Enact 1Q24 Earnings Summary

First Quarter 2024 Financial Results

May 1, 2024

Cautionary Note Regarding Forward-Looking Statements

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 risks related to an economic downtuor recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; 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. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact 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.

Non-GAAP1 And Other Items

All financial results are as of March 31, 2024, unless otherwise noted. For additional information, please see Enact's first quarter 2024 earnings release and financial supplement posted at ir.enactmi.com.

For important information regarding the use of non-GAAP and selected operating performance measures, see the Appendix.

Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) available to Enact's common stockholders, net income (loss) available to Enact's common stockholders per diluted share, adjusted operating income (loss) available to Enact's common stockholders and adjusted operating income (loss) available to Enact's common stockholders per diluted share, respectively.

2

• U.S. Generally Accepted Accounting Principles

About Us

Financial Highlights

• Adjusted operating income is a non-GAAP measure. Please see appendix for a reconciliation; 2 Calculated as annualized adjusted operating income for the period indicated divided by the average of current 5 period and prior periods' ending total stockholders' equity; 3 The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned
  premiums; 4 Calculated as total available assets less net required assets, based on PMIERs then in effect; 5 Calculated as total available assets divided by net required assets, based on PMIERs then in effect; 6 The ratio of new delinquencies divided by total policies in-force that are not delinquent; 7 The ratio of losses incurred to net earned premiums.

Driving Continued Book Value Accretion

Book value per share excluding AOCI1 + cumulative dividends

6

• Book value per share excluding Accumulated Other Comprehensive Income "AOCI" is a non-GAAP measure. Please see appendix for a reconciliation

Market and Industry Dynamics

1 First Time Homebuyers; 2 Credit Risk Transfer

Strong & Comprehensive Risk Management

• Metrics derived from underlying characteristics at the time the loan was originated. Borrowers without a FICO score included in the 660-679 category; 2 High-risk layers defined as loans that have a single borrower, debt-to-income > 45%, cash-out refinances or investor-owned properties; may not foot due to rounding

Primary Insurance in-Force (IIF) Growth

4%

18%

12%

14%

78%

52%

1 May not foot due to rounding; 2 Represents percentage of policies with mortgage rates at origination

Portfolio Premium Yield & Premiums

1 Total Net Earned Premiums are $235, $239, $243, $240, and $241 million as of 1Q23, 2Q23, 3Q23, 4Q23 and 1Q24, respectively