Enact Holdings Inc (ACT) 2025 Q1 法說會逐字稿

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

您好，歡迎參加 Enact 第一季財報電話會議。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 first quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer; and Dean Mitchell, Chief Financial Officer and Treasurer. 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.

謝謝，早安。歡迎參加我們的第一季財報電話會議。今天與我一起出席的還有總裁兼執行長 Rohit Gupta；以及財務長兼財務主管 Dean Mitchell。 Rohit 將概述我們的業務表現和策略進展。然後，Dean 將討論我們季度業績的細節，然後將電話轉回給 Rohit 進行結束語。

We will then take your questions. 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. 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.

然後我們將回答您的問題。我們昨天收盤後發布的收益資料包含了本季的財務業績，以及一套全面的財務和營運指標。這些資訊可在我們網站的投資者關係部分找到。今天的電話會議將被錄音，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. 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.

此外，它們還受到風險和不確定性的影響，這可能導致實際結果大不相同，並且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語言，這些文件將在我們的網站上提供。請記住，今天的收益資料和管理層準備的評論包括某些非 GAAP 指標。這些指標與最相關的 GAAP 指標的對帳可以在新聞稿、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. Enact delivered very strong financial and operational results in the first quarter of 2025. This was driven by continued execution against our strategic priorities, robust credit performance and our commitment to creating long-term value for shareholders. In addition, we delivered on our capital allocation priorities highlighted by a new share repurchase authorization and a meaningful dividend increase, which we will discuss in detail later.

謝謝你，丹尼爾。大家早安。 Enact 在 2025 年第一季取得了非常強勁的財務和營運業績。這得益於我們持續執行策略重點、強勁的信貸表現以及我們致力於為股東創造長期價值的承諾。此外，我們還履行了資本配置優先事項，並專注於突出了新的股票回購授權和有意義的股息增加，我們將在稍後詳細討論。

During the quarter, we reported adjusted operating income of $169 million up 2% year-over-year. Adjusted earnings per share was $1.10, up 6% year-over-year. Adjusted return on equity was 13.4% and insurance in force was $268 billion, which was up 2% year-over-year. Housing market conditions in the first quarter were similar to prior recent periods and supported our strong performance. Housing inventory stayed tight with sustained elevated home prices despite HIBOR borrowing costs.

本季度，我們報告調整後的營業收入為 1.69 億美元，年增 2%。調整後每股收益為 1.10 美元，年增 6%。調整後的股本回報率為 13.4%，有效保險金額為 2,680 億美元，較去年同期成長 2%。第一季的房地產市場狀況與前幾個時期相似，支持了我們的強勁業績。儘管香港銀行同業拆借利率 (HIBOR) 上漲，但房屋庫存仍然緊張，房價持續上漲。

While affordability remains challenged, there is potential for improvement if mortgage rates decline. Additionally, the consumer and labor market continued to be stable with wage growth moderating slightly and a moderate rise in inflation.

儘管負擔能力仍然受到挑戰，但如果抵押貸款利率下降，則有可能改善。此外，消費和勞動市場持續保持穩定，薪資成長略有放緩，通膨溫和上升。

Looking ahead, we continue to operate in a dynamic and complex environment driven by shifting economic policies and elevated geopolitical uncertainty. However, over the longer term, we believe the drivers of the housing market are intact, given the pent-up demand in first-time homebuyer population as more Americans reached the average first-time homebuyer age.

展望未來，我們將繼續在不斷變化的經濟政策和日益加劇的地緣政治不確定性所驅動的動態而複雜的環境中運作。然而，從長期來看，隨著越來越多的美國人達到首次購屋者的平均年齡，首次購屋者的需求被壓抑，我們認為房地產市場的驅動因素仍未改變。

Overall, we believe that mortgage insurance will continue to be a crucial resource to both buyers and lenders alike. Against this backdrop, our capital position and credit performance remained key strengths. Our PMIER Sufficiency ratio stood at a robust 165%, highlighting our strong capital foundation.

總體而言，我們相信抵押貸款保險將繼續成為買家和貸款人的重要資源。在此背景下，我們的資本狀況和信貸表現仍是主要優勢。我們的 PMIER 充足率高達 165%，凸顯了我們強大的資本基礎。

Our credit and underwriting quality remains strong and is further supported by the significant embedded equity within our portfolio. At the end of the first quarter, approximately 8% of our insurance in force at mortgage rates at least 50 basis points above March's average mortgage rate of 6.7%, and the credit quality of our insured portfolio remains strong. 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.

我們的信用和承保品質仍然強勁，並得到我們投資組合中大量嵌入股權的進一步支持。截至第一季末，我們約有 8% 的保險有效，抵押貸款利率至少比 3 月份 6.7% 的平均抵押貸款利率高出 50 個基點，而且我們承保組合的信用品質仍然強勁。此外，該投資組合的風險加權平均 FICO 評分為 745，風險加權平均貸款價值比為 93%，分層風險為有效風險的 1.3%。

Pricing was again constructive in the quarter, and we maintained our commitment to prudent underwriting standards. Our pricing engine, which we have recently branded as Rate 360 allows us to deliver competitive pricing on a risk-adjusted basis, and we continue to underwrite and select risk prudently, while generating attractive returns.

本季定價再次呈現建設性態勢，我們繼續堅持審慎的承保標準。我們的定價引擎（最近被命名為 Rate 360​​）使我們能夠在風險調整的基礎上提供具有競爭力的定價，並且我們將繼續審慎承保和選擇風險，同時產生可觀的回報。

We saw favorable delinquency and cure performance during the quarter that fall typical seasonal sequential trends. Total delinquencies improved and were down 5% sequentially with new delinquencies also decreasing by 11%. We have now passed the peak of new delinquencies from the recent hurricanes. And as expected, we are seeing favorable cure trends from those events.

我們在本季看到了良好的拖欠和補救表現，這符合典型的季節性連續趨勢。總拖欠率有所改善，比上一季下降了 5%，新拖欠率也下降了 11%。我們現在已經度過了最近颶風造成的新拖欠高峰。正如預期的那樣，我們從這些事件中看到了積極的治癒趨勢。

Additionally, a significant portion of our portfolio continues to have a considerable amount of embedded equity. And when combined with our loss mitigation efforts, drove a cure rate of 56%, which aligns with the strength of cure rate trends in the first quarter of each year. This strong cure rate drove a reserve release of $47 million during the quarter, and our resulting loss ratio was 12%. We continue to see strong credit performance and remain well reserved for a range of scenarios. Dean will have more to say on this shortly.

