UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other Jurisdiction of | (Commission | (IRS Employer | ||||||||||||
| Incorporation) | File Number) | Identification No.) | ||||||||||||
(919 ) 846-4100
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On February 3, 2026, Enact Holdings, Inc. (the “Company”) issued (1) a press release announcing its financial results for the quarter ended December 31, 2025, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended December 31, 2025, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
| Item 8.01 | Other Events. | ||||
On February 3, 2026, we announced that the Board of Directors of the Company has approved authorization of a share repurchase program of up to $500 million of the Company’s outstanding shares of common stock. The Company has also entered into a stock repurchase agreement with Genworth Financial, Inc. (“Genworth”) for the repurchase of the Company’s stock. A copy of the related press release is furnished as Exhibit 99.3 and Stock Repurchase Agreement with Genworth is furnished as Exhibit 99.4 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. | ||||
The following materials are furnished as exhibits to this Current Report on Form 8-K:
| Exhibit Number | ||||||||
Press Release dated February 3, 2026 - Financial results | ||||||||
Financial Supplement for the quarter ended December 31, 2025 | ||||||||
| Press Release dated February 3, 2026 - Share repurchase program and dividend declaration | ||||||||
| Stock Repurchase Agreement with Genworth Financial, Inc. | ||||||||
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Enact Holdings, Inc. | |||||||||||
| By: | /s/ Hardin Dean Mitchell | ||||||||||
| Name: | Hardin Dean Mitchell | ||||||||||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||
| Dated: February 3, 2026 | |||||||||||
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Exhibit 99.1
ENACT REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
_______________________________________
GAAP Net Income of $177 million, or $1.22 per diluted share
Adjusted Operating Income of $179 million, or $1.23 per diluted share
Return on Equity of 13.3% and Adjusted Operating Return on Equity of 13.5%
Primary Insurance in-force of $273 billion, a 2% year-over-year increase
PMIERs Sufficiency of 162% or approximately $1.9 billion
Book Value Per Share of $37.66 and Book Value Per Share excluding AOCI of $37.87
Returned over $500 million of capital to shareholders in 2025
Raleigh, NC, February 3, 2026 – Enact Holdings, Inc. (Nasdaq: ACT) today announced its fourth quarter and full year 2025 results.
“Enact delivered a strong fourth quarter, capping another successful year driven by disciplined execution, resilient credit performance, and a continued focus on long-term value creation.” said Rohit Gupta, President and CEO of Enact. “Affordability pressures and interest rate volatility continue to shape housing activity. The role of private mortgage insurance remains critical, and we continue to approach this environment from a position of strength. Our strategy, solid capital position, and operating discipline have enabled us to support our customers, grow our business, and deliver sustainable value for our shareholders. Overall, we remain confident in our ability to execute and capitalize on the opportunities ahead.”
Key Financial Highlights
(In millions, except per share data or otherwise noted) | 4Q25 | 3Q25 | 4Q24 | 2025 | 2024 | |||||||||||||||||||||
Net Income (loss) | $177 | $163 | $163 | $674 | $688 | |||||||||||||||||||||
Diluted Net Income (loss) per share | $1.22 | $1.10 | $1.05 | $4.52 | $4.37 | |||||||||||||||||||||
Adjusted Operating Income (loss) | $179 | $166 | $169 | $688 | $718 | |||||||||||||||||||||
Adj. Diluted Operating Income (loss) per share | $1.23 | $1.12 | $1.09 | $4.61 | $4.56 | |||||||||||||||||||||
NIW ($B) | $14 | $14 | $13 | $52 | $51 | |||||||||||||||||||||
Primary Persistency Rate | 80% | 83% | 82% | 82% | 83% | |||||||||||||||||||||
Primary IIF ($B) | $273 | $272 | $269 | |||||||||||||||||||||||
Net Premiums Earned | $246 | $245 | $246 | $981 | $980 | |||||||||||||||||||||
Losses Incurred | $18 | $36 | $24 | $110 | $39 | |||||||||||||||||||||
Loss Ratio | 7% | 15% | 10% | 11% | 4% | |||||||||||||||||||||
Operating Expenses | $59 | $53 | $58 | $218 | $223 | |||||||||||||||||||||
Expense Ratio | 24% | 22% | 24% | 22% | 23% | |||||||||||||||||||||
Net Investment Income | $69 | $69 | $63 | $266 | $241 | |||||||||||||||||||||
| Net Investment gains (losses) | $(3) | $(3) | $(7) | $(16) | $(23) | |||||||||||||||||||||
Return on Equity | 13.3% | 12.4% | 13.0% | 13.0% | 14.3% | |||||||||||||||||||||
Adjusted Operating Return on Equity | 13.5% | 12.6% | 13.5% | 13.3% | 14.9% | |||||||||||||||||||||
PMIERs Sufficiency ($) | $1,919 | $1,904 | $2,052 | |||||||||||||||||||||||
PMIERs Sufficiency (%) | 162% | 162% | 167% | |||||||||||||||||||||||
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Fourth Quarter 2025 Financial and Operating Highlights
•Net income was $177 million, or $1.22 per diluted share, compared with $163 million, or $1.10 per diluted share, for the third quarter of 2025 and $163 million, or $1.05 per diluted share, for the fourth quarter of 2024. Adjusted operating income was $179 million, or $1.23 per diluted share, compared with $166 million, or $1.12 per diluted share, for the third quarter of 2025 and $169 million, or $1.09 per diluted share, for the fourth quarter of 2024.
•New insurance written (NIW) was $14 billion, up 2% from the third quarter of 2025, and up 8% from the fourth quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 81% purchase originations.
•Persistency remained elevated at 80%, down from 83% in the third quarter of 2025 and down from 82% in the fourth quarter of 2024. Approximately 22% of the mortgages in our portfolio had rates at least 50 basis points above December 2025’s average mortgage rate of 6.2%.
•Primary insurance in-force (IIF) was $273 billion, up from $272 billion in the third quarter of 2025 and up approximately 2% from $269 billion in the fourth quarter of 2024.
•Net premiums earned were $246 million, approximately flat from the third quarter of 2025 and the fourth quarter of 2024.
•Losses incurred for the fourth quarter of 2025 were $18 million and the loss ratio was 7%, compared to $36 million and 15%, respectively, in the third quarter of 2025 and $24 million and 10%, respectively, in the fourth quarter of 2024. The sequential and year-over-year decrease in losses and the loss ratio were primarily driven by a net reserve release of $60 million reflecting favorable cure performance and the lowering of our claim rate expectations from 9% to 8%. We lowered our claim rate expectations on both new and recent delinquencies as a result of sustained favorable cure performance. The $60 million net reserve release compares to a reserve release of $45 million and $56 million in the third quarter of 2025 and fourth quarter of 2024, respectively.
•Operating expenses in the current quarter were $59 million, and the expense ratio was 24%. This is compared to $53 million and 22%, respectively, in the third quarter of 2025 and $58 million and 24%, respectively in the fourth quarter of 2024. The sequential increase was driven by incentive-based compensation.
•Net investment income was $69 million, flat from the third quarter of 2025 and up from $63 million in the fourth quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
•Net investment gains (losses) in the quarter were $(3) million, as compared to $(3) million sequentially and $(7) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
•Annualized return on equity for the fourth quarter of 2025 was 13.3% and annualized adjusted operating return on equity was 13.5%. This compares to the third quarter of 2025 results of 12.4% and 12.6%, respectively, and to fourth quarter of 2024 results of 13.0% and 13.5%, respectively.
Capital and Liquidity
•We returned $503 million to shareholders in 2025 consisting of $121 million in quarterly dividends, and $382 million of share repurchases (10.5 million shares at a weighted average share price of $36.25).
•We paid approximately $30 million, or $0.21 per share, dividend in the fourth quarter.
•EMICO completed a dividend of approximately $150 million in the fourth quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
•Enact Holdings, Inc. held $257 million in cash and cash equivalents plus $370 million of invested assets as of December 31, 2025. Combined cash and invested assets is down $23 million from the prior quarter, primarily due to return of capital and semi-annual interest payment, partially offset by the dividend from EMICO.
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•During the quarter, we announced an excess of loss reinsurance agreement with a panel of highly rated reinsurers that will provide approximately $170M of coverage on a portion of expected new insurance written for the 2027 book year.
•PMIERs sufficiency was 162% and $1.9 billion above the PMIERs requirements, compared to 162% and $1.9 billion above the PMIERs requirements in the third quarter of 2025.
Recent Events
•We repurchased approximately 3.4 million shares at an average price of $37.66 for a total of approximately $127 million in the quarter. Additionally, through January 30, 2026, we repurchased 0.8 million shares at an average price of $39.37 for a total of $31 million and approximately $30 million remains of our $350 million repurchase authorization.
•Subsequent to quarter end, S&P upgraded the financial strength rating outlook for EMICO, EHI and Enact Re to positive.
•Today we announced the Company’s Board of Directors approved a new share repurchase program with authorization to purchase up to $500 million of common stock along with a quarterly dividend of $0.21 per share, payable on March 19, 2026, to shareholders of record on February 26, 2026.
