Essent Group Ltd. · NYSE:ESNT
Essent — Q2 2026 Earnings Presentation
25 slides from Essent's earnings presentation, Aug 7, 2026
Slide 1: Earnings Presentation 2Q26
ESSENT GROUP LTD. EARNINGS PRESENTATION 2Q26 NYSE: ESNT August 7, 2026 ESSENT GROUP LTD. | NYSE: ESNT © 2026 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: Essent Is A Leading Mortgage Insurer
Essent Is A Leading Mortgage Insurer 1Q26 2Q26 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 (NYSE: Net Income ($M) $171.8 $189.7 ESNT). Annualized ROE 12.0% 13.4% • Three p
Slide 4: Delivering Shareholder Value
Delivering Shareholder Value GROWTH IN BOOK VALUE PER SHARE INCLUSIVE OF COMMON DIVIDENDS(1) Annualized growth rate of 18.5% since December 31, 2013 $69.57 $66.17 $57.98 $51.37 $43.94 $40.37 $35.30 $30.64 $24.11 $63.01 $19.71 $12.08 $14.43 $8.35 $10.33 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-1
Slide 5: Key Milestones in Essent's Evolution
Key Milestones in Essent’s Evolution Launch IPO Launch of First CRT EssentEDGE® EssentEDGE Essent Title ® Inaugural Essent Re of Essent Essent Re Next Debt Offering Expansion Guaranty Essent Essent Essent Generation Essent Essent Re initiates its launches acquires title Essent closed completes Essen
Slide 6: Industry Fundamentals
Industry Fundamentals STABLE DEMAND OF FIRST-TIME HOMEBUYER POPULATION MONTHS’ SUPPLY OF HOUSING INVENTORY Total housing inventory, at approximately 4 months, is driven by existing home Favorable demographic trends should continue to provide fundamental support to inventory pressures from various ma
Slide 7: Buy, Manage & Distribute Operating Model
Buy, Manage & Distribute Operating Model EssentEDGE® Enables Rapid Execution Strong Operating Results of Targeted MI Pricing Strategies ➢ Trailing Twelve Months Operating Cash ➢ Lender utilization continues to increase Flow of $834 million ➢ The latest generation of EssentEDGE® is a ➢ Continue to fo
Slide 8: Credit Risk Transfer
Credit Risk Transfer Since March 2018, Essent Guaranty has transferred credit risk to: ▪ Capital market investors via ten(1) Radnor Re Insurance-Linked Note (ILN) issuances ▪ Reinsurers via seven(2) Excess of Loss (XOL) reinsurance transactions ▪ Reinsurers via six(3) Quota Share reinsurance (QSR) p
Slide 9: Reinsurance Segment
Reinsurance Segment Essent Reinsurance Ltd. (“Essent Re”) is a highly rated reinsurer with a strong balance sheet that serves as another platform to deploy capital and generate supplemental earnings ➢ Essent Re is a Bermuda-based reinsurance company, rated A (Excellent) by AM Best and A- by S&P. ➢ P
Slide 10: Investment Portfolio
Investment Portfolio As of June 30, 2026, Essent Has $6.6 Billion Of Total Cash and Investments Portfolio by Asset Class Portfolio by Rating(1) Cash Non-U.S. Below Baa3 Other Invested Government 1.2% 1.1% Assets 0.8% 6.7% Baa Aaa U.S. Money Government 11.3% 16.7% market and Agency funds Debt 9.5% 21
Slide 11: Quarterly Financial Highlights
Quarterly Financial Highlights AS OF END OF PERIOD ($ in millions, except per share amounts) 2Q25 3Q25 4Q25 1Q26 2Q26 KEY METRICS Mortgage IIF $246,798 $248,808 $248,356 $247,909 $249,720 Total Revenue $319 $312 $312 $336 $363 Net Income $195 $164 $155 $172 $190 Total Cash and Investments $6,418 $6,
Slide 12: Annual Financial Highlights
Annual Financial Highlights AS OF END OF PERIOD ($ in millions, except per share amounts) 2022 2023 2024 2025 1H26 KEY METRICS Mortgage IIF $227,062 $239,078 $243,645 $248,356 $249,720 Total Revenue $1,001 $1,110 $1,243 $1,261 $699 Net Income $831 $696 $729 $690 $362 Total Cash and Investments $5,08
Slide 13: Mortgage Insurance In Force (IIF) & New Insurance Written (NIW)
Mortgage Insurance In Force (IIF) & New Insurance Written (NIW) IIF BY VINTAGE YEAR ($B) ($ in billions) DEC. 31, 2024 DEC. 31, 2025 Jun. 30, 2026 IIF % of Total IIF % of Total IIF % of Total WA Coupon 2026 - - - - $24.8 9.9% 6.2% 2025 - - $43.7 17.6% $40.2 16.1% 6.5% 2024 $43.4 17.8% $37.9 15.3% $3
Slide 14: High Credit Quality Mortgage IIF Portfolio
High Credit Quality Mortgage IIF Portfolio IIF BY CREDIT SCORE ($B) ($ in billions) DEC. 31, 2024 DEC. 31, 2025 Jun. 30, 2026 IIF % of Total IIF % of Total IIF % of Total >=760 $99.2 40.7% $104.1 41.9% $106.0 42.4% 740-759 $42.6 17.5% $43.2 17.4% $42.8 17.2% 720-739 $38.0 15.6% $37.7 15.2% $37.3 14.
