Enact Holdings Inc (ACT) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Enact's fourth-quarter 2025 earnings conference call. (Operator Instructions).

您好，感謝您耐心等候。歡迎參加 Enact 2025 年第四季財報電話會議。（接線員指示）。

I would now like to turn the call over to Daniel Kohl. You may begin.

我現在要把電話交給 Daniel Kohl。您可以開始了。

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. 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.

謝謝，早安。歡迎參加我們的第四季財報電話會議。今天與我一同出席的有 Rohit Gupta，總裁兼執行長；以及 Dean Mitchell，財務長兼司庫。Rohit 將概述我們的業務表現，以及策略推進的進展。接著 Dean 將說明本季業績細節，之後再把電話交回 Rohit 作結語。然後我們將回答各位的提問。

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.

我們於昨日收盤後發布的財報資料包含本季財務結果，以及一套完整的財務與營運指標。相關資料可在我們網站的投資人關係專區取得。今天的電話會議將被錄音，並將包含前瞻性陳述。這些陳述係基於截至今日的現行假設、估計、預期與推測。

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 the 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，這些陳述亦受風險與不確定性影響，可能導致實際結果出現重大差異；且因新資訊而更新或修訂此等陳述，我們不承擔任何義務。關於這些風險與不確定性的討論，請參閱今日新聞稿中有關前瞻性陳述的警示性用語，以及我們向美國證券交易委員會（SEC）提交的文件；相關內容亦將於我們網站提供。

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.

也請注意，今日的財報資料與管理層預先準備的發言包含若干非 GAAP 指標。這些指標與最相關 GAAP 指標之間的調節表，可在新聞稿、我們的財報簡報，以及即將於網站發布的 SEC 申報文件中查閱。

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

接下來，我把電話交給 Rohit。

Thank you, Daniel. Good morning, everyone. Enact delivered a very strong finish to 2025 that reflected the disciplined execution of our strategy, robust credit performance, and our commitment to shareholder value creation. For the full year, we reported adjusted operating income of $688 million or $4.61 per diluted share. We returned over $500 million of capital to shareholders and the year-end adjusted book value per share increased 11% to $37.87.

謝謝你，Daniel。各位早安。Enact 在 2025 年以非常強勁的表現收官，反映出我們對策略的紀律性執行、穩健的信用表現，以及我們對為股東創造價值的承諾。全年而言，我們的調整後營運收入為 6.88 億美元，或每股稀釋後 4.61 美元。我們向股東返還超過 5 億美元資本，年末每股調整後帳面價值成長 11% 至 37.87 美元。

Before discussing the quarter, I want to take a moment to highlight some of our accomplishments in 2025. In a complex housing environment, we helped over 134,000 borrowers via home and over 16,000 borrowers keep their home. We continue to innovate our risk selection and pricing capabilities, leveraging advanced modeling and machine learning to deploy the latest version of our pricing engine, Rate360.

在討論本季之前，我想先花一點時間重點回顧我們在 2025 年的一些成果。在複雜的住房環境中，我們協助超過 134,000 名借款人購屋，並協助超過 16,000 名借款人保住房屋。我們持續創新風險篩選與定價能力，運用先進建模與機器學習，部署我們最新版本的定價引擎 Rate360。

We generated $52 billion of new insurance written and ended the year with record insurance in force of $223 billion. We maintained our commitment to expense discipline with full-year operating expenses at $217 million, excluding restructuring charges. We delivered record levels of capital returns to our shareholders, and we enhanced our financial flexibility by entering a new $435 million revolving credit facility, and protected our forward books at attractive cost of capital through new CRT deals.

我們新增承保保險（NIW）達 520 億美元，並以創紀錄的 2,230 億美元在保保險（IIF）結束年度。我們持續秉持費用紀律，全年營運費用為 2.17 億美元（不含重組費用）。我們為股東帶來創紀錄的資本回饋水準，並透過簽訂新的 4.35 億美元循環信用融資額度提升財務彈性，同時藉由新的 CRT 交易以具吸引力的資本成本保護我們的未來承保組合。

Our execution continues to be recognized by the market, evidenced by receiving multiple credit ratings upgrades. Finally, Enact received multiple industry and local awards, a testament to our commitment to excellence and providing an exceptional employee experience. Taken together, these accomplishments underscore the progress we made in 2025 and reinforce our confidence in Enact's long-term strategy.

我們的執行力持續獲得市場肯定，體現在獲得多項信用評等上調。最後，Enact 獲得多項產業與地方獎項，證明我們對卓越的承諾，以及提供優異員工體驗的努力。綜合而言，這些成果凸顯我們在 2025 年取得的進展，並強化我們對 Enact 長期策略的信心。

Turning to our fourth-quarter results. We reported adjusted operating income of $179 million or $1.23 per diluted share, while adjusted return on equity was 13.5% and we generated robust new insurance written of over $14 billion, driven by an increase in refinance originations as mortgage rates declined. However, 59% of loans in our book have rates below 6%, providing support for continued elevated persistency.

接著談我們第四季的結果。我們的調整後營運收入為 1.79 億美元，或每股稀釋後 1.23 美元；調整後股東權益報酬率為 13.5%。我們新增承保保險超過 140 億美元，主要受惠於房貸利率下滑帶動再融資起源量增加。然而，我們保單組合中有 59% 的貸款利率低於 6%，為持續偏高的續保率提供支撐。

The long-term drivers of housing demand remain strong, and we are confident that mortgage insurance will continue to play an essential role for both buyers and lenders. Pricing remained constructive in the quarter, and our dynamic risk-adjusted pricing engine, Rate360, is enabling us to prudently price risk with discipline as market conditions continue to evolve. Our insurance in force portfolio remains resilient with risk weighted average FICO score of 746. The risk weighted average loan-to-value ratio was 93%, and layered risk was 1.2% of risk in-force.