Conference Call and Financial Supplement Information
This press release, the fourth quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.
Enact will discuss fourth quarter financial results in a conference call tomorrow, Wednesday, February 4, 2026, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.
The webcast will also be archived on the Company’s website for one year.
About Enact
Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic
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conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share," and “adjusted operating return on equity." Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.
While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.
Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.
The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months and twelve months ending December 31, 2025 and 2024, as well as for the three months ended September 30, 2025.
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Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)
| 4Q25 | 3Q25 | 4Q24 | 2025 | 2024 | |||||||||||||
| REVENUES: | |||||||||||||||||
| Premiums | $245,742 | $244,688 | $245,735 | $980,505 | $980,104 | ||||||||||||
| Net investment income | 68,621 | 68,611 | 62,624 | 266,153 | 240,564 | ||||||||||||
| Net investment gains (losses) | (2,856) | (2,834) | (7,167) | (16,276) | (22,807) | ||||||||||||
| Other income | 1,199 | 990 | 584 | 5,445 | 3,913 | ||||||||||||
| Total revenues | 312,706 | 311,455 | 301,776 | 1,235,827 | 1,201,774 | ||||||||||||
| LOSSES AND EXPENSES: | |||||||||||||||||
| Losses incurred | 17,811 | 35,885 | 23,813 | 109,526 | 38,657 | ||||||||||||
| Acquisition and operating expenses, net of deferrals | 57,134 | 50,500 | 55,325 | 208,326 | 213,310 | ||||||||||||
| Amortization of deferred acquisition costs and intangibles | 2,211 | 2,344 | 2,522 | 9,189 | 9,659 | ||||||||||||
| Interest expense | 12,465 | 12,897 | 12,262 | 49,949 | 51,157 | ||||||||||||
| Loss on debt extinguishment | 0 | 0 | 0 | 0 | 10,930 | ||||||||||||
| Total losses and expenses | 89,621 | 101,626 | 93,922 | 376,990 | 323,713 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 223,085 | 209,829 | 207,854 | 858,837 | 878,061 | ||||||||||||
Provision for income taxes | 45,924 | 46,332 | 45,116 | 184,593 | 189,993 | ||||||||||||
| NET INCOME | $177,161 | $163,497 | $162,738 | $674,244 | $688,068 | ||||||||||||
| Net investment (gains) losses | 2,856 | 2,834 | 7,167 | 16,276 | 22,807 | ||||||||||||
| Costs associated with reorganization | 26 | 189 | 411 | 820 | 4,652 | ||||||||||||
| Loss on debt extinguishment | 0 | 0 | 0 | 0 | 10,930 | ||||||||||||
| Taxes on adjustments | (605) | (635) | (1,591) | (3,590) | (8,061) | ||||||||||||
| Adjusted Operating Income | $179,438 | $165,885 | $168,725 | $687,750 | $718,396 | ||||||||||||
Loss ratio (1) | 7 | % | 15 | % | 10 | % | 11 | % | 4 | % | |||||||
Expense ratio (2) | 24 | % | 22 | % | 24 | % | 22 | % | 23 | % | |||||||
| Earnings Per Share Data: | |||||||||||||||||
| Net Income per share | |||||||||||||||||
| Basic | $1.23 | $1.11 | $1.06 | $4.54 | $4.40 | ||||||||||||
| Diluted | $1.22 | $1.10 | $1.05 | $4.52 | $4.37 | ||||||||||||
| Adj operating income per share | |||||||||||||||||
| Basic | $1.24 | $1.13 | $1.10 | $4.64 | $4.60 | ||||||||||||
| Diluted | $1.23 | $1.12 | $1.09 | $4.61 | $4.56 | ||||||||||||
| Weighted-average common shares outstanding | |||||||||||||||||
| Basic | 144,290 | 147,434 | 153,537 | 148,373 | 156,277 | ||||||||||||
| Diluted | 145,294 | 148,340 | 154,542 | 149,318 | 157,554 | ||||||||||||
(1) The ratio of losses incurred to net earned premiums. | |||||||||||||||||
(2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended December 31, 2025 and September 30, 2025, and one percentage point December 31, 2024. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the year ended December 31, 2025, and one percentage point for the year ended December 31, 2024. | |||||||||||||||||
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Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)
| Assets | 4Q25 | 3Q25 | 4Q24 | ||||||||
| Investments: | |||||||||||
| Fixed maturity securities available-for-sale, at fair value | $6,050,542 | $6,068,501 | $5,624,773 | ||||||||
| Short term investments | — | 2,002 | 3,367 | ||||||||
| Total investments | 6,050,542 | 6,070,503 | 5,628,140 | ||||||||
| Cash and cash equivalents | 582,493 | 543,577 | 599,432 | ||||||||
| Accrued investment income | 56,073 | 53,895 | 49,595 | ||||||||
| Deferred acquisition costs | 22,232 | 22,521 | 23,771 | ||||||||
| Premiums receivable | 46,130 | 48,648 | 53,031 | ||||||||
| Other assets | 116,007 | 114,114 | 102,549 | ||||||||
| Deferred tax asset | 19,989 | 23,185 | 65,013 | ||||||||
| Total assets | $6,893,466 | $6,876,443 | $6,521,531 | ||||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Loss reserves | $572,470 | $572,054 | $524,715 | ||||||||
| Unearned premiums | 91,639 | 96,031 | 114,680 | ||||||||
| Other liabilities | 129,695 | 146,958 | 142,990 | ||||||||
| Long-term borrowings | 744,481 | 744,114 | 743,050 | ||||||||
| Total liabilities | 1,538,285 | 1,559,157 | 1,525,435 | ||||||||
| Equity: | |||||||||||
| Common stock | 1,422 | 1,456 | 1,523 | ||||||||
| Additional paid-in capital | 1,706,481 | 1,826,764 | 2,076,788 | ||||||||
| Accumulated other comprehensive income | (30,143) | (41,785) | (207,455) | ||||||||
| Retained earnings | 3,677,421 | 3,530,851 | 3,125,240 | ||||||||
| Total equity | 5,355,181 | 5,317,286 | 4,996,096 | ||||||||
| Total liabilities and equity | $6,893,466 | $6,876,443 | $6,521,531 | ||||||||
| Book value per share | $37.66 | $36.53 | $32.80 | ||||||||
| Book value per share excluding AOCI | $37.87 | $36.82 | $34.16 | ||||||||
U.S. GAAP ROE (1) | 13.3 | % | 12.4 | % | 13.0 | % | |||||
| Net investment (gains) losses | 0.2 | % | 0.2 | % | 0.6 | % | |||||
| Costs associated with reorganization | 0.0 | % | 0.0 | % | 0.0 | % | |||||
| (Gains) losses on early extinguishment of debt | 0.0 | % | 0.0 | % | 0.0 | % | |||||
| Taxes on adjustments | 0.0 | % | 0.0 | % | (0.1) | % | |||||
Adjusted Operating ROE(2) | 13.5 | % | 12.6 | % | 13.5 | % | |||||
| Debt to Capital Ratio | 12 | % | 12 | % | 13 | % | |||||
(1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||||
(2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity | |||||||||||
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Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 GAAP/Non-GAAP Disclosure Discussion This document includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share," and “adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs, gains (losses) on debt extinguishment and infrequent or unusual non-operating items. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Company’s common stockholders or net income (loss) available to Company’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Company’s common stockholders to adjusted operating income (loss) assume a 21% tax rate. Page 2
