$ACT

Enact Holdings, Inc.

CIK:0001823529|SEC Filings

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Premiums	$ 244,656	$ 245,289	$ 487,506	$ 490,075
Net investment income	73,211	65,884	144,117	128,921
Net investment gains (losses)	(2,234)	(7,343)	(8,057)	(10,586)
Other income	1,675	1,060	5,811	3,256
Total revenues	317,308	304,890	629,377	611,666
Losses and expenses:
Losses incurred	33,264	25,289	70,425	55,830
Acquisition and operating expenses, net of deferrals	49,467	50,598	96,504	100,692
Amortization of deferred acquisition costs and intangibles	2,123	2,205	4,246	4,634
Interest expense	12,485	12,296	24,853	24,587
Total losses and expenses	97,339	90,388	196,028	185,743
Income before income taxes	219,969	214,502	433,349	425,923
Provision for income taxes	45,131	46,694	90,739	92,337
Net income	$ 174,838	$ 167,808	$ 342,610	$ 333,586
Net income per common share:
Basic (in usd per share)	$ 1.25	$ 1.12	$ 2.44	$ 2.21
Diluted (in usd per share)	$ 1.25	$ 1.11	$ 2.42	$ 2.20
Weighted average common shares outstanding:
Basic (in shares)	139,505	149,940	140,550	150,885
Diluted (in shares)	140,315	150,729	141,475	151,818

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 342,610	$ 333,586
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses	8,057	10,586
Amortization of fixed maturity securities discounts and premiums	(7,063)	(6,519)
Amortization of deferred acquisition costs and intangibles	4,246	4,634
Acquisition costs deferred	(3,140)	(2,551)
Deferred income taxes	971	3,206
Stock-based compensation expense	9,758	8,107
Amortization of debt issuance costs	751	703
Change in certain assets and liabilities:
Accrued investment income	(6,308)	(3,664)
Premiums receivable	(20,531)	8,940
Other assets	2,084	(3,313)
Loss reserves	26,216	27,225
Unearned premiums	(10,701)	(13,475)
Other liabilities	(4,398)	(21,223)
Net cash provided by operating activities	342,552	346,242
Cash flows from investing activities:
Purchases of fixed maturity securities available-for-sale	(791,642)	(1,115,564)
Purchases of limited partnerships and equity interests	(450)	(500)
Proceeds from sales of fixed maturity securities available-for-sale	273,796	524,742
Proceeds from maturities of fixed maturity securities available-for-sale	354,690	478,339
Net change in short-term investments	(49,146)	372
Other	(4,986)	(2,576)
Net cash used in investing activities	(217,738)	(115,187)
Cash flows from financing activities:
Repurchase of common stock	(186,536)	(149,864)
Dividends paid	(63,238)	(59,585)
Other	(9,087)	(8,071)
Net cash used in financing activities	(258,861)	(217,520)
Net increase (decrease) in cash and cash equivalents	(134,047)	13,535
Cash and cash equivalents at beginning of period	582,493	599,432
Cash and cash equivalents at end of period	$ 448,446	$ 612,967

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $6,258,735 and $6,081,997 as of June 30, 2026, and December 31, 2025, respectively)	$ 6,161,975	$ 6,050,542
Short-term investments, at fair value	49,123	0
Total investments	6,211,098	6,050,542
Cash and cash equivalents	448,446	582,493
Accrued investment income	62,381	56,073
Deferred acquisition costs	22,192	22,232
Premiums receivable	66,661	46,130
Other assets	112,364	116,007
Deferred tax asset	32,999	19,989
Total assets	6,956,141	6,893,466
Liabilities:
Loss reserves	598,686	572,470
Unearned premiums	80,938	91,639
Other liabilities	135,750	129,695
Long-term borrowings	745,232	744,481
Total liabilities	1,560,606	1,538,285
Equity:
Common stock ($0.01 par value; 600,000 shares authorized; 138,132 shares issued and outstanding as of June 30, 2026, and 142,209 shares issued and outstanding as of December 31, 2025)	1,381	1,422
Additional paid-in capital	1,521,281	1,706,481
Accumulated other comprehensive income	(83,296)	(30,143)
Retained earnings	3,956,169	3,677,421
Total equity	5,395,535	5,355,181
Total liabilities and equity	$ 6,956,141	$ 6,893,466