What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-28 · 230 added, 248 removed, 1360 unchanged (26% of the section changed)

52 unchanged sentences

We have served as the Company’s auditor since 1989.

Raleigh, North Carolina

Chicago, Illinois

February 27, 2026

118 unchanged sentences

Loss on debt extinguishment — 10,930 —

Other — — ( 21 )

Change in certain assets and liabilities:

8 unchanged sentences

Purchases of fixed maturity securities available-for-sale ( 1,895,599 ) ( 1,605,661 ) ( 1,018,406 )

Purchase of equity interest ( 5,512 ) — ( 6,516 )

Purchases of limited partnerships and equity interests ( 1,100 ) ( 5,512 ) —

Proceeds from sales of fixed maturity securities available-for-sale 763,644 553,957 423,373

24 unchanged sentences

Enact Holdings, Inc.

(“EHI,” together with its subsidiaries, the “Company,” “we,” “us,” or “our”) (formerly known as Genworth Mortgage Holdings, Inc.) was a wholly owned subsidiary of Genworth Financial, Inc.

(“EHI,” together with its subsidiaries, the “Company,” “we,” “us,” or “our”) was a wholly owned subsidiary of Genworth Financial, Inc.

(“Genworth”) since EHI’s incorporation in Delaware in 2012.

6 unchanged sentences

We also selectively enter into insurance transactions with lenders and investors, under which we insure a portfolio of loans at or after origination.

We operate our business through our primary insurance subsidiary, Enact Mortgage Insurance Corporation, (“EMICO”), formerly known as Genworth Mortgage Insurance Corporation, with operations in all 50 states and the District of Columbia.

We operate our business through our primary insurance subsidiary, Enact Mortgage Insurance Corporation, (“EMICO”), with operations in all 50 states and the District of Columbia.

EMICO is an approved insurer by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”).

1 unchanged sentence

We have a broad customer base of mortgage lenders diversified by size, type and geography that includes large money center banks, non-bank lenders, national and local mortgage bankers, community banks and credit unions.

Our largest customer accounted for approximately $ 133 million or 11 % of our total revenues for the year ended December 31, 2024, and $ 118 million, or 10 % of our total revenues for the year ended December 31, 2023.

No other customer accounted for 10% or more of total revenues for the year ended December 31, 2024 or 2023 and no customer accounted for 10% or more of total revenues for the year ended December 31, 2022.

We also offer mortgage-related insurance and reinsurance through our wholly owned Bermuda-based subsidiary, Enact Re Ltd.

("Enact Re").

Our largest customer accounted for approximately $ 145 million or 12 % of our total revenues for the year ended December 31, 2025, $ 133 million or 11 % of our total revenues for the year ended December 31, 2024 and $ 118 million, or 10 % of our total revenues for the year ended December 31, 2023.

No other customer accounted for 10% or more of total revenues for the year ended December 31, 2025, 2024 or 2023.

We also offer mortgage and credit-related insurance and reinsurance through our other subsidiaries, including investing in new opportunities for Enact.

One of these subsidiaries, Enact Re Ltd.

("Enact Re"), our wholly owned Bermuda-based subsidiary, also reinsures EMICO’s new and existing insurance in-force under quota share reinsurance agreements.

We contributed $ 500 million into Enact Re during 2023.

As of December 31, 2024, Enact Re reinsured EMICO’s new and existing insurance in-force under quota share reinsurance agreements and invests in new business opportunities for Enact, including assumption of excess of loss reinsurance relating to GSE risk share.

Additionally, we perform fee-based contract underwriting services for mortgage lenders.

5 unchanged sentences

Preparing financial statements in conformity with U.S.

GAAP requires us to make estimates and assumptions that affect reported amounts and related

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures.

Actual results could differ from those estimates.

25 unchanged sentences

Underwriting fee revenue is recognized at the point in time when the service obligation is satisfied.

The investment portfolios of our insurance subsidiaries are managed by Genworth.

The investment portfolios of our insurance subsidiaries are primarily managed by Genworth.

We conduct the purchases, sales and related investment management decisions with the advice of Genworth.

As part of these services, we are charged an investment management fee, as agreed between

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

these services, we are charged an investment management fee, as agreed between both parties.

both parties.

These fees are charged to investment expense and are included in net investment income in the consolidated statements of income.

25 unchanged sentences

We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

All assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

• Level 1—Quoted prices for identical instruments in active markets.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

All assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

• Level 1—Quoted prices for identical instruments in active markets.

• Level 2—Quoted prices for similar instruments in active markets;

29 unchanged sentences

Acquisition costs are deferred and amortized to the extent they are recoverable from future profits.

Acquisition costs primarily consist of underwriting costs and are amortized in proportion to

Acquisition costs primarily consist of underwriting costs and are amortized in proportion to estimated gross profit.

Judgment is used in evaluating these estimates and the assumptions upon which they are based.

The use of different assumptions may have a significant effect on the amortization of deferred acquisition costs.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

estimated gross profit.

Judgment is used in evaluating these estimates and the assumptions upon which they are based.

The use of different assumptions may have a significant effect on the amortization of deferred acquisition costs.

Deferred acquisition costs were $ 22.2 million and $ 23.8 million as of December 31, 2025 and 2024, respectively.

26 unchanged sentences

We establish reserves to recognize the estimated liability for losses and LAE related to defaults on insured mortgage loans.

Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further

Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity.

The estimates are determined using a factor-based approach, in which assumptions of claim rates for loans in default and the average amount paid for loans that result in a claim are calculated using traditional actuarial techniques.

Over time, as the status of the underlying delinquent loans moves toward foreclosure and the

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

estimating the amount of the claim payment, which is referred to as claim severity.

Over time, as the status of the underlying delinquent loans moves toward foreclosure and the likelihood of the associated claim loss increases, the amount of the loss reserves associated with the potential claims may also increase.

likelihood of the associated claim loss increases, the amount of the loss reserves associated with the potential claims may also increase.

Management monitors actual experience, and where circumstances warrant, will revise its assumptions.

23 unchanged sentences

We determine deferred tax assets and/or liabilities by multiplying the differences between the financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are recovered or settled if there is no change in law.

The effect on

The effect on deferred taxes of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date.

Valuation allowances on deferred tax assets are estimated based on our assessment of the realizability of such amounts.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

deferred taxes of a change in tax rates is recognized in net income (loss) in the period that includes the enactment date.