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 4Q 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $245,742 $244,688 $245,289 $244,786 $980,505 $245,735 $249,055 $244,567 $240,747 $980,104 Net investment income 68,621 68,611 65,884 63,037 266,153 62,624 61,056 59,773 57,111 240,564 Net investment gains (losses) (2,856) (2,834) (7,343) (3,243) (16,276) (7,167) (1,243) (7,713) (6,684) (22,807) Other income 1,199 990 1,060 2,196 5,445 584 720 2,207 402 3,913 Total revenues 312,706 311,455 304,890 306,776 1,235,827 301,776 309,588 298,834 291,576 1,201,774 LOSSES AND EXPENSES: Losses incurred 17,811 35,885 25,289 30,541 109,526 23,813 12,164 (16,821) 19,501 38,657 Acquisition and operating expenses, net of deferrals 57,134 50,500 50,598 50,094 208,326 55,325 53,091 53,960 50,934 213,310 Amortization of deferred acquisition costs and intangibles 2,211 2,344 2,205 2,429 9,189 2,522 2,586 2,292 2,259 9,659 Interest expense 12,465 12,897 12,296 12,291 49,949 12,262 12,290 13,644 12,961 51,157 Loss on debt extinguishment 0 0 0 0 0 0 0 10,930 0 10,930 Total losses and expenses 89,621 101,626 90,388 95,355 376,990 93,922 80,131 64,005 85,655 323,713 INCOME BEFORE INCOME TAXES 223,085 209,829 214,502 211,421 858,837 207,854 229,457 234,829 205,921 878,061 Provision for income taxes 45,924 46,332 46,694 45,643 184,593 45,116 48,788 51,156 44,933 189,993 NET INCOME $177,161 $163,497 $167,808 $165,778 $674,244 $162,738 $180,669 $183,673 $160,988 $688,068 Net investment (gains) losses $2,856 $2,834 $7,343 $3,243 $16,276 $7,167 $1,243 $7,713 $6,684 $22,807 Costs associated with reorganization 26 189 (24) 629 820 411 848 3,435 (42) 4,652 Loss on debt extinguishment 0 0 0 0 0 0 0 10,930 0 10,930 Taxes on adjustments (605) (635) (1,537) (813) (3,509) (1,591) (439) (4,636) (1,395) (8,061) Adjusted Operating Income $179,438 $165,885 $173,590 $168,837 $687,750 $168,725 $182,321 $201,115 $166,235 $718,396 Loss ratio (1) 7 % 15 % 10 % 12 % 11 % 10 % 5 % (7)% 8 % 4 % Expense ratio (2) 24 % 22 % 22 % 21 % 22 % 24 % 22 % 23 % 22 % 23 % Earnings per share data: Net income per share Basic $1.23 $1.11 $1.12 $1.09 $4.54 $1.06 $1.16 $1.17 $1.01 $4.40 Diluted $1.22 $1.10 $1.11 $1.08 $4.52 $1.05 $1.15 $1.16 $1.01 $4.37 Adjusted operating income per share Basic $1.24 $1.13 $1.16 $1.11 $4.64 $1.10 $1.17 $1.28 $1.05 $4.60 Diluted $1.23 $1.12 $1.15 $1.10 $4.61 $1.09 $1.16 $1.27 $1.04 $4.56 Weighted-average common shares outstanding Basic 144,290 147,434 149,940 151,831 148,373 153,537 155,561 157,193 158,818 156,277 Diluted 145,294 148,340 150,729 152,907 149,318 154,542 157,016 158,571 160,087 157,554 (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with restructuring costs increased the expense ratio by zero percentage points for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, one percentage point for the three months ended December 31, 2024, zero percentage points for the three months ended September 30, 2024, one percentage point for the three months ended June 30, 2024, and zero percentage points for the three months ended March 31, 2024. 2024 (1)The ratio of losses incurred to net earned premiums. Consolidated Statements of Income (amounts in thousands, except per share amounts) 2025 Page 3
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets Investments: Fixed maturity securities available-for- sale, at fair value $6,050,542 $6,068,501 $5,896,818 $5,815,337 $5,624,773 $5,652,399 $5,331,345 $5,351,138 Short term investments 0 2,002 3,001 3,696 3,367 1,550 12,313 9,963 Total investments 6,050,542 6,070,503 5,899,819 5,819,033 5,628,140 5,653,949 5,343,658 5,361,101 Cash and cash equivalents 582,493 543,577 612,967 635,269 599,432 673,363 699,035 614,330 Accrued investment income 56,073 53,895 53,259 49,654 49,595 45,954 45,317 43,450 Deferred acquisition costs 22,232 22,521 22,910 23,322 23,771 24,160 24,619 24,861 Premiums receivable 46,130 48,648 44,091 46,451 53,031 48,834 48,698 43,927 Other assets 116,007 114,114 107,882 103,351 102,549 100,723 98,929 126,644 Deferred tax asset 19,989 23,185 32,545 44,440 65,013 50,063 89,116 89,370 Total assets $6,893,466 $6,876,443 $6,773,473 $6,721,520 $6,521,531 $6,597,046 $6,349,372 $6,303,683 Liabilities and Shareholder's Interest Liabilities: Loss reserves $572,470 $572,054 $551,940 $542,528 $524,715 $510,401 $508,138 $531,443 Unearned premiums 91,639 96,031 101,205 107,519 114,680 121,382 129,870 138,886 Other liabilities 129,695 146,958 153,447 208,667 142,990 186,312 143,167 173,500 Long-term borrowings 744,481 744,114 743,753 743,399 743,050 742,706 742,368 746,090 Total liabilities 1,538,285 1,559,157 1,550,345 1,602,113 1,525,435 1,560,801 1,523,543 1,589,919 Equity: Common stock 1,422 1,456 1,484 1,508 1,523 1,544 1,561 1,577 Additional paid-in capital 1,706,481 1,826,764 1,927,372 2,007,776 2,076,788 2,145,518 2,220,903 2,264,198 Accumulated other comprehensive income (30,143) (41,785) (104,342) (152,482) (207,455) (101,984) (236,305) (237,477) Retained earnings 3,677,421 3,530,851 3,398,614 3,262,605 3,125,240 2,991,167 2,839,670 2,685,466 Total equity $5,355,181 $5,317,286 $5,223,128 $5,119,407 $4,996,096 $5,036,245 $4,825,829 $4,713,764 Total liabilities and equity $6,893,466 $6,876,443 $6,773,473 $6,721,520 $6,521,531 $6,597,046 $6,349,372 $6,303,683 Book value per share $37.66 $36.53 $35.20 $33.96 $32.80 $32.61 $30.91 $29.89 Book value per share excluding accumulated other comprehensive income $37.87 $36.82 $35.90 $34.97 $34.16 $33.27 $32.43 $31.40 U.S. GAAP ROE (1) 13.3 % 12.4 % 13.0 % 13.1 % 13.0 % 14.7 % 15.4 % 13.8 % Net investment (gains) losses 0.2 % 0.2 % 0.6 % 0.3 % 0.6 % 0.1 % 0.6 % 0.6 % Costs associated with reorganization 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.1 % 0.3 % 0.0 % (Gains) losses on early extinguishment of debt 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.9 % 0.0 % Taxes on adjustments 0.0 % 0.0 % (0.1)% (0.1)% (0.1)% 0.0 % (0.4)% (0.1)% Adjusted Operating ROE(2) 13.5 % 12.6 % 13.4 % 13.4 % 13.5 % 14.8 % 16.9 % 14.2 % Debt to capital ratio 12 % 12 % 12 % 13 % 13 % 13 % 13 % 14 % (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. Consolidated Balance Sheets (amounts in thousands, except per share amounts) Page 4
