Enact Holdings Inc (ACT) 2024 Q4 法說會逐字稿

Hello, and welcome to Enact fourth-quarter earnings call. Please be advised that today's conference is being recorded.

您好，歡迎參加 Enact 第四季財報電話會議。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker, Daniel Kohl, Vice President of Investor Relations. You may begin.

現在，我想將會議交給第一位發言人，投資者關係副總裁丹尼爾·科爾 (Daniel Kohl)。你可以開始了。

Thank you, and good morning. Welcome to our fourth-quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer; and Dean Mitchell, Chief Financial Officer and Treasurer.

謝謝，早安。歡迎參加我們的第四季財報電話會議。今天與我一起參加的是總裁兼執行長 Rohit Gupta；以及財務長兼財務長 Dean Mitchell。

Rohit will provide an overview of our business performance and progress against our strategy. Dean will then discuss the details of our quarterly results before turning the call back to Rohit for closing remarks. We will then take your questions.

Rohit 將概述我們的業務表現和策略進展。然後，Dean 將討論我們的季度業績細節，然後將電話轉回給 Rohit 作結束語。然後我們將回答您的問題。

The earnings materials we issued after market closed yesterday contain our financial results for the quarter along with a comprehensive set of financial and operational metrics. These are available on the Investor Relations section of our website.

我們昨天收盤後發布的收益資料包含本季的財務表現以及一整套財務和營運指標。這些可在我們網站的投資者關係部分找到。

Today's call is being recorded and will include the use of forward-looking statements. These statements are based on current assumptions, estimates, expectations, and projections as of today's date.

今天的電話會議正在進行錄音，並將包含前瞻性陳述。這些聲明是基於截至今天的當前假設、估計、預期和預測。

Additionally, they are subject to risks and uncertainties which may cause actual results to be materially different, and we undertake no obligation to update or revise such statements as a result of new information. For a discussion of these risks and uncertainties, please review the cautionary language regarding forward-looking statements in today's press release as well as in our filings with the SEC which will be available on our website.

此外，它們還受到風險和不確定性的影響，可能導致實際結果大不相同，我們不承擔根據新資訊更新或修改此類聲明的義務。有關這些風險和不確定性的討論，請參閱今天的新聞稿中以及我們向美國證券交易委員會提交的文件中有關前瞻性陳述的警示性用語，這些文件將在我們的網站上提供。

Please keep in mind, the earnings materials and management's prepared remarks today include certain non-GAAP measures. Reconciliations of these measures to the most relevant GAAP metrics can be found in the press release, our earnings presentation, and our upcoming SEC filing on our website.

請記住，今天的收益資料和管理層的準備好的評論包括某些非 GAAP 指標。這些指標與最相關的 GAAP 指標的對照表可以在新聞稿、我們的收益報告以及我們網站上即將提交給 SEC 的文件中找到。

With that, I'll turn the call over to Rohit.

說完這些，我會把電話轉給羅希特。

Thank you, Daniel. Good morning, everyone.

謝謝你，丹尼爾。大家早安。

Before we begin, I want to express our deepest sympathies to those affected by the devastation caused by the wildfires in the Los Angeles area and to acknowledge and thank all the firefighters and first responders for their bravery and tireless efforts in protecting the community. Our hearts go out to the entire community during this incredibly difficult time, and we are committed to supporting recovery efforts.

在我們開始之前，我想向洛杉磯地區野火造成的破壞的受害者表示最深切的同情，並感謝所有消防員和急救人員為保護社區所表現出的勇敢和不懈的努力。在這極為困難的時期，我們向整個社區表示慰問，並致力於支持復原工作。

It is challenging to comprehend the events we are currently witnessing. Following the devastation caused by hurricane Helene, we now face yet another catastrophe where our employees and borrowers reside. Both communities will continue to receive our support as they work towards rebuilding.

我們目前正在目睹的事件很難被理解。繼颶風海倫造成嚴重破壞之後，我們的員工和借款人所在地又面臨另一場災難。這兩個社區將在重建過程中繼續得到我們的支持。

Turning back to our financial results, I want to take a moment to reflect on the incredible year we had in 2024. This year was marked by very strong performance as we executed on our strategic priorities amidst a complex economic backdrop. We continue to deliver value for our customers, drive operational efficiencies in our business, maintain a strong balance sheet, and deliver strong capital returns to our shareholders.

回顧我們的財務業績，我想花點時間回顧一下 2024 年我們所度過的不可思議的一年。今年，我們在複雜的經濟背景下執行了戰略重點，表現非常強勁。我們持續為客戶提供價值，提高業務營運效率，保持強勁的資產負債表，並為股東提供豐厚的資本回報。

For the full year, adjusted operating income was a new record high of $718 million or $4.56 per diluted share, up 9% year over year, and was driven by our strong credit performance. Additionally, adjusted return on equity was 15% and adjusted book value was $34.16 per share, up 12% year over year.

全年調整後營業收入創下 7.18 億美元新高，即每股 4.56 美元，年增 9%，得益於我們強勁的信貸表現。此外，調整後的股本回報率為 15%，調整後的帳面價值為每股 34.16 美元，年增 12%。

Even in an environment with high rates and low housing affordability, we wrote $51 billion of new insurance written and ended the year with record insurance in force of $269 billion, supporting approximately 140,000 families in achieving home ownership and putting them on a path of building wealth. These results, combined with our strong balance sheet and our expense management discipline, enabled us to pursue our capital allocation priority.