Valuation allowances on deferred tax assets are estimated based on our assessment of the realizability of such amounts.

We have elected to participate in a single U.S.

3 unchanged sentences

Refer to Note 8 for further details.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes certain tax provisions, was signed into law.

Effective January 1, 2025, the Bermuda Corporate Income Tax Act of 2023 (“CIT”) imposed a new 15% corporate income tax on in-scope entities that are resident in Bermuda or have a Bermuda permanent establishment, without regard to any assurances that had previously been given pursuant to the Exempted Undertakings Tax Protection Act 1966.

Neither of these tax enactments had a material impact on our financial position or results of operations for the year ended December 31, 2025.

There was no other U.S.

federal income tax-related legislation or administrative guidance issued in 2025 or 2024 that had a significant impact on our results of operations or financial condition.

Variable Interest Entities

15 unchanged sentences

Segment Reporting

For our reporting as of December 2024, we have adopted guidance under ASC 280 related to segment reporting disclosures.

The update requires incremental disclosure around significant segment expenses, measures of segment profit or loss used by the chief operating decision maker (“CODM”) and the CODM’s use of these metrics.

The guidance also requires segment disclosures for entities with a single reportable segment.

See Note 17 for our added disclosure.

Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure

In December 2023, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance to improve income tax disclosures.

The guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to

As of December 31, 2024, we adopted guidance under Accounting Standards Codification (“ASC”) 280 related to segment reporting disclosures.

The update requires incremental disclosure around significant segment expenses, measures of segment profit or loss used by the chief operating decision

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements.

This guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective method, with early adoption permitted, which we do not intend to elect.

The guidance will have no impact on our consolidated financial statements but will require expanded annual disclosures.

We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.

maker (“CODM”) and the CODM’s use of these metrics.

The guidance also requires segment disclosures for entities with a single reportable segment.

See Note 17 for our added disclosure.

Income Tax Disclosure

On January 1, 2025, we adopted new accounting guidance to improve income tax disclosures.

The guidance required annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements.

We adopted this guidance using the retrospective method, which had no impact on our consolidated financial statements but expanded our income tax disclosures reflected in Note 8 herein.

Derivative Accounting Scope Refinement

As of December 31, 2025, we have early adopted guidance under ASC 815 related to derivative accounting disclosures.

This update added a scope exception for certain contracts that are not exchange-traded and have underlying variables based on the operations or activities of one of the parties to the contract.

We adopted this guidance prospectively and it did not have any impact at adoption.

Accounting Pronouncements Not Yet Adopted

Income Statement Disaggregation

In November 2024, the FASB issued new accounting guidance to require disaggregated disclosures in the notes to the financial statements of certain categories of expenses included in our consolidated statements of income, including employee compensation, depreciation and intangible asset amortization.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses , which requires disaggregated disclosures in the notes to the financial statements of certain categories of expenses included in our consolidated statements of income, including employee compensation, depreciation and intangible asset amortization.

This guidance is effective for us for annual reporting periods beginning on January 1, 2027 and interim periods beginning on January 1, 2028 using the prospective or retrospective method, with early adoption permitted.

We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software, related to accounting for internal-use software costs.

The new guidance modified the cost capitalization threshold by removing project development stages and adding evaluation considerations to the probable-to-complete threshold, as well as requiring additional disclosure of internal-use software and related amortization regardless of how the internal-use software is classified on the balance sheet.

This guidance is effective for us for interim and annual reporting periods beginning on January 1, 2028 using the prospective, modified retrospective or retrospective method, with early adoption permitted.

We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

(3) Investments

15 unchanged sentences

Write-down of available-for-sale fixed maturity securities ( 1,254 ) ( 2,757 ) —

Change in allowance for credit losses on commitment ( 158 ) — 173

Other 10 ( 158 ) —

Net investment gains (losses) $ ( 16,276 ) $ ( 22,807 ) $ ( 14,022 )

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Unrealized Investment Gains (Losses)

7 unchanged sentences

Net unrealized investment gains (losses) $ ( 24,591 ) $ ( 207,624 )

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the years ended December 31:

10 unchanged sentences

Amounts reclassified out of accumulated other comprehensive income to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Fixed Maturity Securities Available-For-Sale

8 unchanged sentences

Residential mortgage-backed 342,915 6,496 ( 78 ) 349,333

Commercial mortgage-backed 128,692 1,355 ( 485 ) 129,562

Other asset-backed 1,063,044 6,295 ( 13,216 ) 1,056,123

2 unchanged sentences

Total investments $ 6,081,997 $ 97,471 $ ( 128,926 ) $ 6,050,542

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

As of December 31, 2024, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:

14 unchanged sentences

Gross Unrealized Losses and Fair Values of Fixed Maturity Securities Available-For-Sale

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2024:

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2025:

Less than 12 months 12 months or more Total

12 unchanged sentences

Residential mortgage-backed 24,879 ( 78 ) 11 — — — 24,879 ( 78 ) 11

Commercial mortgage-backed 56,000 ( 485 ) 14 — — — 56,000 ( 485 ) 14

Other asset-backed 114,991 ( 568 ) 41 312,575 ( 12,648 ) 84 427,566 ( 13,216 ) 125

4 unchanged sentences

For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

We do not intend to sell, nor do we expect that we will be required to sell, these securities prior to recovering our amortized cost.

16 unchanged sentences

Total for fixed maturity securities in an unrealized loss position $ 1,444,660 $ ( 34,364 ) 544 $ 2,722,049 $ ( 238,076 ) 566 $ 4,166,709 $ ( 272,440 ) 1,110

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Contractual Maturities of Fixed Maturity Securities Available-For-Sale

9 unchanged sentences

Residential mortgage-backed 342,915 349,333

Commercial mortgage-backed 128,692 129,562

Other asset-backed 1,063,044 1,056,123

Total fixed maturity securities available-for-sale $ 6,081,997 $ 6,050,542

As of December 31, 2024, securities issued by the finance and insurance, utilities, technology and communications, consumer-non-cyclical and energy industry groups represented approximately 32 %, 13 %, 11 %, 11 %, and 10 % respectively, of our domestic and foreign corporate fixed maturity securities portfolio.

As of December 31, 2025, securities issued by the finance and insurance, utilities, consumer-non-cyclical, technology and communications, energy, and capital goods industry groups represented approximately 31 %, 13 %, 11 %, 11 %, 10 %, and 10% respectively, of our domestic and foreign corporate fixed maturity securities portfolio.