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Total Direct NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW NIW % of NIW Product Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Pool 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % Total $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Primary Only Origination Purchase $11,698 81 % $13,020 93 % $12,335 93 % $9,139 93 % $46,192 90 % $11,466 86 % $12,982 96 % $13,173 97 % $10,072 96 % $47,693 94 % Refinance 2,688 19 % 1,028 7 % 919 7 % 679 7 % 5,314 10 % 1,800 14 % 609 4 % 446 3 % 454 4 % 3,309 6 % Total Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Payment Type Monthly $13,836 96 % $13,567 97 % $12,688 96 % $9,229 94 % $49,320 96 % $12,768 96 % $12,851 95 % $13,177 97 % $10,034 95 % $48,830 96 % Single 525 4 % 461 3 % 554 4 % 576 6 % 2,116 4 % 483 4 % 722 5 % 422 3 % 475 5 % 2,102 4 % Other(1) 25 - % 20 - % 12 - % 13 - % 70 - % 15 - % 18 - % 20 - % 17 - % 70 —% Total Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % FICO Scores Over 760 $7,410 51 % $7,097 50 % $6,843 52 % $4,989 51 % $26,339 51 % $6,721 51 % $6,433 47 % $6,471 47 % $5,218 49 % $24,843 49 % 740 - 759 2,401 17 % 2,326 17 % 2,160 16 % 1,590 16 % 8,477 16 % 2,147 16 % 2,172 16 % 2,113 16 % 1,664 16 % 8,096 16 % 720 - 739 1,658 11 % 1,689 12 % 1,651 12 % 1,280 13 % 6,278 12 % 1,706 13 % 1,855 14 % 1,839 13 % 1,368 13 % 6,768 13 % 700 - 719 1,246 9 % 1,237 9 % 1,146 9 % 894 9 % 4,523 9 % 1,210 9 % 1,398 10 % 1,334 10 % 990 9 % 4,932 10 % 680 - 699 818 6 % 855 6 % 746 6 % 548 6 % 2,967 6 % 810 6 % 905 7 % 893 7 % 629 6 % 3,237 6 % 660 - 679(2) 507 3 % 498 3 % 411 3 % 313 3 % 1,729 3 % 363 3 % 446 3 % 562 4 % 388 4 % 1,759 3 % 640 - 659 250 2 % 228 2 % 212 1 % 145 1 % 835 2 % 222 2 % 268 2 % 289 2 % 193 2 % 972 2 % 620 - 639 92 1 % 112 1 % 80 1 % 51 1 % 335 1 % 80 - % 105 1 % 111 1 % 73 1 % 369 1 % <620 4 - % 6 - % 5 - % 8 - % 23 - % 7 - % 9 - % 7 - % 3 - % 26 - % Total Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg FICO 753 752 754 753 753 753 749 749 751 751 Loan-To-Value Ratio 95.01% and above $2,422 17 % $2,524 18 % $2,615 20 % $2,019 21 % $9,580 19 % $2,394 18 % $2,766 20 % $2,707 20 % $2,262 21 % $10,129 20 % 90.01% to 95.00% 5,200 36 % 5,214 37 % 4,850 37 % 3,571 36 % 18,835 36 % 4,934 37 % 5,232 39 % 5,228 38 % 3,876 37 % 19,270 38 % 85.01% to 90.00% 4,377 30 % 4,226 30 % 3,919 29 % 2,913 30 % 15,435 30 % 4,198 32 % 4,044 30 % 4,190 31 % 3,177 30 % 15,609 30 % 85.00% and below 2,387 17 % 2,084 15 % 1,870 14 % 1,315 13 % 7,656 15 % 1,740 13 % 1,549 11 % 1,494 11 % 1,211 12 % 5,994 12 % Total Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg LTV 92 % 92 % 93 % 93 % 92 % 92 % 93 % 93 % 93 % 93 % Debt-To-Income Ratio 45.01% and above $4,041 28 % $4,416 32 % $3,877 29 % $2,852 29 % $15,186 30 % $3,599 27 % $3,742 28 % $4,039 30 % $3,165 30 % $14,545 28 % 38.01% to 45.00% 5,251 37 % 5,081 36 % 4,747 36 % 3,591 37 % 18,670 36 % 4,825 36 % 5,026 37 % 5,036 37 % 3,824 36 % 18,711 37 % 38.00% and below 5,094 35 % 4,551 32 % 4,630 35 % 3,375 34 % 17,650 34 % 4,842 37 % 4,823 35 % 4,544 33 % 3,537 34 % 17,746 35 % Total Primary $14,386 100 % $14,048 100 % $13,254 100 % $9,818 100 % $51,506 100 % $13,266 100 % $13,591 100 % $13,619 100 % $10,526 100 % $51,002 100 % Weighted Avg DTI 40 % 40 % 40 % 40 % 40 % 40 % 40 % 40 % 40 % 40 % Avg loan size (thousands) $389 $381 $380 $378 $382 $373 $362 $363 $366 $365 (2)Loans with unknown FICO scores are included in the 660-679 category. (1)Includes loans with annual and split payment types. Direct New Insurance Written Metrics (amounts in millions) 3Q Total1Q2Q 2024 4QTotal1Q4Q 2025 2Q3Q Page 5
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Total Direct IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Pool 331 - % 342 - % 355 - % 367 - % 379 - % 394 - % 408 - % 422 - % Total $273,478 100 % $272,691 100 % $270,109 100 % $268,733 100 % $269,204 100 % $268,397 100 % $266,468 100 % $264,067 100 % Primary Only Origination Purchase $249,902 91 % $250,002 92 % $246,701 91 % $244,409 91 % $243,730 91 % $242,514 90 % $238,699 90 % $234,211 89 % Refinance 23,245 9 % 22,347 8 % 23,053 9 % 23,957 9 % 25,095 9 % 25,489 10 % 27,361 10 % 29,434 11 % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Payment Type Monthly $247,776 91 % $246,528 90 % $243,382 90 % $241,572 90 % $241,785 90 % $240,369 89 % $237,721 89 % $234,747 89 % Single 23,844 9 % 24,256 9 % 24,749 9 % 25,108 9 % 25,301 9 % 25,844 10 % 26,495 10 % 27,013 10 % Other(1) 1,527 - % 1,565 1 % 1,623 1 % 1,686 1 % 1,739 1 % 1,790 1 % 1,844 1 % 1,885 1 % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Book Year 2008 and prior $4,219 2 % $4,372 2 % $4,535 2 % $4,706 2 % $4,860 2 % $5,011 2 % $5,238 2 % $5,420 2 % 2009-2017 6,503 2 % 6,942 2 % 7,482 3 % 8,143 3 % 9,045 3 % 10,138 4 % 11,343 4 % 12,383 5 % 2018 3,917 1 % 4,147 1 % 4,362 1 % 4,584 2 % 4,790 2 % 5,037 2 % 5,300 2 % 5,524 2 % 2019 9,539 4 % 9,993 4 % 10,446 4 % 10,966 4 % 11,415 4 % 11,924 4 % 12,524 5 % 13,126 5 % 2020 28,074 10 % 29,735 11 % 31,497 12 % 33,268 12 % 34,940 13 % 36,958 14 % 39,502 15 % 42,183 16 % 2021 45,945 17 % 48,447 18 % 51,345 19 % 54,493 20 % 57,266 21 % 60,342 22 % 63,582 24 % 66,971 25 % 2022 46,173 17 % 47,952 18 % 49,640 18 % 51,444 19 % 53,063 20 % 54,878 20 % 56,456 21 % 58,051 22 % 2023 38,250 14 % 40,694 15 % 42,204 16 % 43,938 16 % 45,208 17 % 47,387 18 % 48,520 18 % 49,556 19 % 2024 42,043 15 % 44,401 16 % 45,708 17 % 47,107 18 % 48,238 18 % 36,328 14 % 23,595 9 % 10,431 4 % 2025 48,484 18 % 35,666 13 % 22,535 8 % 9,717 4 % 0 - % 0 - % 0 - % 0 - % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % (1)Includes loans with annual and split payment types. 4Q 3Q1Q Direct Insurance In-Force (IIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q 2024 2Q4Q 2025 2Q3Q Page 6
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $120,093 44 % $119,234 44 % $117,403 44 % $115,914 43 % $115,554 43 % $114,424 43 % $113,115 43 % $111,589 43 % 740 - 759 44,898 16 % 44,675 16 % 44,191 16 % 43,924 17 % 43,955 17 % 43,793 17 % 43,485 17 % 43,155 17 % 720 - 739 37,897 14 % 37,955 14 % 37,725 14 % 37,643 14 % 37,717 14 % 37,671 14 % 37,407 14 % 37,068 14 % 700 - 719 29,486 11 % 29,567 11 % 29,524 11 % 29,629 11 % 29,819 11 % 29,910 11 % 29,781 11 % 29,679 11 % 680 - 699 20,773 8 % 20,886 8 % 20,910 8 % 21,082 8 % 21,355 8 % 21,557 8 % 21,596 8 % 21,628 8 % 660 - 679(1) 11,091 4 % 11,079 4 % 11,040 4 % 11,126 4 % 11,245 4 % 11,391 4 % 11,417 4 % 11,316 4 % 640 - 659 5,988 2 % 6,001 2 % 6,018 2 % 6,068 2 % 6,147 2 % 6,179 2 % 6,167 2 % 6,109 2 % 620 - 639 2,398 1 % 2,414 1 % 2,395 1 % 2,419 1 % 2,461 1 % 2,495 1 % 2,491 1 % 2,488 1 % <620 523 - % 538 - % 548 - % 561 - % 572 - % 583 - % 601 - % 613 - % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg FICO 746 746 746 745 745 745 745 744 Loan-To-Value Ratio 95.01% and above $54,221 20 % $53,522 20 % $52,438 20 % $51,280 19 % $50,318 18 % $49,363 18 % $47,837 18 % $46,259 17 % 90.01% to 95.00% 114,315 42 % 113,852 42 % 112,683 42 % 112,086 42 % 112,362 42 % 111,992 42 % 110,825 42 % 109,566 42 % 85.01% to 90.00% 78,746 29 % 79,390 29 % 79,237 29 % 79,332 29 % 79,932 30 % 79,628 30 % 79,132 30 % 78,214 30 % 85.00% and below 25,865 9 % 25,585 9 % 25,396 9 % 25,668 10 % 26,213 10 % 27,020 10 % 28,266 10 % 29,606 11 % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg LTV 93 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % Debt-To-Income Ratio 45.01% and above $65,275 24 % $64,258 24 % $62,216 23 % $60,714 23 % $59,864 22 % $58,718 22 % $57,044 21 % $54,943 21 % 38.01% to 45.00% 99,748 36 % 99,259 36 % 98,136 36 % 97,492 36 % 97,361 36 % 96,861 36 % 95,760 36 % 94,459 36 % 38.00% and below 108,124 40 % 108,832 40 % 109,402 41 % 110,160 41 % 111,600 42 % 112,424 42 % 113,256 43 % 114,243 43 % Total Primary $273,147 100 % $272,349 100 % $269,754 100 % $268,366 100 % $268,825 100 % $268,003 100 % $266,060 100 % $263,645 100 % Weighted Avg DTI 39 % 39 % 39 % 39 % 39 % 38 % 38 % 38 % Primary persistency rate 80 % 83 % 82 % 84 % 82 % 83 % 83 % 85 % Avg loan size (thousands) $287 $286 $283 $281 $279 $277 $274 $272 (1)Loans with unknown FICO scores are included in the 660-679 category. 4Q1Q Direct Insurance In-Force (IIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2024 3Q4Q 2025 2Q3Q Page 7