住房需求的長期驅動因素依然強勁，我們相信房貸保險將持續對買方與放款機構扮演關鍵角色。本季定價維持建設性，而我們的動態風險調整定價引擎 Rate360，使我們能在市場條件持續演變之際，以紀律審慎地為風險定價。我們的在保保險組合仍具韌性，風險加權平均 FICO 分數為 746。風險加權平均貸款成數（LTV）為 93%，分層風險占在保風險的 1.2%。

[Q4] performance continues to outperform our expectations driven by favorable credit performance and effective loss mitigation efforts. This resulted in a net reserve release of $60 million in the quarter, partially driven by a claim rate reduction from 9% to 8%. Dean will touch more on this shortly. We also continue to advance our capital allocation priorities of supporting existing policyholders by maintaining a strong balance sheet, investing in our business to drive organic growth and efficiencies, funding attractive new business opportunities, and returning business capital to shareholders.

[Q4] 表現持續優於我們的預期，主要受惠於良好的信用表現與有效的損失緩解措施。因此，本季淨準備金釋出 6,000 萬美元，部分原因是理賠率由 9% 降至 8%。Dean 稍後會進一步說明。我們也持續推進資本配置優先事項：透過維持強健資產負債表來支持既有保戶、投資於業務以推動內生成長與效率、資助具吸引力的新業務機會，並將業務資本回饋給股東。

At the end of the quarter, our PMIERs sufficiency ratio was 162%, providing significant financial flexibility, and our credit and investment portfolios are in excellent shape. Our strong capital position is further reinforced by the effective implementation of our CRT program and the backing of our credit facility. We continue to make steady progress against our strategic initiatives, advancing innovation in the MI business and continuing to expand into attractive adjacencies.

截至季末，我們的 PMIERs 充足比率為 162%，提供顯著的財務彈性，而我們的信用與投資組合狀況極佳。我們強勁的資本部位亦因 CRT 計畫的有效落實以及信用融資額度的支持而進一步鞏固。我們持續穩步推進策略性計畫，推動房貸保險（MI）業務創新，並持續擴展至具吸引力的相鄰領域。

Enact Re continued to perform well and participated in attractive GSE single and multifamily deals in the quarter while maintaining strong underwriting standards and generating attractive risk-adjusted returns. Enact Re remains a long-term growth opportunity that is both capital and expense efficient.

Enact Re 持續表現良好，本季參與具吸引力的 GSE 單戶與多戶交易，同時維持嚴謹的承保標準並創造具吸引力的風險調整後報酬。Enact Re 仍是一項長期成長機會，且在資本與費用方面皆具效率。

Finally, as it relates to capital returns, during the fourth quarter, we returned $157 million to shareholders through share repurchases and dividends. We remain committed to our capital allocation priorities, and we are pleased to announce our 2026 capital return expectations of approximately $500 million. Additionally, we issued a press release last night announcing that our Board of Directors authorized a new share repurchase program that is the largest in Enact's history.

最後，關於資本回饋，第四季我們透過庫藏股回購與股利向股東返還 1.57 億美元。我們仍致力於資本配置優先事項，並很高興宣布我們對 2026 年資本回饋的預期約為 5 億美元。此外，我們昨晚發布新聞稿宣布董事會已核准一項新的股票回購計畫，為 Enact 歷史上規模最大的一次。

In closing, we believe we are well positioned to continue navigating the uncertain macro environment, supporting our customers and delivering sustainable value for shareholders, none of which would be possible without the hard work and talent of our employees. And I would like to take a moment to thank them for their continued efforts and contributions.

最後，我們相信公司已做好充分準備，能持續在不確定的總體經濟環境中穩健前行，支持我們的客戶並為股東創造可持續的價值；而這一切若沒有員工的辛勤付出與才華，皆無從實現。我也想藉此機會，感謝他們持續的努力與貢獻。

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

接下來，我將把電話會議交給 Dean。

Thanks, Rohit, and good morning, everyone. We are pleased with the very strong results we delivered in the fourth quarter of 2025, which concluded an excellent year for Enact. Adjusted operating income was $179 million or $1.23 per diluted share compared to $1.09 per diluted share in the same period last year, and $1.12 per diluted share in the third quarter of 2025. Adjusted operating return on equity was 13.5%. For the full year, adjusted operating income totaled $688 million or $4.61 per diluted share compared to $718 million or $4.56 per diluted share in 2024.

謝謝你，Rohit，各位早安。我們對 2025 年第四季交出的非常強勁成果感到滿意，這也為 Enact 畫下精彩的一年句點。調整後營運收益為 1.79 億美元，或每股稀釋後 1.23 美元；相較去年同期每股稀釋後 1.09 美元，以及 2025 年第三季每股稀釋後 1.12 美元。調整後營運股東權益報酬率為 13.5%。全年而言，調整後營運收益合計 6.88 億美元，或每股稀釋後 4.61 美元；相較 2024 年的 7.18 億美元，或每股稀釋後 4.56 美元。

A detailed reconciliation of GAAP net income to adjusted operating income can be found in our earnings release. Turning to the fourth quarter. New insurance written was $14 billion for the fourth quarter, up 2% sequentially and up 8% year over year. This new business is well priced, has a strong credit risk profile and is comprised of loans that are well underwritten to prudent market standards. Persistency was 80% in the fourth quarter, down 3 points sequentially and down 2 points year over year on lower prevailing mortgage rates.