No other industry group comprised more than 9% of our investment portfolio.

1 unchanged sentence

government, which exceeded 10% of equity.

As of December 31, 2024 and 2023, $ 25.7 million of securities in our portfolio were on deposit with various state insurance commissioners in order to comply with relevant insurance regulations.

As of December 31, 2025 and 2024, $ 21.3 million and $ 25.7 million, respectively, of securities in our portfolio were on deposit with various state insurance commissioners in order to comply with relevant insurance regulations.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

In connection with its reinsurance activities, the Company is required to maintain assets in trusts for the benefit of its contractual counterparties.

The fair value of the assets on deposit in these trusts was $ 141.9 million as of December 31, 2024, and $ 77.9 million as of December 31, 2023.

As of December 31, 2025 and 2024, the fair value of the assets on deposit in these trusts was $ 336.4 million and $ 141.9 million, respectively, of which $ 35.2 million and $ 6.3 million, respectively, related to cash and cash equivalents.

During 2024, the Company entered into an agreement to invest in a limited partnership with an expected term of ten years .

As of December 31, 2024, there are no balances outstanding related to this limited partnership, but we have committed to fund approximately $ 10 million over the life of the fund.

The investment is recorded within Other assets.

We have committed to fund approximately $ 10 million over the life of the fund.

As of December 31, 2025, approximately $ 8.9 million remains unfunded.

(4) Fair Value

7 unchanged sentences

These valuation techniques may change from period to period, based on the relevance and availability of market data.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.

11 unchanged sentences

We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction.

When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation.

When a security does not have an external rating, we assign the security an internal

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

rating to determine the appropriate public bond spread that should be utilized in the valuation.

While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs, leading to a classification of Level 2.

10 unchanged sentences

There were no fixed maturity securities classified as Level 1 as of December 31, 2025 and 2024.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Level 2 measurements

7 unchanged sentences

We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.

The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2024:

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of December 31, 2025:

Fair value Primary methodologies Significant inputs

4 unchanged sentences

corporate $ 660,237 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Residential mortgage-backed $ 348,850 OAS-based models, single factor binomial models, internally priced Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports

Commercial mortgage-backed $ 122,095 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports

Other asset-backed $ 1,037,292 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

4 unchanged sentences

The fair value of these fixed maturity securities was $ 234.3 million and $ 88.4 million, respectively, as of December 31, 2025.

Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer.

Internally modeled securities are primarily private fixed maturity

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer.

Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities.

17 unchanged sentences

Price caps are established using inputs from market participants.

For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage

The fair value of our Level 3 fixed maturity securities priced using internal models was $ 232.9 million as of December 31, 2025.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

ratios, payment priority with the tranche, benchmark yields and credit spreads.

The fair value of our Level 3 fixed maturity securities priced using internal models was $ 269.1 million as of December 31, 2024.

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of December 31:

8 unchanged sentences

Residential mortgage-backed 349,333 — 348,850 483

Commercial mortgage-backed 129,562 — 122,095 7,467

Other asset-backed 1,056,123 — 1,037,292 18,831

30 unchanged sentences

corporate 56,553 ( 1,922 ) 1,783 13,537 ( 6,668 ) ( 13,422 ) — ( 15,450 ) 34,411 ( 1,259 ) 1,504

Residential mortgage-backed — — ( 1 ) 494 — ( 10 ) — — 483 — ( 1 )

Commercial mortgage-backed — 2 180 16,053 — — — ( 8,768 ) 7,467 199 ( 159 )

Other asset-backed 2,202 41 83 17,397 — ( 7 ) 100 ( 985 ) 18,831 41 77

32 unchanged sentences

Purchases, sales and settlements represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.

The amount presented for realized and unrealized gains (losses) included in net income for fixed maturity securities primarily represents amortization and accretion of premiums and discounts on certain fixed maturity securities recorded within net investment income.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of December 31, 2025:

5 unchanged sentences

_______________

(1) Certain classes of instruments classified as Level 3 are excluded as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.

(1) Certain classes of instruments classified as Level 3 may be excluded as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value.

(2) Unobservable inputs weighted by the relative fair value of the associated instrument.

42 unchanged sentences

Losses related to insured events of the current accident year in all periods presented were primarily attributable to new delinquencies.

Losses in 2022 were also impacted by $ 46 million of reserve strengthening on current year delinquencies.

A portion of delinquencies in the periods presented were from borrowers participating in deferred or reduced payments (“forbearance”) as a result of COVID-19.

When establishing loss reserves for borrowers in forbearance from 2020 to 2022, we assumed a lower rate of delinquencies becoming active claims, which had the effect of producing a lower reserve compared to delinquencies that were not in forbearance.

Historical experience with localized natural disasters, such as hurricanes, indicates a higher cure rate for borrowers in forbearance.

Loss reserves recorded on these new delinquencies had a high degree of estimation due to the level of uncertainty regarding whether delinquencies in forbearance would ultimately cure or result in claim payments as well as the timing and severity of those payments.

During 2024, we experienced favorable reserve development of $ 258 million in incurred losses primarily on prior accident year reserves, as a result of strong cure performance and loss mitigation

During 2025, we experienced favorable reserve development of $ 189 million in incurred losses primarily on prior accident year reserves, as a result of strong cure performance and loss mitigation efforts.

The change was primarily attributable to $ 200 million in net favorable reserve adjustments.

A majority of the reserve adjustments related to prior period delinquencies but a portion of the release also related to 2025 delinquencies as we reduced the expected claim rates as a result of sustained favorable cure performance and our current market expectations.

During 2024, we experienced favorable reserve development of $ 258 million in incurred losses primarily on prior accident year reserves, as a result of strong cure performance and loss mitigation efforts.

The change was primarily attributable to $ 252 million in favorable reserve adjustments, which almost exclusively related to prior periods.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

The change was primarily attributable to $ 252 million in favorable reserve adjustments, which almost exclusively related to prior periods.

During 2023, we experienced favorable reserve development of $ 248 million primarily driven by cure performance of delinquencies from 2022 and earlier, including those related to COVID-19 as well as delinquencies from early 2022.

The change was primarily attributable to $ 241 million in favorable reserve adjustments, which almost exclusively related to prior periods.