此外，我們投資組合中的很大一部分仍然擁有大量嵌入式股權。結合我們的損失減輕措施，治癒率達到 56%，這與每年第一季的治癒率趨勢一致。這一強勁的治癒率促使本季釋放了 4,700 萬美元的儲備金，導致我們的損失率為 12%。我們繼續看到強勁的信貸表現，並為一系列情境保持良好的儲備。迪恩很快將會就此發表更多看法。

The strength of our capital position and cash flows enabled us to consistently deliver on 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.

我們強大的資本狀況和現金流使我們能夠持續履行資本配置優先事項，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、為有吸引力的新業務機會提供資金以實現平台多元化，並將多餘的資本返還給股東。

As it relates to diversifying our platform, Enact REIT continues to perform well, maintaining a strong underwriting and attractive return profile. During the quarter, we continued to participate in GSE CRT transactions that came to market in both the single-family and multifamily markets. Enact REIT continues to be a long-term growth vehicle for our company.

就平台多元化而言，Enact REIT 繼續表現良好，保持強勁的承保能力和有吸引力的回報狀況。在本季度，我們繼續參與單戶住宅和多戶住宅市場的 GSE CRT 交易。 Enact REIT 持續成為我們公司的長期成長工具。

We continue to maintain a disciplined approach to expense management, while investing in technologies and processes that improve the customer experience and our business operations. As I mentioned earlier, we deployed our latest generation of our comprehensive rate engine, Rate 360, which leverages our proprietary data, combined with market information, advanced analytical models and machine learning capabilities.

我們持續保持嚴謹的費用管理方法，同時投資改善客戶體驗和業務營運的技術和流程。正如我之前提到的，我們部署了最新一代綜合利率引擎 Rate 360​​，它利用我們的專有數據，結合市場資訊、先進的分析模型和機器學習功能。

Rate 360 enables us to deliver competitive risk-adjusted pricing to our lender partners and consumers, while enabling prudent risk selection and generating attractive returns. Rate 360 enhances our ability to serve our customers and drive profitable growth by enabling us to adjust pricing more effectively and quickly in a rapidly evolving increasingly complex market and represents our ongoing commitment to innovation and leadership in our industry.

Rate 360​​ 使我們能夠為貸方合作夥伴和消費者提供具有競爭力的風險調整定價，同時實現審慎的風險選擇並產生有吸引力的回報。 Rate 360​​ 使我們能夠在快速發展且日益複雜的市場中更有效、更快速地調整價格，從而增強了我們服務客戶和推動盈利增長的能力，並體現了我們對行業創新和領導地位的持續承諾。

During the quarter, our expenses improved with a 9% reduction sequentially and were down 1% from the same period in 2024, despite the ongoing inflationary environment. We are pleased with this performance and are reaffirming our 2025 expense guidance range of $220 million to $225 million.

本季度，儘管通膨環境持續存在，但我們的支出有所改善，較上季下降 9%，較 2024 年同期下降 1%。我們對此表現感到滿意，並重申 2025 年的支出指引範圍為 2.2 億美元至 2.25 億美元。

We continue to prioritize maintaining our strong financial foundation and flexibility, and our robust balance sheet position us to prudently manage risk and generate long-term shareholder value. We again delivered on our commitment to return capital to our shareholders in the first quarter by returning over $94 million through share buybacks and our quarterly dividend.

我們繼續優先考慮保持強大的財務基礎和靈活性，穩健的資產負債表使我們能夠審慎管理風險並創造長期股東價值。我們再次履行了第一季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 9,400 萬美元。

We issued a press release last night announcing that our Board of Directors authorized a new $350 million share repurchase program and approved a 14% increase to our dividend from $0.185 to $0.21 per share. We continue to expect to deliver capital returns in 2025, similar to 2024 level.

我們昨晚發布了一份新聞稿，宣布董事會批准了一項新的 3.5 億美元股票回購計劃，並批准將股息提高 14%，從每股 0.185 美元增加到 0.21 美元。我們仍預期 2025 年的資本回報將與 2024 年的水準相似。

Before I turn the call over to Dean, I would like to comment on how we are positioned for an uncertain macroeconomic backdrop. We've had a good start to 2025, and we continue to operate from a position of strength. We are closely monitoring developments and remain prepared to navigate a range of scenarios. The MI industry has fundamentally transformed since the global financial crisis. Specifically, in regards to an act, our business fundamentals remain solid.

在我將電話轉給 Dean 之前，我想先評論一下我們如何應對不確定的宏觀經濟背景。 2025 年我們已經有一個良好的開端，並且我們將繼續保持強勁勢頭。我們正在密切關注事態發展，並做好應對各種情況的準備。自全球金融危機以來，MI產業發生了根本性的轉變。具體來說，就一項法案而言，我們的業務基礎依然穩固。

We are supported by our large diverse pool of insurance in force, our commitment to underwriting and pricing discipline, embedded home price appreciation across our book, our prudent approach to reserves and a resilient investment portfolio.

我們擁有龐大且多樣化的有效保險池、對承保和定價紀律的承諾、貫穿我們保險帳簿的房價升值、對儲備金的審慎態度以及有彈性的投資組合，這些都為我們提供了支持。

Our insurance in-force and our 2025 and 2026 books have meaningful coverage via our CRT program. We also maintain strong financial flexibility with our robust PMIER sufficiency well above our regulatory requirements and a very strong statutory capital position. Overall, we believe we are operating from a point of strength, and we remain committed to executing against all aspects of our strategy and creating value for all our stakeholders.

我們的現行保險以及 2025 年和 2026 年的保險帳簿透過我們的 CRT 計劃得到了有意義的覆蓋。我們也保持了強大的財務靈活性，我們的 PMIER 充足性遠高於監管要求，並且擁有非常強大的法定資本狀況。總體而言，我們相信我們正從優勢角度開展運營，並且我們將繼續致力於執行我們策略的各個方面，並為所有利益相關者創造價值。

In closing, I want to thank our entire Enact team for their unwavering commitment and outstanding performance. As we look ahead, we are encouraged by the constructive and collaborative dialogue we have had to date with the new administration and look forward to continued constructive engagement. We remain confident in our strategy and our ability to deliver continued value for our customers, employees and shareholders in 2025 and beyond.