GAAP 淨利與調整後營運收益之間的詳細調節表可見於我們的財報新聞稿。接著看第四季。第四季新承保保險（New insurance written）為 140 億美元，較前一季成長 2%，較去年同期成長 8%。這些新業務定價良好、信用風險概況強健，且由符合審慎市場標準、承作嚴謹的貸款所構成。第四季保單持續率（Persistency）為 80%，較前一季下降 3 個百分點，較去年同期下降 2 個百分點，主因為當前房貸利率較低。

While mortgage rates have fallen recently, only 22% of our mortgages in our portfolio have rates at least 50 basis points above December's average of 6.2%, providing support for continued elevated persistency. The combination of solid new insurance written and lower but still elevated persistency drove primary insurance in force of $273 billion in the fourth quarter, up $1 billion from the third quarter of 2025, and $4 billion or approximately 1% year over year.

雖然房貸利率近期已下滑，但我們投資組合中僅有 22% 的房貸利率至少比 12 月平均利率 6.2% 高出 50 個基點，這為持續維持較高的保單持續率提供支撐。穩健的新承保保險與下降但仍偏高的保單持續率相結合，使第四季主要在保保額（Primary insurance in force）達 2,730 億美元，較 2025 年第三季增加 10 億美元，較去年同期增加 40 億美元（約 1%）。

Total net premiums earned were $246 million, up $1 million sequentially and flat year over year. Our base premium rate of 39.6 basis points was down 0.1 basis point sequentially, in line with our expectations. As a reminder, our base premium rate is impacted by several factors and tends to moderately fluctuate from quarter to quarter. Given our current expectations for the MI market side and mortgage rates, we anticipate our base premium rate in 2026 to be relatively flat versus 2025.

已賺取的淨保費總額為 2.46 億美元，較前一季增加 100 萬美元，較去年同期持平。基礎保費率為 39.6 個基點，較前一季下降 0.1 個基點，符合我們的預期。提醒一下，我們的基礎保費率會受到多項因素影響，且通常會在各季之間溫和波動。基於我們目前對房貸保險（MI）市場面與房貸利率的預期，我們預估 2026 年的基礎保費率相較 2025 年將大致持平。

Our net earned premium rate was 34.8 basis points, down slightly sequentially, driven by higher ceded premiums. Investment income in the fourth quarter was $569 million, flat sequentially and up $6 million or 10% year over year. Our new money investment yield of approximately 5% contributed to an increase in the weighted average portfolio book yield of 4.4% for the quarter. 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 recruit realized losses through future higher net investment income.

淨已賺取保費率為 34.8 個基點，較前一季小幅下降，主要受再保分出保費（ceded premiums）增加所致。第四季投資收益為 5.69 億美元，較前一季持平，較去年同期增加 600 萬美元（10%）。約 5% 的新增資金投資殖利率，推動本季投資組合加權平均帳面殖利率提升至 4.4%。雖然我們通常持有投資至到期，但也可能選擇性地尋求提升收益的機會。本季我們出售了部分資產，將使我們得以透過未來更高的淨投資收益來回收已實現損失。

Turning to credit. We continue to see strong loss performance across our overall portfolio. New delinquencies increased sequentially to 13,700 in the quarter from 13,000 in the third quarter of 2025, in line with expected seasonal trends. Our new delinquency rate for the quarter remained consistent with pre-pandemic levels of 1.5%, an increase of 10 basis points from the third quarter of 2025 and flat versus the fourth quarter of 2024.

接著談信用表現。我們整體投資組合的損失表現仍然強勁。本季新增逾期案件數（New delinquencies）較前一季上升至 13,700 件，前一季（2025 年第三季）為 13,000 件，符合預期的季節性趨勢。本季新增逾期率維持在疫情前的 1.5% 水準，較 2025 年第三季上升 10 個基點，與 2024 年第四季持平。

Total delinquencies in the fourth quarter increased sequentially to $24,900 from $23,400 as news outpaced cures and the delinquency rate increased 10 basis points sequentially to 2.6%. Losses in the fourth quarter of 2025 were $18 million, and the loss ratio was 7% compared to $36 million and 15%, respectively, in the third quarter of 2025, and $24 million and 10%, respectively in the fourth quarter of 2024.

第四季總逾期案件數（Total delinquencies）較前一季增加至 24,900 件，前一季為 23,400 件，因新增逾期高於改善（cures），逾期率亦較前一季上升 10 個基點至 2.6%。2025 年第四季損失為 1,800 萬美元，損失率為 7%；相較 2025 年第三季分別為 3,600 萬美元與 15%，以及 2024 年第四季分別為 2,400 萬美元與 10%。

We reduced our claim rate in the quarter for new and recent delinquencies from 9% to 8%, and after factoring in the continued strong care performance sustained throughout 2025. We believe the 8% claim rate is well aligned with the current macroeconomic uncertainties and remains consistent with our measured and prudent reserve philosophy.

本季我們將新發生及近期逾期案件的理賠率（claim rate）由 9% 下調至 8%，並納入 2025 年全年持續維持的強勁改善（cure）表現。我們認為 8% 的理賠率與目前總體經濟不確定性相當契合，且仍符合我們審慎、穩健的準備金理念。

The net reserve release of $60 million in the fourth quarter was driven by favorable cure performance, our loss mitigation activities and the reduction in our claim rate assumption. This compares to reserve releases of $45 million and $56 million in the third quarter of 2025 and fourth quarter of 2024, respectively.

第四季淨準備金釋放（net reserve release）為 6,000 萬美元，主要受惠於有利的改善（cure）表現、我們的損失緩解（loss mitigation）措施，以及理賠率假設下調。相較之下，2025 年第三季與 2024 年第四季的準備金釋放分別為 4,500 萬美元與 5,600 萬美元。

We maintain our focus on disciplined cost management in 2025. Operating expenses for the fourth quarter of 2025 were $59 million, and the expense ratio was 24% compared to $53 million and 22%, respectively, in the third quarter of 2025; and $57 million and 24%, respectively, in the fourth quarter of 2024. For the full year, our operating expenses of $218 million or $217 million, excluding reorganization costs were favorable to our updated guidance of approximately $219 million.