Slide 15: In Force Portfolio Premium Yield
In Force Portfolio Premium Yield Mortgage Insurance Portfolio PERIOD ENDING (in basis points) 2Q25 3Q25 4Q25 1Q26 2Q26 Base Premium Earned 41 bps 41 bps 41 bps 41 bps 40 bps Singles Cancellation Premium 0 bps 0 bps 0 bps 0 bps 0 bps Gross Premium Rate 41 bps 41 bps 41 bps 41 bps 40 bps Ceded Premium
Slide 16: Cost of Outward Reinsurance Transactions
Cost of Outward Reinsurance Transactions PERIOD ENDING ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Mortgage Insurance Portfolio ILN/XOL Ceded Premium $17.3) $17.2) $17.3) $14.7) $13.7 QSR Ceded Premium $16.1) $21.7) $24.1) $21.9) $21.4 Total Ceded Premium $33.4) $39.0) $41.4) $36.6) $35.1 Increase (Red
Slide 17: Default Rollforward
Default Rollforward Mortgage Insurance Portfolio PERIOD ENDING (number of loans) 2Q25 3Q25 4Q25 1Q26 2Q26 Beginning Default Inventory 17,759 17,255 18,583 20,210 20,332 Plus: New Defaults(1) 8,810 10,357 11,245 11,100 9,846 Less: Cures (9,078) (8,713) (9,357) (10,708) (9,559) Less: Claims Paid (215)
Slide 18: Components Of Provision For Losses & LAE
Components Of Provision For Losses & LAE Mortgage Insurance Portfolio PERIOD ENDING ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Provision for Losses & LAE occurring in: Current Period $45.1 $62.3 $67.9 $62.8 $58.4 Prior Year Development ($29.8) ($18.2) ($12.7) ($25.2) ($29.0) Provision For Losses & LAE
Slide 19: Cumulative Incurred Loss Ratio By Vintage Year
Cumulative Incurred Loss Ratio By Vintage Year Mortgage Insurance Portfolio Pre- 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 Pre-2017 3.1% 3.4% 2.9% 2.7% 4.4% 4.0% 2.6% 2.4% 2.2% 2.2% 2.2% 2017 7.5% 4.6% 4.2% 9.7% 8.3% 4.0% 3.4% 3.1% 2.9% 2.8% 2018 3.3% 6.0% 16.4% 13.7% 5.3% 4.5% 4.0% 3.8
Slide 20: U.S. Mortgage Insurance Company Capital
U.S. Mortgage Insurance Company Capital As of: Scheduled Contingency ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Reserve Releases(3) Statutory Financial Information ($ in millions) Risk-to-capital ratio 9.2:1 8.9:1 9.1:1 8.6:1 8.5:1 July-Dec 2026 $92 2027 $205 Common stock and paid-in surplus(1) $705 $
Slide 21: Quarterly Financial Trends
Quarterly Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME Total Insurance In Force ($B) Net Income ($M) Total New Insurance Written ($B) $246.8 $248.8 $248.4 $247.9 $249.7 $195.3 $189.7 $171.8 $164.2 $155.0 $12.5 $12.2 $11.8 $11.1 $14.1 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 M
Slide 22: Annual Financial Trends
Annual Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME Total Insurance In Force ($B) Net Income ($M) Total New Insurance Written ($B) $243.6 $248.4 $249.7 $239.1 $729.4 $696.4 $690.0 $361.5 $47.7 $45.6 $46.6 $25.2 2023 2024 2025 1H26 2023 2024 2025 1H26 MORTGAGE INSURANCE OPERATING EXPEN
Slide 23: Outward Reinsurance Summary: As Of 6/30/26
Outward Reinsurance Summary: As Of 6/30/26 1) Insurance Linked Note Transactions (ILN) are with Radnor Re 2) Excess of Loss Agreements (XOL) and Quota Share (QSR) 4) Reduction in PMIERs Minimum Required Assets estimated (RMIR) entities transactions are with panels of U.S. & global reinsurers by the
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Management believes Book Value Per Share Inclusive of Common Dividends provides investors with useful supplemental information because it reflects both changes in GAAP book value per share and cash dividends distributed to common shareholders. Management
Slide 25: Essent Group Ltd. | NYSE: ESNT
ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 25