最後，我要感謝我們整個 Enact 團隊的堅定承諾和出色表現。展望未來，我們對迄今為止與新政府進行的建設性和合作性對話感到鼓舞，並期待繼續進行建設性接觸。我們對我們的策略以及在 2025 年及以後為客戶、員工和股東持續創造價值的能力充滿信心。

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. We delivered another set of very strong results in the first quarter of 2025. GAAP net income was $166 million or $1.08 per diluted share compared to $1.01 per diluted share in the same period last year and $1.05 per diluted share in the fourth quarter of 2024. Return on equity was 13.1%.

謝謝，羅希特。大家早安。我們在 2025 年第一季再次取得了非常強勁的業績。 GAAP 淨收入為 1.66 億美元，即每股攤薄收益 1.08 美元，去年同期為每股攤薄收益 1.01 美元，2024 年第四季為每股攤薄收益 1.05 美元。股本回報率為 13.1%。

Adjusted operating income was $169 million or $1.10 per diluted share compared to $1.04 per diluted share in the same period last year, and $1.09 per diluted share in the fourth quarter of 2024. Adjusted operating return on equity was 13.4%.

調整後營業收入為 1.69 億美元，即每股攤薄收益 1.10 美元，而去年同期每股攤薄收益為 1.04 美元，2024 年第四季每股攤薄收益為 1.09 美元。調整後營業股本報酬率為 13.4%。

Turning to revenue drivers. New insurance written was $10 billion, down 26% sequentially and down 7% year-over-year. Purchase originations were seasonally lower, and mortgage activity remained muted, as elevated mortgage rates and home prices pressured affordability.

轉向收入驅動因素。新承保保險金額為 100 億美元，季減 26%，年減 7%。由於抵押貸款利率和房價上漲對負擔能力造成壓力，購買量季節性下降，抵押貸款活動仍然低迷。

Persistency was 84% in the first quarter, up 2 points sequentially and down 1 point year-over-year. Our portfolio remains resilient to mortgage rate volatility with 8% of the mortgages in our portfolio having rates at least 50 basis points above March's average mortgage rate of 6.7%.

第一季堅持率為84%，季增2個百分點，年減1個百分點。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 3 月 6.7% 的平均抵押貸款利率至少高出 50 個基點。

Looking ahead, we anticipate the elevated persistency will continue to help offset any impact of higher mortgage rates that could reduce the size of the origination market. Given the combination of lower new insurance written and elevated persistency Primary insurance in-force was $268 billion in the first quarter, relatively flat from $269 million in the fourth quarter of 2024, and up $4 billion or 2% year-over-year. Total net premiums earned were $245 million, down $1 million sequentially and up $4 million or 2% year-over-year.

展望未來，我們預計持續性的提高將繼續有助於抵消抵押貸款利率上升可能造成的發起市場規模縮小的影響。鑑於新承保保險金額較低且持續性提高的雙重因素，第一季主要有效保險金額為 2,680 億美元，與 2024 年第四季的 2.69 億美元基本持平，年增 40 億美元，增幅為 2%。總淨保費收入為 2.45 億美元，比上一季下降 100 萬美元，比去年同期增加 400 萬美元，增幅為 2%。

The decrease sequentially was driven by higher ceded premiums, while the year-over-year increase was primarily driven by premium growth from attractive adjacencies and the growth of our mortgage insurance portfolio, partially offset by higher ceded premiums.

環比下降是由於分出保費增加所致，而同比增長主要是由於有吸引力的鄰近地區的保費增長和我們的抵押貸款保險組合的增長所致，但被分出保費增加部分抵消。

Turning to Primary premiums. Our base premium rate of 40.1 basis points was relatively flat sequentially, which align with our guidance that we expect our base premium rate in 2025 to stabilize around 2024 levels. 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 40.1 個基點，環比持平，這符合我們的預期，即預計 2025 年基本保費率將穩定在 2024 年水準左右。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。

Our net earned premium rate was 35.3 basis points, down 0.2 basis points sequentially, driven primarily by higher ceded premiums and lower single premium cancellations. Investment income in the first quarter was $63 million, flat sequentially and up $6 million or 11% year-over-year. During the quarter, our new money investment yield continue to exceed 5%, lifting our overall portfolio book yield by 10 basis points to 4.1%.

我們的淨賺保費率為 35.3 個基點，較上一季下降 0.2 個基點，主要原因是分保費增加以及單筆保費取消減少。第一季投資收入為 6,300 萬美元，與上一季持平，年增 600 萬美元，增幅為 11%。本季度，我們的新資金投資收益率持續超過 5%，使我們的整體投資組合帳面收益率提高 10 個基點至 4.1%。

Our focus remains on investing in high-quality assets and maintaining a resilient diversified A-rated portfolio. As we have previously stated, while we typically hold investments to maturity, we may selectively pursue income enhancement opportunities. During the quarter, we sold certain assets that will allow us to recoup approximately $3 million of realized losses through future higher net investment income. We still view our investment portfolio's unrealized loss position as materially non-economic.

我們的重點仍然是投資高品質資產和維持有彈性的多元化 A 級投資組合。正如我們之前所說，雖然我們通常持有投資至到期，但我們可能有選擇地尋求增加收入的機會。在本季度，我們出售了某些資產，這將使我們能夠透過未來更高的淨投資收益彌補約 300 萬美元的已實現損失。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。

Turning to credit performance. New delinquencies decreased sequentially to 12,200 in the quarter from 13,700 in the fourth quarter of 2024. After adjusting for the estimated 1,000 hurricane-related new delinquencies reported in the fourth quarter of 2024, the 5% sequential decrease in new delinquencies is in line with expected seasonal trends. Our new delinquency rate remained consistent with pre-pandemic levels and for the quarter was 1.3%, a decrease of 20 basis points compared to the 1.5% in the fourth quarter of 2024 and 1.2% in the first quarter of 2024.

