Net income grew slightly to $167.8 million with strong adjusted operating income.
Loss ratio increased from 12% to 15%, indicating a squeeze on underwriting margins.
New $500 million share repurchase authorization announced in February 2026.
Quarterly dividend increased from $0.21 to $0.24 per share.
The Q1 2026 filing reveals a company at a crossroads between aggressive growth and emerging credit headwinds. While the 30% jump in new insurance written and strong net income figures suggest a thriving business, the rising loss ratio and increasing delinquency counts indicate that the cost of this growth is higher than in previous cycles. The tension between these two forces is evident in the company's capital allocation; Enact is returning significant cash to shareholders even as it faces a more volatile delinquency environment. Ultimately, the impact of the filing depends on whether the current spike in delinquencies is a temporary byproduct of the refinance cycle or the start of a structural decline in portfolio quality. With a massive PMIERs buffer and a disciplined risk-to-capital ratio, Enact has the tools to weather a storm, but the narrowing gap between its underwriting gains and rising loss expenses suggests that the margin for error is shrinking.