involved in refi activity.
Q: Reserves and the assumptions behind them?
A: Dean said actuarial methods aren't econometrically driven, but claim rate was maintained at 8%.
Q: The influence of Rate360 and investment in it?
A: Rohit discussed Rate360's iteration and ongoing investment in analytics and technologies for better pricing.