轉向信用表現。新的拖欠情況從 2024 年第四季的 13,700 起環比下降至本季的 12,200 起。在對 2024 年第四季報告的與颶風相關的約 1,000 起新拖欠情況進行調整後，新的拖欠情況環比下降 5% 符合預期的季節性趨勢。我們的新拖欠率與疫情前的水準保持一致，本季為 1.3%，與 2024 年第四季的 1.5% 和 2024 年第一季的 1.2% 相比下降了 20 個基點。

We maintained our claim rate on new delinquencies at 9% for the quarter. There were no material hurricane-related delinquencies reported in the quarter, and consequently, we made no adjustments to our claim rates during the quarter. Total delinquencies in the first quarter decreased sequentially to 22,300 from 23,600 as cures outpaced news. The primary delinquency rate for the quarter was 2.3% compared to 2.4% in the fourth quarter of 2024, and 2% in the first quarter of 2024.

本季度，我們將新拖欠貸款的索賠率維持在 9%。本季未報告與颶風有關的重大拖欠情況，因此，我們在本季未對索賠率進行任何調整。由於治癒人數超過新聞報道人數，第一季拖欠貸款總數從 23,600 人較上季下降至 22,300 人。本季的主要拖欠率為 2.3%，而 2024 年第四季為 2.4%，2024 年第一季為 2%。

Losses in the first quarter of 2025 were $31 million and the loss ratio was 12% compared to $24 million and 10%, respectively, in the fourth quarter of 2024 and $20 million and 8%, respectively, in the first quarter of 2024.

2025 年第一季的虧損為 3,100 萬美元，虧損率為 12%，而 2024 年第四季的虧損分別為 2,400 萬美元和 10%，2024 年第一季的虧損分別為 2,000 萬美元和 8%。

The current quarter reserve release of $47 million from favorable cure performance and loss mitigation activities compared to a reserve release of $56 million and $54 million in the fourth quarter of 2024 and the first quarter of 2024, respectively.

本季因有利的治療表現和損失緩解活動而釋放的儲備金為 4,700 萬美元，而 2024 年第四季和 2024 年第一季分別釋放的儲備金為 5,600 萬美元和 5,400 萬美元。

Our losses and loss ratio increased sequentially and year-over-year, primarily driven by a lower reserve release in the current quarter. The year-over-year increase was also driven by incremental new delinquencies, partially offset by a lower claim rate assumption.

我們的損失和損失率環比和年比均有所增加，主要原因是本季儲備金釋放減少。年成長率也受到新增拖欠率增加的影響，但被較低的索賠率假設部分抵銷。

Turning to operating expenses. Operating expenses for the first quarter of 2025 were $53 million and the expense ratio was 21% compared to $58 million and 24%, respectively, in the fourth quarter 2024 and $53 million and 22%, respectively, in the first quarter of 2024. First quarter operating expenses included approximately $1 million of reorganization costs.

談到營運費用。 2025 年第一季的營運費用為 5,300 萬美元，費用率為 21%，而 2024 年第四季分別為 5,800 萬美元和 24%，2024 年第一季分別為 5,300 萬美元和 22%。第一季營運費用包括約 100 萬美元的重組成本。

For 2025 operating expenses, we continue to anticipate a range of $220 million to $225 million, excluding reorganization costs as we continue to prudently manage our expense base, while also investing in growth initiatives, and modernization driving future efficiencies in addition to normal inflationary dynamics.

對於 2025 年的營運費用，我們繼續預計在 2.2 億美元至 2.25 億美元之間，不包括重組成本，因為我們將繼續審慎管理我們的費用基礎，同時還投資於成長計劃和現代化，除了正常的通膨動態之外，還將推動未來的效率。

We continue to operate from a strong capital and liquidity position, reinforced by our robust PMIER sufficiency and the successful execution of our diversified CRT program. Our PMIERs sufficiency was 165% or $2 billion above PMIERs requirements at the end of the first quarter. As of March 31, 2025, our third-party CRT program provides $1.9 billion of PMIERs capital credit.

我們繼續以強大的資本和流動性狀況運營，這得益於我們強大的 PMIER 充足性和多元化 CRT 計劃的成功執行。截至第一季末，我們的 PMIER 充足率超出 PMIER 要求 165%，即 20 億美元。截至 2025 年 3 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。

As a reminder, we have executed both forward quota share and forward excess of loss reinsurance transactions on our 2025 and 2026 book years, which we expect will provide meaningful PMIERs credit over time and loss protection on these book years as they age through an uncertain macroeconomic backdrop.

提醒一下，我們已經在 2025 年和 2026 年帳簿年度執行了遠期配額份額和遠期超額損失再保險交易，我們預計這將隨著時間的推移為這些賬簿年度提供有意義的 PMIER 信貸，並在這些賬簿年度經歷不確定的宏觀經濟背景時提供損失保護。

Let me now turn to capital allocation. During the quarter, we paid out $28 million or $0.185 per share through our quarterly dividend and bought back 2 million shares at a weighted average share price of $33.38 for a total of approximately $66 million.

現在讓我來談談資本配置。在本季度，我們透過季度股息支付了 2,800 萬美元或每股 0.185 美元，並以 33.38 美元的加權平均股價回購了 200 萬股，總計約 6,600 萬美元。

Through April '25, we repurchased an additional 600,000 shares at a weighted average share price of $34.53 for a total of $21 million. Yesterday, we announced a 14% increase to our quarterly dividend from $0.185 per share to $0.21 per share, and the Board approved a new share repurchase authorization of $350 million.

截至 2025 年 4 月，我們以 34.53 美元的加權平均股價回購了另外 60 萬股，總計 2,100 萬美元。昨天，我們宣布將季度股息從每股 0.185 美元增加 14% 至每股 0.21 美元，董事會批准了 3.5 億美元的新股票回購授權。

In support of the new share repurchase authorization, Enact is entered into an agreement with Genworth to repurchase its Enact shares as part of the program to maintain Genworth's current ownership interest in Enact. Combining this new authorization with our remaining $6 million capacity under our May 2024 authorization, we have a total buyback authorization of $356 million available as of April 25, 2025.

為了支持新的股票回購授權，Enact 與 Genworth 達成協議，回購其 Enact 股票，作為維持 Genworth 在 Enact 的現有所有權權益計劃的一部分。將這項新授權與我們 2024 年 5 月授權下剩餘的 600 萬美元容量相結合，截至 2025 年 4 月 25 日，我們共有 3.56 億美元的回購授權。

Both the increased dividend and new share repurchase authorization actions reflect the continued strength of our financial position and confidence in our business. As Rohit mentioned earlier, our 2025 total capital return guidance remains unchanged at $350 million. 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.