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Total Direct RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Pool 51 - % 52 - % 54 - % 55 - % 57 - % 60 - % 65 - % 67 - % Total $71,414 100 % $71,196 100 % $70,455 100 % $69,992 100 % $70,042 100 % $69,671 100 % $68,943 100 % $68,017 100 % Primary Only Origination Purchase $65,890 92 % $65,825 93 % $64,901 92 % $64,228 92 % $64,031 91 % $63,622 91 % $62,553 91 % $61,263 90 % Refinance 5,473 8 % 5,319 7 % 5,500 8 % 5,709 8 % 5,954 9 % 5,989 9 % 6,325 9 % 6,687 10 % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Payment Type Monthly $65,836 92 % $65,527 92 % $64,676 92 % $64,113 92 % $64,078 91 % $63,582 91 % $62,649 91 % $61,606 91 % Single 5,135 7 % 5,217 7 % 5,311 7 % 5,395 8 % 5,466 8 % 5,575 8 % 5,762 8 % 5,867 8 % Other(1) 392 1 % 400 1 % 414 1 % 429 - % 441 1 % 454 1 % 467 1 % 477 1 % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Book Year 2008 and prior $1,092 2 % $1,131 2 % $1,173 2 % $1,217 2 % $1,256 2 % $1,296 2 % $1,351 2 % $1,397 2 % 2009-2017 1,680 2 % 1,796 3 % 1,939 3 % 2,119 3 % 2,368 3 % 2,666 4 % 2,988 4 % 3,267 5 % 2018 1,010 1 % 1,069 1 % 1,124 2 % 1,181 2 % 1,233 2 % 1,297 2 % 1,363 2 % 1,419 2 % 2019 2,499 4 % 2,615 4 % 2,732 4 % 2,867 4 % 2,984 4 % 3,113 4 % 3,261 5 % 3,403 5 % 2020 7,739 11 % 8,178 11 % 8,646 12 % 9,119 13 % 9,553 14 % 10,042 14 % 10,601 15 % 11,181 16 % 2021 12,482 17 % 13,072 18 % 13,732 19 % 14,427 21 % 15,043 21 % 15,710 23 % 16,422 24 % 17,174 25 % 2022 11,884 17 % 12,289 17 % 12,681 18 % 13,102 19 % 13,476 19 % 13,892 20 % 14,254 21 % 14,629 22 % 2023 9,967 14 % 10,590 15 % 10,968 15 % 11,403 16 % 11,719 17 % 12,271 18 % 12,552 18 % 12,810 19 % 2024 10,812 15 % 11,401 16 % 11,720 17 % 12,070 17 % 12,353 18 % 9,324 13 % 6,086 9 % 2,670 4 % 2025 12,198 17 % 9,003 13 % 5,686 8 % 2,432 3 % 0 - % 0 - % 0 - % 0 - % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % (1)Includes loans with annual and split payment types. Direct Risk In-Force (RIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q4Q 3Q 2024 1Q4Q 2025 2Q3Q Page 8
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $31,186 44 % $30,991 44 % $30,502 43 % $30,093 43 % $29,985 43 % $29,644 43 % $29,219 43 % $28,703 42 % 740 - 759 11,765 16 % 11,709 16 % 11,579 17 % 11,493 17 % 11,494 17 % 11,423 17 % 11,305 17 % 11,167 17 % 720 - 739 10,049 14 % 10,058 14 % 9,983 14 % 9,939 14 % 9,949 14 % 9,912 14 % 9,809 14 % 9,669 14 % 700 - 719 7,727 11 % 7,728 11 % 7,701 11 % 7,711 11 % 7,746 11 % 7,751 11 % 7,688 11 % 7,629 11 % 680 - 699 5,412 8 % 5,432 8 % 5,432 8 % 5,464 8 % 5,523 8 % 5,553 8 % 5,540 8 % 5,524 8 % 660 - 679(1) 2,913 4 % 2,906 4 % 2,886 4 % 2,901 4 % 2,924 4 % 2,951 4 % 2,948 4 % 2,908 4 % 640 - 659 1,564 2 % 1,564 2 % 1,565 2 % 1,574 2 % 1,589 2 % 1,592 2 % 1,582 2 % 1,562 3 % 620 - 639 615 1 % 619 1 % 614 1 % 619 1 % 629 1 % 636 1 % 634 1 % 632 1 % <620 132 - % 137 - % 139 - % 143 - % 146 - % 149 - % 153 - % 156 - % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Loan-To-Value Ratio 95.01% and above $15,608 22 % $15,374 22 % $15,034 21 % $14,682 21 % $14,428 21 % $14,141 20 % $13,722 20 % $13,250 20 % 90.01% to 95.00% 33,260 47 % 33,121 47 % 32,770 47 % 32,597 47 % 32,686 47 % 32,579 47 % 32,254 47 % 31,881 47 % 85.01% to 90.00% 19,410 27 % 19,589 27 % 19,558 28 % 19,583 28 % 19,729 28 % 19,649 28 % 19,510 28 % 19,265 28 % 85.00% and below 3,085 4 % 3,060 4 % 3,039 4 % 3,075 4 % 3,142 4 % 3,242 5 % 3,392 5 % 3,554 5 % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % Debt-To-Income Ratio 45.01% and above $17,150 24 % $16,876 24 % $16,325 23 % $15,910 23 % $15,674 22 % $15,353 22 % $14,867 22 % $14,265 21 % 38.01% to 45.00% 25,893 36 % 25,765 36 % 25,463 36 % 25,273 36 % 25,226 36 % 25,052 36 % 24,706 36 % 24,289 36 % 38.00% and below 28,320 40 % 28,503 40 % 28,613 41 % 28,754 41 % 29,085 42 % 29,206 42 % 29,305 42 % 29,396 43 % Total Primary $71,363 100 % $71,144 100 % $70,401 100 % $69,937 100 % $69,985 100 % $69,611 100 % $68,878 100 % $67,950 100 % (1)Includes loans with annual and split payment types. 4Q Direct Risk In-Force (RIF) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2024 3Q1Q4Q 2025 2Q3Q Page 9
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Beginning Number of Primary Delinquencies 23,382 22,118 22,349 23,566 21,027 19,051 19,492 20,432 New delinquencies 13,679 12,998 11,567 12,237 13,717 12,964 10,461 11,395 Delinquency cures (11,883) (11,467) (11,574) (13,263) (10,971) (10,749) (10,731) (12,160) Paid claims (287) (253) (218) (179) (191) (220) (160) (172) Rescissions and claim denials (6) (14) (6) (12) (16) (19) (11) (3) Ending Number of Primary Delinquencies 24,885 23,382 22,118 22,349 23,566 21,027 19,051 19,492 Primary Policies in Force (count) 950,670 953,657 952,795 955,210 962,849 967,501 969,767 969,866 Primary delinquency rate 2.62 % 2.45 % 2.32 % 2.34 % 2.45 % 2.17 % 1.96 % 2.01 % Incurred Losses: Direct primary case(1) $10,644 $34,134 $23,375 $27,237 $20,678 $6,993 ($17,260) $15,540 All other(1) 7,167 1,751 1,914 3,304 3,135 5,171 439 3,961 Total Incurred Losses $17,811 $35,885 $25,289 $30,541 $23,813 $12,164 ($16,821) $19,501 Direct Primary Case Incurred Losses(2) Current quarter delinquencies(3) $76,006 $79,219 $69,605 $74,627 $77,674 $75,193 $59,763 $74,087 Development of current quarter delinquencies(4) 0 0 0 0 0 0 0 0 Prior period development and other (65,362) (45,085) (46,230) (47,390) (56,996) (68,200) (77,023) (58,547) Direct Primary Case Incurred Losses $10,644 $34,134 $23,375 $27,237 $20,678 $6,993 ($17,260) $15,540 Reserves: Direct primary case(1) $515,126 $520,181 $499,774 $489,329 $472,110 $460,513 $462,247 $485,791 All other(1) 57,344 51,873 52,166 53,199 52,605 49,888 45,891 45,652 Total Reserves $572,470 $572,054 $551,940 $542,528 $524,715 $510,401 $508,138 $531,443 Beginning Direct Primary Case Reserves $520,181 $499,774 $489,329 $472,110 $460,513 $462,247 $485,791 $476,709 Paid claims (15,699) (13,727) (12,930) (10,018) (9,081) (8,727) (6,284) (6,458) Change in reserves 10,644 34,134 23,375 27,237 20,678 6,993 (17,260) 15,540 Ending Direct Primary Case Reserves $515,126 $520,181 $499,774 $489,329 $472,110 $460,513 $462,247 $485,791 Average Reserve Per Primary Delinquency (5) $20.7 $22.2 $22.6 $21.9 $20.0 $21.9 $24.3 $24.9 Average Direct Primary Paid Claim (6) $54.7 $54.3 $59.3 $56.0 $47.5 $39.7 $39.3 $37.5 Delinquency Metrics Primary metrics exclude run-off business, which is immaterial to our results (dollar amounts in thousands) 2024 (5) Direct primary case reserves divided by primary delinquency count. 2025 (6) Average direct primary paid claim is calculated by dividing paid claims on direct primary case reserves by the number of paid claims for the quarter. Average paid claims in 3Q25 and each quarter of 2024 include payments in relation to agreements on non-performing loans. (2) Provides additional breakdown of incurred losses, which includes the impact of new delinquencies within each quarterly period reported. We believe providing loss information in this manner allows transparency and consistency for investors to understand performance. (3) Defaulted loans with most recent delinquency notice in the quarter indicated. (1) Direct primary case excludes loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. (4) Development of current quarter delinquencies within the current quarter. This includes reserve impact from current period delinquencies that cure in the period and reserve development from the date of delinquency to quarter end. Page 10
