Enact Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 06, 2024 at 04:18 pm EST
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Enact Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 296.19 million compared to USD 276.84 million a year ago. Net income was USD 157.31 million compared to USD 143.81 million a year ago. Basic earnings per share from continuing operations was USD 0.99 compared to USD 0.88 a year ago. Diluted earnings per share from continuing operations was USD 0.98 compared to USD 0.88 a year ago.
For the full year, revenue was USD 1,153.69 million compared to USD 1,095.05 million a year ago. Net income was USD 665.51 million compared to USD 704.16 million a year ago. Basic earnings per share from continuing operations was USD 4.14 compared to USD 4.32 a year ago. Diluted earnings per share from continuing operations was USD 4.11 compared to USD 4.31 a year ago.
Enact Holdings, Inc. is a private mortgage insurance company. The Company operates principally through its wholly owned subsidiary, Enact Mortgage Insurance Corporation. It is engaged in the business of writing and assuming residential mortgage guaranty insurance. The insurance protects lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of trust or other instruments constituting a first lien on residential real estate. It facilitates the sale of mortgages to the secondary market, including to private investors, as well as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It has a diverse customer base and maintains enduring relationships across the mortgage origination market, including with national banks, non-bank mortgage lenders, local mortgage bankers, community banks and credit unions.