我們在 2025 年持續專注於嚴謹的成本管理。2025 年第四季營運費用為 5,900 萬美元，費用率為 24%；相較 2025 年第三季分別為 5,300 萬美元與 22%，以及 2024 年第四季分別為 5,700 萬美元與 24%。全年而言，我們的營運費用為 2.18 億美元；若排除重整成本則為 2.17 億美元，優於我們更新後約 2.19 億美元的指引。

For 2026, we anticipate an operating expense range of $215 million to $220 million, excluding any reorganization costs as we continue to prudently manage our expense base balancing our continued focus to drive further efficiencies in our business while also investing in our growth initiatives.

展望 2026 年，在持續審慎管理費用基礎的同時，我們將在推動進一步營運效率與投資成長計畫之間取得平衡；在不含任何重整成本的前提下，我們預期營運費用區間為 2.15 億至 2.20 億美元。

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. Our PMIERs sufficiency was 162% or $1.9 billion above PMIERs requirements at the end of the fourth quarter. And as of December 31, 2025, our third-party CRT program provides $1.9 billion of PMIERs capital credit.

我們持續維持強勁的資本與流動性部位，並由穩健的 PMIERs 充足度以及多元化 CRT 計畫的成功執行所強化。截至第四季末，我們的 PMIERs 充足度為 162%，或較 PMIERs 要求高出 19 億美元。截至 2025 年 12 月 31 日，我們的第三方 CRT 計畫提供 19 億美元的 PMIERs 資本抵減額度（capital credit）。

Turning now to capital allocation. During the quarter, we paid out $30 million or $0.21 per share through our quarterly dividend, and we bought back 3.4 million shares at an average price of $37.66 for $127 million. For the full-year 2025, we returned $503 million to shareholders, $121 million through our quarterly dividend, and we repurchased 10.5 million shares at an average price of $36 and 20% for a total of $382 million.

接著談資本配置。本季我們透過季度股利發放 3,000 萬美元，或每股 0.21 美元；並以平均價格 37.66 美元回購 340 萬股，金額 1.27 億美元。2025 年全年，我們合計向股東回饋 5.03 億美元，其中 1.21 億美元來自季度股利；並以平均價格 36.20 美元回購 1,050 萬股，總額 3.82 億美元。

Through January 30, we have repurchased an additional 0.8 million shares for $31 million. For 2026, we expect capital returns of approximately $500 million. As in the past, the ultimate amount in form of capital return to shareholders will be dependent on business performance, market conditions, and regulatory approvals.

截至 1 月 30 日，我們已額外回購 80 萬股，金額為 3,100 萬美元。對於 2026 年，我們預期資本回饋約為 5 億美元。如同過往，最終以資本回饋形式返還股東的金額，將取決於業務表現、市場狀況及監管核准。

As we announced yesterday, the Board has authorized a new $500 million share repurchase program and declared a quarterly dividend of $0.21 per common share payable March 19. Overall, we are pleased with our performance in 2025, and we believe we are well positioned for another strong year in 2026. We remain focused on prudently managing risk, maintaining a strong balance sheet, and delivering solid returns for our shareholders.

如同我們昨日宣布的，董事會已核准一項新的 5 億美元股票回購計畫，並宣告每股普通股 0.21 美元的季度股利，將於 3 月 19 日支付。整體而言，我們對 2025 年的表現感到滿意，並相信我們已為 2026 年再創強勁的一年做好準備。我們仍專注於審慎管理風險、維持強健的資產負債表，並為股東帶來穩健回報。

With that, let me turn the call back to Rohit.

接下來，讓我把電話交回給 Rohit。

Thanks, Dean. Looking ahead to 2026, our strong balance sheet, the portfolio's significant embedded equity, and our disciplined operating approach position us to effectively navigate uncertainty and capitalize on long-term opportunities. Additionally, demographic tailwinds, particularly among first-time homebuyers support long-term demand for housing and for private mortgage insurance.

謝謝，Dean。展望 2026 年，我們強健的資產負債表、投資組合中可觀的隱含權益，以及我們嚴謹自律的營運方式，使我們能有效因應不確定性並把握長期機會。此外，人口結構的順風，特別是首次購屋者族群，支撐住房以及私人房貸保險的長期需求。

Finally, as housing affordability and supply constraints share positive discussions, we continue to actively engage with our lending partners, the GSEs, the FHFA and the administration, and believe we remain well positioned to navigate and adapt to an evolving policy environment. We remain committed to helping people responsibly achieve the dream of homeownership and deliver long-term value for all our stakeholders.

最後，隨著住房可負擔性與供給限制成為正向討論的焦點，我們持續積極與放貸合作夥伴、GSE、FHFA 以及政府當局互動，並相信我們仍具備良好條件以因應並適應不斷演變的政策環境。我們仍致力於協助人們以負責任的方式實現購屋夢，並為所有利害關係人創造長期價值。

Operator, we are now ready for Q&A.

接線員，我們現在準備進入問答環節。

(Operator Instructions) Doug Harter, UBS.

(接線員指示) UBS 的 Doug Harter。

Appreciate the guidance on the capital return. In the past couple of years, you were able to exceed your initial capital return goal. Like how do you think about the sensitivities to that capital return goal for 2026 and what could cause that to come in better or what would be the factors that might cause you to need to slow it down?

感謝你們就資本回饋提供的指引。過去幾年，你們能夠超越最初的資本回饋目標。你們如何看待 2026 年資本回饋目標的敏感度？哪些因素可能使結果優於預期？又有哪些因素可能導致你們需要放慢回饋節奏？

Yeah, Doug, it's Dean. Thanks for the question. Yeah, we're -- much like we said in our prepared remarks, we set a capital return guidance for the beginning of the -- at the beginning of the year, we're very confident in delivering $500 million back to shareholders. But we'll continue to evaluate dynamics in marketplace, namely our business performance, how the business continues to perform, how we continue to grow the business and certainly loss performance during 2026. We're also going to be looking at the macroeconomic environment.