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Percentage Reserved by Payment Status Delinquencies Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 12,647 $104 $867 12 % 4 - 11 payments in default 8,591 206 641 32 % 12 payments or more in default 3,647 205 270 76 % Total 24,885 $515 $1,778 29 % Percentage Reserved by Payment Status Delinquencies Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 12,712 $108 $849 13 % 4 - 11 payments in default 7,701 191 545 35 % 12 payments or more in default 3,153 173 213 81 % Total 23,566 $472 $1,607 29 % December 31, 2024 Missed Payment Status Tables - Direct Primary Excludes run-off business, which is immaterial to our results (dollar amounts in millions) December 31, 2025 Page 11
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 12% 13% 2.84% Phoenix, AZ MSA 3% 3% 2.85% Texas 9% 9% 2.81% Chicago-Naperville, IL MD 3% 4% 3.31% 2008 and prior 2% 8% 7.96% 5.55% Florida (3) 8% 13% 3.35% Atlanta, GA MSA 3% 3% 3.59% 2009-2017 2% 7% 5.08% 0.59% New York (3) 5% 9% 3.38% Dallas, TX MD 2% 2% 2.49% 2018 1% 4% 5.31% 0.95% Illinois (3) 4% 5% 3.15% Houston, TX MSA 2% 3% 3.54% 2019 4% 5% 3.45% 0.84% Arizona 4% 4% 2.78% New York, NY MD 2% 5% 3.70% 2020 11% 11% 2.41% 0.91% Michigan 4% 3% 2.33% Washington-Arlington, DC MD 2% 2% 2.62% 2021 17% 19% 2.63% 1.52% Georgia 3% 4% 3.33% Riverside-San Bernardino, CA MSA 2% 3% 3.53% 2022 17% 22% 2.98% 2.45% North Carolina 3% 2% 2.07% Los Angeles-Long Beach, CA MD 2% 3% 3.26% 2023 14% 15% 2.75% 2.23% Pennsylvania 3% 3% 2.29% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.85% 2024 15% 8% 1.73% 1.52% All Other States (4) 45% 35% 2.32% All Other MSAs/MDs 77% 71% 2.49% 2025 17% 1% 0.32% 0.30% Total 100% 100% 2.62% Total 100% 100% 2.62% Total 100% 100% 2.62% 4.13% Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 12% 12% 2.53% Phoenix, AZ MSA 3% 3% 2.41% Texas 9% 9% 2.64% Chicago-Naperville, IL MD 3% 4% 3.29% 2008 and prior 2% 10% 8.17% 5.55% Florida (3) 8% 12% 3.67% Atlanta, GA MSA 3% 3% 3.02% 2009-2016 2% 6% 4.75% 0.60% New York (3) 5% 10% 3.30% New York, NY MD 2% 6% 3.53% 2017 1% 4% 4.37% 0.84% Illinois (3) 4% 6% 2.96% Houston, TX MSA 2% 3% 3.58% 2018 2% 5% 4.66% 0.96% Arizona 4% 3% 2.35% Dallas, TX MD 2% 2% 2.38% 2019 4% 8% 3.31% 0.89% Michigan 4% 3% 2.14% Washington-Arlington, DC MD 2% 2% 2.03% 2020 14% 14% 2.14% 0.94% Georgia 3% 4% 3.02% Riverside-San Bernardino, CA MSA 2% 3% 3.25% 2021 21% 21% 2.25% 1.51% North Carolina 3% 2% 2.14% Los Angeles-Long Beach, CA MD 2% 2% 2.65% 2022 19% 20% 2.50% 2.18% Pennsylvania 3% 3% 2.17% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.38% 2023 17% 10% 1.83% 1.64% All Other States (4) 45% 36% 2.10% All Other MSAs/MDs 77% 71% 2.35% 2024 18% 2% 0.49% 0.47% Total 100% 100% 2.45% Total 100% 100% 2.45% Total 100% 100% 2.45% 4.17% Delinquency Performance - Direct Primary Excludes run-off business, which is immaterial to our results (4) Includes the District of Columbia. December 31, 2025 (1) Direct primary case reserves exclude pool, loss adjustment expenses, incurred but not reported and reinsurance reserves. (2) Calculated as the sum of the number of policies where claims were ever paid to date and number of policies for loans currently in default divided by policies ever in-force. (3) Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed. December 31, 2024 Page 12
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Fixed Maturity Securities: U.S. treasuries $257,307 4 % $270,865 4 % $264,981 4 % $289,008 5 % $277,363 5 % $289,159 5 % $303,543 6 % $250,449 5 % Municipals 478,972 8 % 486,893 8 % 479,355 8 % 476,141 8 % 467,476 8 % 456,606 8 % 432,929 8 % 442,440 8 % Non-U.S. government 185,462 3 % 179,399 3 % 154,536 3 % 113,153 2 % 83,802 2 % 48,267 1 % 11,405 - % 11,381 - % U.S. corporate 2,810,727 46 % 2,872,978 48 % 2,851,475 48 % 2,900,205 50 % 2,825,679 50 % 2,871,882 51 % 2,646,014 50 % 2,745,314 51 % Non-U.S. corporate 783,056 13 % 807,524 13 % 783,184 14 % 768,953 13 % 772,624 14 % 759,329 13 % 696,573 13 % 686,637 13 % Residential MBS 349,333 6 % 292,768 5 % 261,415 4 % 111,683 2 % 8,364 - % 8,321 - % 9,404 - % 9,754 - % Commercial MBS 129,562 2 % 81,112 1 % 48,809 1 % 20,702 - % 0 - % 0 - % 0 - % 0 - % Other asset-backed 1,056,123 18 % 1,076,962 18 % 1,053,063 18 % 1,135,492 20 % 1,189,465 21 % 1,218,835 22 % 1,231,477 23 % 1,205,163 23 % Total available-for-sale fixed maturity securities $6,050,542 100 % $6,068,501 100 % $5,896,818 100 % $5,815,337 100 % $5,624,773 100 % $5,652,399 100 % $5,331,345 100 % $5,351,138 100 % Fixed Maturity Securities - Credit Quality NRSRO(1) Designation AAA $461,258 8 % $498,423 8 % $512,069 9 % $600,780 10 % $613,951 11 % $599,829 11 % $587,795 11 % $556,749 10 % AA 1,710,290 28 % 1,595,710 26 % 1,519,953 26 % 1,362,190 24 % 1,228,794 22 % 1,225,680 22 % 1,184,209 22 % 1,131,317 21 % A 1,816,789 30 % 1,814,132 30 % 1,730,742 29 % 1,704,440 29 % 1,736,450 31 % 1,767,252 31 % 1,683,198 32 % 1,711,854 32 % BBB 1,985,084 33 % 2,086,540 35 % 2,046,515 35 % 2,078,180 36 % 1,977,281 35 % 1,978,958 35 % 1,812,275 34 % 1,851,947 35 % BB & Lower 77,121 1 % 73,696 1 % 87,539 1 % 69,747 1 % 68,297 1 % 80,680 1 % 63,868 1 % 99,271 2 % Total fixed maturity securities $6,050,542 100 % $6,068,501 100 % $5,896,818 100 % $5,815,337 100 % $5,624,773 100 % $5,652,399 100 % $5,331,345 100 % $5,351,138 100 % Average duration 4.7 4.6 4.5 4.3 4.1 3.9 3.7 3.7 Average book yield 4.4 % 4.3 % 4.2 % 4.1 % 4.0 % 3.9 % 3.8 % 3.7 % (1)Nationally Recognized Statistical Rating Organizations. December 31, 2024 September 30, 2024 Composition of Consolidated Investments at Fair Value (amounts in thousands) March 31, 2024June 30, 2024March 31, 2025December 31, 2025 June 30, 2025September 30, 2025 Page 13