即使在利率高企、住房負擔能力低下的環境下，我們仍簽發了 510 億美元的新保險，並在年底以創紀錄的 2,690 億美元有效保險金額結束這一年，支持了大約 140,000 個家庭實現住房所有權並走上財富積累之路。這些業績，加上我們強勁的資產負債表和費用管理紀律，使我們能夠追求資本配置優先。

During the year, we issued $750 million in senior notes, our first investment-grade debt issuance as a public company and the largest in the industry in over a decade, allowing us to further strengthen our financial position while also saving $2 million in annual interest expense.

本年度，我們發行了價值 7.5 億美元的優先票據，這是我們作為上市公司首次發行投資級債券，也是十多年來業內規模最大的債券發行，這讓我們進一步加強了財務狀況，同時每年節省了 200 萬美元的利息支出。

Additionally, in a year when the market continued to face inflationary pressures, we reduced our expenses by 2% excluding restructuring costs. While continuing to invest for future growth, we returned capital of $354 million to shareholders which was above the high end of our capital return guidance.

此外，在市場持續面臨通膨壓力的一年裡，我們將重組成本以外的支出削減了2%。在繼續投資未來成長的同時，我們向股東返還了 3.54 億美元的資本，高於我們資本回報預期的最高值。

During the year, our ratings were upgraded by S&P from triple B-plus to A-minus. Additionally, in January 2025, Fitch upgraded our rating from A-minus to A. These upgrades are another testament to our resilient business model, consistent delivery against our strategic priorities, and the strength of our balance sheet.

本年度，標準普爾將我們的評級從 3B+ 上調至 A-。此外，2025 年 1 月，惠譽將我們的評級從 A- 上調至 A。

I'm very proud of what our team accomplished this past year and thank our dedicated and talented employees who made it possible.

我為我們團隊在過去一年所取得的成就感到非常自豪，並感謝我們敬業且才華橫溢的員工，是他們使這一切成為可能。

Moving on to fourth quarter results, we reported adjusted operating income of $169 million, up 7% year over year. Adjusted earnings per share was $1.09 and adjusted return on equity was 13.5% during the quarter.

展望第四季業績，我們報告調整後的營業收入為 1.69 億美元，年增 7%。本季調整後每股收益為 1.09 美元，調整後股本回報率為 13.5%。

The operating environment and the US housing market specifically continue to be constructive overall. The long-term demographic drivers of housing demand remained robust with low inventory continuing to support elevated home prices.

總體而言，經營環境和美國房地產市場持續保持良好勢頭。住房需求的長期人口驅動因素依然強勁，低庫存持續支撐房價上漲。

The labor markets are demonstrating resilience with consistent wage growth, surpassing the rate of inflation. Overall, our long-term view of the US economy and housing remains positive. In the near term, we continue to evaluate the current landscape and will adapt as necessary.

勞動市場表現出彈性，薪資持續成長，超過通貨膨脹率。總體而言，我們對美國經濟和房屋市場的長期看法仍然樂觀。短期內，我們將繼續評估當前情況並根據需要進行調整。

Our credit and manufacturing quality continues to be strong, resulting in high quality in [RW] and a portfolio with considerable embedded equity. At the end of the fourth quarter, approximately 70% of our insurance in force had mortgage rates below 6%, and the credit quality of our insured portfolio remains strong.

我們的信用和製造品質持續保持強勁，從而帶來了[RW]的高品質以及具有大量內含股權的投資組合。截至第四季末，我們約 70% 的有效保險的抵押貸款利率低於 6%，並且我們承保組合的信用品質仍然強勁。

Additionally, the risk-weighted average FICO score of the portfolio was 745. The risk-weighted average loan to value ratio was 93%, and layered risk was 1.3% of risk in force.

此外，該投資組合的風險加權平均FICO評分為745。風險加權平均貸款成數為 93%，分層風險為有效風險的 1.3%。

Pricing remained constructive in the quarter, and we maintained our commitment to prudent underwriting standards. Our pricing engine allows us to deliver competitive pricing on a risk-adjusted basis, and we continue to underwrite and select risk prudently while generating attractive returns.

本季的定價依然保持建設性，我們繼續堅持審慎的承保標準。我們的定價引擎使我們能夠在風險調整的基礎上提供有競爭力的定價，並且我們在產生可觀的回報的同時繼續審慎承保和選擇風險。

As anticipated, new delinquencies increased by 6%, reflecting the effects of recent hurricanes. Excluding the hurricane impact, new delinquencies rose by 1%, which is in line with historical seasonal trends.

正如預期，新的拖欠率增加了 6%，反映了最近颶風的影響。除去颶風的影響，新的拖欠率增加了 1%，這與歷史季節性趨勢一致。

A resilient consumer, strong embedded equity, and our loss mitigation efforts continued to drive robust cure rates at 52% for the quarter. This strong cure performance drove a reserve release of $56 million during the quarter, and our resulting loss ratio was 10%. We continue to see strong credit performance and remain well reserved for a range of scenarios.