增加股利和新股回購授權行動都反映了我們財務狀況的持續強勁和對業務的信心。正如 Rohit 先前所提到的，我們 2025 年的總資本回報指引保持不變，為 3.5 億美元。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、市場狀況和監管部門的批准。

Overall, we're pleased with our strong start to 2025 and remain focused on prudently managing risk maintaining a strong balance sheet and driving solid returns for our shareholders. With that, let me turn the call back to Rohit.

總體而言，我們對 2025 年的強勁開局感到滿意，並將繼續專注於審慎管理風險，保持強勁的資產負債表並為股東帶來穩健的回報。說完這些，讓我把電話轉回給羅希特。

Thanks, Steve. Looking ahead, we believe our strong balance sheet, prudent risk management and focus on long-term fundamentals position us to navigate this dynamic macro environment. Our strategy remains grounded in our mission of helping people responsibly achieve the dream of homeownership, and we remain committed to creating long-term sustainable value for all our stakeholders.

謝謝，史蒂夫。展望未來，我們相信，強勁的資產負債表、審慎的風險管理以及對長期基本面的關注使我們能夠應對這一動態的宏觀環境。我們的策略始終以幫助人們負責任地實現擁有住房的夢想為使命，並且我們始終致力於為所有利益相關者創造長期可持續的價值。

Operator, we are now ready for Q&A.

接線員，我們現在可以進行問答了。

(Operator Instructions)

（操作員指示）

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, good morning. Thank you for taking my question. I wanted to just start with something you mentioned, Rohit, about just being prepared for uncertainty and specifically around maybe underwriting and pricing. I know you reiterated the outlook for base premium rates to be relatively stable. But that's obviously at a portfolio level. I was curious what you're seeing in the market or if you've done taken actions in April, right? Just given all the macro noise, the uncertainty increasing in April.

嗨，早安。感謝您回答我的問題。羅希特，我想從你提到的一些事情開始，關於為不確定性做好準備，特別是關於承保和定價。我知道您重申了基本保費率相對穩定的前景。但這顯然是在投資組合層面。我很好奇您在市場上看到了什麼，或者您是否在四月採取了行動，對嗎？考慮到所有宏觀因素，四月的不確定性正在增加。

Is there -- how is the industry Enact, however you're comfortable answering that reacted to that? Or have you all so far because the data hasn't changed, you've maintained the pricing and underwriting standards or not really tighten and change? I'm just curious, how you're reacting to that uncertainty increasing from an underwriting perspective.

有沒有——行業如何制定，無論如何回答，您對此有何反應？還是你們到現在為止因為數據沒有變化，就一直維持定價和承保標準或沒有真正收緊和改變？我只是好奇，從承保的角度來看，您對這種不確定性的增加有何反應。

Yeah, good morning, Mihir. Thank you for your question. So I would say, given the evolving dialogue that we are seeing on tariffs, it's difficult to predict the exact magnitude and breadth of economic impact. But what I can tell you is we are doing a diligent monitoring of the economic impact, whether it's across the country or specific economic sectors or specific geography. So that continues to be an ongoing process right now. I would also tell you that we are maintaining prudent guidelines and underwriting and our leveraging our strong capital base, as I said in my prepared remarks, to help well-qualified borrowers get into homes.

是的，早上好，Mihir。感謝您的提問。因此我想說，鑑於我們在關稅問題上看到的對話不斷發展，很難預測其對經濟影響的確切規模和廣度。但我可以告訴你們的是，我們正在認真監測經濟影響，無論是全國範圍內，還是特定經濟部門或特定地區。因此，這目前仍是一個持續的過程。我還要告訴你們，正如我在準備好的發言中所說，我們正在維持審慎的指導方針和承保，並利用我們強大的資本基礎，幫助符合條件的借款人獲得住房。

Now when it comes to April and most recent kind of actions and what we have observed in the market, I would say we continue to find pricing constructive in the marketplace, and we have used our Rate 360 capabilities, especially with the most recent iteration to adjust our pricing to reflect the current level of uncertainty. It's too early to say what the rest of the market is doing just because we are just wrapping up the month of April and don't have the indications from the market, but I would say our own posture has been to strengthen our pricing in reaction to that market uncertainty that all of us are observing.

現在談到四月份以及最近的行動和我們在市場上觀察到的情況，我想說我們繼續發現市場上的定價具有建設性，並且我們已經使用了我們的 Rate 360​​ 功能，特別是最近的迭代來調整我們的定價以反映當前的不確定性水平。現在判斷其他市場的表現還為時過早，因為我們剛結束四月份的工作，還沒有從市場得到任何跡象，但我想說，我們自己的策略是加強定價，以應對我們所有人都觀察到的市場不確定性。

Thank you. And then just one other question, again on government policy, and I know it's evolving. Has there been any on-the-ground impact from -- of any of the changes we've heard about so far? And any changes, in particular, I'm curious about like on the loss mitigation side because I know there's been obviously post-COVID -- COVID loss mitigations were basically made -- were extended and what continues and they have been a pretty big beneficiary of cures. Have you seen any impact from any of those changes?Thank you.

謝謝。還有一個問題，還是關於政府政策，我知道它正在不斷發展。到目前為止，我們所聽到的變化是否產生了任何實際影響？我特別好奇在損失緩解方面有什麼變化，因為我知道顯然在後疫情時代——基本上已經採取了新冠疫情損失緩解措施——這些措施得到了延長，而且還在繼續，他們是治療措施中相當大的受益者。您是否看到這些變化帶來的影響？謝謝。

Yeah. Thanks, Mihir. So we've had constructive engagement with the new FHFA Director and in a market where we have lower affordability, we continue to work very constructively with FHFA and GSEs to make sure that we are serving our role well in putting first-time homebuyers in homes and putting our capital in front of taxpayers. As far as loss mitigation changes that we have observed, most of those have been on the FHA and VA side, we actually have seen continued strength in GSE loss mitigation, whether we call it waterfalls or consumer loss mitigation options. Those continue stand strong.

