Essent Group Ltd. · NYSE:ESNT
Essent — Q1 2020 Earnings Presentation
8 slides from Essent's earnings presentation, May 8, 2020
Slide 1: Essent Group Ltd. First Quarter 2020 Earnings Presentation
ESSENT GROUP LTD. FIRST QUARTER 2020 EARNINGS PRESENTATION MAY 8, 2020
Slide 2: Disclaimer
DISCLAIMER This presentation may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “shou
Slide 3: Who is Essent?
WHO IS ESSENT? Essent Group Ltd. is a Bermuda-based holding company (NYSE: ESNT) Essent Guaranty, Inc. is rated: A3 by Moody’s A (Excellent) by A.M. Best BBB+ by S&P Essent Reinsurance Ltd. is rated: A (Excellent) by A.M. Best BBB+ by S&P Operation centers in: Radnor, PA Winsto
Slide 4: Financial Results
FINANCIAL RESULTS NET PREMIUMS EARNED ($M) PRE -TAX INCOME ($M) $207.7 $206.5 $203.5 $188.5 $177.8 $176.7 $173.3 $174.4 $172.2 $166.7 $157.0 $152.6 $162.7 $152.1 $149.7 $140.1 $132.9 $121.6 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 O THER UNDERWRITING & O PERATING EXPENSES ($M) $41.9 $41.6 $41.5
Slide 5: Insurance in Force & New Insurance Written
INSURANCE IN FORCE & NEW INSURANCE WRITTEN $1 80.0 $164.0 $165.6 $161.0 $1 60.0 $153.3 $143.2 $1 40.0 $137.7 $131.2 $122.5 $1 20.0 $115.3 $1 00.0 $8 00 . $6 00 . $4 00 . $18.0 $18.7 $15.8 $2 00 . $12.9 $13.9 $11.4 $11.0 $13.5 $9.3 $0 .0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Total New Insuranc
Slide 6: Underwriting Expenses
UNDERWRITING EXPENSES 60% $5 00 . $4 50 . $41.5 $41.6 $41.2 $41.9 $41.0 $39.4 50% $38.1 $4 00 . $36.4 $36.9 $3 50 . 40% $3 00 . $2 50 . 30% $2 00 . $1 5.0 20% $1 00 . $5 .0 10% $0 .0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Underwriting Expense Underwriting Expenses ($M) ($M) Expense Ratio (1) E
Slide 7: Insurance in Force Portfolio
INSURANCE IN FORCE PORTFOLIO $165.6 BILLION AS OF: MARCH 31, 2020 IIF BY VINTAGE IIF BY FICO SCORE IIF BY LTV 2020 2019 8.1% 34.2% 90.01- >=95.01% <=2015 95.00% 14.6% 11.4% 700+ <680 46.5% 84.8% 6.8% 2016 10.6% 680-699 8.4% <=90.00% 2018 38.9% 19.3% 2017 16.4% $143.2 BILLION AS OF: MARCH 31, 2019 II
Slide 8: Capital & Equity
CAPITAL & EQUITY 13.6:1 14.0:1 14.1:1 13.9:1 13.5:1 13.6:1 13.4:1 12.6:1 $3 ,5 00.0 11.7:1 10 .0 $3,107.1 $3 , 00.0 $2,984.8 $2,855.2 -10.00 $2,704.3 $2 ,5 00.0 $2,527.8 $2,452.7 $2,365.7 $2,335.8 $2,215.1 $2,212.3 $2,103.6 $2,091.9 $2 , 00.0 -30.00 $1,995.3 $1,987.0 $1,886.9 $1,781.9 $1,684.5 $1,63