# EDGAR Filing Document

**Accession Number:** 0001823529
**File Stem:** 0001823529-23-000007
**Filing Date:** 2023-2
**Character Count:** 74619
**Document Hash:** 6890597ea19bf05fef4881d10a31a72e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001823529-23-000007.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001823529-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enact Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001823529
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **IRS NUMBER:** 461579166
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40399
- **FILM NUMBER:** 23591043

**BUSINESS ADDRESS:**
- **STREET 1:** 8325 SIX FORKS ROAD
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27615
- **BUSINESS PHONE:** (919) 846-4100

**MAIL ADDRESS:**
- **STREET 1:** 8325 SIX FORKS ROAD
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Genworth Mortgage Holdings, Inc.
- **DATE OF NAME CHANGE:** 20200902

?xml version="1.0" ? act-20230206

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): **February 6, 2023**

**Enact Holdings, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40399** | **46-1579166** |
| (State or other Jurisdiction of | (Commission | (IRS Employer |
| Incorporation) | File Number) | Identification No.) |

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**8325 Six Forks Road**

**Raleigh, North Carolina 27615**

**(919) 846-4100**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.01 per share | ACT | The Nasdaq Stock Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On February 6, 2023, Enact Holdings, Inc. (the "Company") issued (1) a press release announcing its financial results for the quarter ended December 31, 2022, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (2) a financial supplement for the quarter ended December 31, 2022, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information contained in Item 2.02 of this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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The following materials are furnished as exhibits to this Current Report on Form 8-K:

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| | |
|:---|:---|
| Exhibit<br>Number | |
| <u>[99.1](a4q22earningsrelease.htm)</u> | Press Release dated February 6, 2023- Financial results |
| <u>[99.2](enactqfs4q22final.htm)</u> | Financial Supplement for the quarter ended December 31, 2022 |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | Enact Holdings, Inc. | Enact Holdings, Inc. | Enact Holdings, Inc. |
| | By: | /s/ Hardin Dean Mitchell | /s/ Hardin Dean Mitchell |
| | | Name: | Hardin Dean Mitchell |
| | | Title: | Executive Vice President, Chief Financial Officer and Treasurer |
| Dated: February 6, 2023 |  |  |  |

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## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**ENACT REPORTS FOURTH QUARTER 2022 RESULTS**

_______________________________________

***Fourth quarter GAAP Net Income of* $144 million*, or $0.88 per diluted share***

***Full year GAAP Net Income of $704 million, or $4.31 per diluted share***

***Fourth quarter Adjusted Operating Income of $147 million, or $0.90 per diluted share***

***Full year Adjusted Operating Income of $708 million, or $4.34 per diluted share***

***Fourth quarter Return on Equity of 14.0% and Adjusted Operating Return on Equity of 14.4%***

***Record Primary Insurance-in-Force of $248 billion, a 10% increase year-over-year***

***PMIERs Sufficiency of 165% or $2,050 million***

***Returned over $250 million of capital to shareholders in 2022***

***Book Value Per Share of $25.19 and Book Value Per Share excluding AOCI of $27.54***

**Raleigh, NC, February 6, 2023 –** Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the fourth quarter of 2022.

"The fourth quarter completed a strong year for Enact," said Rohit Gupta, President and CEO of Enact. "In a market that remained uncertain, we continue to write profitable new business, effectively manage our risk, drive operational efficiencies, and enhance our financial flexibility. As a result of our strong execution, we met our capital return commitment for the year and returned over $250 million to our shareholders. We believe we are well positioned to navigate the current environment with a resilient portfolio, a strong balance sheet, and significant credit risk protection, and will continue to execute against our cycle-tested strategy to both support our policyholders and create value for our shareholders. Our mission at Enact is to help those who might not be able to achieve the dream of homeownership, and in 2022 we helped 192,000 homebuyers qualify for a mortgage."

**Key Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In millions, except per share data or otherwise noted)* | **4Q22** | **3Q22** | **4Q21** | **2022** | **2021** |
| Net Income (loss) | $144 | $191 | $154 | $704 | $547 |
| *Diluted Net Income (loss) per share* | $0.88 | $1.17 | $0.94 | $4.31 | $3.36 |
| Adjusted Operating Income (loss) | $147 | $191 | $154 | $708 | $551 |
| *Adj. Diluted Operating Income (loss) per share* | $0.90 | $1.17 | $0.94 | $4.34 | $3.38 |
| NIW ($B) | $15 | $15 | $21 | $66 | $97 |
| Primary IIF ($B) | $248 | $242 | $227 |  |  |
| Persistency | 86% | 82% | 69% | 80% | 62% |
| Net Premiums Earned | $233 | $235 | $237 | $939 | $975 |
| Losses Incurred | $18 | $(40) | $6 | $(94) | $125 |
| *Loss Ratio* | 8% | (17)% | 3% | (10)% | 13% |
| Operating Expenses | $63 | $58 | $59 | $239 | $246 |
| *Expense Ratio* | 27% | 25% | 25% | 25% | 25% |
| Net Investment Income | $45 | $39 | $35 | $155 | $141 |
| Return on Equity | 14.0% | 18.6% | 14.8% | 17.2% | 13.7% |
| Adjusted Operating Return on Equity | 14.4% | 18.6% | 14.8% | 17.3% | 13.8% |
| PMIERs Sufficiency ($) | $2050 | $2249 | $2003 |  |  |
| PMIERs Sufficiency (%) | 165% | 174% | 165% |  |  |

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![image_0.jpg](image_0.jpg)

**<u>Fourth Quarter 2022 Financial and Operating Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $144 million, or $0.88 per diluted share, compared with $191 million, or $1.17 per diluted share, for the third quarter of 2022 and $154 million, or $0.94 per diluted share, for the fourth quarter of 2021. The sequential decline in net income was primarily driven by higher losses from the lower net favorable reserve development in the current quarter. The year-over-year decline in net income was primarily driven by higher losses on new delinquencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income was $147 million, or $0.90 per diluted share, compared with $191 million, or $1.17 per diluted share, for the third quarter of 2022 and $154 million, or $0.94 per diluted share, for the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New insurance written (NIW) was $15 billion, up 1% from $15 billion in the third quarter of 2022 and down 29% from $21 billion in the fourth quarter of 2021. The current quarter included a one-time seasoned deal. Excluding this deal, NIW was down 4% sequentially and down 32% from the prior year due to lower originations as a result of increased mortgage rates. NIW for the current quarter was comprised of 91% monthly premium policies and 97% purchase originations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary Insurance-In-Force was $248 billion, up 3% from $242 billion in the third quarter of 2022 and up 10% from $227 billion in the fourth quarter of 2021, driven by NIW and increased persistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Persistency was 86%, up from 82% in the third quarter of 2022 and 69% in the fourth quarter of 2021. The continued increase in persistency has been driven by an increase in mortgage rates and a low percentage of our portfolio with rates 50 basis points above current market rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums earned were $233 million, down 1% from $235 million in the third quarter of 2022 and down 2% from $237 million in the fourth quarter of 2021. Net earned premium yield was down from the third quarter of 2022 and the fourth quarter of 2021, driven by the lapse of older, higher-priced policies as compared to our new insurance written and lower single premium cancellations along with modestly higher ceded premiums as compared to fourth quarter of 2021. The decline in net earned premium yield was partially offset by IIF growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Losses incurred for the fourth quarter of 2022 were $18 million and the loss ratio was 8%, compared to $(40) million and (17)%, respectively, in the third quarter of 2022, driven by a reserve release of $63 million on favorable cure performance from 2021 and prior delinquencies (primarily COVID related), partially offset by $21 million reserve strengthening related to 2022 delinquencies and incurred but not reported reserves given heightened economic uncertainty. The net reserve release of $42 million compares to a net reserve release of $80 million in the third quarter of 2022. Current quarter losses incurred and the loss ratio compare unfavorably to results for the fourth quarter 2021 of $6 million and 3%, respectively, driven by higher losses. The higher losses were from a higher estimated claim rate on new delinquencies in the current quarter and increased new delinquencies from recent large books that are aging and going through their normal loss development pattern partially offset by a larger favorable net reserve development in the current quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The percentage of loans in default at quarter end was 2.08%, or 2.01% excluding new delinquencies from natural disasters in FEMA-impacted areas in the current quarter. This compared to 1.99% as of September 30, 2022 and 2.65% as of December 31, 2021 which was elevated due to COVID-related delinquencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expenses in the current quarter were $63 million and the expense ratio was 27%, which were impacted by $3 million and one percentage point, respectively, due to one-time restructuring costs driven by a voluntary separation program executed in the fourth quarter. This compared to $58 million and 25%, respectively, in the third quarter of 2022 and $59 million and 25%, respectively in the fourth quarter of 2021. The increase in expenses and expense ratio was primarily driven by the restructuring costs and higher general and administrative costs, partially offset by lower variable costs associated with production volume as compared to the fourth quarter of 2021.