強勁的消費者、強大的內含資產以及我們的損失緩解措施繼續推動本季治癒率達到 52%。這一強勁的治癒表現推動本季釋放了 5,600 萬美元的準備金，我們的損失率為 10%。我們繼續看到強勁的信貸表現，並為各種情境保留了良好的儲備。

As I mentioned earlier, we maintained a disciplined approach to expense management while investing in technologies and processes that improve the customer experience and our business operations. During the quarter, our expenses were $58 million, a 2% decrease from the same period in 2023 despite an inflationary environment.

正如我之前提到的，我們在投資改善客戶體驗和業務運營的技術和流程的同時，保持了嚴謹的費用管理方法。本季度，儘管通膨環境嚴峻，但我們的支出為 5,800 萬美元，較 2023 年同期下降 2%。

Moving to our robust capital position, our PMIERs sufficiency was 167% or $2.1 billion above requirements. During the quarter, we continue to execute against our CRT strategy, entering into two-quota share reinsurance agreements.

談到我們強勁的資本狀況，我們的 PMIER 充足率為 167%，比要求高出 21 億美元。在本季度，我們繼續執行 CRT 策略，簽訂雙額度份額再保險協議。

Additionally, in January, we executed two forward excess of loss reinsurance transactions covering about 2025 and 2026 book years. We did these transactions at attractive cost of capital and favorable terms. We remain committed to prudent risk management and capital optimization while also supporting our ability to serve our customers.

此外，1 月我們執行了兩項遠期超額損失再保險交易，涵蓋約 2025 年和 2026 年帳面年度。我們以有吸引力的資本成本和優惠的條款進行了這些交易。我們始終致力於審慎的風險管理和資本優化，同時也支持我們為客戶服務的能力。

Our capital position and cash flow have enabled us to effectively pursue our capital allocation priorities which are to support existing policyholders by maintaining a strong balance sheet, invest in our business to drive organic growth and efficiencies, fund attractive new business opportunities to diversify our platform, and return excess capital to shareholders.

我們的資本狀況和現金流使我們能夠有效地追求我們的資本配置優先事項，即透過維持強勁的資產負債表來支持現有保單持有人、投資於我們的業務以推動有機增長和效率、資助有吸引力的新業務機會以實現平台多元化，並將多餘的資本返還給股東。

In the past, we have spoken about our desire to extend our platform into compelling adjacencies that leverage our capabilities across mortgage, housing, and credit. To that end, we are pleased with Enact Re's continued performance.

過去，我們曾表示希望將我們的平台擴展到引人注目的領域，以發揮我們在抵押貸款、住房和信貸方面的能力。為此，我們對 Enact Re 的持續表現感到滿意。

Enact Re has maintained strong underwriting standards while generating attractive risk-adjusted returns. Enact Re continues to participate in GSE single and multi-family deals that we find attractive, and we are excited to build upon this momentum. Enact Re remains a long term growth opportunity that is both capital and expense efficient.

Enact Re 一直保持著強大的核保標準，同時產生了頗具吸引力的風險調整回報。Enact Re 繼續參與我們認為有吸引力的 GSE 單戶和多戶交易，我們很高興能夠利用這一勢頭。Enact Re 仍然是一個資本和費用都高效的長期成長機會。

Finally, in the fourth quarter, we again delivered on our commitment to return capital to our shareholders by returning over $102 million through share buybacks and our quarterly dividend. Since our IPO, we have returned over $1.1 billion to shareholders.

最後，在第四季度，我們再次履行了向股東返還資本的承諾，透過股票回購和季度股息返還了超過 1.02 億美元。自首次公開募股以來，我們已向股東返還了超過11億美元。

We also remain committed to our capital allocation priorities including returning capital to shareholders and expect to continue our share buyback and dividend programs while remaining flexible in our approach based on market conditions and subject to the approval of our Board of Directors.

我們還將繼續致力於我們的資本配置優先事項，包括向股東返還資本，並期望繼續我們的股票回購和股息計劃，同時根據市場情況並經董事會批准，保持靈活的做法。

Shifting to the current policy environment. With every new administration, there is always discussion regarding new efforts on GSE reform. As I've stated in the past, we have support for our franchise and products on both sides of the aisle, and our industry puts private capital ahead of taxpayer dollars. We look forward to working with the new administration to support people responsibly achieving the dream of home ownership.

轉向當前的政策環境。每屆新政府上任，總會有政府支持企業改革新措施的討論。正如我過去所說，我們的特許經營權和產品得到了兩黨的支持，我們的行業將私人資本置於納稅人的錢之上。我們期待與新政府合作，支持人們負責任地實現擁有房屋的夢想。

In closing, we are grateful to our dedicated teams for their relentless focus on executing against our strategic priorities. Our strong 2024 results underscore the effectiveness of our approach and our commitment to creating long-term value for our customers and shareholders.

最後，我們感謝我們敬業的團隊，感謝他們堅持不懈地專注於執行我們的策略重點。我們 2024 年的強勁業績凸顯了我們的方法的有效性以及我們為客戶和股東創造長期價值的承諾。

With that, I will now turn the call over to Dean.

