Enact (ACT) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $175 million ($1.25 per diluted share), up 4% sequentially and year-over-year, with adjusted operating income of $177 million ($1.26 per diluted share).

• New insurance written (NIW) reached $15.2 billion, up 19% sequentially and 15% year-over-year, driving insurance in-force to $274 billion with an 80% persistency rate.

• Returned $127 million to shareholders in Q2 2026 via $34 million in dividends and $93 million in share buybacks; capital return guidance for 2026 raised to $550–$600 million.

• Reserve release of $37 million in Q2 2026, driven by strong cure performance and loss mitigation.

• Declared a $0.24 per share quarterly dividend, with board approval for continued capital returns.

Financial highlights

• Net premiums earned were $245 million, up 1% sequentially and 19% quarter-over-quarter, flat year-over-year.

• Adjusted operating income was $177 million, with adjusted operating EPS of $1.26 and adjusted ROE at 13.2%.

• Net investment income rose to $73 million, up 3% sequentially and 11% year-over-year.

• Losses incurred were $33 million (loss ratio 14%), down from $37 million last quarter but up from $25 million a year ago.

• Book value per share excluding AOCI reached $39.66.

Outlook and guidance

• 2026 capital return guidance increased to $550–$600 million, reflecting strong business performance and confidence.

• Persistency expected to remain elevated, supporting insurance in-force despite higher mortgage rates.

• 2026 expense guidance (excluding reorganization costs) set at $205–$210 million.

• Base premium rate expected to remain relatively flat versus 2025, with minor quarter-to-quarter volatility.

• Dividend and share repurchase programs remain a priority, with $374.7 million available for repurchases as of quarter-end.