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![image_0.jpg](image_0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income was $45 million, up from $39 million for the third quarter of 2022 and $35 million in the fourth quarter of 2021, driven by rising interest rates and higher average invested assets and partially offset by lower bond calls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized return on equity for the fourth quarter of 2022 was 14.0% and annualized adjusted operating return on equity was 14.4%. This compares to third quarter 2022 results of 18.6% and 18.6%, respectively, and to fourth quarter 2021 results of 14.8% and 14.8%, respectively. The sequential decrease in both return on equity and adjusted operating return on equity were driven, in part, by a larger net reserve release in the third quarter of 2022 as compared to the current quarter, partially offset by the payment of our quarterly dividend of $23 million, or $0.14 per share, and the payment of our special cash dividend of $183 million, or $1.12 per share, in the fourth quarter of 2022.

**<u>Capital and Liquidity</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMIERs sufficiency was 165% and $2,050 million above the published PMIERs requirements, compared to 174% and $2,249 million above the published PMIERs requirements in the third quarter of 2022. The sequential decrease in PMIERs sufficiency was primarily driven by the $242 million distribution from our flagship insurance writer and NIW, partially offset by our business cash flows and lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PMIERs sufficiency benefited from a 0.30 multiplier applied to the risk-based required asset factor for certain non-performing loans, which resulted in a reduction of the published PMIERs required assets by an estimated $132 million at the end of the current quarter, compared to $140 million at the end of the third quarter 2022 and $390 million at the end of the fourth quarter 2021. These amounts are gross of incremental reinsurance benefits from the elimination of the 0.30 multiplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enact Holdings, Inc. held $206 million of cash and $247 million of invested assets as of December 31, 2022. Combined cash and invested assets increased $40 million from the prior quarter, due to the $242 million distribution from our flagship insurance writer, partially offset by our combined dividends of $206 million.

**<u>Recent Events</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November, Enact announced that its Board of Directors had authorized a $75 million share repurchase program. Through January 31, 2023, repurchases under the program have totaled $8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of year-end, Enact and Genworth believe that the required financial conditions and rating requirements have been satisfied. Upon GSE confirmation, we expect the GSE restrictions first imposed upon Enact after issuance of the August 2020 senior notes will be lifted and we will no longer be subject to more stringent capital requirements than our peers.

**<u>Conference Call and Financial Supplement Information</u>**

This press release, the fourth quarter 2022 financial supplement and earnings presentation are now posted on the Company's website, https://ir.enactmi.com. Investors are encouraged to review these materials.

Enact will discuss fourth quarter financial results in a conference call tomorrow, Tuesday, February 7, 2023, at 8:00 a.m. (Eastern). Participants interested in joining the call's live question and answer session are required to pre-register by clicking **<u>here</u>** to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, **<u>https://ir.enactmi.com/news-and-events/events</u>**.

The webcast also will be archived on the company's website for one year.

**<u>About Enact</u>**

Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a

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legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

**<u>Safe Harbor Statement</u>**

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and the quotations of management. These forward-looking statements are distinguished by use of words such as "will," "may," "would," "anticipate," "expect," "believe," "designed," "plan," "predict," "project," "target," "could," "should," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including uncertainty around Covid-19 and the effects of government and other measures seeking to contain its spread; supply chain constraints; inflation; increases in interest rates; risks related to an economic downturn or recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; future adverse rating agency actions, including with respect to rating downgrades or potential downgrades or being put on review for potential downgrade, all of which could have adverse implications; changes in or to Fannie Mae and Freddie Mac (the "GSEs"), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. In addition, the potential for future dividend payments and other forms of returning capital to shareholders, including share repurchases, will be determined in consultation with the Board of Directors, and after considering economic and regulatory factors, current risks to the Company, and subsidiary performance. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

**<u>GAAP/Non-GAAP Disclosure Discussion</u>**

This communication includes the non-GAAP financial measures entitled "adjusted operating income (loss)", "adjusted operating income (loss) per share," and "adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). The Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items. The Company excludes net investment gains (losses) and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived

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![image_0.jpg](image_0.jpg)

from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity.

While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to the Company's common stockholders or net income (loss) available to the Company's common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company's definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to the Company's common stockholders to adjusted operating income (loss) assume a 21% tax rate.

The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended December 31, 2022 and 2021, as well as for the three months ended September 30, 2022.

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![image_0.jpg](image_0.jpg)

**Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **4Q22** | **3Q22** | **4Q21** | **2022** | **2021** |
| **REVENUES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $232737 | $235060 | $236864 | $939462 | $974949 |
| &nbsp;&nbsp;&nbsp;Net investment income | 44896 | 39493 | 35246 | 155311 | 141189 |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | (1274) | (42) | 5 | (2036) | (2124) |
| &nbsp;&nbsp;&nbsp;Other income | 483 | 564 | 727 | 2309 | 3841 |
| **Total revenues** | **276842** | **275075** | **272842** | **1095046** | **1117855** |
| **LOSSES AND EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Losses incurred | 18097 | (40309) | 5972 | (94221) | 125473 |
| &nbsp;&nbsp;&nbsp;Acquisition and operating expenses, net of deferrals | 59955 | 54523 | 55630 | 226941 | 231453 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs and intangibles | 2747 | 3338 | 3600 | 12405 | 14704 |
| &nbsp;&nbsp;&nbsp;Interest expense | 13258 | 12879 | 12771 | 51699 | 51009 |
| **Total losses and expenses** | **94057** | **30431** | **77973** | **196824** | **422639** |
| **INCOME BEFORE INCOME TAXES** | 182785 | 244644 | 194869 | 898222 | 695216 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 38979 | 53658 | 41335 | 194065 | 148531 |
| **NET INCOME** | **$143806** | **$190986** | **$153534** | **$704157** | **$546685** |
| &nbsp;&nbsp;&nbsp;Net investment (gains) losses | 1274 | 42 | (5) | 2036 | 2124 |
| &nbsp;&nbsp;&nbsp;Costs associated with reorganization | 3291 | (156) | 89 | 3461 | 2744 |
| &nbsp;&nbsp;&nbsp;Taxes on adjustments | (959) | 24 | (17) | (1155) | (1022) |
| **Adjusted Operating Income** | **$147412** | **$190896** | **$153601** | **$708499** | **$550531** |
| **Loss ratio** <sup>(1)</sup> | 8% | (17)% | 3% | (10)% | 13% |
| **Expense ratio** <sup>(2)</sup> | 27% | 25% | 25% | 25% | 25% |
| **Earnings Per Share Data:** |  |  |  |  |  |
| Net Income per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.88 | $1.17 | $0.94 | $4.32 | $3.36 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.88 | $1.17 | $0.94 | $4.31 | $3.36 |
| Adj operating income per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.91 | $1.17 | $0.94 | $4.35 | $3.38 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.90 | $1.17 | $0.94 | $4.34 | $3.38 |
| Weighted-average common shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 162824 | 162843 | 162840 | 162838 | 162840 |
| &nbsp;&nbsp;&nbsp;Diluted | 163520 | 163376 | 162985 | 163294 | 162879 |
| <sup>(1)</sup>The ratio of losses incurred to net earned premiums.  | <sup>(1)</sup>The ratio of losses incurred to net earned premiums.  | <sup>(1)</sup>The ratio of losses incurred to net earned premiums.  |  |  |  |
| <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. | <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. | <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. | <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. | <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. | <sup>(2)</sup>The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs decreased the expense ratio by one percentage point for the three months ended December 31, 2022 and zero percentage points for the three months ended September 30, 2022 and December 31, 2021. |

