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Management attributes strong cash generation to a benign credit environment and the 'Buy, Manage & Distribute' operating model, which provides high-quality earnings across economic cycles.
Persistency remains elevated at 84% because nearly half of the In Force portfolio carries a mortgage rate of 5.5% or lower, creating a natural hedge against declining origination volumes.
Portfolio growth is currently in a 'pause' phase as high interest rates and home price appreciation continue to constrain borrower affordability and pull forward demand from previous years.
The credit profile remains robust with a weighted average credit score of 747, while embedded home equity is expected to mitigate ultimate claims despite a flat quarter-over-quarter default rate.
#remains
Management attributes strong cash generation to a benign credit environment and the 'Buy, Manage & Distribute' operating model, which provides high-quality earnings across economic cycles.
Persistency remains elevated at 84% because nearly half of the In Force portfolio carries a mortgage rate of 5.5% or lower, creating a natural hedge against declining origination volumes.
Portfolio growth is currently in a 'pause' phase as high interest rates and home price appreciation continue to constrain borrower affordability and pull forward demand from previous years.
The credit profile remains robust with a weighted average credit score of 747, while embedded home equity is expected to mitigate ultimate claims despite a flat quarter-over-quarter default rate.
#remains
14 days ago