是的。謝謝，Mihir。因此，我們與新任聯邦住房金融局局長進行了建設性的接觸，在住房負擔能力較低的市場中，我們繼續與聯邦住房金融局和政府支持企業進行建設性的合作，以確保我們能夠很好地履行職責，幫助首次購房者擁有住房，並將我們的資金放在納稅人面前。就我們觀察到的損失緩解變化而言，大多數變化發生在聯邦住房管理局 (FHA) 和退伍軍人事務部 (VA) 方面，我們實際上看到政府支持企業 (GSE) 損失緩解持續強勁，無論我們稱之為瀑布式損失緩解還是消費者損失緩解選項。這些繼續保持強勁。

And I agree with your point that post-COVID, the best practices from COVID and the best experiences were covered were carried forward into new loss mitigation program. So we are actually very optimistic about those loss mitigation programs actually giving us more options for consumers in the event the consumer actually goes delinquent on a loan and helping them get them back on their feet.

我同意你的觀點，在後疫情時代，我們將把疫情期間的最佳實踐和最佳經驗融入新的損失緩解計劃中。因此，我們實際上對這些損失緩解計劃非常樂觀，因為如果消費者真的拖欠貸款，這些計劃實際上會為消費者提供更多選擇，並幫助他們重新站起來。

Okay. Thank you for taking my questions. I'll get back into queue.

好的。感謝您回答我的問題。我會回到隊列。

Thanks, Mihir.

謝謝，Mihir。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks. I guess along the lines of pricing. In the last couple of quarters, we've -- we have seen some shifts in market share from other players. Just hoping you could talk more about the pricing dynamics and kind of what you see that leads to market share changes or just how sensitive the market is to price?

謝謝。我猜是按照定價的思路。在過去的幾個季度中，我們看到其他參與者的市場份額發生了一些變化。只是希望您能更多地談論定價動態以及您認為導致市場份額變化的因素，或者市場對價格的敏感度如何？

Yeah, good morning, Doug, and thank you for your question. It's tough for us to comment on other companies' market share and trajectories or volatility. What I would say is our market participation has been relatively stable, I would say, over the last four to five quarters. I would also say that when we think about market share, it's not exactly a target for us, it's much more dependent on our alignment on risk and return in the market and what we see in terms of the quality of the business and what we are getting paid. So we have been very happy with our market participation.

是的，早安，道格，謝謝你的提問。我們很難評論其他公司的市場佔有率、發展軌跡或波動性。我想說的是，在過去四到五個季度裡，我們的市場參與度相對穩定。我還想說，當我們考慮市場佔有率時，它並不是我們的目標，它更取決於我們對市場風險和回報的一致性，以及我們對業務品質和所獲報酬的看法。因此，我們對我們的市場參與感到非常高興。

We've been very happy with about $10 billion of NIW, we wrote in the first quarter. Obviously, market share is not known yet for first quarter completely because not all companies have reported. But I would say some of the things changes can be caused by pricing, but they can also be caused by just the lenders you specifically do business with.

我們在第一季寫道，我們對約 100 億美元的 NIW 感到非常滿意。顯然，第一季的市佔率尚不清楚，因為並非所有公司都已公佈報告。但我想說的是，一些事情的變化可能是由定價引起的，但也可能是由與您有業務往來的貸方引起的。

So if you do business with a specific lender who has a big quarter in terms of origination activity or they have a big focus on purchase versus refinance and the market composition changes between those segments that can create movements in market share. So those would be just -- in addition to pricing and guidelines, those could be additional levers. Those could be additional movements that cause changes in market share for any company in our industry. I hope that helps.

因此，如果您與某個特定的貸款機構開展業務，而該貸款機構在某個季度的發起活動量很大，或者他們非常注重購買而不是再融資，那麼這些細分市場之間的市場構成變化可能會導致市場份額的變動。所以這些只是——除了定價和指導方針之外，這些可以作為額外的槓桿。這些額外的舉措可能會引起我們行業中任何一家公司的市佔率發生變化。我希望這能有所幫助。

It does. Thank you.

確實如此。謝謝。

Ric Shane, JPMorgan.

摩根大通的里克沙恩 (Richard Shane)。

Good morning guys. Thanks for taking my question. So as we sit today at the end of the first quarter of '25, if we total up the insurance in-force from '23, '24 in the first quarter, it represents about 38% of your book. If we did the same exercise at the end of the first quarter of '22, it would have been 74% of your book. So the book was almost twice as concentrated three years ago in recent cohorts as it is today. Obviously, that's a function of what's happened with rates, with purchase activity. We all understand the dynamics.

大家早安。感謝您回答我的問題。因此，當我們今天處於 25 年第一季末時，如果我們將 23 年、24 年第一季的有效保險加起來，它約佔您帳簿的 38%。如果我們在 22 年第一季末做同樣的練習，它將達到你的書的 74%。因此，三年前這本書在近期讀者群中的集中度幾乎是今天的兩倍。顯然，這是利率和購買活動變化的結果。我們都了解其中的動態。

I'm curious as you guys look at a portfolio that was three years ago, very unusual in historical context, a portfolio today that's very unusual in historical context, what you think are sort of the best case scenarios of how this evolves and what are the biggest risks? Because this industry is facing a different profile, I wouldn't even say challenges, it's just characterized differently today than it has been before.

我很好奇，當你們看一下三年前的投資組合（在歷史背景下非常不尋常）和今天的投資組合（在歷史背景下非常不尋常）時，你們認為這種投資組合的最佳發展情況是什麼，最大的風險是什麼？因為這個行業面臨不同的局勢，我甚至不會說是挑戰，只是今天的特點與以前不同。

Yeah, Rick, hey, it's Dean. Thanks for the question. A couple of different ways, I think your question can go. The first would be something that we started talking about a couple of quarters ago, and it's really the seasoning of the portfolio and the impact that seasoning has on new delinquency development. So as you mentioned, you go back a couple of years, our portfolio was much younger, much less mature.

是的，瑞克，嘿，我是迪恩。謝謝你的提問。我認為您的問題可以用幾種不同的方式來回答。第一個是我們幾個季度前開始談論的事情，它實際上是投資組合的成熟度以及成熟度對新違約發展的影響。正如您所說，回顧幾年前，我們的投資組合還很年輕，不夠成熟。

It was moving up the normal delinquency curve pattern. And I think we saw that -- some of that impact last year when you think about year-over-year increases in new delinquencies coming in, in the kind of mid-teens range over the course of 2024. What we've talked about now in 2025 as that book year continues to season, I think the average age of our book is now 3.9 year season. That's up a tick from last quarter, and it's up meaningfully from several years ago.