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**Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)**

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| | | | |
|:---|:---|:---|:---|
| **Assets** | **4Q22** | **3Q22** | **4Q21** |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, at fair value | $4884760 | $4877902 | $5266339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short term investments | 3047 | 2434 |  |
| &nbsp;&nbsp;**Total investments** | **4887807** | **4880336** | **5266339** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 513775 | 535775 | 425828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 35844 | 35896 | 31061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 26121 | 26310 | 27220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable | 41738 | 40331 | 42266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset | 127473 | 135152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 76391 | 69040 | 73059 |
| **Total assets** | **$5709149** | **$5722840** | **$5865773** |
| **Liabilities and Shareholders' Equity** |  |  |  |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss reserves | $519008 | $510237 | $641325 |
| &nbsp;&nbsp;&nbsp;Unearned premiums | 202717 | 212987 | 246319 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 143686 | 140413 | 130604 |
| &nbsp;&nbsp;&nbsp;Long-term borrowings | 742830 | 742211 | 740416 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability |  |  | 1586 |
| **Total liabilities** | **1608241** | **1605848** | **1760250** |
| Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 1628 | 1628 | 1628 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2382068 | 2379576 | 2371861 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (382744) | (427085) | 83581 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2099956 | 2162873 | 1648453 |
| **Total equity** | **4100908** | **4116992** | **4105523** |
| **Total liabilities and equity** | **$5709149** | **$5722840** | **$5865773** |
| Book value per share | $25.19 | $25.28 | $25.21 |
| Book value per share excluding AOCI | $27.54 | $27.90 | $24.70 |
| **U.S. GAAP ROE** <sup>(1)</sup> | 14.0% | 18.6% | 14.8% |
| &nbsp;&nbsp;&nbsp;Net investment (gains) losses | 0.1% | 0.0% | 0.0% |
| &nbsp;&nbsp;&nbsp;Costs associated with reorganization | 0.3% | 0.0% | 0.0% |
| &nbsp;&nbsp;&nbsp;Taxes on adjustments | (0.1)% | 0.0% | 0.0% |
| **Adjusted Operating ROE**<sup>(2)</sup>  | **14.4%** | **18.6%** | **14.8%** |
| **Debt to Capital Ratio** | **15%** | **15%** | **15%** |
| <sup>(1)</sup> Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(1)</sup> Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(1)</sup> Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(1)</sup> Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity |
| <sup>(2)</sup> Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(2)</sup> Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(2)</sup> Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity | <sup>(2)</sup> Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity |

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## Exhibit 99.2

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GAAP/Non-GAAP Disclosure Discussion This document includes the non-GAAP financial measures entitled "adjusted operating income (loss)," "adjusted operating income (loss) per share," and "adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items. The Company excludes net investment gains (losses) and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity. While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Company's common stockholders or net income (loss) available to Company's common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company's definition of adjusted operating income (loss) may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Company's common stockholders to adjusted operating income (loss) assume a 21% tax rate. Page 2

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4Q 3Q 2Q 1Q Total 4Q 3Q 2Q 1Q Total REVENUES: Premiums $232,737 $235,060 $237,386 $234,279 $939,462 $236,864 $243,063 $242,480 $252,542 $974,949 Net investment income 44,896 39,493 35,776 35,146 155,311 35,246 35,995 34,689 35,259 141,189 Net investment gains (losses) (1,274) (42) (381) (339) (2,036) 5 580 (1,753) (956) (2,124) Other income 483 564 760 502 2,309 727 671 705 1,738 3,841 Total revenues 276,842 275,075 273,541 269,588 1,095,046 272,842 280,309 276,121 288,583 1,117,855 LOSSES AND EXPENSES: Losses incurred 18,097 (40,309) (61,563) (10,446) (94,221) 5,972 34,124 30,003 55,374 125,473 Acquisition and operating expenses, net of deferrals 59,955 54,523 58,201 54,262 226,941 55,630 55,151 63,050 57,622 231,453 Amortization of deferred acquisition costs and intangibles 2,747 3,338 3,230 3,090 12,405 3,600 3,669 3,597 3,838 14,704 Interest expense 13,258 12,879 12,786 12,776 51,699 12,771 12,756 12,745 12,737 51,009 Total losses and expenses 94,057 30,431 12,654 59,682 196,824 77,973 105,700 109,395 129,571 422,639 INCOME BEFORE INCOME TAXES 182,785 244,644 260,887 209,906 898,222 194,869 174,609 166,726 159,012 695,216 Provision for income taxes 38,979 53,658 56,152 45,276 194,065 41,335 37,401 35,914 33,881 148,531 NET INCOME $143,806 $190,986 $204,735 $164,630 $704,157 $153,534 $137,208 $130,812 $125,131 $546,685 Net investment (gains) losses $1,274 $42 $381 $339 $2,036 ($5) ($580) $1,753 $956 $2,124 Costs associated with reorganization 3,291 (156) 104 222 3,461 89 339 2,316 0 2,744 Taxes on adjustments (959) 24 (102) (118) (1,155) (17) 50 (854) (201) (1,022) Adjusted Operating Income $147,412 $190,896 $205,118 $165,073 $708,499 $153,601 $137,017 $134,027 $125,886 $550,531 Loss ratio (1) 8 % (17)% (26)% (4)% (10)% 3% 14% 12% 22% 13% Expense ratio (2) 27% 25% 26% 24% 25% 25% 24% 27% 24% 25% Earnings per share data: Net income per share Basic $0.88 $1.17 $1.26 $1.01 $4.32 $0.94 $0.84 $0.80 $0.77 $3.36 Diluted $0.88 $1.17 $1.25 $1.01 $4.31 $0.94 $0.84 $0.80 $0.77 $3.36 Adjusted operating income per share Basic $0.91 $1.17 $1.26 $1.01 $4.35 $0.94 $0.84 $0.82 $0.77 $3.38 Diluted $0.90 $1.17 $1.26 $1.01 $4.34 $0.94 $0.84 $0.82 $0.77 $3.38 Weighted-average common shares outstanding Basic 162,824 162,843 162,842 162,841 162,838 162,840 162,840 162,840 162,840 162,840 Diluted 163,520 163,376 163,225 163,054 163,294 162,985 162,852 162,840 162,840 162,879 (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the three months ended December 31, 2022, zero percentage points for the three months ended September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, one percentage point for the three months ended September 30, 2021, two percentage points for the three months ended June 30, 2021 and one percentage point for the three months ended March 31, 2021 2022 2021 (1)The ratio of losses incurred to net earned premiums. Consolidated Statements of Income (amounts in thousands, except per share amounts) Page 3