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 2021-2 ILN 2021-3 ILN 2023-1 ILN 2021 XOL 2022-1 XOL 2022-2 XOL 2022-3 XOL 2022-4 XOL 2022-5 XOL 2023-1 XOL 2024-1 XOL 2024-2 XOL 2025-1 XOL 2025-2 XOL 2023-1 QSR 2024-1 QSR 2025-1 QSR 9/20-12/20 1/21-6/21 7/22-6/23 Full Year 2021 Full Year 2022 Full Year 2022 7/21-12/21 7/21-12/21 1/22-6/22 Full Year 2023 Full Year 2024 7/23-12/23 Full Year 2025 Full Year 2025 Full Year 2023 Full Year 2024 Full Year 2025 At Closing Initial Risk In-Force $8,384 $12,141 $7,288 $22,373 $15,400 $15,400 $10,550 $10,550 $8,547 $11,991 $12,062 $5,349 $11,873 $11,873 $11,991 $12,062 $11,873 Initial Reinsurance Amount / Ceded RIF (2) $303 $372 $248 $206 $196 $25 $289 $36 $201 $180 $270 $90 $180 $28 $1,934 $2,560 $3,223 Initial First Loss Retention Layer $189 $304 $244 $671 $462 $385 $317 $264 $256 $360 $362 $134 $354 $294 n/a n/a n/a Initial Attachment % (3) 2.25% 2.50% 3.35% 3.00% 3.00% 2.50% 3.00% 2.50% 3.00% 3.00% 3.00% 2.50% 2.98% 2.48% n/a n/a n/a Initial Detachment % (3) 7.00% 6.75% 6.75% 7.00% 6.99% 3.00% 7.00% 3.00% 7.00% 6.57% 6.50% 6.50% 6.23% 2.98% n/a n/a n/a % Of Covered Loss Tier Reinsured 76.00% 72.00% 100.00% 23.00% 31.92% 31.92% 68.45% 68.45% 58.80% 42.00% 63.96% 41.88% 46.57% 46.58% 16.13% 21.23% 27.15% Commencement Date 04/16/21 09/02/21 11/15/23 01/01/21 01/01/22 01/01/22 03/01/22 03/01/22 09/01/22 01/01/23 01/01/24 06/01/24 01/01/25 01/01/25 04/01/23 01/01/24 01/01/25 Termination Date 10/25/33 02/25/34 11/25/33 12/31/31 12/31/32 12/31/32 12/31/31 12/31/31 12/31/32 12/31/33 12/31/34 06/30/34 12/31/35 12/31/35 04/01/34 12/31/34 12/31/35 Optional Call Date 04/25/28 08/25/28 11/27/28 06/30/28 12/31/29 12/31/29 12/31/28 12/31/28 01/01/30 12/31/30 12/31/31 06/30/29 12/31/30 12/31/30 12/31/26 12/31/27 12/31/27 Clean-Up Call 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% n/a n/a n/a As of December 31, 2025 Current Risk In-Force $3,325 $5,701 $5,759 $12,375 $11,524 $11,524 $6,482 $6,482 $6,169 $9,220 $10,560 $3,925 $11,873 $11,873 $9,220 $10,560 $11,873 Current Reinsured Amount / Ceded RIF (2) $69 $106 $179 $57 $137 $25 $116 $36 $133 $149 $270 $68 $180 $28 $1,487 $2,241 $3,223 PMIERs Required Asset Credit (4) $40 $80 $170 $55 $132 $24 $112 $35 $128 $144 $260 $66 $173 $27 $109 $168 $209 Current Attachment % (3) 5.59% 5.23% 4.13% 5.30% 3.79% 3.12% 4.75% 3.94% 3.91% 3.80% 3.41% 3.38% 2.98% 2.48% n/a n/a n/a Current Detachment % (3) 8.32% 7.82% 7.25% 7.31% 7.53% 3.79% 7.38% 4.75% 7.59% 7.65% 7.41% 7.54% 6.23% 2.98% n/a n/a n/a Enact Claims Paid $3 $5 $6 $15 $25 $25 $8 $8 $15 $9 $2 $1 $0 $0 $1 $0 $0 Incurred Losses Ever To Date (5) $27 $48 $84 $114 $136 $136 $60 $60 $72 $79 $40 $25 $5 $5 $13 $8 $1 Remaining First Loss Retention Layer $186 $298 $238 $656 $437 $360 $308 $255 $241 $351 $360 $133 $354 $294 n/a n/a n/a Reinsurer Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Third Party Ceded Reinsurance Transaction Summary (amounts in millions) (1) Excess of loss (XOL) and quota share (QSR) transactions are with panels of U.S. and global reinsurers. (2) The initial reinsurance amount for insurance linked notes and excess of loss reinsurance reflects the total loss coverage; Ceded RIF reflects the RIF associated with quota share reinsurance which is subject to annual and life loss ratio limits. (3) Attachment % and detachment % are the aggregate loss amounts as a percentage of risk in force at which the reinsurer begins and stops paying claims under the policy. (4) Current PMIERs required asset credit considers the counterparty credit haircut. (5) Incurred losses ever to date shown does not include IBNR or loss adjustment expenses. Definitions: CRT = Credit Risk Transfer; RIF = Risk In Force; XOL = Excess Of Loss; ILN = Insurance Linked Note; QSR = Quota Share Reinsurance - Excess of Loss (1) Reinsurance - Quota Share (1)Insurance Linked Notes Page 14
Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q COMBINED(1) STAT: Statutory policyholders' surplus $806 $823 $821 $815 $887 $1,005 $863 $765 Contingency reserves 4,513 4,471 4,425 4,381 4,336 4,290 4,242 4,148 Combined statutory capital $5,319 $5,294 $5,246 $5,196 $5,223 $5,295 $5,105 $4,913 Adjusted RIF(2) $53,893 $54,353 $54,408 $54,569 $55,001 $55,352 $55,365 $55,254 Combined risk-to-capital ratio ("RTC") 10.1 10.3 10.4 10.5 10.5 10.5 10.8 11.2 EMICO(3) STAT: Statutory policyholders' surplus $768 $785 $783 $777 $850 $968 $827 $729 Contingency reserves 4,498 4,457 4,412 4,370 4,325 4,281 4,234 4,140 EMICO statutory capital $5,266 $5,242 $5,195 $5,147 $5,175 $5,249 $5,061 $4,869 Adjusted RIF(2) $53,206 $53,685 $53,763 $53,951 $54,418 $54,794 $54,834 $54,741 EMICO risk-to-capital ratio 10.1 10.2 10.3 10.5 10.5 10.4 10.8 11.2 PMIERs Available Assets(3) $5,015 $4,974 $4,992 $4,999 $5,095 $5,194 $5,024 $4,853 PMIERs Minimum Required Assets ($3,096) ($3,070) ($3,031) ($3,033) ($3,043) ($3,004) ($2,967) ($2,970) Available Assets Above PMIERs Requirements(3) $1,919 $1,904 $1,961 $1,966 $2,052 $2,190 $2,057 $1,883 PMIERs Sufficiency Ratio(4) 162 % 162 % 165 % 165 % 167 % 173 % 169 % 163 % (4) The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing. 2024 Capital & PMIERs (dollar amounts in millions) (3) Estimated statutory capital of Enact Mortgage Insurance Corporation (EMICO), the company's primary U.S. mortgage insurance subsidiary. (1) Reflects estimated combined statutory capital position of our mortgage insurance subsidiaries. (2) Adjusted RIF for purposes of calculating statutory RTC differs from RIF presented elsewhere in this financial supplement. In accordance with North Carolina Department of Insurance requirements, adjusted RIF excludes delinquent policies. 2025 Page 15
Exhibit 99.3
8325 Six Forks Road
Raleigh, NC 27615
919-846-4100
800-444-5664
EnactMI.com
FOR IMMEDIATE RELEASE
February 3, 2026
Enact Announces New $500 Million Share Repurchase Program and $0.21 Per Share Quarterly Dividend
RALEIGH, N.C., February 3, 2026 – Enact Holdings, Inc. (Nasdaq: ACT) (Enact) a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its Board of Directors authorized a new share repurchase program under which the company may purchase up to $500 million of its common stock. The new share repurchase authorization is in addition to the company’s current $350 million share repurchase program, of which $30 million remains as of January 30, 2026.
Additionally, Enact’s Board of Directors declared a quarterly dividend of $0.21 per common share, payable on March 19, 2026, to shareholders of record on February 26, 2026.
“The Board’s authorization of a new $500 million share repurchase program reflects the strength of our balance sheet and our continued confidence in Enact’s long-term performance,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “The authorization reinforces our disciplined approach to capital management and our commitment to returning excess capital to shareholders while maintaining the financial flexibility to support our customers and invest in our business.”
Enact’s new share repurchase program authorizes the purchase of up to $500 million of the company’s common stock utilizing a variety of methods, including open market purchases, and privately negotiated transactions, and may be made under Rule 10b5-1 and Rule 10b-18 trading plans, at such times and in such amounts as management deems appropriate. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact.
Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.
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About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Investor Contact
Daniel Kohl
EnactIR@enactmi.com
Media Contact
Sarah Wentz
Sarah.Wentz@enactmi.com
Exhibit 99.4
SHARE REPURCHASE AGREEMENT
This Share Repurchase Agreement (this “Agreement”) is made and entered into as of February 2, 2026, by and between Enact Holdings, Inc., a Delaware corporation (the “Company”), and Genworth Holdings, Inc., a Delaware corporation (the “Genworth”).