說完這些，我現在將電話轉給 Dean。

Thanks, Rohit. Good morning, everyone.

謝謝，羅希特。大家早安。

We delivered another set of very strong results in the fourth quarter of 2024. GAAP net income was $163 million or $1.05 per diluted share compared to $0.98 per diluted share in the same period last year and $1.15 per diluted share in the third quarter of 2024. Return on equity was 13%.

我們在 2024 年第四季又取得了一系列非常強勁的業績。以美國通用會計準則計算的淨收入為 1.63 億美元，即每股攤薄收入 1.05 美元，而去年同期為每股攤薄收入 0.98 美元，2024 年第三季為每股攤薄收入 1.15 美元。股本回報率為13%。

Adjusted operating income was $169 million or $1.09 per diluted share compared to $0.98 per diluted share in the same period last year and $1.16 per diluted share in the third quarter of 2024. Adjusted operating return on equity was 13.5%.

調整後營業收入為 1.69 億美元，即每股攤薄收益 1.09 美元，而去年同期為每股攤薄收益 0.98 美元，2024 年第三季為每股攤薄收益 1.16 美元。調整後的營業淨資產報酬率為13.5%。

For the full year, GAAP net income was $688 million or $4.37 per diluted share as compared to $666 million or $4.11 per diluted share in 2023. Adjusted operating income for 2024 totaled $718 million or $4.56 per diluted share compared to $676 million or $4.18 per diluted share in 2023.

全年 GAAP 淨收入為 6.88 億美元，即每股攤薄收益 4.37 美元，而 2023 年為 6.66 億美元，即每股攤薄收益 4.11 美元。2024 年調整後營業收入總計 7.18 億美元或每股稀釋收益 4.56 美元，而 2023 年為 6.76 億美元或每股攤薄收益 4.18 美元。

Turning to revenue drivers. Primary insurance in force increased to $269 billion in the fourth quarter, up $1 billion sequentially and up $6 billion or 2% year over year. New insurance written was $13 billion, down 2% sequentially primarily driven by seasonality, partially offset by an estimated increase in refinance originations, and up 27% year over year due primarily to higher originations and a resulting larger MI market size.

轉向收入驅動因素。第四季度，基本保險有效金額增至 2,690 億美元，比上一季增加 10 億美元，比去年同期增加 60 億美元，增幅為 2%。新承保保險金額為 130 億美元，環比下降 2%，主要受季節性影響，但被再融資發起量的預計增加部分抵消；同比增長 27%，主要由於發起量的增加以及由此帶來的 MI 市場規模擴大。

Persistency was 82% in the fourth quarter, down 1 point sequentially and down 4 points year over year. The decrease year over year was primarily driven by a decline in mortgage rates in September 2024. Our portfolio remains resilient to mortgage rate volatility with 8% of the mortgages in our portfolio having raised at least 50 basis points above December's average mortgage rate. Looking ahead, we anticipate that elevated persistency will continue to help offset the impact of higher mortgage rates.

第四季持續率為82%，季減1個百分點，較去年同期下降4個百分點。年比下降主要是由於 2024 年 9 月抵押貸款利率下降。我們的投資組合仍能抵禦抵押貸款利率波動，其中 8% 的抵押貸款利率比 12 月的平均抵押貸款利率上漲了至少 50 個基點。展望未來，我們預計更高的持續性將繼續有助於抵消更高的抵押貸款利率的影響。

Total net premiums earned were $246 million, down $3 million or 1% sequentially and up $6 million or 2% year over year. The decrease sequentially was primarily driven by higher seeded premiums. The increase year over year was primarily driven by premium growth from attractive adjacencies and primary insurance in force growth, partially offset by higher seeded premiums.

總淨保費收入為 2.46 億美元，較上一季下降 300 萬美元（降幅 1%），比去年同期增加 600 萬美元（降幅 2%）。環比下降主要是由於種子保費上漲所致。年成長主要得益於有吸引力的鄰近業務的保費成長和主要保險業務的成長，但被更高的種子保費部分抵消。

Starting in 2023, we began to leverage quota share reinsurance structures which are very efficient from a cost of capital perspective, but include seeded commissions, seeded losses, and profit commissions in addition to seeded premiums. This quarter, new delinquencies from our covered 2023 and 2024 book years increased seeded losses and reduced profit commissions and, in turn, increased our seeded premiums.

從 2023 年開始，我們開始利用配額再保險結構，這種結構從資本成本的角度來看非常高效，但除了種子保費外，還包括種子佣金、種子損失和利潤佣金。本季度，我們所涵蓋的 2023 年和 2024 年帳面年度的新拖欠增加了種子損失並減少了利潤佣金，進而增加了我們的種子保費。

Despite this, the net cost of our quota share reinsurance remained flat for the quarter. As we recently announced two new quota share transactions, we expect quota share transactions to make up a larger part of our CRT program going forward.

儘管如此，本季我們的份額再保險淨成本仍然持平。由於我們最近宣布了兩項新的配額股份交易，我們預計配額股份交易將成為我們未來 CRT 計劃的重要組成部分。

Turning to primary premiums. Our base premium rate of 40 basis points is aligned with our guidance that base rate would be relatively flat in 2024. As a reminder, our base premium rate is impacted by several factors and tends to modestly fluctuate from quarter to quarter.