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December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Assets Investments: Fixed maturity securities available-for-sale, at fair value $4,884,760 $4,877,902 $4,909,362 $5,093,084 $5,266,339 $5,376,067 $5,256,467 $5,106,128 Short term investments 3,047 2,434 0 0 0 12,500 12,499 12,500 Total investments 4,887,807 4,880,336 4,909,362 5,093,084 5,266,339 5,388,567 5,268,966 5,118,628 Cash and cash equivalents 513,775 535,775 583,947 440,160 425,828 451,582 435,323 431,335 Accrued investment income 35,844 35,896 33,103 32,565 31,061 31,372 30,843 28,821 Deferred acquisition costs 26,121 26,310 26,689 27,000 27,220 27,788 28,322 28,544 Premiums receivable 41,738 40,331 41,036 40,381 42,266 43,425 43,287 42,454 Deferred tax asset 127,473 135,152 98,695 56,060 0 0 0 0 Other assets 76,391 69,040 67,601 103,157 73,059 48,572 55,348 49,921 Total assets $5,709,149 $5,722,840 $5,760,433 $5,792,407 $5,865,773 $5,991,306 $5,862,089 $5,699,703 Liabilities and Shareholder's Interest Liabilities: Loss reserves $519,008 $510,237 $558,894 $625,279 $641,325 $648,365 $624,256 $603,528 Unearned premiums 202,717 212,987 224,781 236,410 246,319 254,806 263,573 280,742 Other liabilities 143,686 140,413 154,656 141,125 130,604 129,464 119,289 121,609 Long-term borrowings 742,830 742,211 741,602 741,004 740,416 739,838 739,269 738,711 Deferred tax liability 0 0 0 0 1,586 17,452 25,851 19,787 Total liabilities 1,608,241 1,605,848 1,679,933 1,743,818 1,760,250 1,789,925 1,772,238 1,764,377 Equity: Common stock 1,628 1,628 1,628 1,628 1,628 1,628 1,628 1,628 Additional paid-in capital 2,382,068 2,379,576 2,377,042 2,374,568 2,371,861 2,369,822 2,369,601 2,368,782 Accumulated other comprehensive income (382,744) (427,085) (293,027) (140,690) 83,581 133,955 159,854 136,960 Retained earnings 2,099,956 2,162,873 1,994,857 1,813,083 1,648,453 1,695,976 1,558,768 1,427,956 Total equity $4,100,908 $4,116,992 $4,080,500 $4,048,589 $4,105,523 $4,201,381 $4,089,851 $3,935,326 Total liabilities and equity $5,709,149 $5,722,840 $5,760,433 $5,792,407 $5,865,773 $5,991,306 $5,862,089 $5,699,703 Book value per share $25.19 $25.28 $25.06 $24.86 $25.21 $25.80 $25.12 $24.17 Book value per share excluding accumulated other comprehensive income $27.54 $27.90 $26.86 $25.73 $24.70 $24.98 $24.13 $23.33 U.S. GAAP ROE (1) 14.0 % 18.6 % 20.1 % 16.2 % 14.8 % 13.2 % 13.0 % 12.8 % Net investment (gains) losses 0.1 % 0.0 % 0.0 % 0.0 % 0.0 % (0.1)% 0.2 % 0.1 % Costs associated with reorganization 0.3 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.2 % 0.0 % Taxes on adjustments (0.1)% 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % (0.1)% 0.0 % Adjusted Operating ROE(2) 14.4 % 18.6 % 20.2 % 16.2 % 14.8 % 13.2 % 13.4 % 12.9 % Debt to capital ratio 15 % 15 % 15 % 15 % 15 % 15 % 15 % 16 % (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity. (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods' ending total stockholders' equity. Consolidated Balance Sheets (amounts in thousands, except per share amounts) Page 4

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Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Primary NIW % of Primary NIW Product Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Pool 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % Total $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Origination Purchase $14,744 97 % $14,634 97 % $16,802 96 % $17,326 92 % $63,506 96 % $19,284 90 % $20,988 88 % $21,143 79 % $15,500 62 % $76,915 79 % Refinance 401 3 % 435 3 % 646 4 % 1,497 8 % 2,979 4 % 2,157 10 % 2,984 12 % 5,514 21 % 9,434 38 % 20,089 21 % Total Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Payment Type Monthly $13,745 91 % $14,138 94 % $16,169 93 % $17,071 91 % $61,123 92 % $19,395 91 % $21,475 90 % $24,887 93 % $23,358 94 % $89,115 92 % Single 1,368 9 % 890 6 % 1,218 7 % 1,690 9 % 5,166 8 % 1,991 9 % 2,431 10 % 1,686 7 % 1,446 6 % 7,554 8 % Other(1) 32 - % 41 - % 61 - % 62 - % 196 0 % 55 - % 66 - % 84 - % 130 - % 335 - % Total Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % FICO Scores Over 760 $6,951 46 % $6,948 46 % $7,981 45 % $8,359 45 % $30,239 45 % $9,401 44 % $10,708 45 % $11,762 44 % $10,520 42 % $42,391 44 % 740 - 759 2,709 18 % 2,554 17 % 2,916 17 % 3,085 16 % 11,264 17 % 3,406 16 % 3,830 16 % 3,995 15 % 3,836 15 % 15,067 16 % 720 - 739 2,226 15 % 2,106 14 % 2,530 15 % 2,515 13 % 9,377 14 % 2,844 13 % 3,177 13 % 3,467 13 % 3,423 14 % 12,911 13 % 700 - 719 1,489 10 % 1,531 10 % 1,917 11 % 1,952 10 % 6,889 10 % 2,257 11 % 2,702 11 % 3,131 12 % 2,979 12 % 11,069 11 % 680 - 699 1,035 7 % 1,085 7 % 1,099 6 % 1,316 7 % 4,535 7 % 1,589 7 % 1,875 8 % 2,513 9 % 2,480 10 % 8,457 9 % 660 - 679(2) 478 3 % 527 3 % 598 3 % 931 5 % 2,534 4 % 1,106 5 % 1,010 4 % 1,068 4 % 983 4 % 4,167 4 % 640 - 659 189 1 % 234 2 % 297 2 % 486 3 % 1,206 2 % 611 3 % 504 2 % 547 2 % 511 2 % 2,173 2 % 620 - 639 66 - % 79 1 % 106 1 % 173 1 % 424 1 % 223 1 % 166 1 % 174 1 % 202 1 % 765 1 % <620 2 - % 5 - % 4 - % 6 - % 17 0 % 4 - % 0 - % 0 - % 0 - % 4 - % Total Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Weighted Avg FICO 750 749 748 746 748 745 747 746 745 746 Loan-To-Value Ratio 95.01% and above $2,423 16 % $1,741 11 % $2,177 12 % $3,146 17 % $9,487 14 % $3,660 17 % $3,396 14 % $2,767 11 % $2,241 9 % $12,064 12 % 90.01% to 95.00% 5,684 37 % 6,184 41 % 7,458 43 % 6,682 35 % 26,008 39 % 7,548 35 % 8,838 37 % 10,758 40 % 9,453 38 % 36,597 38 % 85.01% to 90.00% 4,971 33 % 5,094 34 % 5,207 30 % 5,620 30 % 20,892 32 % 6,253 29 % 7,454 31 % 8,618 32 % 8,392 34 % 30,717 32 % 85.00% and below 2,067 14 % 2,050 14 % 2,606 15 % 3,375 18 % 10,098 15 % 3,980 19 % 4,284 18 % 4,514 17 % 4,848 19 % 17,626 18 % Total Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Weighted Avg LTV 92 % 92 % 92 % 92 % 92 % 92 % 92 % 92 % 92 % 92 % Debt-To-Income Ratio 45.01% and above $4,294 28 % $3,728 25 % $4,067 23 % $4,452 24 % $16,541 25 % $4,977 23 % $4,167 17 % $3,269 12 % $2,566 10 % $14,979 15 % 38.01% to 45.00% 5,518 37 % 5,681 38 % 6,436 37 % 6,361 34 % 23,996 36 % 7,047 33 % 7,949 33 % 9,204 35 % 8,746 35 % 32,946 34 % 38.00% and below 5,333 35 % 5,660 37 % 6,945 40 % 8,010 42 % 25,948 39 % 9,417 44 % 11,856 50 % 14,184 53 % 13,622 55 % 49,079 51 % Total Primary $15,145 100 % $15,069 100 % $17,448 100 % $18,823 100 % $66,485 100 % $21,441 100 % $23,972 100 % $26,657 100 % $24,934 100 % $97,004 100 % Weighted Avg DTI 40 % 39 % 39 % 38 % 39 % 38 % 37 % 36 % 36 % 37 % Avg loan size (thousands) $358 $350 $345 $334 $346 $318 $312 $304 $292 $305 2022 (2)Loans with unknown FICO scores are included in the 660-679 category. (1)Includes loans with annual and split payment types. Primary New Insurance Written Metrics (amounts in millions) 3Q Total3Q 1Q2Q 2021 4Q1Q Total2Q4Q Page 5