是的，Doug，我是 Dean。謝謝你的問題。是的，我們——就像在事先準備的發言中所說，我們在年初設定資本回饋指引，我們非常有信心向股東返還 5 億美元。但我們會持續評估市場動態，尤其是我們的業務表現、業務持續表現的情況、我們如何持續成長，以及當然還有 2026 年的損失表現。我們也會關注總體經濟環境。

Obviously, we're looking at the prevailing macroeconomic environment, the uncertainties exist today and still feel confident in our ability to return $500 million. But we're going to see how that evolves over the course of the remainder of the year. And that could have an effect. And then lastly, and maybe a little bit less in this market right now is the regulatory environment.

顯然，我們正在關注當前的總體經濟環境，當下仍存在不確定性，但我們仍對返還 5 億美元的能力有信心。不過，我們會觀察其在今年剩餘期間的演變。這可能會產生影響。最後一點，或許在目前市場環境下相對較不突出的是監管環境。

Is there anything going on either in the context of PMIERs or with the state regulatory environments or otherwise, that would cause us to rethink and adjust our plan for $500 million capital return in 2026. But we're confident that right now, given those dynamics, we're confident in the ability to return $500 million to shareholders in 2026.

無論是在 PMIERs 的脈絡下、州層級監管環境，或其他方面，是否有任何情況會讓我們重新思考並調整 2026 年 5 億美元資本回饋計畫。但就目前而言，考量這些動態，我們有信心在 2026 年向股東返還 5 億美元。

Great. Appreciate that, Dean. Thank you.

很好。謝謝你，Dean，感謝說明。謝謝。

Mihir Bhatia, Bank of America.

美國銀行的 Mihir Bhatia。

I wanted to start actually where you ended that last answer, Dean, just about regulatory environment. Obviously, I think everyone has been hearing about a potential for an FHFA rate card, affordability agenda and other such things. Are there a few things that you guys are particularly paying attention from a regulatory or government action standpoint that maybe are worth highlighting for investors that we should just keep an eye out for?

Dean，我想從你上一個回答的結尾開始談，也就是監管環境。顯然，我想大家都聽說過 FHFA 可能推出費率卡（rate card）、可負擔性議程以及其他類似事項。從監管或政府行動的角度，有沒有幾件你們特別關注、值得向投資人重點提示、我們應該留意的事項？

Mihir, thank you for the question. This is Rohit. I would say we remain actively engaged with the new administration, and that includes treasury, FHFA, the GSEs, as well as policymakers. And our focus continues to be on the topics that are in discussions or the most macro basis, we are talking about limited inventory challenges as well as affordability challenges.

Mihir，謝謝你的問題。我是 Rohit。我會說，我們仍與新政府保持積極互動，這包括財政部、FHFA、GSE，以及政策制定者。我們的重點仍放在目前討論中的議題；從最宏觀的層面來看，我們談的是供給（庫存）有限的挑戰，以及可負擔性挑戰。

So as ideas come up, we actually provide our input on the pros and cons of those ideas, but also equally important in our market, we provide input on implementation of those ideas and what that entails. So ideas like credit scores come up, what are the pros and cons of different credit score ideas, all the way to some of the recent ideas that are being discussed on the announcement of (inaudible) buying mortgage-backed securities and on institutional investors buying single-family homes.

因此，當有想法提出時，我們會就這些想法的利弊提供意見；同樣重要的是，在我們的市場中，我們也會就這些想法的落地執行及其所需條件提供意見。例如會談到信用分數：不同信用分數方案的利弊是什麼；一直到近期正在討論的一些想法，例如宣布（聽不清）購買不動產抵押貸款證券（MBS），以及機構投資人購買獨棟住宅。

So I would say those ideas are more in the water table as already announced. Any future ideas that come up and there's a list of ideas that you mentioned that are in discussion, we are actively engaged on all those places. You can call out any specific idea, which is high up on the list from an execution perspective, I think it's just a little of ideas right now. But that's how I would frame it.

所以我會說，這些想法已經在市場上流傳，且部分已對外宣布。未來若有新的想法出現——你提到的那份正在討論的清單中也有不少——我們都會在所有相關面向積極參與。若要點名哪一個特定想法在執行層面最優先，我認為目前只是各種想法並存。我會這樣來說明。

Okay. And then maybe just like a little bit more just from 2026 thoughts. What type of mortgage market are you planning for in 2026? What does that mean for NIW insurance in force. I think you talked about premium rate and OpEx, but just like what are you assuming for the mortgage market and NIW in that scenario?

了解。另外再多問一點關於 2026 年的看法。你們在 2026 年是以什麼樣的房貸市場情境來規劃？這對 NIW（新增承保額）與在保保險額（insurance in force）意味著什麼？我知道你提到保費率與營業費用（OpEx），但你們對房貸市場與該情境下的 NIW 假設是什麼？

Yes, Mihir, thank you for the question. So I would say in this environment, when there is a good amount of rate volatility and mortgage rate volatility, specifically. It's tough to forecast originations, so I'll just give that caveat upfront. But with that being said, we look at external originations forecast to figure out what the market originations are overall mortgage originations are -- and just to kind of index the market on the purchase origination side. So our take is that 90%-plus of the market in 2025 was for -- MI market size was purchase origination.

