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November 5, 2025 Third Quarter 2025Financial Results
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2 Cautionary Note Regarding Forward-Looking StatementsThis communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results 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 recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic 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.Non-GAAP1And Other ItemsAll financial results are as of September 30, 2025, unless otherwise noted. For additional information, please see Enact’s third quarter 2025 earnings release and financial supplement posted at ir.enactmi.com.For important information regarding the use of non-GAAP and selected operating performance measures, see the Appendix. Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) available to Enact’s common stockholders, net income (loss) available to Enact’s common stockholders per diluted share, adjusted operating income (loss) available to Enact’s common stockholders and adjusted operating income (loss) available to Enact’s common stockholders per diluted share, respectively.1U.S. Generally Accepted Accounting Principles
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3 Third Quarter Key TakeawaysInsurance in-force was $272B, driven by strong NIW of $14B and persistency of 83% Reserve release of $45M during the quarter driven by continued strong cure performance and our loss mitigation activities Returned $136M capital to shareholders in 3Q25;$31M through our quarterly dividend and $105M from our share buyback program; Now expect 2025 capital return of approximately $500M Robust PMIERs sufficiency of $1.9B or 162% supporting strong capital and liquidity positions Entered into a new $435M revolver at favorable terms replacing the previous $200M revolver, further enhancing Enact’s financial flexibility Enact helped ~36,900 households achieve homeownership and ~4,200 households stay in their homes
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About Us MISSION:We help people buy a house and keep it their homeVision:We enable the dream of homeownership through industry leading customer experience from quote to claim, best-in-class risk management, and a diverse team empowered to ACT!Drive Profitable Growth in MI MarketMaintain a strong position in the MI market by maintaining robust underwriting standards, providing best-in-class customer experiences, and enhancing our market presenceDrive an Exceptional Employee ExperienceTransform MI Business to Maximize Value & EfficiencyGenerate Shareholder Value by Leveraging Our Core Capabilities Advance innovation that drives our performance and efficiency across the MI value chain, enabling enhanced decision-makingLeverage our strong balance sheet and deep expertise in credit risk, underwriting and distribution to pursue disciplined growth in attractive adjacent marketsFoster the growth of collaborative and high-performing teams to support long-term sustainable growth4
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enactmi.com 5 Financial Highlights$245 millionNet Premiums EarnedFlat Q/Q$14.0 billionNew Insurance WrittenUp 6% Q/Q$272 billionPrimary Insurance in-ForceUp $2B Q/Q$69millionNet Investment IncomeUp 4% Q/Q$166millionAdjusted Operating Income1Down 4% Q/Q$163 millionNet IncomeDown 3% Q/Q$53millionOperating ExpensesFlat Q/Q$1.12Diluted Adj Operating Income Per ShareDown 3% Q/Q$1.10Diluted Net Income Per ShareDown 1% Q/Q22%Expense Ratio3Flat Q/Q12.6%Adj Operating Return on Equity2Down 0.8 points Q/Q12.4%Return on EquityDown 0.6 points Q/Q$36 millionLosses IncurredUp $11M Q/Q162%PMIERs Sufficiency (%)5Down 3 points Q/Q$1.9 billionPMIERs Sufficiency ($)4Down 3% Q/Q15%Loss Ratio7Up 5 points Q/Q1.4%New Delinquency Rate6Up 0.2 points Q/Q2.5%Delinquency RateUp 0.2 points Q/Q1 Adjusted operating income is a non-GAAP measure. Please see appendix for a reconciliation; 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; 3 The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums; 4 Calculated as total available assets less net required assets, based on PMIERs then in effect; 5 Calculated as total available assets divided by net required assets, based on PMIERs then in effect; 6The ratio of new delinquencies divided by total policies in-force that are not delinquent; 7The ratio of losses incurred to net earned premiums.
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enactmi.com 6 Driving Continued Book Value AccretionBook value per share excluding AOCI1+ cumulative dividends 1 Book value per share excluding Accumulated Other Comprehensive Income “AOCI” is a non-GAAP measure. Please see appendix for a reconciliation.