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IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF Product Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Pool 505 - % 531 - % 564 - % 600 - % 641 - % 771 - % 798 - % 841 - % Total $248,767 100 % $242,344 100 % $238,127 100 % $232,453 100 % $227,155 100 % $223,235 100 % $218,275 100 % $211,028 100 % Origination Purchase $207,827 84 % $199,322 82 % $192,499 81 % $184,080 79 % $176,550 78 % $169,944 76 % $162,832 75 % $156,298 74 % Refinance 40,435 16 % 42,491 18 % 45,064 19 % 47,773 21 % 49,964 22 % 52,520 24 % 54,645 25 % 53,889 26 % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Payment Type Monthly $216,831 87 % $211,062 87 % $206,361 87 % $200,304 86 % $194,826 86 % $190,702 86 % $185,694 85 % $177,126 84 % Single 29,275 12 % 28,550 12 % 28,945 12 % 29,198 13 % 29,205 13 % 29,013 13 % 28,743 13 % 29,653 14 % Other(2) 2,156 1 % 2,201 1 % 2,257 1 % 2,351 1 % 2,483 1 % 2,749 1 % 3,040 2 % 3,408 2 % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Book Year 2008 and prior $6,596 3 % $6,849 3 % $7,246 3 % $7,723 3 % $8,196 3 % $8,963 4 % $9,682 4 % $10,500 5 % 2009-2014 2,113 1 % 2,293 1 % 2,577 1 % 2,946 1 % 3,369 2 % 3,949 2 % 4,670 3 % 5,570 2 % 2015 2,912 1 % 3,133 1 % 3,526 1 % 3,960 2 % 4,488 2 % 5,087 2 % 5,810 3 % 6,729 3 % 2016 6,296 2 % 6,772 3 % 7,377 3 % 8,076 4 % 8,997 4 % 10,082 4 % 11,499 5 % 13,213 6 % 2017 6,495 3 % 6,818 3 % 7,328 3 % 8,023 4 % 8,962 4 % 10,185 5 % 11,763 5 % 13,817 7 % 2018 6,839 3 % 7,133 3 % 7,613 3 % 8,306 4 % 9,263 4 % 10,568 5 % 12,289 6 % 14,618 7 % 2019 16,352 7 % 17,070 7 % 18,141 8 % 19,609 8 % 21,730 10 % 24,884 11 % 28,842 13 % 33,430 16 % 2020 55,358 22 % 58,497 24 % 62,154 26 % 65,807 28 % 69,963 31 % 75,785 34 % 82,308 38 % 87,599 42 % 2021 81,724 33 % 83,740 35 % 86,175 37 % 88,757 38 % 91,546 40 % 72,961 33 % 50,614 23 % 24,711 12 % 2022 63,577 25 % 49,508 20 % 35,426 15 % 18,646 8 % 0 - % 0 - % 0 - % 0 - % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Insurance In-Force (IIF) (1) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q3Q 2021 2Q4Q 2022 (1)Primary insurance in-force represents aggregate unpaid balance for loans the company insures. (2)Includes loans with annual and split payment types. 4Q 3Q1Q2Q Page 6

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IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF IIF % of IIF FICO Scores Over 760 $102,467 41 % $99,177 41 % $96,625 40 % $93,222 40 % $89,982 40 % $87,073 39 % $83,602 38 % $79,285 38 % 740 - 759 40,097 16 % 38,731 16 % 37,853 16 % 36,821 16 % 35,874 16 % 35,177 16 % 34,402 16 % 33,607 16 % 720 - 739 34,916 14 % 33,874 14 % 33,263 14 % 32,363 14 % 31,730 14 % 31,374 14 % 30,964 14 % 30,295 14 % 700 - 719 28,867 12 % 28,384 12 % 28,136 12 % 27,620 12 % 27,359 12 % 27,371 12 % 27,032 12 % 26,309 13 % 680 - 699 21,554 9 % 21,294 9 % 21,221 9 % 21,259 9 % 21,270 9 % 21,458 10 % 21,469 10 % 20,777 10 % 660 - 679(2) 10,926 4 % 10,842 4 % 10,822 5 % 10,805 5 % 10,549 5 % 10,309 5 % 10,191 6 % 10,001 5 % 640 - 659 6,095 3 % 6,115 3 % 6,154 3 % 6,188 3 % 6,124 3 % 6,009 3 % 6,008 3 % 5,981 3 % 620 - 639 2,630 1 % 2,663 1 % 2,725 1 % 2,774 1 % 2,783 1 % 2,787 1 % 2,838 1 % 2,893 1 % <620 710 - % 733 - % 764 - % 801 - % 843 - % 906 - % 971 - % 1,039 - % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Weighted Avg FICO 743 743 743 742 741 741 740 740 Loan-To-Value Ratio 95.01% and above $39,509 16 % $38,099 16 % $37,636 16 % $36,867 16 % $35,455 16 % $34,259 15 % $33,657 15 % $33,757 16 % 90.01% to 95.00% 103,618 42 % 101,164 42 % 99,303 41 % 96,419 42 % 95,149 42 % 94,888 43 % 94,307 44 % 92,124 44 % 85.01% to 90.00% 72,132 29 % 69,803 29 % 67,866 29 % 66,226 28 % 64,549 28 % 63,349 28 % 61,234 28 % 58,098 28 % 85.00% and below 33,003 13 % 32,747 13 % 32,758 14 % 32,341 14 % 31,361 14 % 29,968 14 % 28,279 13 % 26,208 12 % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Weighted Avg LTV 93 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % Debt-To-Income Ratio 45.01% and above $43,831 18 % $40,846 17 % $38,763 16 % $36,428 16 % $34,076 15 % $31,771 14 % $30,794 14 % $30,225 14 % 38.01% to 45.00% 87,816 35 % 85,226 35 % 83,194 35 % 80,741 35 % 79,147 35 % 78,303 35 % 76,977 35 % 74,674 36 % 38.00% and below 116,615 47 % 115,741 48 % 115,606 49 % 114,684 49 % 113,291 50 % 112,390 51 % 109,706 51 % 105,288 50 % Total Primary $248,262 100 % $241,813 100 % $237,563 100 % $231,853 100 % $226,514 100 % $222,464 100 % $217,477 100 % $210,187 100 % Weighted Avg DTI 37 % 37 % 37 % 37 % 37 % 37 % 37 % 37 % Primary persistency rate 86 % 82 % 80 % 76 % 69 % 65 % 63 % 56 % Avg loan size (thousands) $259 $255 $251 $246 $242 $237 $233 $228 Insurance In-Force (IIF) (1) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2021 3Q4Q 2022 (1)Primary insurance in-force represents aggregate unpaid balance for loans the company insures. (2)Loans with unknown FICO scores are included in the 660-679 category. 3Q 4Q1Q2Q Page 7

