Enact (ACT) Q2 2026 Earnings Call Transcript
Enact (ACT) reported Q2 2026 adjusted operating income of $177 million, or $1.26 per diluted share, up from $174 million, or $1.15, in Q2 2025. New insurance written rose 15% to $15 billion. FY2026 capital return guidance was raised to $550 million to $600 million. Management cited $274 billion insurance in force and 161% PMIERs sufficiency.
How this was made
The 30-second read
Why it matters
Traders can update expectations for ACT’s 2026 capital returns and near-term credit risk trajectory based on the revised guidance and management’s explicit 2H26 delinquency outlook.
Market read
The transcript contains a concrete upward revision to FY2026 capital return guidance and a forward-looking warning about rising delinquencies in the second half, both of which can move valuation and risk pricing.
What to watch
Loss ratio rose to 14% from 10% a year ago and persistency fell to 80%, suggesting the underwriting/credit cycle may be turning even as capital returns increase.
Background
Enact Holdings (ACT) reported Q2 2026 results and discussed credit performance, capital adequacy (PMIERs), and capital return plans on its earnings call transcript.
Ticker impact
Enact raised FY2026 capital return guidance to $550 million to $600 million and reported Q2 metrics including a higher loss ratio and buybacks.
Likely supportive for the stock on capital return confidence, but expect volatility as delinquency and loss-ratio deterioration risk is explicitly flagged for the second half.
The article provides specific, decision-relevant numbers (capital return range revision, buybacks, PMIERs sufficiency) and a forward-looking risk statement (2H26 delinquency rise), which can drive both valuation and risk-premium repricing.
Market effects
Reinforces that private mortgage insurers are balancing elevated rates and seasonal delinquency with capital flexibility, which can influence sector risk appetite.
Most relevant to US housing finance and mortgage credit risk sentiment.
Limited direct global linkage beyond broader credit and housing-finance risk pricing.
Counterpoint
The guidance raise may be more about capital timing and current PMIERs headroom than durable credit improvement, so the 2H26 delinquency warning could dominate later.
Key entities
- companyEnact Holdings, Inc.
Subject of the earnings call transcript, providing Q2 2026 operating and credit metrics plus revised FY2026 capital return guidance.
- executiveRohit Gupta
CEO who discussed underwriting innovation (ELLA) and market/pricing outlook for private mortgage insurance.
- executiveDean Mitchell
CFO who detailed credit metrics (delinquencies, loss ratio, reserve release) and warned delinquency rate is expected to rise in 2H26.
- executiveDaniel Kohl
VP of Finance who opened the call and referenced the earnings materials released after market close.