它正沿著正常的犯罪曲線模式上升。我認為我們已經看到了這一點——考慮到新拖欠債務的數量逐年增加，去年我們已經看到了一些影響，到 2024 年，這一數字將達到十幾歲左右。我們現在談到 2025 年，隨著帳簿年度的繼續，我認為我們帳簿的平均年齡現在是 3.9 年。這比上一季度略有上升，並且與幾年前相比有顯著上升。

It continues to progress towards closer to the peak of that normal delinquency development curve. That happens around years three and four and thereafter, it plateaus kind of out 12 to 18 months thereafter. I think what that means is we should see the increase in new delinquency development slow compared to last year's increase. And in fact, when you look at this Q1 performance. I think it reflects that slowing. So it was roughly 7% year-over-year increase relative to last year at the same time. We saw something akin to a 19% increase.

它繼續向正常犯罪發展曲線的頂峰靠攏。這發生在第三年和第四年左右，此後的 12 到 18 個月內達到穩定狀態。我認為這意味著我們將看到新的犯罪行為的增長與去年相比有所放緩。事實上，當你看看第一季的表現。我認為這反映了這種放緩。因此與去年同期相比，年增約 7%。我們看到了類似 19% 的成長。

That's obviously the impact on the aging of the portfolio that I think your question gets at, but any discussion on credit performance needs to have the caveat that delinquency development is certainly going to be subject to the macroeconomic environment that books are aging through. More recently, we've seen some natural disaster impacts and other credit-related drivers.

我認為您的問題顯然涉及了對投資組合老化的影響，但任何有關信貸表現的討論都需要有一個警告，即拖欠的發展肯定會受到賬簿老化的宏觀經濟環境的影響。最近，我們看到了一些自然災害的影響和其他與信貸相關的驅動因素。

So that would be the first, I think, tentacle of your question. I think the second piece of that would be just vintage performance. From -- first of all, let me start with from a performance perspective, we haven't seen any book year performance vary relative to our expectations across any book year. Now that doesn't mean that book years don't differ. It just simply means that we're seeing good alignment between our expectations when we onboard that book at pricing that book and the actual performance that we've seen to date. Book year performance does differ based on a couple of factors.

所以我認為這就是你的問題的第一個要點。我認為第二點就是復古表現。首先，讓我從業績角度開始，我們還沒有看到任何年度的表現相對於我們的預期有所不同。但這並不意味著書的年份沒有差異。這只是簡單地意味著，當我們對該書進行定價時，我們的預期與我們迄今為止所看到的實際表現之間有很好的一致性。由於一些因素，圖書年度表現確實有所不同。

New vintages are certainly being originated more purchase heavy market and consequently tend to have higher LTVs, higher DTIs and modestly higher FICO. The good news there is we assess and price the riskiness across all that attribute. So it's part of the right price for the right risk equation that Rohit referenced in his last answer.

新年份的貸款肯定來自購買力較強的市場，因此往往具有更高的 LTV、更高的 DTI 和略高的 FICO。好消息是，我們對所有屬性的風險進行了評估和定價。因此，這是 Rohit 在上一個回答中提到的正確風險方程式的正確價格的一部分。

The second part, new vintages have lower embedded equity as the pace of home price appreciation has kind of slowed more recently. Again, the good news here is, we also price applying the prospective view of the macroeconomic environment, including our view of future home prices. So what I would say kind of if I boil that up and kind of summarize, we're not seeing any variance to our pricing expectations for any book year. And our risk-based pricing approach ensures that we have the right price for the right risk for the risk attributes and the economic assumption differences across both years, including future home prices.

第二部分，由於近期房價上漲速度放緩，新房的內含資產較低。再次，好消息是，我們也根據宏觀經濟環境的前瞻性觀點進行定價，包括我們對未來房價的看法。因此，如果我將其概括起來，我想說的是，我們沒有看到任何年度圖書定價預期有任何變化。我們基於風險的定價方法確保我們根據風險屬性和兩年間的經濟假設差異（包括未來房價）對正確的風險給予正確的價格。

Yeah. Rick, just to add to Dean's point, I agree with everything Dean said, just lifting up, I would also say we would love to have a bigger market. I think if mortgage rates were lower and affordability was better, we would have a bigger market size. We have talked about the origination units being significantly down over the last few years, just given lack of affordability. But I would say maybe the silver lining here is if you think about the age of our book, there are more consumers in our book who are more experienced in managing their debt. You combine that with the embedded equity aspect that Dean talked about, we have a more resilient book right now than we would have had in 2022.

是的。瑞克，我補充一下迪恩的觀點，我同意迪恩所說的一切，只是補充一下，我也想說我們也希望有更大的市場。我認為，如果抵押貸款利率較低且負擔能力更好，我們的市場規模就會更大。我們談到，由於缺乏負擔能力，過去幾年發起單位數量大幅下降。但我想說，也許這裡的一線希望是，如果你想想我們這本書的年齡，你會發現我們書中有更多在債務管理方面更有經驗的消費者。將其與 Dean 談到的嵌入式股權方面結合起來，我們現在的帳面價值比 2022 年更具彈性。

We have a comparison of 38% versus 74% from the last few book years. And if there is uncertainty in the market or any negative news in the market, we are going into this environment with a more resilient book from a consumer performance perspective and equity -- embedded equity perspective. So we see that as also a resilience point and a silver lining in terms of age of our book at this point.

我們對過去幾年的圖書銷售率進行了比較，分別為 38% 和 74%。如果市場存在不確定性或出現任何負面消息，我們將從消費者績效角度和股權（嵌入式股權角度）的角度，以更具彈性的帳簿進入這種環境。因此，我們認為，就我們這本書的年齡而言，這也是一個恢復點和一線希望。

Got it. I definitely agree with that. If I can ask one follow-up. When -- so the older cohorts have benefited immensely from HPA. They were not underwritten with any expectation that, that was going to happen. That would have been imprudent and that was a windfall for the industry. You had alluded to your underlying assumptions. Do you -- as you're writing policies today have a more conservative assumption on HPA going forward than you were applying three years ago because of the sharp run-up in home prices? Or is that -- do you assume a kind of consistent HPA, but now just off a higher base.