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RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF Product Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Pool 79 - % 84 - % 89 - % 97 - % 105 - % 117 - % 123 - % 134 - % Total $62,870 100 % $61,208 100 % $60,000 100 % $58,392 100 % $56,986 100 % $55,983 100 % $54,766 100 % $53,000 100 % Origination Purchase $54,165 86 % $52,134 85 % $50,449 84 % $48,326 83 % $46,470 82 % $44,871 80 % $43,121 79 % $41,396 78 % Refinance 8,626 14 % 8,990 15 % 9,462 16 % 9,969 17 % 10,411 18 % 10,995 20 % 11,522 21 % 11,470 22 % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Payment Type Monthly $55,879 89 % $54,247 89 % $52,896 88 % $51,153 88 % $49,614 87 % $48,495 87 % $47,153 86 % $45,009 85 % Single 6,370 10 % 6,324 10 % 6,449 11 % 6,561 11 % 6,658 12 % 6,709 12 % 6,766 13 % 7,049 13 % Other(2) 542 1 % 553 1 % 566 1 % 581 1 % 609 1 % 662 1 % 724 1 % 808 2 % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Book Year 2008 and prior $1,699 3 % $1,764 3 % $1,867 3 % $1,991 3 % $2,112 3 % $2,309 4 % $2,494 4 % $2,705 5 % 2009-2014 560 1 % 609 1 % 687 1 % 788 1 % 904 2 % 1,062 2 % 1,260 2 % 1,510 3 % 2015 781 1 % 840 1 % 943 2 % 1,058 2 % 1,197 2 % 1,355 2 % 1,549 3 % 1,795 3 % 2016 1,681 3 % 1,805 3 % 1,964 3 % 2,147 4 % 2,388 4 % 2,676 5 % 3,052 6 % 3,503 7 % 2017 1,708 3 % 1,792 3 % 1,922 3 % 2,094 4 % 2,324 4 % 2,631 5 % 3,032 6 % 3,556 7 % 2018 1,736 3 % 1,806 3 % 1,922 3 % 2,092 4 % 2,330 4 % 2,656 5 % 3,086 6 % 3,671 7 % 2019 4,143 7 % 4,313 7 % 4,575 8 % 4,935 8 % 5,454 10 % 6,239 11 % 7,225 13 % 8,361 16 % 2020 14,158 22 % 14,891 25 % 15,763 26 % 16,606 28 % 17,574 31 % 18,965 34 % 20,536 37 % 21,787 41 % 2021 20,418 32 % 20,848 34 % 21,384 36 % 21,959 38 % 22,598 40 % 17,973 32 % 12,409 23 % 5,978 11 % 2022 15,907 25 % 12,456 20 % 8,884 15 % 4,625 8 % 0 - % 0 - % 0 - % 0 - % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % (1)Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors. (2)Includes loans with annual and split payment types. Risk In-Force (RIF) (1) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q4Q3Q 3Q 2021 1Q2Q4Q 2022 Page 8

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RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF RIF % of RIF FICO Scores Over 760 $25,807 41 % $24,965 41 % $24,252 40 % $23,326 40 % $22,489 40 % $21,767 39 % $20,908 38 % $19,829 37 % 740 - 759 10,154 16 % 9,808 16 % 9,559 16 % 9,267 16 % 9,009 16 % 8,824 16 % 8,628 16 % 8,442 16 % 720 - 739 8,931 14 % 8,656 14 % 8,484 14 % 8,224 14 % 8,055 14 % 7,966 14 % 7,879 14 % 7,715 15 % 700 - 719 7,317 12 % 7,200 12 % 7,129 12 % 6,974 12 % 6,907 12 % 6,923 12 % 6,848 13 % 6,678 13 % 680 - 699 5,428 9 % 5,356 9 % 5,329 9 % 5,334 9 % 5,334 9 % 5,383 10 % 5,385 10 % 5,231 10 % 660 - 679(2) 2,767 5 % 2,739 4 % 2,728 5 % 2,715 5 % 2,638 5 % 2,568 5 % 2,531 5 % 2,484 5 % 640 - 659 1,540 2 % 1,541 3 % 1,547 3 % 1,550 3 % 1,530 3 % 1,497 3 % 1,494 3 % 1,485 3 % 620 - 639 665 1 % 672 1 % 687 1 % 699 1 % 702 1 % 705 1 % 720 1 % 734 1 % <620 182 - % 187 - % 196 - % 206 - % 217 - % 233 - % 250 - % 268 - % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Loan-To-Value Ratio 95.01% and above $11,136 18 % $10,809 18 % $10,647 18 % $10,379 18 % $9,907 17 % $9,490 17 % $9,228 17 % $9,151 17 % 90.01% to 95.00% 30,079 48 % 29,379 48 % 28,838 48 % 27,987 48 % 27,608 49 % 27,509 49 % 27,308 50 % 26,637 51 % 85.01% to 90.00% 17,621 28 % 17,019 28 % 16,517 27 % 16,082 27 % 15,644 27 % 15,322 28 % 14,776 27 % 13,997 26 % 85.00% and below 3,955 6 % 3,917 6 % 3,909 7 % 3,847 7 % 3,722 7 % 3,545 6 % 3,331 6 % 3,081 6 % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % Debt-To-Income Ratio 45.01% and above $11,176 18 % $10,393 17 % $9,843 16 % $9,227 16 % $8,631 15 % $8,048 14 % $7,798 14 % $7,643 14 % 38.01% to 45.00% 22,268 35 % 21,603 35 % 21,058 35 % 20,392 35 % 19,974 35 % 19,773 36 % 19,445 36 % 18,888 36 % 38.00% and below 29,347 47 % 29,128 48 % 29,010 49 % 28,676 49 % 28,276 50 % 28,045 50 % 27,400 50 % 26,335 50 % Total Primary $62,791 100 % $61,124 100 % $59,911 100 % $58,295 100 % $56,881 100 % $55,866 100 % $54,643 100 % $52,866 100 % (2)Loans with unknown FICO scores are included in the 660-679 category. 3Q 4Q Risk In-Force (RIF) (1) Metrics Excludes run-off business, which is immaterial to our results (amounts in millions) 1Q2Q 2021 3Q (1)Primary risk in-force represents risk on current loan balances as provided by servicers, lenders and investors. 1Q2Q4Q 2022 Page 9

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4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q Average Paid Claim (1) $48.7 $42.2 $50.1 $51.6 $27.2 $26.7 $63.1 $54.7 Reserves: Direct primary case(2) $479,343 $476,063 $525,948 $590,508 $606,102 $612,754 $588,683 $564,208 All other(2) 39,665 34,174 32,946 34,771 35,223 34,909 34,838 38,704 Total Reserves $519,008 $510,237 $558,894 $625,279 $641,325 $647,663 $623,521 $602,912 Beginning Number of Primary Delinquencies 18,856 19,513 22,571 24,820 28,904 33,568 41,332 44,904 New delinquencies 10,304 9,121 7,847 8,724 8,282 7,427 6,862 10,053 Delinquency cures (9,024) (9,588) (10,806) (10,860) (11,929) (11,746) (14,473) (13,478) Paid claims (190) (187) (90) (107) (430) (343) (143) (134) Rescissions and claim denials (3) (3) (9) (6) (7) (2) (10) (13) Ending Number of Primary Delinquencies 19,943 18,856 19,513 22,571 24,820 28,904 33,568 41,332 Primary delinquency rate 2.08 % 1.99 % 2.06 % 2.40 % 2.65 % 3.08 % 3.60 % 4.48 % Average Reserve Per Primary Delinquency (3) $24.0 $25.2 $27.0 $26.2 $24.4 $21.2 $17.5 $13.7 Beginning Direct Primary Case Reserves $476,063 $525,948 $590,508 $606,102 $612,754 $588,683 $564,208 $516,863 Paid claims (9,347) (8,349) (4,810) (5,617) (11,213) (8,293) (7,377) (5,933) Change in reserves 12,627 (41,536) (59,750) (9,977) 4,561 32,364 31,852 53,278 Ending Direct Primary Case Reserves $479,343 $476,063 $525,948 $590,508 $606,102 $612,754 $588,683 $564,208 Incurred Losses(4) Current quarter delinquencies(5) $58,717 $38,696 $34,654 $39,220 $37,056 $33,047 $30,301 $43,839 Development of current quarter delinquencies(6) - - - - - - - - Prior period development(7) (40,620) (79,005) (96,217) (49,666) (31,084) 1,077 (298) 11,535 Total Incurred Losses $18,097 ($40,309) ($61,563) ($10,446) $5,972 $34,124 $30,003 $55,374 Policies in Force (count) 960,306 949,052 946,891 941,689 937,350 936,934 933,616 922,186 (7) Includes impact of changes in IBNR, LAE and other. (6) Development of current quarter delinquencies within the current quarter. This includes reserve impact from current period delinquencies that cure in the period and reserve development from the date of delinquency to quarter end. (dollar amounts in thousands) Excludes run-off business, which is immaterial to our results Delinquency Metrics 2022 (5) Defaulted loans with most recent delinquency notice in the quarter indicated. (1) Average paid claims in the fourth and third quarters of 2022 and the fourth and third quarters of 2021 include payments in relation to agreements on non-performing loans. (2) Direct primary case excludes loss adjustment expenses (LAE), pool, incurred but not reported (IBNR) and reinsurance reserves. Other includes LAE, IBNR, pool, and reinsurance reserves. (3) Direct primary case reserves divided by primary delinquency count. (4) Provides additional breakdown of incurred losses, which includes the impact of new delinquencies within each quarterly period reported. We believe providing loss information in this manner allows transparency and consistency for investors to understand performance. 2021 Page 10

