Essent Group Ltd. · NYSE:ESNT
Essent — Investor Presentation (August 2025)
23 slides from Essent's investor presentation, August 2025
Slide 1: Investor Presentation
ESSENT GROUP LTD. INVESTOR PRESENTATION NYSE: ESNT August 2025 ESSENT GROUP LTD. | NYSE: ESNT © 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 1
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: Private Mortgage Insurance (PMI) Industry Fundamentals
Private Mortgage Insurance (PMI) Industry Fundamentals ESSENT GROUP LTD. | NYSE: ESNT © 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 3
Slide 4: U.S. Housing Market Is The Largest In The World
U.S. Housing Market Is The Largest In The World Total U.S. Households ~125M Households ~$45 Trillion of Own Their ~80M Housing Stock Homes Households ~$13 Trillion of Have a ~50M Residential Debt Mortgage Mortgages ~$1.5 Trillion Insured Insured by ~6M By Private MI Private MI Source: Redfin, U.S. M
Slide 5: Private MI Plays A Vital Role In U.S. Housing
Private MI Plays A Vital Role In U.S. Housing ✓ YES Private MI GSEs: Borrower / Loan LTV x Fannie Mae Consumer Originator >80% NO Freddie Mac Investors ROLE OF GSE’S MI IS A CRITICAL LINK BETWEEN BORROWERS AND LENDERS • The overall US residential mortgage market encompasses primary and • The federal
Slide 6: Industry Fundamentals For Private MI
Industry Fundamentals For Private MI STABLE DEMAND OF FIRST-TIME HOMEBUYER POPULATION MONTHS’ SUPPLY OF HOUSING INVENTORY 2022 2030 12 12 25 Millions 10 10 20 8 8 6 6 15 4 4 10 2 2 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 7: Recent Industry Fundamental Reforms
Recent Industry Fundamental Reforms Strong mortgage underwriting standards and prudential credit guardrails ✓ provide an improved credit profile of the addressable market, while transparent regulatory requirements (i.e. PMIERs(1)) serve as pricing and capital adequacy guardrails U.S. PRIVATE “Buy, M
Slide 8: Private MI Market Has Grown Steadily
Private MI Market Has Grown Steadily TOTAL IIF MARKET SIZE & GROWTH ($B) Insurance in Force (IIF) BY IIF (2Q25) BY NEW INSURANCE WRITTEN (LTM 2Q25)(1) NMI NMI MGIC MGIC 13% 15% Market Share 19% 20% Essent Essent 16% Arch 16% Arch 18% 16% Enact Enact 17% Radian Radian 17% 17% 17% TOTAL: $1,591B TOTAL
Slide 9: Private MI Value Creation Has Outpaced P&C Industry
Private MI Value Creation Has Outpaced P&C Industry 10 YEAR TOTAL VALUE CREATION (TVC)(1) 18.5% 8.0% 7.0% 6.5% 5.0% 5.0% Mortgage Insurers E&S / Specialty Multiline / Commercial Personal Lines P&C Reinsurers Title Insurers MORTGAGE INSURERS E&S / SPECIALTY MULTILINE / COMMERCIAL PERSONAL LINES P&C R
Slide 10: Introduction to Essent Group
Introduction to Essent Group ESSENT GROUP LTD. | NYSE: ESNT © 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 10
Slide 11: Essent Is A Leading Private MI
Essent Is A Leading Private MI 2024 1H25 COMPANY OVERVIEW CONSOLIDATED FINANCIAL RESULTS • Essent Group Ltd. is a Bermuda-based holding company that went public in 2013 and is traded on the New York Stock Exchange Net Income ($M) $729.4 $370.8 (NYSE: ESNT). Annualized ROE 13.6% 13.2% • Three primary
Slide 12: How Essent Differentiates Itself From Peers
How Essent Differentiates Itself From Peers ✓ Founder CEO and owner operator business with strong, risk centric and expense management culture ✓ Strongly capitalized with the lowest debt-to-capital ratio at ~8% and one of the highest financial strength ratings among monoline companies ✓ Highly effic
Slide 13: Founder CEO And Seasoned Management Team