知道了。我絕對同意這一點。如果我可以問一個後續問題。當——所以老一代人從 HPA 中受益匪淺。他們沒有對會發生這樣的事抱持任何期望。這樣做是不明智的，但對於該行業來說卻是一筆意外的收穫。您已經暗示了您的基本假設。由於房價大幅上漲，您在今天制定政策時，對未來 HPA 的假設是否比三年前更保守？或者是—您是否假設一致的 HPA，但現在只是基於更高的基礎。

Yeah. Thanks, Ric. I think that ties into Rohit's response to a prior question, which is we absolutely take into account the prospective view -- our prospective view of the macroeconomic environment. That certainly includes home prices and -- yes, today, we would have given the slower rate of home price appreciation, we would embed that into our pricing, and that would certainly impact price up from our perspective, all things held equal in current pricing vis-a-vis prior environment.

是的。謝謝，里克。我認為這與羅希特對先前問題的回答有關，即我們絕對會考慮到前瞻性的觀點——我們對宏觀經濟環境的前瞻性觀點。這當然包括房價——是的，今天，我們會考慮到房價上漲速度較慢這一因素，我們會將其納入我們的定價中，從我們的角度來看，這肯定會影響價格上漲，當前定價與之前環境相比，所有因素都保持不變。

And I think you saw the example of that back during COVID every single MI company in the industry talked about their price increases in the second quarter of 2020, and all of that happened in a very short time frame. The moment all of us basically saw unemployment rates going up or the possibility of unemployment rates going up, everybody adjusted their conditional scenarios with their internal views and then raise prices.

我想你在 COVID 期間就看到過這樣的例子，業內每一家 MI 公司都在談論 2020 年第二季的價格上漲，而所有這些都發生在很短的時間內。當我們大家基本上看到失業率上升或失業率上升的可能性時，每個人都會根據自己的內部觀點調整條件情景，然後提高價格。

So Ric, that's very aligned with how we run the business because our books age, based on that prospective view and the loans are going to be with us for four, five years, maybe even longer, and we want to make sure that we are pricing appropriately for that risk.

所以，瑞克，這與我們的經營方式非常一致，因為我們的帳簿是基於這種預期而建立的，貸款將在我們這裡存續四五年，甚至更長時間，我們希望確保我們針對這種風險進行適當的定價。

Got it. Okay, terrific. Thanks, guys. Thank you very much.

知道了。好的，太棒了。謝謝大家。非常感謝。

Thank you. Thanks, Ric.

謝謝。謝謝，里克。

(Operator Instructions)

（操作員指示）

Bose George, KBW.

博斯喬治，KBW。

Hey, everyone, good morning. Actually, have you all seen any signs of cancellation rates increasing? Just obviously, these books -- the persistency rates remains high and with higher for longer that could continue. So just any thoughts there?

大家好，早安。實際上，你們有看到取消率上升的跡象嗎？顯然，這些書籍的持久率仍然很高，而且這種高水平的持久率可能會持續更長時間。那麼，您有什麼想法嗎？

Yeah. We've monitored that pose through time over the last several years. We really haven't seen any change in behavior or the change in the level of activity as it relates to borrow initiated cancellation. The vast majority of our lapse or cancellations really occur from refinancing activity, loans that are paid in full and hope auto cancellations or loans amortize down to 78 LTV. That continues to hold true through the first quarter. And again, just borrow initiate cancellation hasn't been that big of a driver for us over time and through today.

是的。過去幾年我們一直在監測這個姿勢。我們確實沒有看到與借用發起的取消相關的行為或活動水平的任何變化。我們的絕大多數失誤或取消實際上都發生在再融資活動、全額償還的貸款以及希望自動取消或貸款攤銷至 78 LTV 的情況下。這一情況在第一季依然存在。再說一次，從過去到現在，僅僅借用啟動取消對我們來說並不是一個很大的驅動力。

Okay, thanks. And then actually, the other income line, so I guess, is that mainly the reinsurance income. And also, is that just premiums? Or is there kind of a mark-to-market component that goes through there as well?

好的，謝謝。實際上，我猜另一條收入線主要是再保險收入。而且，這只是保費嗎？或者是否也存在某種經過市價調整的成分？

Yeah. The other income line includes our contract services, the fees associated with our contract services underwriting. So it's it has several components, not just premium those.

是的。另一項收入包括我們的合約服務，以及與我們的合約服務承保相關的費用。因此它有幾個組件，而不僅僅是高級組件。

Okay. But the run rate this quarter is kind of a reasonable number?

好的。但本季的運行率是一個合理的數字嗎？

Yeah. I mean that number varies, as you can see in our QFS disclosure. It's still pretty small at $2 million, but you've seen it range from $1 million to I guess, $2 million to $3 million.

是的。我的意思是這個數字是變化的，正如您在我們的 QFS 披露中所看到的那樣。 200 萬美元這個數字仍然很小，但你也看過，這個數字從 100 萬美元到 200 萬美元到 300 萬美元不等。

Okay. Okay, great. Thank you.

好的。好的，太好了。謝謝。

The one thing I would say, we have some -- we do have some arrangements in Q1 related to our reinsurance contract that probably aren't in a normal run rate. So it might be inflated by $1 million. So I'd probably point you to closer to $1 million as a normal run rate vis-a-vis $2 million. But you can see through time that it changes in that general range.

我想說的是，我們在第一季確實有一些與再保險合約相關的安排，這些安排可能不在正常的運作率範圍內。因此可能會膨脹100萬美元。因此，我可能會建議你把正常的運行率設定為接近 100 萬美元，而不是 200 萬美元。但隨著時間的推移，你可以看到它在大致範圍內發生變化。

Okay, great. Thanks.

好的，太好了。謝謝。

Thank you. I'm showing no further questions at this time. I'd like to turn the call back over to Rohit Gupta for any closing remarks.

謝謝。我目前沒有其他問題。我想將電話轉回給 Rohit Gupta，請他做最後一次發言。

Thank you, Michelle, and thank you, everyone. We appreciate your interest in Enact, and I look forward to seeing many of you in New York at BTIG's Housing Ecosystem Conference on May 8. Thank you.

謝謝你，米歇爾，也謝謝大家。感謝您對 Enact 的關注，我期待在 5 月 8 日於紐約舉行的 BTIG 住房生態系統會議上見到大家。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接了。祝大家有個愉快的一天。