轉向主要保費。我們的基本保費率為 40 個基點，與我們的指導意見一致，即 2024 年基本費率將相對穩定。提醒一下，我們的基本保費率受到多種因素的影響，並且往往每季都會有小幅波動。

We expect our base rate in 2025 to stabilize around current levels. Our net earned premium rate was 35.5 basis points, down 0.8 basis points sequentially driven by higher seeded premiums.

我們預計 2025 年基準利率將穩定在目前水準附近。我們的淨賺保費率為 35.5 個基點，由於種子保費上漲，季減 0.8 個基點。

Investment income in the fourth quarter was $63 million, up $2 million or 3% sequentially and up $7 million or 12% year over year. Elevated interest rates have increased our investment portfolio yields. And as our portfolio rolls over, we anticipate further yield improvement.

第四季投資收入為 6,300 萬美元，較上一季增加 200 萬美元（成長 3%），比去年同期增加 700 萬美元（成長 12%）。利率上升提高了我們的投資組合收益率。隨著我們的投資組合的滾動，我們預計收益率將進一步提高。

During the quarter, our new money investment yield continued to exceed 5%, contributing to an overall portfolio book yield of 4%. Our focus remains on high-quality assets and maintaining a resilient A-rated portfolio.

本季，我們的新資金投資收益率持續超過5%，帶動整體投資組合帳面收益率達到4%。我們仍然專注於高品質資產並維持有彈性的 A 級投資組合。

As we have previously stated, we typically hold investments to maturity. However, we may selectively pursue income enhancement opportunities.

正如我們之前所說，我們通常持有投資直至到期。然而，我們可能會選擇性地尋求增加收入的機會。

During the quarter, we identified assets that upon selling, allow us to recoup losses through higher net investment income. However, we still view our investment portfolio's unrealized loss position as materially non-economic.

在本季度，我們確定了一些資產，出售後我們可以透過更高的淨投資收益來彌補損失。然而，我們仍然認為我們投資組合的未實現虧損狀況在實質上是不經濟的。

New delinquencies increased sequentially to 13,700 from 13,000, with an estimated 1,000 new delinquencies from 2024 hurricanes. Our new delinquency rate remained consistent with pre-pandemic levels and for the quarter was 1.5% compared to 1.4% sequentially and 1.2% in the fourth quarter of 2023.

新的拖欠情況從 13,000 起環比增加到 13,700 起，其中 2024 年颶風預計將造成 1,000 起新的拖欠情況。我們的新拖欠率與疫情前的水準保持一致，本季為 1.5%，而上一季為 1.4%，2023 年第四季為 1.2%。

We maintain our claim rate on new delinquencies at 9% for the fourth quarter, but recorded hurricane-related delinquencies at a 2% claim rate which is in line with our historical experience from prior storms. Historically, hurricane-related new delinquencies cure at a very high rate, as our MI policy excludes property damage and requires homes to be habitable before we pay a claim.

我們將第四季新拖欠的索賠率維持在 9%，但颶風相關的拖欠索賠率為 2%，這與我們應對以往風暴的歷史經驗一致。從歷史上看，與颶風相關的新拖欠率非常高，因為我們的 MI 保單不包括財產損失，並且要求房屋在我們支付索賠之前必須適合居住。

Total delinquencies in the fourth quarter increased sequentially to 23,600 from 21,000 as news outpays cures. The primary delinquency rate for the quarter was 2.4% compared to 2.2% sequentially and 2.1% in the fourth quarter of 2023. Excluding the impact of hurricane-related delinquencies, our new delq rate would have been 1.4%, and our primary delinquency rate would have been 2.3% in the current quarter, reflecting continued strong credit performance.

由於新聞報導的支出增加，第四季的總拖欠率從 21,000 環比增加到 23,600。本季的主要拖欠率為 2.4%，而上一季為 2.2%，2023 年第四季為 2.1%。排除颶風相關拖欠的影響，本季我們的新拖欠率將為 1.4%，主要拖欠率將為 2.3%，反映出信貸表現持續強勁。

Losses in the fourth quarter of 2024 were $24 million, and the loss ratio was 10% compared to $12 million and 5%, respectively, in the third quarter of 2024 and $24 million and 10%, respectively, in the fourth quarter of 2023. The current quarter reserve release of $56 million from favorable cure performance and loss mitigation activities compares to a reserve release of $65 million and $53 million in the third quarter of 2024 and fourth quarter of 2023, respectively.

2024 年第四季的虧損為 2,400 萬美元，虧損率為 10%，而 2024 年第三季的虧損分別為 1,200 萬美元和 5%，2023 年第四季的虧損分別為 2,400 萬美元和 10%。本季從有利的治療表現和損失緩解活動中釋放的儲備金為 5,600 萬美元，而 2024 年第三季和 2023 年第四季分別釋放的儲備金為 6,500 萬美元和 5,300 萬美元。

Our losses and loss ratio increased sequentially, primarily driven by a lower reserve release in the current quarter. And new delinquencies are up 1% excluding hurricane-related delinquencies.