好的，Mihir，謝謝你的問題。我會說，在目前這種利率波動較大的環境下，尤其是房貸利率的波動。要預測房貸發放量（originations）很困難，所以我先提出這個前提。但即便如此，我們會參考外部對發放量的預測，以判斷整體市場的發放量——也就是整體房貸發放量——並用來對購屋貸款發放（purchase origination）端的市場做一個基準化。我們的看法是，2025 年市場中 90% 以上——就 MI 市場規模而言——來自購屋貸款發放。

And if you look at 2026, purchase originations forecast in the market between Fannie Mae, MBA, Moody's, you see a range of an 8% increase all the way to a 24% increase between those three external parties. So as we think about those external forecasts and convert that to a mortgage insurance market, we can see an increase of approximately 10% to 15% from 2025 to 2026.

而如果你看 2026 年，市場上對購屋貸款起源量（purchase originations）的預測，在房利美（Fannie Mae）、MBA、穆迪（Moody's）之間，你會看到這三家外部機構的預測區間，從增加 8% 一直到增加 24%。因此，當我們思考這些外部預測並將其轉換到房貸保險市場時，我們可以看到從 2025 年到 2026 年大約增加 10% 到 15%。

Again, with the caveat being that that's based on our current forecast of mortgage rate expectations, portability expectations, but that environment continued the dynamic. So as the environment evolves, we will come back and update that forecast. But at this point in time, that feels like most updated view for us.

再次強調，但書在於：這是基於我們目前對房貸利率預期、可攜性（portability）預期的預測，而該環境仍然持續動態變化。因此，隨著環境演變，我們會再回來更新該預測。但就目前而言，這感覺是我們最新的觀點。

All right. No, that's quite helpful. And just one last one for me and then I'll get back in queue. Just on default rates. Where do you think the trend from here? Is it just like you read stability and seasonality from here. Anything we should be keeping in mind, whether from a vintage seasoning, vintage size type of view?

好的。不，這非常有幫助。我這邊最後一個問題，問完我就回到隊列。關於違約率（default rates）。你認為接下來的趨勢會如何？是否就像你所說，從這裡開始會呈現穩定與季節性？有沒有什麼我們需要留意的，例如從分批（vintage）熟成（seasoning）、分批規模等角度來看？

Yeah, Mihir, it's Dean again. From a (inaudible) perspective, I think we're seeing what we would expect to see. So just in terms of vintage contribution, to [delta grades], you continue to see book years age up their loss development pattern. And so as newer books season or age towards higher parts of the loss development patterns they are contributing more delinquencies, as you would expect, to the overall (inaudible). I think the portfolio now stands at about 4 years, about 4.1 years on a weighted average basis.

是的，Mihir，我是 Dean，再次回答。從（聽不清）角度來看，我認為我們看到的情況符合我們的預期。就分批貢獻而言，對於[delta grades]，你會持續看到各個承保年度（book years）隨時間推進，其損失發展型態（loss development pattern）逐步展開。因此，隨著較新的承保批次進入熟成期或走向損失發展曲線的較高階段，它們如預期般對整體帶來更多逾期（delinquencies）貢獻，（聽不清）。我認為目前投資組合的加權平均存續大約是 4 年，約 4.1 年。

That's kind of towards that [plateauing], the loss development pattern, the normal loss development pattern. So I think what we'd expect heading into -- before we get to 2026, what we saw in '25 is kind of in line with what we expected. We expected year-over-year change in new delinquencies to slow from '23 to '24 within the mid-teens. When you went from '24 to '25, it was in the mid-single digits, so very much in line with expectations. I think as we think about going from '25 to '26, we could still see it continue to moderate.

這大致接近那個（趨於平台期的）損失發展型態，也就是正常的損失發展型態。所以我認為，在我們進入 2026 年之前，我們在 2025 年看到的情況大致符合預期。我們原本預期新增逾期（new delinquencies）的年增變化會從 2023 到 2024 放緩至十幾%的中段。而從 2024 到 2025 則落在中個位數百分比，因此非常符合預期。我認為當我們思考從 2025 到 2026，仍可能看到它持續趨緩。

So it might still increase in terms of new delinquencies year over year, but moderating from its current level, recognizing that year over year, there were only 2,000 incremental new delinquencies. So we're dealing with pretty small numbers.

因此，新增逾期在年比年上可能仍會增加，但會從目前水準進一步趨於溫和；同時也要注意，年比年其實只增加了 2,000 件新增逾期。所以我們面對的是相當小的數字。

Understood. Thank you so much.

了解。非常感謝。

Rick Shane, JPMorgan.

JPMorgan 的 Rick Shane。

Look, in some ways, you guys have -- two books you have the sort of pre '22 legacy book with credit that's going to be sort of generate -- best in a generation. You have a subsequent book that I think is evolving to be in line to better with your sort of underwritten expectations. As you look at the second part of that book, the front book. I am curious if you can sort of put credit performance in some terms versus your expectations, how are things tracking.

聽著，某種程度上，你們有——兩本帳（two books）：一本是 2022 年以前的既有存量帳（legacy book），其信用表現將會是——可說是一代以來最佳。另一個是後續的新帳，我認為它正逐步演變為更符合、甚至優於你們承保時的預期。當你看這本帳的第二部分，也就是前端的新帳（front book）。我很好奇你們能否把信用表現用相對於你們預期的方式來描述一下，目前追蹤情況如何。

But specifically, are there things that you are seeing within certain cohorts, whether it's DTI, LTV geography that are standout in terms of elevated risks?

但更具體地說，你們是否在某些族群（cohorts）中看到一些特別突出的情況，例如 DTI、LTV、地理區域等，在風險升高方面有沒有特別顯著的？

Yeah, Rick, it's Dean. Thanks for the question. If we think about vintage performance, I'd probably start off by saying it's kind of redundant to your question a little bit. But let me start off by saying all of our recent book years have been performing in line with or better than our pricing expectations. Obviously, to your -- a little bit underpinning your question, our newer books, so think 2022 through 2024 have been originated in primarily a purchase market, which tend to have higher risk attributes like a little bit higher LTV, a little bit higher DTI than refi markets.