Founder CEO And Seasoned Management Team MARK CASALE CHRIS CURRAN Founder, Chairman & Chief Executive Officer President, Essent Guaranty, Inc. • Founded Essent in 2008 • At Essent since 2011 • Previously served in senior roles in mortgage • Previously served in leadership roles in mortgage banking,
Slide 14: Key Milestones In Essent's Evolution
Key Milestones In Essent’s Evolution Launch IPO Launch of First CRT EssentEDGE® EssentEDGE® Essent Title Inaugural Debt of Essent Essent Re Next Offering Essent Essent initiates Essent Essent acquires Guaranty Generation completes IPO; Essent Re its first credit- launches title insurance Essent clos
Slide 15: Essent Has Compounded Book Value…
Essent Has Compounded Book Value… BOOK VALUE PER SHARE GROWTH Annualized growth rate of 18.2% since December 31, 2013 $56.98 $53.36 $47.87 $41.44 $38.73 $34.36 $30.34 $24.11 $19.71 $14.43 $12.08 $10.33 $8.35 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 S
Slide 16: …While Transforming Its Operating Model…
…While Transforming Its Operating Model… EssentEDGE® Enables Rapid Strong Operating Results Execution of Targeted Pricing • Trailing Twelve Months (TTM) Strategies Operating Cash Flow of $867 million • Increasing lender adoption as of June 30, 2025 • The latest generation of • Focus on optimizing un
Slide 17: … And De-Risking Through Programmatic Reinsurance
… And De-Risking Through Programmatic Reinsurance Since March 2018, Essent has transferred credit risk associated with the U.S. mortgage insurance portfolio’s $68 billion of gross risk in force to: • Capital market investors via ten(1) Radnor Re Insurance-Linked Note (ILN) issuances • Reinsurers via
Slide 18: Essent Is Best In Class In A Transformed Industry…
Essent Is Best In Class In A Transformed Industry… 5-YEAR AVERAGE RETURN ON EQUITY(1) (2024) TOTAL DEBT / CAPITAL(2) (2Q25) ROE Above Most Lowest Financial Peers Leverage FSR (M / S)(3): A2 / A- A2 / A- A2 / A- A3 / A- A3 / A- EXPENSE RATIO (MI ONLY(6), TTM 2Q25) PMIERS SUFFICIENCY RATIO(4) (2Q25) L
Slide 19: …And Proved Resilient During Macro Stress
…And Proved Resilient During Macro Stress Essent performed better than its peers across key metrics during the macroeconomic shock induced by the COVID pandemic in 2020, which was a direct result of its high-quality in-force portfolio, stronger and more conservative balance sheet, effective use of p
Slide 20: Essent Has An Attractive Financial Profile
Essent Has An Attractive Financial Profile U.S. MORTGAGE IIF ($B) TOTAL REVENUE ($M) NIW ($B): $ 84 $ 63 $ 48 $ 46 $ 22 (1) NET INCOME ($M) STRONG CAPITAL POSITION - PMIERS CAPITAL EXCESS(2) ($B) PMIERs Sufficiency ROE: 16.8 % 19.1 % 14.6 % 13.6 % 12.9 % Ratio(3): 177 % 174 % 170 % 178 % 176 % HoldC
Slide 21: In-Force Portfolio Has Significant Earnings Power
In-Force Portfolio Has Significant Earnings Power The existing in-force U.S. mortgage insurance portfolio provides a meaningful earnings stream for Essent in future periods considering policy life expectancy. These additional future earnings, assuming normalized underwriting results, implies a run-o
Slide 22: Prudent And Efficient Capital Management Strategy
Prudent And Efficient Capital Management Strategy CAPITAL ALLOCATION FRAMEWORK OBJECTIVES 1) Ensure the balance sheet is capitalized and 1 reinsured to be able to survive and thrive through a POTENTIAL severe economic recession USES FOR EXCESS 1 CAPITAL • Strategic 2) Organically invest in the growt
Slide 23: ESSENT GROUP LTD. | NYSE: ESNT © 2025 Essent Group Ltd. All rights reserved.
ESSENT GROUP LTD. | NYSE: ESNT © 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 23