我們的損失和損失率連續增加，主要原因是本季準備金釋放減少。若不包括與颶風相關的拖欠款項，新的拖欠款項則上漲了 1%。

We remain focused on expense discipline throughout 2024. Full-year 2024 expenses adjusted for approximately $5 million of reorganization costs were $218 million or 2% lower than 2023 due to prudent expense management. The reorganization costs represent approximately 1 percentage point of our reported 23% expense ratio for the full year 2024.

2024 年，我們將持續注重費用紀律。由於審慎的費用管理，經調整約 500 萬美元的重組成本後的 2024 年全年費用為 2.18 億美元，比 2023 年低 2%。重組成本約占我們報告的 2024 年全年 23% 費用率的 1 個百分點。

Expenses in the fourth quarter of 2024 were $58 million and the expense ratio was 24% compared to $56 million and 22%, respectively, in the third quarter of 2024 and $59 million and 25%, respectively, in the fourth quarter of 2023. For 2025, we anticipate a range of $220 million to $225 million as we continue to prudently manage our expense base while also investing in our growth initiatives and modernization, driving future efficiencies in addition to the normal inflationary dynamics.

2024 年第四季的費用為 5,800 萬美元，費用率為 24%，而 2024 年第三季的費用分別為 5,600 萬美元和 22%，2023 年第四季的費用分別為 5,900 萬美元和 25%。到 2025 年，我們預計收入將在 2.2 億美元至 2.25 億美元之間，因為我們將繼續審慎管理我們的支出基礎，同時投資於我們的成長計畫和現代化，除了正常的通膨動態之外，還推動未來的效率。

We continue to operate from a strong capital and liquidity position, reinforced by our robust PMIERs sufficiency and the successful execution of our diversified CRT program. As of December 31, 2024, our third-party CRT program provides $1.9 billion of PMIERs capital credit. Our PMIERs sufficiency was 167% or $2.1 billion above PMIERs requirements at the end of the fourth quarter.

我們繼續以強大的資本和流動性狀況運營，這得益於我們強勁的 PMIER 充足性和多元化 CRT 計劃的成功執行。截至 2024 年 12 月 31 日，我們的第三方 CRT 計畫提供了 19 億美元的 PMIER 資本信貸。截至第四季末，我們的 PMIER 充足率為 167%，比 PMIER 要求高出 21 億美元。

During the quarter, we entered into two quota share reinsurance agreements which feed approximately 27% of our 2025 and 2026 new insurance written to a broad panel of highly rated reinsurers. Additionally, subsequent to quarter end, we entered into two new excess of loss reinsurance agreements that provide an additional $225 million and $260 million of coverage on our 2025 and 2026 books, respectively.

在本季度，我們簽訂了兩項配額再保險協議，將我們 2025 年和 2026 年新簽保險的約 27% 交付給眾多評級較高的再保險公司。此外，在季度末之後，我們簽訂了兩項新的超額損失再保險協議，分別為我們的 2025 年和 2026 年帳簿提供額外的 2.25 億美元和 2.6 億美元的保險。

While the 2025 forward transactions follow our normal execution cadence, we assess the reinsurance market is attractive from a cost and capacity perspective and we opportunistically secured coverage on an additional forward year for 2026. We remain committed to the programmatic CRT program and agile in its execution as we continue to source cost effective capital and volatility protection for our robust balance sheet.

雖然 2025 年的遠期交易遵循我們正常的執行節奏，但我們從成本和容量角度評估再保險市場具有吸引力，因此我們抓住機會為 2026 年的額外遠期年度獲得了保障。我們將繼續致力於程序化 CRT 計劃並靈活執行，同時我們將繼續為我們穩健的資產負債表尋找具有成本效益的資本和波動性保護。

Let me now turn to capital allocation. Today, we announced the first-quarter 2025 dividend of $0.185 per common share payable March 14. Additionally, we returned over $354 million to shareholders in 2024 in the form of dividends and share repurchases.

現在我來談談資本配置。今天，我們宣布 2025 年第一季股息為每股 0.185 美元，將於 3 月 14 日支付。此外，我們在 2024 年以股利和股票回購的形式向股東返還了超過 3.54 億美元。

During the quarter, we paid out $28 million or $0.185 per share to our quarterly dividend and bought back 2.1 million shares at a weighted average share price of $34.75 for a total of $74 million. For the full year 2024, we repurchased 7.6 million shares at a weighted average share price of $31.95 for a total of $243 million. In January, we repurchased an additional 0.6 million shares at a weighted average share price of $32.60 for a total of $19.3 million.

在本季度，我們支付了 2,800 萬美元或每股 0.185 美元的季度股息，並以 34.75 美元的加權平均股價回購了 210 萬股，總計 7,400 萬美元。2024 年全年，我們以 31.95 美元的加權平均股價回購了 760 萬股，總計 2.43 億美元。1 月份，我們以 32.60 美元的加權平均股價額外回購了 60 萬股，總計 1,930 萬美元。

As of January 31, 2025, there was approximately $74 million remaining on our $250 million share repurchase authorization. During 2025, we will continue to balance investing in growth opportunities across the business with our commitment to return capital to our shareholders and expect capital returned to shareholders to be aligned with the $350 million returned in 2024.

