How did ACT's Q4 2024 earnings surprise impact investors?

Enact Holdings Inc.'s (ACT) Q4 2024 earnings surprise of $0.05 per share had a positive impact on investors, as evidenced by the company's strong financial performance and strategic initiatives:

1. **Strong Financial Performance**: Enact reported a robust growth in operating income and insurance in-force, with an adjusted operating income of $201 million, representing a 21% sequential and 13% year-over-year increase. This indicates a strong profitability trend for the company, which is likely to have boosted investor confidence.
2. **Record Insurance In-Force**: The company achieved a record Insurance In-Force of $266 billion, reflecting a 1% sequential and 3% year-over-year increase. This suggests a growing market presence and potential for future revenue growth, which is a positive signal for investors.
3. **Investment-Grade Debt Issuance**: Enact successfully issued $750 million in senior notes, marking its first investment-grade debt issuance as a public company, which will save $2 million in annual interest expense. This strategic move demonstrates the company's ability to optimize its capital structure and reduce costs, which can be viewed favorably by investors.
4. **Shareholder Returns**: The company completed a $100 million share repurchase program and announced a new $250 million authorization, with $238 million remaining. This indicates a commitment to returning value to shareholders, which can attract investor interest.

Overall, the positive points highlighted in the earnings call transcript are likely to have had a net positive impact on investor sentiment, despite some negative points such as a potential slowdown in new business growth and challenges in operational efficiency.