During 2022, we experienced favorable reserve development of $ 314 million in incurred losses attributable to prior years, primarily from better-than-expected cure performance on COVID-19 delinquencies from 2020 and 2021.

The change was almost exclusively attributable to $ 314 million in favorable reserve adjustments.

The following table sets forth information about incurred claims, as well as cumulative number of reported delinquencies and the total of incurred-but-not-reported (“IBNR”) liabilities plus expected development on reported claims included within the net incurred claims as of December 31, 2025.

2 unchanged sentences

thousands) Incurred claims and allocated loss adjustment expenses, net of reinsurance (2)

Total IBNR liabilities including expected development on reported claims as of December 31, 2024

Total IBNR as of December 31, 2025 (3)

delinquencies (4)

15 unchanged sentences

(2) Incurred claims and allocated LAE related to domestic mortgage insurance.

(3) Net of reinsurance

(4) Represents reported and outstanding delinquencies less actual cures as of December 31 for each respective accident year.

88 unchanged sentences

2024-2 XOL 6/25/2024 7/01/2023 -12/31/2023 $ 134 $ 133 $ 90 $ 68

2025-1 XOL 1/27/2025 1/01/2025 - 12/31/2025 $ 354 $ 354 $ 180 $ 180

2025-2 XOL 1/27/2025 1/01/2025 - 12/31/2025 $ 294 $ 294 $ 28 $ 28

Total $ 1,199

Subsequent to year end, in January 2025, we entered into two excess-of-loss reinsurance transactions that cover a portion of expected new insurance written from January 1, 2025, through December 31, 2025, and January 1, 2026, through December 31, 2026 and provide coverage of approximately $ 225 million and $ 260 million, respectively.

On January 27, 2025, we entered into an excess-of-loss reinsurance transaction that covers a portion of expected new insurance written from January 1, 2026, through December 31, 2026, and provides reinsurance coverage of approximately $ 260 million.

On October 27, 2025, we entered into an excess-of-loss reinsurance transaction that covers a portion of expected new insurance written from January 1, 2027, through December 31, 2027, and provides reinsurance coverage of approximately $ 170 million.

Quota Share Reinsurance

9 unchanged sentences

QS 2026-1 11/26/2024 1/01/2026 - 12/31/2026 27.00 % 20 % up to 61 %

(7) Borrowings

In May 2024, we issued $ 750 million aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”).

The 2029 Notes are the Company’s unsecured senior obligations.

The 2029 Notes pay interest

QS 2027-1 9/23/2025 1/01/2027 - 12/31/2027 33.75 % 20 % up to 63 %

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

semi-annually on May 28 and November 28 at a rate of 6.25 % per year, beginning on November 28, 2024, and will mature on May 28, 2029.

(7) Borrowings

In May 2024, we issued $ 750 million aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”).

The 2029 Notes are the Company’s unsecured senior obligations.

The 2029 Notes pay interest semi-annually on May 28 and November 28 at a rate of 6.25 % per year, beginning on November 28, 2024, and will mature on May 28, 2029.

At any time, or from time to time, prior to April 28, 2029 (the “Par Call Date”), the Company may redeem the 2029 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2029 Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less interest accrued to the redemption date, and (ii) 100 % of the principal amount of the 2029 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.

5 unchanged sentences

$ 750,000 $ 750,000

6.5 % Senior Notes, due 2025

Deferred borrowing charges ( 6,950 ) ( 4,584 )

Deferred borrowing charges and discount ( 5,519 ) ( 6,950 )

Total $ 744,481 $ 743,050

4 unchanged sentences

Revolving Credit Agreement

On June 30, 2022, we entered into a credit agreement with a syndicate of lenders that provides for a five-year , unsecured revolving credit facility (the “Facility”) in the initial aggregate principal amount of $ 200 million, including the ability for EHI to increase the commitments under the Facility, on an uncommitted basis, by an additional aggregate principal amount of up to $ 100 million.

Borrowings under the Facility will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at EHI’s option, plus an applicable margin.

On September 30, 2025, we entered into a credit agreement with a syndicate of lenders that provides for a five -year unsecured revolving credit facility (the “2025 Revolving Credit Facility”) in the initial aggregate principal amount of $ 435 million, to replace our then-outstanding $ 200 million five -year unsecured revolving credit facility (the “2022 Revolving Credit Facility”).

The 2025 Revolving Credit Facility includes the ability for EHI to increase the commitments on an uncommitted basis, by an additional aggregate principal amount of up to $ 217.5 million.

Borrowings under the 2025 Revolving Credit Facility will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at EHI’s option, plus an applicable margin.

The applicable margins are based on the ratings established by certain debt rating agencies for EHI’s senior unsecured debt.

The Facility matures in June 2027, but under certain conditions EHI may need to repay any outstanding amounts and terminate the Facility earlier than the maturity date.

We may use borrowings under the Facility for working capital needs and general corporate purposes, including the execution of dividends to our shareholders and capital contributions to our insurance subsidiaries.

The Facility contains several covenants, including financial covenants relating to minimum net worth, capital and liquidity levels, maximum debt to capitalization level and PMIERs compliance.

We are in compliance with all covenants of the Facility and the Facility has remained undrawn through December 31, 2024.

The 2025 Revolving Credit Facility matures in September 2030, but under certain conditions EHI may need to repay any outstanding amounts and terminate the 2025 Revolving Credit Facility earlier than the maturity date.

We may use borrowings under the 2025 Revolving Credit Facility for working capital needs and general corporate purposes, including the execution of dividends to our shareholders and capital contributions to our insurance subsidiaries.

The 2025 Revolving Credit Facility contains several covenants, including financial covenants relating to minimum net worth, maximum debt to capitalization

ENACT HOLDINGS, INC.

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Years Ended December 31, 2025, 2024 and 2023

level and PMIERs compliance.

We are in compliance with all covenants of the 2025 Revolving Credit Facility and the 2025 Revolving Credit Facility has remained undrawn through December 31, 2025.

(8) Income taxes

Income before income taxes of $ 878.1 million, $ 851.5 million and $ 898.2 million in 2024, 2023 and 2022, respectively, was domestic.

