Enact Holdings, Inc. (NASDAQ:ACT) Q1 2022 Earnings Conference Call May 4, 2022 8:00 AM ET
Company Participants
Daniel Kohl - Vice President of Investor Relations
Rohit Gupta - President and Chief Executive Officer
Dean Mitchell - Chief Financial Officer and Treasurer
Michael Derstine - Chief Risk Officer
Conference Call Participants
Rick Shane - JPMorgan
Doug Harter - Credit Suisse
Bose George - KBW
Geoffrey Dunn - Dowling & Partners
Mihir Bhatia - Bank of America
Ryan Gilbert - BTIG
Operator
Hello, and welcome to Enact's First Quarter Earnings Call. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Daniel Kohl, Vice President of Investor Relations, you may begin.
Daniel Kohl
Welcome to our first quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer; and Dean Mitchell, Chief Financial Officer and Treasurer. Rohit will provide an overview of our business, our performance and progress against our strategy. Dean will then discuss the details of our first quarter results before turning the call back to Rohit for some closing remarks. After prepared remarks, we will take your questions. The earnings materials we issued after market closed yesterday contains Enact's financial results for the first quarter of 2022 and a comprehensive set of financial and operational metrics are available on the Investor Relations section of the company's website at www.ir.enactmi.com. under the section marked Quarterly Results.
Today's call is being recorded and will include the use of forward-looking statements. These statements are based on current assumptions, estimates, expectations and projections as of today's date that are subject to risks and uncertainties, which may cause actual results to materially differ. We undertake no obligation to update or revise any such statements as a result of new information. For a discussion of these risks and uncertainties, please review the cautionary language regarding forward-looking statements in today's press release as well as in our filings with the SEC, which are available on our Web site. Also, please keep in mind the earnings materials and management's prepared remarks today will include certain non-GAAP measures. Reconciliations of these measures to the most relevant GAAP metrics can be found in the press release, our earnings presentation and our upcoming SEC filing on our Web site.
With that, I'll turn the call over to Rohit.
Rohit Gupta
Thank you, Daniel. Good morning, everyone, and welcome to our first quarter earnings call. The first quarter marked an excellent start to 2022 for Enact. We grew our portfolio 10% year-over-year; initiated a quarterly dividend program; and generated strong operating and financial results, including adjusted operating income of $165 million or $1.01 per share and return on equity of 16.2%. Importantly, we achieved these results while also maintaining our commitment to balance sheet strength and strong risk management. We continue to execute on our strategy in a dynamic market environment. We strengthened and deepened relationships with customers, providing them with innovative solutions and prudently pursued opportunities to win new business.