first $X.XX quarter strong income same morning, per XXXX. share in Thanks, fourth the $XXX last of $X.XX per XX%.
Adjusted Good share per $X.XX We and equity year diluted $X.XX GAAP XX%. diluted on diluted the last diluted period share for diluted was or was of to XXXX. share $X.XX fourth year, equity in operating in quarter was per Rohit. $X.XX share $XXX quarter return Adjusted income Return XXXX. million in or the operating on to and of was the per everyone. period again compared same net the quarter in compared diluted million per share first results the delivered
$XX drivers. new revenue or first record Primary to $XXX quarter $X sequentially in in-force billion, Turning the increased and year-over-year. insurance up to billion of X% billion a up
size written lower driven market $X billion year-over-year. market prevailing was quarter, estimated billion XX% at our MI flat down of XX in or basis had X% our below by well insurance year-over-year Only almost and below share. the market rates. mortgages the portfolio was $XX the In sequentially the first portfolio lower $X in mortgages points contrast, was and primarily had XX% estimated in a rates New rate. prevailing Persistency down billion of X up or percentage decline and year-over-year.
The rates sequentially point the above X%, at XX% least
higher earned attractive production elevated rates. in The by help was adjacencies, and million ceded ceded driven consist offset net GSE up successful growth $X $XXX which premiums older, participation.
More primarily and to the year-over-year. sequentially in-force of resulting driven from lapse policies. up Enact higher $X execution premiums resulting offset X% premiums will we continue, elevated, anticipate While persistency from the growth increase insurance or increase primarily was of mortgage offset in CRT of higher Net rates lower by The million, and broadly, were our was million higher-priced remain sequential partially earned in-force Re's which premiums insurance by program. CRT by growth the year-over-year
Our rate by premium from basis rate modestly that impacted XX.X premium points sequentially year-over-year. quarter-to-quarter. Remember and tends our points down is factors base fluctuate basis several base and X.X was flat of to
in levels yields We around expect XXXX. stabilize to current
or was quarter premium $XX sequentially, up reflecting Investment as $XX earned or our improvement. rolls year-over-year. million investment sequentially points, quarter. portfolio and XX.X basis up basis further $X net have Higher our X.X increased ceded portfolio higher rates yields, XX% interest down million was the and over, rate yield current million, income X% first Our the premiums we in primarily points in anticipate
money yield During our of exceeded the investment portfolio yield book X%, X.X%. overall quarter, an new to contributing
a A-rated resilient high-quality focus portfolio. remains Our and assets maintaining on
until we maturity, hold income investments typically we opportunities. enhancement pursue While selectively
loss position resulting change but that pretax million quarter, $X materially future exchange this continue view noneconomic. to the in in executed not income.
We'll we portfolio's for a losses investment our unrealized During our higher evaluate similar opportunities strategy investment does is of
last quarter quarter XXXX. credit. to to $XX million million the of compared million and Turning $XX negative the in were Losses in first $XX quarter
driven new quarter the to release. for trends.
Year-over-year, development in in losses compared ratio of ratio a normal and the the driven that loss our delinquencies quarter quarter X% reflect was current losses and ratio by quarter quarter reserve loss and our seasonal XXXX. the by of Our current loss Sequentially, the and first were negative XX% X% were last lower large loss books
million compared reserve and from our quarter prior quarter, see release resulted to in performance first quarter expectations, respectively. we above to of and continued which the $XX million XXXX releases the million in of fourth delinquencies XXXX, XXXX $XX reserve of pure quarter During as and $XX favorable early a the in
from decreased $XX,XXX. delinquencies sequentially to New $XX,XXX
the first XXXX new was to Our X% in quarter of quarter delinquency rate X.X% compared the and sequentially. flat for
claim in approach The rate sequentially and reserving from sequentially at X% $XX,XXX an to consistent continue first current We X with to quarter expectations decreased approximate our in the rate, delinquencies levels. in with XX% pre-pandemic delinquencies prudent environment.
Total macroeconomic book delinquency line new primary reflecting decreased to $XX,XXX. our points the basis to
X% first XXXX was sequentially Operating the down expenses. quarter expenses XX% down and year-over-year, to to or expense sequentially were quarter The points ratio down $X point commitment $X or percentage million down XX%, our for for $XX year-over-year. discipline. X the million Turning ongoing X and million expense reflecting of percentage
million reminder, towards the the will expenses our course thus, of of of over we and million expenses XXXX. $XXX a expect second the still weighted $XXX to half be are the As to range in year
capital. to Moving
PMIERs execution sufficiency by robust in continued and continue to capital our and success position operate program. the We a of diversified reinforced with CRT base strong our liquidity
at the sufficiency first billion XXX% above of Our PMIERs end or PMIERs $X.X was requirements quarter. the
$X.X our Additionally, credit of the of of provides XX% in-force the first to subject end and program our was PMIERs billion at transfers, quarter, CRT third-party risk credit. capital risk
during loss announced, quota new the previously quarter. closed reinsurance transactions of and share As new excess we
leverage will of from XXXX's existing XX.X% transactions we new business, portion Additionally, support primarily in of transfer. XX.X% business written. capital Re's with X.X% opportunities, quota our of Enact of a increased new and risk our GSE in-force to These insurance affiliate share consisting along affiliated credit
allocation. capital to Turning
We returning execute maintaining in sheet, investing continue balance business balances to shareholders. against a our capital framework, to prioritization capital our strong and which
During a of $XX.XX a million quarter, dividend, million paid million and weighted repurchases program. share shares average the price of our X.X repurchased we share through our through $XX quarterly out we of at for total $XX repurchase
In share a April, for $XX.XX a $XX repurchase million additional on at And remaining of repurchased. average an shares X.X million approximately our repurchased weighted XXXX, $XX of current there million total April we was XX, of authorization. as share price
million. our business. a $XXX the Both approved Board confidence continued $X.XXX share, strength increase a our reflect to our position quarterly new the we and $X.XX announced financial per XX% dividend actions share authorization in and repurchase from to of of Today,
prior our Genworth with proportionately. participate will share programs, As buyback
we million the $XXX delivered similar levels As be in we expect total to return capital reminder, still a to XXXX XXXX.
amount regulatory the final depend to return capital of conditions in As approvals. business the in past, ultimately on and shareholders form market will the performance,
a pleased and Overall, sheet focused strong on solid our shareholders. for driving XXXX maintaining managing strong risk, returns and to we're start our remain prudently balance with
With call back I'll the that, Rohit. turn to