The total provision for income taxes was as follows for the years ended December 31:

Income (loss) from continuing operations before income taxes included the following components for the years ended December 31:

(Amounts in thousands) 2025 2024 2023

Current federal income taxes $ 181,433 $ 181,685 $ 192,191

Deferred federal income taxes 4,224 ( 1,600 ) ( 1,971 )

Total federal income taxes 185,657 180,085 190,220

Current state income taxes 4,096 6,146 4,171

Deferred state income taxes 240 ( 233 ) ( 326 )

Total state income taxes 4,336 5,913 3,845

Total provision for income taxes $ 189,993 $ 185,998 $ 194,065

We had current income taxes payable of $ 11.9 million and $ 14.9 million as of December 31, 2024 and 2023, respectively, which were recorded in other liabilities.

We paid federal taxes of $ 184.0 million and state taxes of $ 4.5 million for the year ended December 31, 2024;

federal taxes of $ 176.7 million and state taxes of $ 5.3 million for the year ended December 31, 2023;

and federal taxes of $ 182.2 million and state taxes of $ 4.0 million for the year ended December 31, 2022.

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the years ended December 31:

Domestic $ 744,311 $ 754,873 $ 812,383

114,526 123,188 39,126

Statutory U.S.

federal income tax rate 21.0 % 21.0 % 21.0 %

Increase (reduction) in rate resulting from:

State income tax, net of federal income tax effect 0.4 0.5 0.3

Other, net (1)

Effective rate 21.6 % 21.8 % 21.6 %

Income from continuing operations before income taxes $ 858,837 $ 878,061 $ 851,509

_______________

(1) “Other, net” is comprised primarily of nondeductible expenses, prior year true-ups and tax-exempt income.

(1) Foreign income represents income derived from our Bermuda-based subsidiary, Enact Re Ltd., a majority of which relates to reinsurance assumed from EMICO.

The total provision for income taxes was as follows for the years ended December 31:

(Amounts in thousands) 2025 2024 2023

Current tax provision (benefit)

Domestic federal income taxes $ 172,410 $ 181,433 $ 181,685

Domestic state income taxes 4,412 4,096 6,145

Total current tax provision 176,822 185,529 187,830

Deferred tax provision (benefit)

Domestic federal income taxes 7,459 4,224 ( 1,600 )

Domestic state income taxes 312 240 ( 232 )

Total deferred tax provision 7,771 4,464 ( 1,832 )

Total income tax provision (benefit)

Domestic federal income taxes 179,869 185,657 180,085

Domestic state income taxes 4,724 4,336 5,913

Total income tax provision $ 184,593 $ 189,993 $ 185,998

We had current income taxes receivable of $ 2.2 million as of December 31, 2025, which was recorded in other assets, and current income taxes payable of $ 11.9 million as of December 31, 2024, which was recorded in other liabilities.

The following table sets forth income taxes paid (net of refunds received) for the years ended December 31:

(Amounts in thousands) 2025 2024 2023

US federal taxes paid $ 185,888 $ 184,028 $ 176,703

US state and local taxes paid 5,027 4,516 5,269

Total taxes paid $ 190,915 $ 188,544 $ 181,972

_______________

* There were no other taxes paid greater than 5% of the total payments in 2025, 2024, or 2023.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

The reconciliation of the federal statutory tax rate to the effective income tax rate was as follows for the years ended December 31:

(Amounts in thousands) 2025 2024 2023

Amount Percent Amount Percent Amount Percent

Pre-tax income (loss) $ 858,837 $ 878,061 $ 851,509

federal statutory income tax rate 180,356 21.0 % 184,393 21.0 % 178,817 21.0 %

Domestic federal

Tax credits ( 2,654 ) ( 0.3 ) — — — —

Nontaxable and nondeductible items 3,101 0.4 2,014 0.2 2,593 0.3

Cross-border tax laws, net

taxation of foreign insurance company 24,083 2.8 25,981 3.0 8,133 1.0

Other 26 — 48 — — —

Domestic state and local income taxes, net of federal effect (1)

3,732 0.4 3,426 0.4 4,671 0.5

Foreign tax effects

Bermuda foreign rate differential ( 24,083 ) ( 2.8 ) ( 25,981 ) ( 3.0 ) ( 8,133 ) ( 1.0 )

Other foreign jurisdictions 32 — 112 — ( 83 ) —

Effective rate $ 184,593 21.5 % $ 189,993 21.6 % $ 185,998 21.8 %

_______________

(1) State taxes in Florida make up the majority (greater than 50 percent) of the tax effect in this category for all periods presented.

The components of the deferred income taxes were as follows as of December 31:

18 unchanged sentences

Our valuation allowance as of December 31, 2025 and 2024 was $ 8.1 million and $ 18.0 million, respectively.

Given the change in our unrealized gains (losses) on our fixed maturity securities for the Company and consolidated tax group in 2024 due to rising interest rates and the corresponding reduction in the amount of unrealized capital gains expected to be available in the future to offset our capital loss carryforwards and other capital deferred tax assets, we recorded a valuation allowance of $ 10 million during 2024 through accumulated other comprehensive income (loss) related to deferred tax assets that would produce capital losses.

Given the change in our unrealized gains (losses) on our fixed maturity securities for the

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

Company and consolidated tax group in 2024 due to rising interest rates and the corresponding reduction in the amount of unrealized capital gains expected to be available in the future to offset our capital loss carryforwards and other capital deferred tax assets, we recorded a valuation allowance of $ 10 million during 2024 through accumulated other comprehensive income (loss) related to deferred tax assets that would produce capital losses.

We released the valuation allowance of $ 10 million through accumulated other comprehensive income (loss) during 2025.

These changes are due to the decrease in unrealized losses in accumulated other comprehensive income for the Company and the consolidated tax group during the period.

The remainder of the valuation allowance as of December 31, 2025 and 2024 is related to state deferred tax assets.

9 unchanged sentences

As previously discussed, we have elected to participate in the Genworth consolidated return.

All Genworth companies domesticated in the United States are included in the Genworth consolidated return

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

as allowed by the tax law and regulations.

We have a tax sharing agreement in place and all intercompany balances related to this agreement are settled at least annually.

All Genworth companies domesticated in the United States are included in the Genworth consolidated return as allowed by the tax law and regulations.

We are not currently subject to any significant examinations by federal or state income tax authorities.

5 unchanged sentences

corporate income tax return.

Additionally, Enact Mortgage Insurance Corporation, Enact Residential Insurance Corporation, Enact Mortgage Insurance Corporation of North Carolina and Enact Financial Assurance Corporation (collectively, the “MI Group”), were parties to a supplemental tax sharing agreement that allowed them to accelerate the utilization of benefits as if they filed a stand-alone MI Group federal income tax return, even if those benefits had not been utilized in the consolidated federal return (“deemed used losses”).