RECITALS
WHEREAS, Genworth owns 114,588,830 shares (the “Shares”) of the Common Stock, par value $0.01 per share, of the Company (the “Common Stock”), representing approximately 81% of the outstanding shares of Common Stock;
WHEREAS, the Company’s Board of Directors has authorized the Company to repurchase shares of Common Stock for a purchase price of up to $500 million (the “Repurchase Program”);
WHEREAS, pursuant to the Repurchase Program, the Company intends to repurchase shares of its Common Stock from stockholders other than Genworth (“Market Repurchases”), from time to time and subject to market and other conditions; and
WHEREAS, the Company and Genworth are entering into this Agreement to effect repurchases of Genworth’s Shares in proportion to the Market Repurchases;
WHEREAS, the relationship and transactions contemplated hereby were approved by the Company’s Audit Committee of the Board of Directors comprised of independent directors who are not affiliated with Genworth;
NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I REPURCHASE
Section 1.01 Repurchase of Shares. On each Settlement Date (as defined below), Genworth shall sell to the Company, and the Company shall repurchase from Genworth, a number of Shares equal to the Repurchase Shares, under the terms and subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein at the Repurchase Price Per Share.
Section 1.02 Settlement Notice. Two Business Days prior to each Settlement Date, the Company shall deliver a notice to Genworth by email (each, a “Settlement Notice”) specifying its calculation of the Repurchase Shares and the Repurchase Price Per Share.
Section 1.03 Reporting and Limitation on Market Repurchases at End of Quarter. The Company shall notify Genworth within one Business Day of any Market Repurchases made during a Settlement Period, including the number of shares of Common Stock purchased, the average purchase price and the total purchase price. In addition, the Company shall notify Genworth within one Business Day of the entry into a Rule 10b-18 agreement and disclose to
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Genworth the parameters of such agreement, including any pricing matrix with respect to Market Repurchases or any 10b5-1 plan and disclose to Genworth the parameters of such plan, including any pricing matrix with respect to Market Repurchases. The Company shall not engage in any Market Repurchases during the last two Business Days of any quarter.
Section 1.04 Definitions.
(a)“Business Day” means Monday to Friday, except for any day on which banking institutions in New York, New York or Raleigh, North Carolina are authorized or required by applicable law or executive order to close.
(b)“Repurchase Shares” means a number of Shares (rounded to the nearest whole Share) equal to (i) the aggregate number of shares of Common Stock repurchased by the Company pursuant to Market Repurchases during the Settlement Period, multiplied by (ii) 4.3 (which is the approximate ratio as of the date of this Agreement of Genworth’s Shares relative to the shares of Common Stock owned by stockholders other than Genworth, and shall be adjusted with deference and upon mutual consent of the parties to maintain Genworth’s ownership level). For the avoidance of doubt, acquisitions or deemed acquisitions of Common Stock outside of the Repurchase Program (for example, pursuant to net settlement of equity compensation awards) shall not constitute Repurchase Shares.
(c)“Repurchase Price Per Share” means the weighted average price per share (rounded to the nearest whole cent) paid by the Company in connection with Market Repurchases during the Settlement Period, calculated without regard to any broker’s fees, commissions or expenses payable in connection with such repurchases.
(d)“Settlement Date” means (i) the last Business Day of each calendar month and (ii) any other Business Day during such calendar month (no more frequently than weekly) as requested in writing by Genworth from time to time.
(e)“Settlement Period” means, with respect to a Settlement Notice, the period (i) beginning on and including the date of the last Settlement Notice issued by the Company (or, if no Settlement Notice has yet been issued, the date of this Agreement) and (ii) ending on and including the day immediately prior to the date of such Settlement Notice.
ARTICLE II CLOSING
Section 2.01 Settlement. Each repurchase of Shares shall take place via the electronic exchange of documents and signature pages at 9:00 a.m., New York time, on the Settlement Date or at such other time, date or place as Genworth and the Company may agree in writing (each, a “Closing”).
Section 2.02 Closing Deliverables. At each Closing, Genworth shall deliver an executed instruction letter to the Company’s transfer agent, along with any stock power or other documents required by the transfer agent, instructing the transfer agent to deliver the Repurchase Shares to the Company or as may otherwise be instructed by the Company, and the Company agrees to
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deliver to Genworth a dollar amount equal to the product of the Repurchase Price Per Share and the number of Repurchase Shares by wire transfer of immediately available funds.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF GENWORTH
Genworth represents and warrants to the Company as follows, as of this date of this Agreement and as of each Closing:
Section 3.01 Title to Repurchase Shares. Genworth has, and immediately prior to each Closing will have, good and valid title to the Shares to be sold, free and clear of all liens, encumbrances, equities or adverse claims.
Section 3.02 Required Consents; Authority. Except as would not impair in any material respect the ability of Genworth to consummate its obligations hereunder, all consents, approvals, authorizations, orders and qualifications necessary for the execution, delivery and performance by Genworth of this Agreement, and for the sale and delivery of the Repurchase Shares to be sold by Genworth hereunder, have been obtained; and Genworth has full right, power and authority to enter into, execute and deliver this Agreement and to sell, assign, transfer and deliver the Repurchase Shares to be sold by Genworth hereunder; this Agreement has been duly authorized, executed and delivered by or on behalf of Genworth.
Section 3.03 Receipt of Information. Genworth has received all the information it considers necessary or appropriate for deciding whether to consummate the transactions contemplated by this Agreement. Genworth has had an opportunity to ask questions of and to receive answers from, the Company concerning the Company, the Repurchase Shares and the transactions described in this Agreement. Genworth has had the opportunity to discuss with its tax advisors the consequences of the transactions described in this Agreement. Genworth has not received, nor is it relying on, any representations or warranties from the Company other than as provided herein, and the Company hereby disclaims any other express or implied representations or warranties with respect to itself.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company represents and warrants to Genworth as follows, as of this date of this Agreement and as of each Closing:
Section 4.01 Authority Relative to this Agreement. The Company has full corporate power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder; and this Agreement and the consummation by it of the transactions contemplated hereby have been duly authorized, executed and delivered by the Company.
Section 4.02 Approvals. Except as would not impair in any material respect the ability of the Company to consummate its obligations hereunder, all consents, approvals, authorizations, orders and qualifications necessary for the execution, delivery and performance by the Company
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of this Agreement and the consummation of the transactions contemplated by this Agreement have been obtained.
ARTICLE V
MISCELLANEOUS
Section 5.01 Termination. Unless extended by the mutual written consent of each of the parties hereto, this Agreement shall automatically terminate and be of no further force and effect upon the date on which the Repurchase Program terminates (whether as a result of the Company fully utilizing its $500 million repurchase authorization, the Company early terminating such program or otherwise), or (ii) if earlier, at any time upon notice by both the Company and Genworth that the parties have agreed to terminate this Agreement, provided such termination will be without prejudice to the parties respective obligations with respect to the purchase and sale of Repurchase Shares arising prior to such notice.
Section 5.02 Savings Clause. No provision of this Agreement shall be construed to require any party or its affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation.
Section 5.03 Amendment and Waiver. No provision of this Agreement may be amended or modified except by a written instrument signed by all parties hereto. Either party may, in its sole discretion, waive any and all rights granted to it in this Agreement; provided, that no waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach.
Section 5.04 Severability. If any term or other provision (or part thereof) of this Agreement is invalid, illegal or incapable of being enforced under any law or as a matter of public policy, all other conditions and provisions (or part thereof) of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision (or part thereof) is invalid, illegal or incapable of being enforced, the parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.
Section 5.05 Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject matter of this Agreement.
Section 5.06 Assignment; No Third-Party Beneficiaries. This Agreement shall not be assigned by any party hereto without the prior written consent of the other party hereto. This Agreement is for the sole benefit of the parties to this Agreement and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
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Section 5.07 No Broker. No party has engaged any third party as broker or finder or incurred or become obligated to pay any broker's commission or finder's fee in connection with the repurchases to be occur pursuant to this Agreement.
Section 5.08 Counterparts. This Agreement may be executed in one or more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of any such Agreement.
Section 5.09 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be made in accordance with Section 10.5 of the Third Amended and Restated Master Agreement between Genworth Financial, Inc. and the Company, dated August 29, 2023, as such may be amended from time to time, except that each Settlement Notice shall be delivered to an email address designated by Genworth.
Section 5.10 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware (without giving effect to any provision thereof relating to conflicts of laws principles that would apply the laws of another jurisdiction).
Section 5.11 Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires, (b) references to the terms Article, Section, and paragraph are references to the Articles, Sections, and paragraphs to this Agreement unless otherwise specified, (c) the word “including” and words of similar import shall mean “including, without limitation,” (d) provisions shall apply, when appropriate, to successive events and transactions, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, (f) any reference to any contract, agreement or organizational document is to the contract, agreement or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated and (g) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.
GENWORTH HOLDINGS, INC. | |||||
By: /s/ Thomas J. McInerney Name: Thomas J. McInerney Title: President and Chief Executive Officer | |||||
ENACT HOLDINGS, INC. | |||||
By: /s/ Rohit Gupta Name: Rohit Gupta Title: President and Chief Executive Officer | |||||