截至 2025 年 1 月 31 日，我們的 2.5 億美元股票回購授權剩餘約 7,400 萬美元。2025 年，我們將繼續在對整個業務的成長機會的投資與向股東返還資本的承諾之間取得平衡，並預計返還給股東的資本將與 2024 年返還的 3.5 億美元保持一致。

Our preference remains to return capital to shareholders via our quarterly dividend and share repurchases. This can be seen by our announced quarterly dividend in January's share buyback activity. As in the past, the final amount and form of capital return to shareholders will ultimately depend on business performance, market conditions, and regulatory approvals.

我們仍然傾向於透過季度股利和股票回購向股東返還資本。從我們在一月份股票回購活動中宣布的季度股息就可以看出這一點。與過去一樣，最終向股東返還資本的金額和形式將取決於經營業績、市場條件和監管部門的批准。

Overall, we are incredibly pleased with our performance throughout 2024 and the momentum we have in 2025 thus far. We will remain focused on prudently managing risk, maintaining a strong balance sheet, and delivering solid returns for our shareholders.

總體而言，我們對 2024 年全年的表現以及 2025 年迄今的發展勢頭感到非常滿意。我們將繼續專注於審慎管理風險、維持強勁的資產負債表並為股東提供豐厚的回報。

With that. Let me turn the call back to Rohit.

就這樣。讓我把電話轉回給羅希特。

Thanks, Dean. Looking ahead to 2025. We remain optimistic about the opportunities ahead. Our disciplined approach, strong financial position, and strategic execution provide a solid foundation to navigate the evolving landscape.

謝謝，迪恩。展望2025年。我們對未來的機會依然保持樂觀。我們嚴謹的方法、強大的財務狀況和策略執行力為應對不斷變化的環境奠定了堅實的基礎。

We are committed to helping people responsibly achieve the dream of home ownership. And our dedication to this principle underpins all aspects of our business and drives our efforts to deliver exceptional value for all of our stakeholders.

我們致力於幫助人們負責任地實現擁有住房的夢想。我們對這項原則的執著支撐著我們業務的各個方面，並推動我們努力為所有利害關係人提供卓越的價值。

Operator, we are now ready for Q&A.

接線員，我們現在可以進行問答了。

We will now begin the question-and-answer session. (Operator Instructions) Bose George, KBW.

我們現在開始問答環節。(操作員指示) Bose George，KBW。

Hey, everyone. Good morning. Actually, I wanted to ask first about -- dig into the capital return a little more. Your guidance of the $350 million for this year suggests that your debt to capital will keep strengthening. It's already at a very, say, attractive level.

嘿，大家好。早安.實際上，我首先想問一下——更深入地探討一下資本回報。您今年的 3.5 億美元指導價表明您的債務資本比率將繼續增強。它已經處於非常有吸引力的水平。

And if you're in a higher-for-longer market where growth rates remain very modest, I mean, could we see a greater level of capital return? Or would you let your capital just continue to strengthen and see what happens?

如果你處於一個長期處於高成長市場的市場中，成長率仍然非常溫和，我的意思是，我們是否能看到更高水準的資本回報？或者你會讓你的資本繼續增強，看看會發生什麼？

Yeah, Bose. Hey, it's Dean. Thanks for the question. Yeah, our capital return guidance is similar to 2024 at $350 million.

是的，Bose。嘿，我是迪恩。謝謝你的提問。是的，我們的資本回報指引與 2024 年相似，為 3.5 億美元。

I think from a process perspective, we're going to follow our past practice, which is the guide to the level of planned capital return at the beginning of the year, and then continue to assess the factors that influence that amount really as the year addresses. I think we made reference to those in our prepared remarks, but generally focused on business performance -- performance, rather; the macroeconomic environment, both the prevailing and perspective; and then the regulatory landscape.

我認為從流程的角度來看，我們將遵循過去的做法，即在年初指導計劃資本回報水平，然後在年度結束時繼續評估真正影響該金額的因素。我想我們在準備好的發言中提到了這些，但總體上集中於業務表現——更確切地說是業績；宏觀經濟環境，包括當前的和未來的；然後是監管格局。

So if those factors turn more positive, we'll certainly reconsider capital return guidance, as we did in 2024 when we raised our guidance mid-year. But really, as we stand here in February, we feel confident in the $350 million and then, as I said, continue to assess from here.

因此，如果這些因素變得更加積極，我們肯定會重新考慮資本回報指引，就像我們在 2024 年年中上調指引時所做的那樣。但實際上，當我們站在二月這裡時，我們對 3.5 億美元充滿信心，然後，正如我所說的，我們會繼續從這裡進行評估。

Okay, great. Makes sense. Thanks. And then just switching over to the reinsurance business. At the moment, that's, I guess, all GSE/CRT. With the changes in DC, has there been discussions about, potentially, that piece that's ramping up some more to derisk the GSEs further, just leaving aside any GSE reform or privatization issues?

好的，太好了。有道理。謝謝。然後轉向再保險業務。目前，我猜，這些都是 GSE/CRT。隨著華盛頓特區的變化，是否有討論，可能會進一步加強，進一步降低政府支持企業的風險，而不考慮政府支持企業改革或私有化問題？

Good morning, Bose. Thank you for your question. So absolutely, there is potential for GSE/CRT volume to pick up under different scenarios. Our experience in the last 18 months have been positive since we established the entity, not only in terms of participating in the transaction, but also starting off with one rating and then getting S&P A-minus rating in 2024.