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Percentage Reserved by Payment Status Delinquencies Direct Primary Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 8,920 $69 $509 14 % 4 - 11 payments in default 6,466 166 390 43 % 12 payments or more in default 4,557 244 248 98 % Total 19,943 $479 $1,147 42 % Percentage Reserved by Payment Status Delinquencies Direct Primary Case Reserves Risk In- Force Reserves as % of RIF 3 payments or less in default 6,586 $35 $340 10 % 4 - 11 payments in default 7,360 111 426 26 % 12 payments or more in default 10,874 460 643 72 % Total 24,820 $606 $1,409 43 % December 31, 2021 Missed Payment Status Tables Excludes run-off business, which is immaterial to our results (dollar amounts in millions) December 31, 2022 Page 11

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Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 12% 10% 2.09% Chicago-Naperville, IL Metro Division 3% 5% 2.84% Texas 8% 7% 2.12% Phoenix, AZ MSA 3% 2% 1.83% 2008 and prior 3% 26% 9.61% 5.57% Florida (3) 8% 8% 2.54% New York, NY Metro Division 3% 8% 3.75% 2009-2014 1% 4% 5.01% 0.69% New York (3) 5% 13% 2.95% Atlanta, GA MSA 2% 3% 2.42% 2015 1% 3% 3.61% 0.71% Illinois (3) 5% 6% 2.54% Washington-Arlington, DC Metro Division 2% 2% 1.85% 2016 3% 6% 3.17% 0.81% Arizona 4% 2% 1.78% Houston, TX MSA 2% 3% 2.60% 2017 3% 7% 3.78% 1.01% Michigan 4% 3% 1.79% Riverside-San Bernardino CA MSA 2% 2% 2.89% 2018 3% 9% 4.63% 1.18% North Carolina 3% 3% 1.59% Los Angeles-Long Beach, CA Metro Division 2% 2% 2.18% 2019 7% 11% 2.71% 0.93% Georgia 3% 3% 2.23% Dallas, TX Metro Division 2% 1% 1.86% 2020 22% 17% 1.47% 0.92% Washington 3% 3% 1.92% Denver-Aurora-Lakewood, CO MSA 2% 1% 1.12% 2021 32% 14% 1.20% 1.06% All Other States (4) 45% 42% 1.94% All Other MSAs 77% 71% 2.00% 2022 25% 3% 0.54% 0.52% Total 100% 100% 2.08% Total 100% 100% 2.08% Total 100% 100% 2.08% 4.26% Top 10 States % RIF % Case Reserves (1) Delq Rate Top 10 MSAs / Metro Divisions % RIF % Case Reserves (1) Delq Rate Book Year RIF & Losses % RIF % Case Reserves (1) Delq Rate Cum Delq Rate (2) California 11% 12% 3.17% Chicago-Naperville, IL Metro Division 3% 4% 3.68% Texas 8% 8% 2.89% Phoenix, AZ MSA 3% 2% 2.36% 2008 and prior 3% 24% 10.54% 5.59% Florida (3) 7% 9% 2.97% New York, NY Metro Division 3% 8% 5.32% 2009-2013 1% 2% 5.54% 0.74% New York (3) 5% 12% 3.80% Atlanta, GA MSA 2% 3% 3.28% 2014 1% 3% 5.51% 0.99% Illinois (3) 5% 6% 3.09% Washington-Arlington, DC Metro Division 2% 2% 2.96% 2015 2% 5% 4.24% 1.04% Michigan 4% 2% 1.87% Houston, TX MSA 2% 3% 3.61% 2016 4% 8% 3.69% 1.16% Arizona 4% 2% 2.31% Riverside-San Bernardino CA MSA 2% 2% 3.42% 2017 4% 10% 4.78% 1.56% North Carolina 3% 2% 2.18% Los Angeles-Long Beach, CA Metro Division 2% 3% 3.95% 2018 4% 13% 5.93% 1.88% Pennsylvania (3) 3% 3% 2.38% Dallas, TX Metro Division 2% 2% 2.31% 2019 10% 19% 3.89% 1.68% Washington 3% 3% 2.98% Nassau County, NY 2% 4% 5.55% 2020 31% 14% 1.50% 1.14% All Other States (4) 47% 41% 2.46% All Other MSAs 77% 67% 2.44% 2021 40% 2% 0.37% 0.36% Total 100% 100% 2.65% Total 100% 100% 2.65% Total 100% 100% 2.65% 4.42% (1) This represents direct primary case reserves, which exclude loss adjustment expenses, pool, incurred but not reported and reinsurance reserves. (2) Calculated as the sum of the number of policies where claims were ever paid to date and number of policies for loans currently in default divided by policies ever in-force. (3) Jurisdiction predominantly uses a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed. (4) Includes the District of Columbia. Delinquency Performance Excludes run-off business, which is immaterial to our results December 31, 2022 December 31, 2021 Page 12

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Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Carrying Amount % of Total Fixed Maturity Securities: U.S. treasuries $44,769 1 % $44,654 1 % $49,668 1 % $56,751 1 % $58,408 1 % $65,117 1 % $65,625 1 % $70,832 1 % Municipals 419,856 9 % 432,229 9 % 469,509 10 % 508,391 10 % 538,453 10 % 459,783 9 % 408,317 8 % 300,104 6 % Non-U.S. government 9,349 - % 9,252 - % 21,120 - % 21,529 - % 22,416 - % 22,758 - % 22,950 1 % 30,415 1 % U.S. corporate 2,646,863 54 % 2,639,184 54 % 2,742,523 56 % 2,882,497 57 % 2,945,303 56 % 2,948,106 55 % 2,891,598 55 % 2,844,775 56 % Non-U.S. corporate 652,844 13 % 647,063 14 % 618,710 13 % 629,795 12 % 666,594 13 % 712,603 13 % 692,068 13 % 679,302 13 % Residential MBS 11,043 - % 11,743 - % 0 - % 0 - % 0 - % 0 - % 0 - % 0 - % Other asset-backed 1,100,036 23 % 1,093,777 22 % 1,007,832 20 % 994,121 20 % 1,035,165 20 % 1,167,700 22 % 1,175,909 22 % 1,180,700 23 % Total available-for-sale fixed maturity securities $4,884,760 100 % $4,877,902 100 % $4,909,362 100 % $5,093,084 100 % $5,266,339 100 % $5,376,067 100 % $5,256,467 100 % $5,106,128 100 % Fixed Maturity Securities - Credit Quality NRSRO(1) Designation AAA $492,318 10 % $503,574 10 % $441,105 9 % $432,633 9 % $482,950 9 % $485,739 9 % $483,513 9 % $475,369 9 % AA 761,883 16 % 771,698 16 % 798,828 16 % 839,185 16 % 876,294 17 % 898,158 17 % 841,282 16 % 777,345 15 % A 1,666,409 34 % 1,699,803 35 % 1,686,644 34 % 1,736,936 34 % 1,791,582 34 % 1,829,844 34 % 1,763,010 34 % 1,786,601 35 % BBB 1,862,634 38 % 1,790,168 37 % 1,855,984 38 % 1,936,838 38 % 1,958,901 37 % 2,004,994 37 % 2,013,940 38 % 1,921,999 38 % BB & Lower 101,516 2 % 112,659 2 % 126,801 3 % 147,492 3 % 156,612 3 % 157,332 3 % 154,722 3 % 144,814 3 % Total fixed maturity securities $4,884,760 100 % $4,877,902 100 % $4,909,362 100 % $5,093,084 100 % $5,266,339 100 % $5,376,067 100 % $5,256,467 100 % $5,106,128 100 % Average duration 3.6 3.7 3.8 3.8 3.9 3.7 3.6 3.6 Average yield 3.1 % 3.0 % 2.8 % 2.7 % 2.7 % 2.7 % 2.8 % 2.8 % (1)Nationally Recognized Statistical Rating Organizations. December 31, 2021 September 30, 2021 Composition of Investments at Fair Value (amounts in thousands) March 31, 2021June 30, 2022 June 30, 2021March 31, 2022September 30, 2022December 31, 2022 Page 13