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enactmi.com 7 Market and Industry Dynamics» High quality credit portfolio and strong manufacturing quality» Increased risk-based capital standards and robust sufficiency levels» Ability to quickly adapt to market changes with granular risk-based pricing models» Enhanced credit protections from robust and diversified CRT programs» Elevated persistency caused by higher rates offsets pressure on originations» Housing market remains slow in the near-term given low affordability» At the national level, housing supply is increasing while inventories in certain geographies are at elevated levels» Consumers using mortgage insurance remain generally healthy and the resilient labor market continues to support credit performance» Long-term demand dynamics remain favorable, driven by strong First-Time Home Buyers (“FTHB”) demographics Industry well positioned to navigate a range of economic scenarios Complex market with favorable underpinnings
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enactmi.com 8 Strong & Comprehensive Risk Management 1Metrics derived from underlying characteristics at the time the loan was originated. Borrowers without a FICO score included in the 620–679 category; 2High-risk layers defined as loans that have a single borrower, debt-to-income > 45%, cash-out refinances or investor-owned properties; 2May not foot due to rounding.»Minimal number of high-risk layers within portfolio »High credit quality portfolio is driven by granular risk-based pricing and disciplined approachLTV at Origination (RIF)1 Layered Risk (RIF)23Q252Q251Q254Q243Q244Q07# of High-Risk Layers2 0.5%0.5%0.6%0.6%0.6%4.6%+0LTV > 95%& FICO < 6800.5%0.6%0.6%0.6%0.6%7.9%+10.1%0.1%0.1%0.1%0.1%2.5%+20.0%0.0%0.0%0.0%0.0%0.0%+3 or >1.2%1.2%1.3%1.3%1.3%15.0%TotalFICO at Origination (Risk in-force “RIF”)1
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enactmi.com 9 Primary Insurance in-Force (IIF) Growth 1 May not foot due to rounding; 2Represents percentage of IIF mortgage rates at origination.» NIW up 6% sequentially and 3% year-over-year» Persistency remains elevated and helps offset impact of higher mortgage rates on production» As mortgage rates change, persistency may see shifts from current levels NIW ($B), IIF ($B) and Persistency RateMortgage Rate IIF Concentration1, 2 » 21% of our IIF had mortgage rates at least 50 basis points above the average September prevailing market rate of 6.4%» 60% of our IIF have an interest rate less than 6%, providing support for continued elevated persistency
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enactmi.com 10 Portfolio Premium Yield & PremiumsPrimary Direct & Ceded Premiums1($M)In-Force Primary Portfolio Premium Yield3Q252Q251Q254Q243Q2439.739.840.140.040.2Base Premium Rate (bps)0.20.20.10.30.4Single Cancellations(5.0)(4.8)(4.9)(4.8)(4.3)Ceded Premium34.935.235.335.536.3Net Premium Rate (bps)271269269268267Average IIF ($B)83%82%84%82%83%Persistency» Base premium rate in line with expectations and may modestly fluctuate from quarter to quarter» Quarter-to-quarter fluctuations can be driven by persistency, mix, and premium refund estimates1Total Net Earned Premiums are $249, $246, $245, $245 and $245 million as of 3Q24, 4Q24,1Q25, 2Q25 and 3Q25, respectively.» Year-over-year higher ceded premiums driven primarily from quota share reinsurance (QSR) that we began leveraging in 2023 and continued in subsequent years» QSR transactions tend to yield higher ceded premiums but with partially offsetting impacts to expenses and losses relative to excess of loss transactions
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enactmi.com 11 Strong Credit Performance 9,4854,4912,5792,0411,431Remaining Delqs27%61%79%85%88%Cumulative Cure Rate1 New delinquencies and cures are on an as reported basis in each quarter. Subsequent servicer reporting could result in slight changes to the percentage Cures includes rescissions and claim denials; 2The ratio of new delinquencies divided by total policies in-force that are not delinquent; 34Q24 impacted by ~1,000 new delinquencies from 2024 hurricanes; 4The ratio of cures divided by prior period delinquencies. Primary New Delinquencies1Primary Cure Activity1 23,38222,11822,34923,56621,027Total Delqs2.5%2.3%2.3%2.4%2.2%Delq Rate 2 4 » New delinquencies and rate increased sequentially primarily from seasonality» Strong and consistent cumulative cure rates continue» Continued strong cure rates above pre-pandemic levels » Delq rate consistent with pre-pandemic levels on continued consumer strength3
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enactmi.com 12 Losses Primary Delqs22,11822,34923,56621,02719,051Beginning Balance12,998 11,567 12,237 13,717 12,964New Delqs(11,481)(11,580)(13,275)(10,987)(10,768)Cures1 (253)(218)(179)(191)(220)Paid Claims23,382 22,118 22,349 23,566 21,027Ending Balance Losses ($M) & Loss Ratio 1Includes rescissions and claim denials. Highlights» 3Q25 reserve release of $45M from favorable cure performance and loss mitigation activities compares to reserve releases of $48M and $65M in 2Q25 and 3Q24, respectively » 4Q24 included ~1,000 new delinquencies from 2024 related hurricanes recorded at a 2% claim rate and continue to cure at a faster pace than historical hurricane experience» Paid claims volume remained low relative to pre-pandemic levels with modest impacts from non-performing loan settlements