早上好，Bose。感謝您的提問。因此，在不同情況下，GSE/CRT 交易量絕對有回升的潛力。自我們成立實體以來，過去 18 個月的經驗一直是積極的，不僅在參與交易方面，而且從一個評級開始，然後在 2024 年獲得標準普爾 A- 評級。

As we move forward, if the market gets bigger, either because GSEs actually start seeing more risk or there is some derisking initiative from the regulator or broadly from the administration, that would be a net positive and will allow us to deploy capital in an area where we find risk-adjusted returns attractive.

隨著我們不斷前進，如果市場變得更大，無論是因為政府支持企業實際上開始看到更多的風險，還是監管機構或政府部門採取一些降低風險的舉措，這都會是一個淨利好，並將使我們能夠在我們認為風險調整後回報具有吸引力的領域部署資本。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Doug Harter, UBS.

瑞銀的道格·哈特（Doug Harter）。

Thanks. You guys have talked about the impact of seasoning of some of the larger books on credit quality. Can you just talk about, as we look forward to 2025, the impacts that seasoning should have on delinquencies and possibly claim rates?

謝謝。你們已經討論過一些較大帳簿的老化對信用品質的影響。展望 2025 年，您能否談談調味料對拖欠率和索賠率將產生的影響？

Yeah. Sure, Doug. Thanks for the question.

是的。當然，道格。謝謝你的提問。

In terms of aging of the portfolio, the average age of our book increased about 3.8 years -- seasons. That's up from about 3.6 years last quarter, and that continues to progress closer to the plateau of a normal delinquency development curve that we talked about last quarter, somewhere in that range, three to four years.

就投資組合的帳齡而言，我們的帳簿平均帳齡增加了約 3.8 年——每個季節。這比上一季的 3.6 年有所增加，並且繼續接近我們上一季度談到的正常犯罪發展曲線的平台期，大約在三到四年的範圍內。

I think what that means is that we should see the increase in new delinquency development slow -- begin to slow, especially as we think about that relative to last year's increase. Obviously, any assessment of delinquency development is subject to the macroeconomic environment, more recently, natural disasters and other credit related drivers. But I think if we hold those constant, we should see the aging impact start to slow on our portfolio.

我認為這意味著我們應該看到新的犯罪行為的增長速度開始放緩，特別是當我們考慮到與去年的增長速度相比時。顯然，對違約發展的任何評估都受到宏觀經濟環境、最近的自然災害和其他信貸相關驅動因素的影響。但我認為，如果我們保持這些不變，我們就會看到老化對我們的投資組合的影響開始減緩。

I appreciate that, Dean. And I guess as you look at the performance of the '23 vintage, how would you characterize the performance of that vintage versus the prior years?

我很感激，迪恩。我想，當您回顧 23 年份葡萄酒的表現時，您會如何評價該年份葡萄酒與前幾年的表現相比？

And Doug, when you say vintage, are you talking accident years?

道格，您說的年份是指意外年份嗎？

Origination.

起源。

Okay, sorry. Yeah. On origination year, very early, but I'd say good performance. We look for any signs of emerging deterioration, and we haven't seen any. We haven't seen the emergence of any of that across any of our risk attributes. So I'd say very early in the development, but the signs are pointing well.

好的，抱歉。是的。從起源年份來看，還很早，但我認為表現不錯。我們尋找任何出現惡化的跡象，但我們沒有看到任何。我們還沒有看到任何此類情況出現在我們的任何風險屬性中。所以我想說，這還處於發展的早期階段，但跡象表明情況良好。

And Doug, I would just add to that. I agree with what Dean said. As we have said in the past, book years of 2022, '23, '24 have more purchase originations just given the rate environment and, as a result, have different credit characteristics.

道格，我只想補充一點。我同意Dean所說的。正如我們過去所說的那樣，考慮到利率環境，2022、23、24 年的帳面購買量會更多，因此具有不同的信用特徵。

So think about higher loan to value, slightly lower FICO which is just normal for purchase originations. So with that, those books are going to trend differently than 2020 and 2021 vintages in addition to also embedded home price appreciation in the previous books. But to Dean's point, tracking in line with expectations.

因此，考慮更高的貸款價值比，略低的FICO，這對於購買而言是正常的。因此，除了先前的書籍中嵌入的房價升值之外，這些書籍的趨勢也將與 2020 年和 2021 年的書籍有所不同。但正如迪恩所說，跟蹤符合預期。

Great. Appreciate the answers.

偉大的。感謝您的回答。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Rohit Gupta for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Rohit Gupta 並請他作最後發言。

Thank you, Megan. Thank you, everyone, for joining. We appreciate your interest in Enact, and I look forward to seeing many of you in Florida at UBS' Financial Services Conference on February 10 and at Bank of America's Financial Conference on February 11. Thank you.

謝謝你，梅根。感謝大家的加入。我們感謝您對 Enact 的關注，我期待在 2 月 10 日於佛羅裡達舉行的瑞銀金融服務會議和 2 月 11 日舉行的美國銀行金融會議上見到你們。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。