If any deemed used losses are subsequently actually used in a consolidated return, the members of the MI Group which received the benefit for such deemed used losses would not receive a second benefit for such losses.

Also, if any member of the MI Group received benefit for any deemed used losses and leaves the consolidated group before such deemed used losses are actually used in a consolidated return, such member will repay such benefit received.

Any benefits generated by the MI Group after January 1, 2021 will follow the TAA mentioned above, which does not allow for an acceleration when utilizing benefits.

The TAA prevents any allocation of tax to a separate company that is greater than the tax incurred on a separate company basis, subject to consolidated loss carry-forward adjustments.

1 unchanged sentence

Separate Return Method

If during the year ended December 31, 2024, we had computed taxes using the separate return method, the unaudited pro forma provision for income taxes would increase by $ 5 million due to capital losses with respect to which a valuation allowance would be established on a separate return basis.

If during the years ending December 31, 2025 and 2023, we had computed taxes using the separate return method, the unaudited pro forma provision for income taxes would remain unchanged.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

(9) Employee benefits

10 unchanged sentences

Genworth makes annual contributions to each employee’s pension plan account based on the employee’s age, service and eligible pay.

Employees are

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

vested in the plan after three years of service.

Employees are vested in the plan after three years of service.

Expenses associated with the qualified defined contribution pension plan were $ 2.1 million, $ 2.0 million, and $ 2.2 million in 2025, 2024 and 2023, respectively.

6 unchanged sentences

Genworth also provides retiree life and long-term care insurance benefits.

Expenses allocated to us for retiree health and life insurance benefits plans were $ 0.5 million for each of the years ended December 31, 2024, 2023 and 2022.

Expenses allocated to us for retiree health and life insurance benefits plans were $ 0.4 million, $ 0.5 million and $ 0.5 million in 2025, 2024 and 2023, respectively.

Savings Plans

7 unchanged sentences

Our long-term care insurance is provided through Genworth’s long-term care insurance products.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

(10) Share-based compensation

EHI share-based compensation

Beginning with our initial public offering in 2021, we offer share-based awards to employees and directors including restricted stock units (“RSUs”) and performance stock units (“PSUs”) for employees and deferred stock units (“DSUs”) to directors.

We offer share-based awards to employees and directors including restricted stock units (“RSUs”) and performance stock units (“PSUs”) for employees and deferred stock units (“DSUs”) to directors.

In 2021, the Enact Holdings, Inc.

3 unchanged sentences

Stock-based compensation expense was recognized evenly on a straight-line attribution method over the awards’ respective vesting period.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

During 2025, 2024, and 2023 the Company issued RSUs to our employees with average restriction periods of three years and a weighted average fair value of $ 33.07 , $ 27.64 , and $ 24.26 , respectively.

5 unchanged sentences

The declaration and payment of future dividends to holders of our common stock will be at the discretion of our board of directors.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

The following table summarizes the status of the equity-based awards as of December 31, 2025:

18 unchanged sentences

Granted 215 $ 33.07 220 $ 32.92 42 $ 35.73

Performance adjustments (1)

— $ — 178 $ 22.15 — $ —

Dividend equivalents 12 $ 36.49 17 $ 36.16 5 $ 36.66

2 unchanged sentences

Balance as of December 31, 2025 492 $ 29.38 658 $ 28.37 264 $ 26.30

(1) The performance adjustment relates to modifications made to the number of awards granted based on the extent to which certain performance metrics were achieved.

As of December 31, 2025 and December 31, 2024, total unrecognized share-based compensation expense related to non-vested awards not yet recognized was $ 18.4 million and $ 14.5 million, respectively.

2 unchanged sentences

Genworth share-based compensation

Prior to May 2012, share-based awards were granted to employees and directors, including stock options, stock appreciation rights (“SARs”) and RSUs under the 2004 Genworth Financial, Inc.

Omnibus Incentive Plan (the “2004 Omnibus Incentive Plan”).

In May 2012, the 2012 Genworth Financial, Inc.

Omnibus Incentive Plan (the “2012 Omnibus Incentive Plan”) was approved by Genworth’s stockholders.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Under the 2012 Omnibus Incentive Plan, Genworth was authorized to grant 16 million equity awards, plus a number of additional shares not to exceed 25 million underlying awards outstanding under the 2004 Omnibus Incentive Plan.

In December 2018, the 2018 Genworth Financial, Inc.

Omnibus Incentive Plan (the “2018 Omnibus Incentive Plan”) was approved by Genworth’s stockholders.

Under the 2018 Omnibus Incentive Plan, Genworth is authorized to grant 25 million equity awards, plus a number of additional shares not to exceed 20 million underlying awards outstanding under the prior Plans.

The 2004 Omnibus Incentive Plan together with the 2012 Omnibus Incentive Plan and the 2018 Omnibus Incentive Plan are referred to collectively as the “Omnibus Incentive Plans.”

Share-based compensation expense under the Omnibus Incentive Plans was $ 0.5 million, $ 2.6 million and $ 3.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, and was included within acquisition and operating expenses, net of deferrals in the consolidated statements of income.

For awards issued prior to January 1, 2006, share-based compensation expense was recognized on a graded vesting attribution method over the awards’ respective vesting schedule.

For awards issued after January 1, 2006, share-based compensation expense was recognized evenly on a straight-line attribution method over the awards’ respective vesting period.

For all PSU awards granted, the compensation committee of Genworth’s Board of Directors determines and approves no later than March 15, following the end of the three-year performance period for each applicable performance period, the number of units earned and vested for each distinct performance period.

Expense associated with our PSUs was less than $ 1.0 million in 2024, 2023, and 2022.

Genworth has time-based cash awards, which vest over three years , with a third of the payout occurring per year as determined by the vesting period, beginning on the first anniversary of the grant date.

The following table summarizes time-based cash award activity as of December 31, 2024, 2023 and 2022:

(Number of awards in thousands) Time-based

Balance as of January 1, 2022

Employee transfer 556

Vested ( 3,600 )

Forfeited ( 115 )

Balance as of December 31, 2022

Vested ( 2,400 )

Forfeited ( 111 )

Balance as of December 31, 2023

Vested ( 1,267 )

Forfeited ( 10 )

Balance as of December 31, 2024

Certain Enact employees were historically granted share-based awards compensation under Genworth Financial, Inc.