是的，Rick，我是 Dean。謝謝你的問題。如果我們從分批（vintage）表現來看，我可能先說一句，這跟你的問題有點重疊。但我先說：我們近期所有承保年度的帳本表現，都符合或優於我們的定價預期。當然，呼應你問題背後的脈絡，我們較新的帳本——例如 2022 到 2024——主要是在購屋市場中承作的，而購屋市場通常具有較高風險屬性，例如 LTV 稍高、DTI 稍高，相較於再融資（refi）市場。

And in addition to that, they have had much more modest home price appreciation and in certain instances, depreciation, depending on the geography compared to prior book years. We price for those attributes. So we price for our view of risk. We price for our future view of home prices, all in an objective to achieve an attractive return on equity.

此外，與先前承保年度相比，這些批次的房價漲幅更為溫和，且在某些情況下會出現下跌，視地理區域而定。我們會針對這些屬性進行定價。也就是說，我們會依據我們對風險的看法來定價。我們也會依據我們對未來房價的看法來定價，所有這些都是為了達成具吸引力的股東權益報酬率（ROE）。

So on new vintages, we haven't seen performance differ from our pricing expectations that we established at policy inception, and we still believe we're onboarding the right risk at the right price, if you will, across vintages across book years based on vintage performance to date.

因此，就新分批而言，我們尚未看到表現偏離我們在保單起始（policy inception）時所建立的定價預期；而且基於截至目前的分批表現，我們仍相信我們在各分批、各承保年度上，確實是在以正確的價格承接正確的風險（the right risk at the right price）。

Yes, are there differences across attributes? Of course, risk attributes matter, geographies matter. Again, we factor that in our price, and we haven't seen anything that worked against our expectations and created negative variation.

是的，不同屬性之間有差異嗎？當然，風險屬性很重要，地理區域也很重要。同樣地，我們已把這些因素納入定價，而我們沒有看到任何事情違背我們的預期並造成負向偏差（negative variation）。

Got it. And anything going forward that you're going to be -- and I realize you have to be sensitive about this from a competitive perspective. But any areas that you would highlight where you're being a little bit more circumspect about risk?

了解。那往前看，有沒有任何你們會——我也理解從競爭角度你們必須謹慎——但有沒有任何你們會特別點名、表示在風險上會更審慎看待的領域？

Yeah. I mean, we don't want to go into our pricing scheme, if you will. But let me just -- I mean, I think it's the things that you would expect, Rick. So there are certainly areas of the country where housing supply has increased and home prices have either moderated or declined. I think parts of the Sunbelt, particularly kind of Florida, Texas, California, Arizona, I don't think those are states that would surprise you as having pulled back a little bit in terms of home prices.

是的。我的意思是，我們不想深入談我們的定價架構。但我就——我想，Rick，基本上就是你會預期的那些事情。所以，確實有一些地區的住房供給增加，房價不是趨於溫和，就是出現下跌。我認為陽光帶（Sunbelt）的部分地區，尤其像佛羅里達、德州、加州、亞利桑那，這些州的房價在回落一些，應該不會讓你意外。

That's in contrast to the Northeast, where you still have low housing supply and home prices continue to appreciate pretty meaningfully. So we're monitoring housing markets as an example of something that we're keeping our eye on for affordability, supply-demand dynamics, and we'll continue to consider that as we think about how to, again, crystallize our philosophy of the right risk at the right price.

這與東北部形成對比；那裡住房供給仍然偏低，房價仍持續相當明顯地上漲。因此，我們會持續監測住房市場——作為一個例子——以關注可負擔性、供需動態；並且在我們思考如何再次落實我們「以正確價格承接正確風險」的理念時，會持續把這些因素納入考量。

And Rick, just to add to Dean's point, we have talked about this in the past and also mentioned it in our prepared remarks on the call. We have a very deep analytics and a lot of capabilities even from a forecasting perspective to incorporate those views in our pricing. And we have the ability to make those pricing changes on a very frequent basis when we think those are appropriate.

Rick，另外補充 Dean 的觀點，我們過去也談過這件事，並且在電話會議的事先準備講稿中也提到過。我們擁有非常深厚的分析能力，以及許多能力，即使從預測的角度，也能把這些觀點納入我們的定價之中。而且當我們認為適當時，我們也有能力非常頻繁地進行這些定價調整。

So to Dean's point, not only historically speaking, but also looking forward, we continue to incorporate that view of risk performance, geographic differences or risk attributes at the loan level into our pricing. And now we have the mechanism to charge that price at a very granular level.

因此呼應 Dean 的觀點，不僅從歷史角度來看，展望未來，我們也會持續把對風險表現的看法、地理差異或貸款層級的風險屬性納入定價。而且現在我們具備機制，能以非常細緻的層級收取相應的價格。

Got it. Okay. Very helpful as always, guys. Thank you very much.

了解。好。一如既往非常有幫助，各位。非常感謝。

Bose George, KBW.

Bose George，KBW。

Actually, on expenses, you guys continue to do a good job there. Kept it flat now for a few years, and it seems to be the case again in '26. Is technology the main driver? And then longer term, could we see the expense ratio continue to decline as expenses stay flattish or at least increase by less than revenues?

其實在費用方面，你們持續做得很好。已經把費用維持持平好幾年了，看起來在 2026 年也會是同樣情況。科技是主要驅動因素嗎？另外從更長期來看，若費用維持大致持平、或至少增幅低於營收增幅，我們是否可能看到費用率持續下降？

Yeah. Thank you, Bose. I appreciate your question. So I would say from an expense perspective, you are correct. We have actually not only kept our expenses flat in the last year, two years. But since our IPO, our expenses are -- on a dollar basis are probably down $30 million-plus on an annualized run rate basis.

