“Throughout the quarter, we continued to execute against all aspects of our cycle-tested growth strategy, writing profitable new business, investing in our growth, and managing our risk, while also delivering on our commitment to return excess capital to shareholders,” Gupta said.

The company’s net premium earned dipped 1% quarter over quarter and 3% year over year to $235 million in Q3. New insurance written was $15 billion, down 14% from $17 billion in Q2 and 37% from $24 billion in Q3 2021. Primary insurance-in-force increased by 2% to $242 billion, and persistency rose to 82% – fuelled by rising mortgage rates and an ongoing decline in the percentage of Enact’s in-force policies.

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“While several factors are creating uncertainty in the housing market in the near term, we believe the longer-term drivers of demand remain in place, and the strength of our portfolio, balance sheet, and cash flows position us well to prudently navigate the current market environment while continuing to successfully pursue our long-term growth strategy, and drive value creation for all stakeholders,” said Gupta.