As of December 31, 2025, all such awards granted to Enact employees were fully vested, and no Enact employee held any outstanding Genworth Financial, Inc.

share-based awards.

Share-based compensation expense under the Genworth Financial, Inc.

plans was $ 0.5 million, $ 0.5 million and $ 2.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, and was included within acquisition and operating expenses, net of deferrals in the consolidated statements of income.

As of December 31, 2025, there was no unrecognized share-based compensation as all expense has been amortized.

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

The following table summarizes the status of other equity-based awards as of December 31, 2024, 2023 and 2022:

RSUs PSUs SARs

Awards in thousands Number

awards Weighted-

fair value Number

awards Weighted-

fair value Number

awards Weighted-

Balance as of January 1, 2022

450 $ 3.36 572 $ 3.63 476 $ 2.70

Granted — $ — — $ — — $ —

Performance adjustment — $ — 135 $ 4.61 — $ —

Employee transfer 32 $ 5.13 — $ — 49 $ 2.71

Exercised ( 195 ) $ 3.37 ( 270 ) $ 4.61 — $ —

Terminated — $ — — $ — ( 160 ) $ 2.54

Balance as of December 31, 2022

287 $ 3.55 437 $ 3.32 365 $ 2.77

Granted — $ — — $ — — $ —

Performance adjustment — $ — 117 $ 3.03 — $ —

Employee transfer — $ — — $ — — $ —

Exercised ( 161 ) $ 3.56 ( 251 ) $ 3.03 — $ —

Terminated — $ — — $ — ( 180 ) $ 2.47

Balance as of December 31, 2023

126 $ 3.78 303 $ 3.45 185 $ 3.06

Granted — $ — — $ — — $ —

Performance adjustment — $ — 303 $ 3.45 — $ —

Employee transfer — $ — — $ — — $ —

Exercised ( 116 ) $ 3.60 ( 606 ) $ 3.45 — $ —

Terminated — $ — — $ — ( 185 ) $ 3.06

Balance as of December 31, 2024

10 $ 6.45 — $ — — $ —

As of December 31, 2024, there was no unrecognized share-based compensation as all expense has been amortized.

As of December 31, 2023, total unrecognized share-based compensation expense related to non-vested awards not yet recognized was $ 1.1 million.

In 2024, there was no cash received from stock options exercised.

New shares were issued to settle all exercised awards.

The actual tax benefit realized for the tax deductions from the exercise of Genworth share-based awards was $ 0.3 million as of December 31, 2024.

(11) Related party transactions

7 unchanged sentences

The total investment expenses paid to Genworth were $ 7.8 million, $ 7.1 million and $ 5.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Our employees participate in certain benefit plans sponsored by Genworth and certain share-based compensation plans that utilize shares of Genworth common stock and other incentive plans.

1 unchanged sentence

In prior periods, we provided certain information technology and administrative services (such as facilities and maintenance) to Genworth.

We charged Genworth $ 0.5 million and $ 0.7 million for these services in 2023 and 2022, respectively.

We charged Genworth $ 0.5 million for these services in 2023.

We paid cash dividends of $ 98.0 million, $ 90.8 million and $ 173.7 million to Genworth in 2025, 2024 and 2023, respectively.

15 unchanged sentences

Operating lease expenses were approximately $ 3.4 million for each of the years ended December 31, 2025, 2024 and 2023.

Our remaining lease terms ranged from less than 2 years to 3 years and had a weighted-average remaining lease term of 3 years and 4 years as of December 31, 2024 and 2023, respectively.

Our remaining lease terms ranged from 2 years to 6 years and had a weighted-average remaining lease term of 2 years and 3 years as of December 31, 2025 and 2024, respectively.

The implicit rate of our lease agreements was not readily determinable;

therefore, we utilized our incremental borrowing rate to discount future lease payments.

The weighted-average discount rate was 7.1 % as of

therefore, we utilized our incremental borrowing rate

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

December 31, 2024 and 2023.

to discount future lease payments.

The weighted-average discount rate was 7.0 % and 7.1 % as of December 31, 2025 and 2024, respectively.

The following table presents future minimum rent payments under operating leases as of December 31, 2025:

14 unchanged sentences

Share Repurchase Program

On November 1, 2022, our board of directors approved a share repurchase program authorizing the Company to spend up to $ 75 million, excluding commissions, to repurchase EHI common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors.

On August 1, 2023 and May 1, 2024, we announced repurchase authorizations that allowed for the purchase of $ 100 million and $ 250 million of EHI’s common stock, respectively.

On August 1, 2023, our board of directors approved a share repurchase program authorizing the Company to spend up to $ 100 million, excluding commissions, to repurchase EHI common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors.

On May 1, 2024 and April 30, 2025, we announced repurchase authorizations that allowed for the purchase of $ 250 million and $ 350 million of EHI’s common stock, respectively.

EHI generally operates its share repurchase programs pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares, at predetermined price targets, when it may otherwise be precluded from doing so.

During the year ended December 31, 2024, the Company purchased 7,605,106 shares at an average price of $ 31.95 per share, excluding commissions, compared to 3,520,052 shares at an average price of $ 24.89 per share, excluding commissions, for the year ended

The programs do not obligate EHI to acquire any amount of common stock, may be suspended or terminated at any time at the Company’s discretion without prior notice, and do not have a specified expiration date.

During the year ended December 31, 2025, the Company purchased 10,532,963 shares at an average price of $ 36.25 per share, excluding commissions, compared to 7,605,106 shares at an average price of $ 31.95 per share, excluding commissions, for the

ENACT HOLDINGS, INC.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

December 31, 2023.

year ended December 31, 2024.

As of December 31, 2025, $ 61.1 million remained available under the program.

1 unchanged sentence

Subsequent to year end, the Company purchased 784,389 shares at an average price of $ 39.37 per share through January 31, 2026.

On February 3, 2026, we announced the authorization of a new share repurchase program that allows for the repurchase of up to an additional $ 500 million of EHI’s common stock.

Cash Dividends

8 unchanged sentences

1 Quarter ended December 31, 2023, activity includes special cash dividend of $ 0.71 per share paid on December 5, 2023

2 Quarter ended December 31, 2022, activity includes special cash dividend of $ 1.12 per share paid on December 6, 2022

(14) Accumulated other comprehensive income (loss)

88 unchanged sentences

The PMIERs Amendment implemented both permanent and temporary revisions to PMIERs.