是的。謝謝你，Bose。感謝你的提問。就費用而言，我會說你說得沒錯。事實上，我們不僅在過去一年、兩年把費用維持持平。而且自我們 IPO 以來，以美元金額計算，我們的費用——按年化運行率來看——可能已經下降了 3,000 萬美元以上。

So we continue to invest in technology, invest in different amounts of innovation to drive that improvement. And that is meant to drive all aspects of our business, drive productivity, drive better customer experience and by smarter decisions. So when you think about our expenses in 2025, coming in below our original guidance, that is driven by us actually harvesting those benefits, harvesting those gains from our investments, and we see the same thing happening in 2026.

因此我們持續投資科技、投資不同程度的創新，以推動這項改善。而這是為了推動我們業務的各個面向：提升生產力、帶來更好的客戶體驗，以及透過更聰明的決策。所以當你看到我們 2025 年的費用低於原先指引時，這是因為我們實際上正在收割這些效益、收割投資帶來的成果，而我們也看到同樣的情況會在 2026 年發生。

Now in terms of long-term expectations on expense ratio, I think it's tougher to give that guidance. Our aspiration is to always be prudent managers of expenses. So yes, we will always try to actually improve our expense ratio, both through growing our premiums by actually getting to a larger and more profitable book, and at the same time, getting the right efficiencies from the business.

至於長期對費用率的預期，我認為要給出那樣的指引比較困難。我們的目標一向是審慎管理費用。所以是的，我們會一直努力改善費用率：一方面透過擴大保費規模、打造更大且更具獲利性的業務組合來成長；同時也從業務中取得適當的效率提升。

But how those premiums play out and how those expense dollars play out, difficult to forecast beyond 2026. So yes, directionally, you're absolutely correct. And then as we navigate through '26 and get to '27, we'll provide updated guidance.

但這些保費如何發展、以及這些費用金額如何變化，要預測到 2026 年之後就很困難。所以是的，就方向而言，你完全正確。而當我們走過 2026 年並進入 2027 年時，我們會提供更新的指引。

Okay. Great. Thanks. And then just on the reinsurance transactions, as you guys did, can you just talk about the attachment and detachment points? And then how is the pricing on that market, just the trends in pricing?

好的。很好。謝謝。另外關於你們所做的再保險交易，可以談談起賠點（attachment）與止賠點（detachment）嗎？以及那個市場的定價如何，也就是定價趨勢是什麼？

Yeah, Bose. We -- so let me start with the pricing and then I'll go to the nature of the agreement. From a pricing perspective, we're seeing a tremendous amount of demand in the traditional reinsurance market for mortgage credit default risk. That has benefited the terms of our -- some of our most recent reinsurance transactions going all the way back to the coverage we've secured on both the 2026 book as well as now the two-year forward 2027 book.

好的，Bose。我們——我先從定價談起，然後再談協議的性質。就定價而言，我們看到傳統再保險市場對房貸信用違約風險有非常強勁的需求。這改善了我們部分最新再保險交易的條款，涵蓋範圍可追溯到我們為 2026 年業務簿所取得的保障，以及現在兩年期前瞻的 2027 年業務簿保障。

So we've typically talked about that in low to mid-single digits cost of capital. If you go prior to those transactions, we were probably on the higher end of that cost range. In these most recent transactions, we are on the lower end of that continuum from a cost range perspective.

我們通常把它描述為資本成本落在低到中個位數的區間。如果看這些交易之前，我們可能位於該成本區間的較高端。而在最近這些交易中，從成本區間的角度來看，我們位於該連續區間的較低端。

From an attachment and detachment perspective, our objective with our CRT program and certainly our CRT transactions is twofold. It's to provide cost-efficient capital relief and also, obviously, to protect the balance sheet from a volatility perspective. If we think about that first objective, what that means for our XOL is we secure coverage inside the PMIERs tier.

就起賠點與止賠點而言，我們 CRT 計畫、當然也包括我們的 CRT 交易，有兩個目標。一是提供具成本效率的資本釋放，二是顯然也要從波動性的角度保護資產負債表。若思考第一個目標，對我們的 XOL 而言，這代表我們會在 PMIERs 的分層（tier）內取得保障。

And so we typically attach around the 3%. It's not always 3% of our risk in force, but it's generally in that ballpark and then detach within PMIERs, and that's typically, again, PMIERs requirements on new business are generally around that 7%. So you can see our transactions evolve through time. But generally, in broad strokes, attachment and detachment around those points that I just gave you, both.

因此我們通常在約 3% 的位置起賠。這不一定總是以我們在保風險（risk in force）的 3% 計算，但大致在那個範圍；然後在 PMIERs 範圍內止賠，而通常——同樣地——新業務的 PMIERs 要求一般約在 7% 左右。所以你可以看到我們的交易隨時間演進。但總體而言，用較概括的方式來說，起賠點與止賠點大致就在我剛提供的那些位置附近。

Okay. Great.

好的。很好。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Rohit for closing remarks.

各位女士、先生，我看到隊列中沒有其他問題。現在我想把電話會議交回給 Rohit 作結語。

Thank you, Towanda, and thank you, everyone. We appreciate your interest in Enact, and I look forward to seeing many of you this quarter in Florida at UBS Financial Services Conference on February 9 and at Bank of America's Financial Conference on February 10. We also plan to attend the RBC Capital Markets Global Financial Institutions Conference in New York on March 11. With that, we will wrap up the call. Thank you.

謝謝你，Towanda，也謝謝各位。感謝大家對 Enact 的關注，我也期待在本季於佛羅里達與各位中的許多人見面，參加 2 月 9 日的 UBS 金融服務會議，以及 2 月 10 日美國銀行的金融會議。我們也計畫於 3 月 11 日在紐約出席 RBC Capital Markets 全球金融機構會議。那麼，我們就結束本次電話會議。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。