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2020 ILN 2021-1 ILN 2021-2 ILN 2021-3 ILN 2020 XOL 2021 XOL 2022-1 XOL 2022-2 XOL 2022-3 XOL 2022-4 XOL 2022-5 XOL 1/20-8/20 1/14-12/18, 4Q'19 9/20-12/20 1/21-6/21 Full Year 2020 Full Year 2021 Full Year 2022 Full Year 2022 7/21-12/21 7/21-12/21 1/22-6/22 At Closing Initial CRT Risk In-Force $14,909 $14,142 $8,384 $12,141 $23,047 $22,373 $15,400 $15,400 $10,550 $10,550 $8,547 Initial Reinsurance Amount $350 $495 $303 $372 $168 $206 $196 $25 $289 $36 $201 Initial First Loss Retention Layer $522 $212 $189 $304 $691 $671 $462 $385 $317 $264 $256 Initial Attachment % (2) 3.50% 1.50% 2.25% 2.50% 3.00% 3.00% 3.00% 2.50% 3.00% 2.50% 3.00% Initial Detachment % (2) 7.00% 5.00% 7.00% 6.75% 7.00% 7.00% 6.99% 3.00% 7.00% 3.00% 7.00% % Of Covered Loss Tier Reinsured 67.00% 100.00% 76.00% 72.00% 18.25% 23.00% 31.92% 31.92% 68.45% 68.45% 58.80% Commencement Date 10/22/20 03/02/21 04/16/21 09/02/21 01/01/20 01/01/21 01/01/22 01/01/22 03/01/22 03/01/22 09/01/22 Termination Date 10/25/30 08/25/33 10/25/33 02/25/34 12/31/30 12/31/31 12/31/32 12/31/32 12/31/31 12/31/31 12/31/32 Optional Call Date 10/25/27 02/25/26 04/25/28 08/25/28 06/30/27 06/30/28 12/31/29 12/31/29 12/31/28 12/31/28 01/01/30 Clean-Up Call 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% As of December 31, 2022 Current CRT Risk In Force (1) $7,582 $5,400 $6,147 $10,106 $14,060 $20,230 $15,400 $15,400 $9,790 $9,790 $8,243 Current Reinsured Amount $65 $147 $248 $346 $54 $192 $196 $25 $282 $36 $193 PMIERs Required Asset Credit (3) $0 $130 $187 $318 $52 $185 $189 $24 $271 $35 $187 Current Attachment % (2) 6.88% 3.92% 3.07% 3.00% 4.92% 3.32% 3.00% 2.50% 3.23% 2.69% 3.11% Current Detachment % (2) 8.16% 6.64% 8.38% 7.76% 7.03% 7.44% 6.99% 3.00% 7.44% 3.23% 7.09% Enact Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Incurred Losses Ever To Date (4) $42 $29 $26 $33 $80 $66 $15 $15 $26 $26 $11 Remaining First Loss Retention Layer $522 $212 $189 $303 $691 $671 $462 $385 $317 $264 $256 Reinsurer Claims Paid $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 (amounts in millions) Credit Risk Transfer Transaction Summary (1) The total primary risk in force is $62.8B and the total current risk in force covered by a CRT is $55.9B. (2) Attachment % and detachment % are the aggregate loss amounts as a percentage of risk in force at which the reinsurer begins and stops paying claims under the policy. (3) Current PMIERs required asset credit considers the counterparty credit haircut. (4) Incurred losses ever to date shown does not include IBNR or loss adjustment expenses. Definitions: CRT = Credit Risk Transfer; RIF = Risk In Force; XOL = Excess Of Loss; ILN = Insurance Linked Note Page 14

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4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q COMBINED STAT: Statutory policyholders' surplus $1,136 $1,348 $1,277 $1,442 $1,397 $1,558 $1,567 $1,557 Contingency reserves 3,551 3,424 3,297 3,168 3,042 2,914 2,783 2,652 Combined statutory capital $4,687 $4,772 $4,574 $4,610 $4,439 $4,472 $4,350 $4,209 Adjusted RIF(1) $60,061 $58,542 $57,407 $55,512 $54,201 $52,752 $51,436 $49,347 Combined risk-to-capital ratio ("RTC") 12.8 12.3 12.6 12.0 12.2 11.8 11.8 11.7 EMICO(2) STAT: Statutory policyholders' surplus $1,084 $1,296 $1,226 $1,390 $1,346 $1,508 $1,487 $1,477 Contingency reserves 3,548 3,422 3,294 3,167 3,041 2,913 2,782 2,652 EMICO statutory capital $4,632 $4,718 $4,520 $4,557 $4,387 $4,421 $4,269 $4,129 Adjusted RIF(1) $59,663 $58,233 $57,169 $55,321 $54,033 $52,608 $51,312 $49,249 EMICO risk-to-capital ratio 12.9 12.3 12.6 12.1 12.3 11.9 12.0 11.9 PMIERs Available Assets(3) $5,206 $5,292 $5,147 $5,222 $5,077 $5,126 $4,926 $4,769 PMIERs Gross Required Assets(3) (4,866) (4,773) (4,789) (4,855) (4,868) (5,006) (5,151) (5,302) PMIERs Reinsurance Credit 1,578 1,590 1,511 1,622 1,404 1,597 1,406 1,285 PMIERs COVID-19 Haircut 132 140 178 272 390 570 760 1,012 PMIERs Net Required Assets ($3,156) ($3,043) ($3,100) ($2,961) ($3,074) ($2,839) ($2,985) ($3,005) Available Assets Above PMIERs Requirements(3) $2,050 $2,249 $2,047 $2,261 $2,003 $2,287 $1,941 $1,764 PMIERs Sufficiency Ratio(3) 165 % 174 % 166 % 176 % 165 % 181 % 165 % 159 % (3)The PMIERs sufficiency ratio is calculated as available assets divided by required assets as defined within PMIERs. The current period PMIERs sufficiency ratio is an estimate due to the timing of the PMIERs filing and does not take into consideration the impact of restrictions recently imposed by the government-sponsored enterprises (GSEs). The GSEs have imposed certain capital restrictions on the company which remain in effect until certain conditions are met. These restrictions required EMICO to maintain 115% of published PMIERs minimum required assets among other restrictions as of December 31, 2021. Effective January 1, 2022, these requirements increased to 120%. 2021 Capital & PMIERs (dollar amounts in millions) (1) Adjusted RIF for purposes of calculating combined statutory RTC differs from RIF presented elsewhere in this financial supplement. In accordance with North Carolina Department of Insurance requirements, adjusted RIF excludes delinquent policies. (2) Enact Mortgage Insurance Corporation (EMICO), the company's principal U.S. mortgage insurance subsidiary. 2022 Page 15

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