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enactmi.com 13 Embedded Equity1Delinquent PoliciesPrimary Portfolio » Cumulative HPA and continued tight supply supporting housing prices support cumulative equity across our portfolio» 90% of delinquent policies and 84% of all policies have at least 10% equity, which has remained consistent since 20211 MTM LTVs are estimated based on amortization and house price appreciation at the MSA level. House price appreciation is based on the FHFA Purchase Only House Price Index. Data as of 09/30/25, based on home price appreciation through 6/30/25. May not foot due to rounding. 93%84%90%
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enactmi.com 14 Continued Strong Capital Return and Low Leverage $31$31$28$28$29Dividends ($M)$105$85$66$74$71Total Share Repurchases ($M)$136$116$94$102$100Total Shareholder Return GAAP Capital Position1($M)Highlights 1Equity includes accumulated other comprehensive income (loss) of $(102), $(207), $(152) million, $(104) and $(42) as of 3Q24, 4Q24, 1Q25, 2Q25 and 3Q25, respectively. » Updated 2025 capital return to be ~$500M reflecting our continued strong performance and current mortgage originations levels» Final amount and form will depend on business performance, market conditions, and regulatory approvals» Returned $136M to shareholders during the quarter, consisting of $31M quarterly dividend, and share repurchases totaling $105M (2.8M shares; $37.23 per share avg price)» Repurchased an additional $42M thru October 31, 2025 and $146M remains on the previously announced $350M share repurchase program» Board of Directors declared a quarterly dividend of $0.21 per share, payable on December 11, 2025, to common shareholders of record on November 21, 2025» Over $1.4B returned to shareholders since IPO (Sept 2021)
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enactmi.com 15 Strong PMIERs Sufficiency 1 PMIERs calculated as available assets divided by or less than required assets as defined within PMIERs; 2 Company estimate for the current period due to timing of the preparation and filing of statutory statements. Sufficiency to PMIERs1, 2($M)PMIERs Credit by CRT Instrument » Operating leverage of 35% reflects successful execution of our well diversified CRT program in a complex market» Executed QSR transaction covering 2027 book year that will cede ~34% of a portion of expected NIW» Announced XOL reinsurance transaction that will provide ~$170 million of coverage on the 2027 book year
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enactmi.com $4,457$4,412$4,370$4,325$4,281Contingency Reserve 16 Robust Statutory Capital » Robust policyholder surplus continues to support capital return» EMICO completed a dividend of $130M to primarily support capital return to shareholders and bolster financial flexibility» Released $227M YTD of the $307M scheduled for 2025 $MYear$307 2025$342 2026$359 2027$384 2028$441 2029$510 2030$522 2031$508 2032$492 2033$4602034$4,325Total EMICO Policyholder Surplus & Statutory CapitalScheduled Contingency Reserve Release1 1 Contingency reserves are established by contributing at least 50% of earned premiums. Releases of contingency reserves occur with either an annual loss ratio greater than 35%, subject to regulatory approval, or after 10 years on a first-in, first-out basis, and are released into unassigned funds. The scheduled releases presented above represent full year releases.
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enactmi.com 17 Strong and Diversified Ratings » In August 2025 Moody’s Investor Service (“Moody’s”) upgraded the Financial Strength Rating of EMICO to A2 from A3 and upgraded EHI’s Issuer Credit Rating and LT Debt Rating to Baa2 from Baa3, all ratings are stable» In September 2025 A.M. Best upgraded the outlook of EMICO, EHI, and EMIC-NC from stable to positive» Enact Holdings Inc. fully Investment Grade Enact Re1Rating / OutlookEMIC-NC1Rating / OutlookLT Debt3Rating / OutlookEHI2Rating / OutlookEMICO1Rating / OutlookDate UpdatedRating Agency--Baa2 / StableBaa2 / StableA2 / StableRating UpgradedAugust 2025Moody’sA- / Stable--BBB- / StableA- / StableAffirmed October 2025S&P--BBB / StableBBB / StableA / StableRating UpgradedJanuary 2025FitchA- / StableA- / Positive-BBB- / PositiveA- / PositiveOutlook Upgraded September 2025A.M. Best1 Represents Financial Strength rating; 2Represents Issuer Credit Rating; 3Represents Debt Rating on our 2025 Senior Unsecured Debt
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enactmi.com 18 Highly Rated & Diversified Investment PortfolioComposition by asset class1Composition by rating2 1 Available-for-sale fixed maturity securities; 2 Fixed Maturity Securities, Credit Quality Nationally Recognized Statistical Rating Organizations “NRSRO” designation » Top 10 issuers comprise ~6% of portfolio» Book yield of 4.3% up 10bps versus prior quarter» 99% of portfolio is investment grade» 3Q25 unrealized gain / (loss) position of $(47)M from $(115)M at 2Q25 $6.1B Investment Portfolio and $0.5B of Cash Equivalents
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Appendix
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enactmi.com 20 Non-GAAP MeasuresUse of Non-GAAP MeasuresThis communication 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 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.
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enactmi.com 21 Reconciliation of Non-GAAP Measures 1Figures may not foot due to rounding. See Enact’s current Quarterly Financial Supplement (QFS).