For loans that became non-performing due to a COVID-19 hardship, PMIERs was amended with respect to each non-performing loan that (i) had an initial missed monthly payment occurring on or after March 1, 2020 and prior to April 1, 2021 or (ii) is subject to a forbearance plan granted in response to a financial hardship related to COVID-19, the terms of which are materially consistent with terms of forbearance plans offered by the GSEs.

The risk-based required asset amount factor for a non-performing loan is the greater of (a) the applicable risk-based required asset amount factor for a performing loan were it not delinquent, and (b) the product of a 0.30 multiplier and the applicable risk-based required asset amount factor for a non-performing loan.

In the case of (i) above, absent the loan being subject to a forbearance plan described in (ii) above, the 0.30 multiplier will be applicable for no longer than three calendar months beginning with the month in which the loan became a non-performing loan due to having missed two monthly payments.

Loans subject to a forbearance plan described in (ii) above include those that are either in a repayment plan or loan modification trial period following the forbearance plan unless reported to the approved insurer that the loan is no longer in such forbearance plan, repayment plan, or loan modification trial period.

Per guidance released by the GSEs in the third quarter of 2024, use of the multiplier will be discontinued effective March 31, 2025.

One of the revisions allowed for extended forbearance loans that became non-performing due to a COVID-19 hardship.

The revisions allowed for the application of a 0.30 multiplier for the calculation of risk-based required assets applicable to non-performing loans related to forbearance.

Per guidance released by the GSEs, use of the multiplier was discontinued effective March 31, 2025.

Our assessment of PMIERs compliance is based on a number of factors, including our understanding of the GSEs’ interpretation of the PMIERs financial requirements.

8 unchanged sentences

The updated standards differentiate between bonds based on credit quality and liquidity.

The updates also establish limits for assets backed by residential mortgages or commercial real estate to mitigate the impact if such assets lose value during periods of housing stress.

The updates also established limits for assets backed by residential mortgages or commercial real estate to mitigate the impact if such assets lose value during periods of housing stress.

We expect to hold capital sufficiency well in excess of these requirements and do not expect the impact of these updates to be material to our sufficiency.

The ultimate impact of the PMIERs changes will be influenced by investment portfolio maturities, dispositions, reinvestments, and overall business and economic performance between today and the phase-in dates.

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

The ultimate impact of the PMIERs changes will be influenced by investment portfolio maturities, dispositions, reinvestments, and overall business and economic performance through the phase-in dates.

Dividend Restrictions

6 unchanged sentences

Notice of all dividends must be submitted to the Commissioner of the NCDOI (the “Commissioner”) within 5 business days after declaration of the dividend, and at least 30 days before payment thereof.

No dividend may be paid until 30 days after the Commissioner has received notice of the declaration thereof and (i) has not within that period disapproved the payment or (ii) has approved the payment within the 30-day period.

No dividend may be paid until 30 days after the

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2025, 2024 and 2023

Commissioner has received notice of the declaration thereof and (i) has not within that period disapproved the payment or (ii) has approved the payment within the 30-day period.

Any distribution, regardless of amount, requires that same 30-day notice to the Commissioner, but also requires the Commissioner’s affirmative approval before being paid.

16 unchanged sentences

We manage our single segment on a consolidated basis, and our reported measure of segment profit or loss is consolidated net income.

The CODM uses net income to evaluate income generated from segment assets in deciding how to reinvest profits into the core business, or into other parts of the entity, such as new business initiatives or

ENACT HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

to return capital to shareholders.

Net income is also considered in our competitive analysis and financial planning processes.

11 unchanged sentences

Residential mortgage-backed 342,915 349,333 349,333

Commercial mortgage-backed 128,692 129,562 129,562

Other asset-backed 1,063,044 1,056,123 1,056,123

75 unchanged sentences

Loss on debt extinguishment — 10,930 —

Other — — ( 22 )

Change in certain assets and liabilities:

9 unchanged sentences

Contributions to subsidiaries ( 1,000 ) ( 6,200 ) ( 225 )

Purchases of limited partnerships and equity interests — — —

Net cash used in investing activities ( 64,637 ) 4,756 ( 48,094 )

10 unchanged sentences

Cash and cash equivalents at end of year $ 257,064 $ 242,752 $ 151,611

Supplementary disclosure of cash flow information:

Non-cash capital contributions to subsidiaries $ — $ 195 $ —

See Notes to Schedule II

6 unchanged sentences

Enact Holdings, Inc.

(“EHI,” together with its subsidiaries, the “Company,” “we,” “us,” or “our”) was a wholly owned subsidiary of Genworth Financial, Inc.

(“Genworth”) since EHI’s incorporation in Delaware in 2012.

25 unchanged sentences

Revolving Credit Agreement

On June 30, 2022, we entered into a credit agreement with a syndicate of lenders that provides for a five-year, unsecured revolving credit facility (the “Facility”) in the initial aggregate principal amount of $ 200 million, including the ability for EHI to increase the commitments under the Facility, on an uncommitted basis, by an additional aggregate principal amount of up to $ 100 million.

Borrowings under the Facility will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at EHI’s option, plus an applicable margin.

The 2025 Revolving Credit Facility includes the ability for EHI to increase the commitments on an uncommitted basis, by an additional aggregate principal amount of up to $ 217.5 million.

Borrowings under the 2025 Revolving Credit Facility will accrue interest at a floating rate tied to a standard short-term borrowing index, selected at EHI’s option, plus an applicable margin.

The applicable margins are based on the ratings established by certain debt rating agencies for EHI’s senior unsecured debt.

The Facility matures in June 2027, but under certain conditions EHI may need to repay any outstanding amounts and terminate the Facility earlier than the maturity date.

The Facility contains several covenants, including financial covenants relating to minimum net worth, capital and liquidity levels, maximum debt to capitalization level and PMIERs compliance.

We are in compliance with all covenants of the Facility and the Facility has remained undrawn through December 31, 2024.

The 2025 Revolving Credit Facility contains several covenants, including financial covenants relating to minimum net worth, maximum debt to capitalization level and PMIERs compliance.

We are in compliance with all covenants of the 2025 Revolving Credit Facility and the 2025 Revolving Credit Facility has remained undrawn through December 31, 2025.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data