Enact Holdings, Inc. [ACT] reports annual net loss of $665.5 million
Earnings per share also showed a similar trend, with basic earnings per share at $4.14 and diluted earnings per share at $4.11 for the current year. Comparatively, in 2022, basic and diluted earnings per share were $4.32 and $4.31, respectively, reflecting a slight decline
Company Reports Revenue of $1.2 billion
Enact Holdings, Inc. [ACT] has reported a net loss of $665.5 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.2 billion
Based in RALEIGH, North Carolina, Enact Holdings, Inc. operates in the FINANCE sector.
In the 12-month period ending December 31, 2023, the financial performance of the company showed positive growth compared to the previous year
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.2 billion
Based in RALEIGH, North Carolina, Enact Holdings, Inc. operates in the FINANCE sector.
In the 12-month period ending December 31, 2023, the financial performance of the company showed positive growth compared to the previous year.
Revenues for the current reporting period amounted to $1.15 billion, an increase from $1.10 billion in the same period in 2022 and $1.12 billion in 2021. This growth can primarily be attributed to higher premiums and increased net investment income.
Cost of goods sold and operating expenses totaled $302.18 million this year, up from $196.82 million in the previous year but significantly lower than $422.64 million in 2021. The rise in expenses is mainly due to higher acquisition and operating expenses, although it was partially offset by a decrease in losses incurred.
The company reported a net income of $665.51 million for the current period, down from $704.16 million in 2022 but up from $546.69 million in 2021. Despite the slight decrease from the previous year, the company maintained a healthy profitability level.
Earnings per share also showed a similar trend, with basic earnings per share at $4.14 and diluted earnings per share at $4.11 for the current year. Comparatively, in 2022, basic and diluted earnings per share were $4.32 and $4.31, respectively, reflecting a slight decline.
Overall, the company's financial position remains strong, with steady revenue growth and consistent profitability over the years.
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