Slide 1: Earnings Presentation 4Q25
ESSENT GROUP LTD. EARNINGS PRESENTATION 4Q25 NYSE: ESNT February 13, 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 3Q25 4Q25 Company Overview Consolidated Financial Results • Essent Group Ltd. is a Bermuda-based holding company that went Net Income ($M) $164.2 $155.0 public in 2013 and is traded on the New York Stock Exchange (NYSE: ESNT). Annualized ROE 11.5% 10.8% • Three p
Slide 4: Delivering Shareholder Value
Delivering Shareholder Value BOOK VALUE PER SHARE GROWTH Annualized growth rate of 17.9% since December 31, 2013 $60.31 $53.36 $47.87 $41.44 $38.73 $34.36 $30.34 $24.11 $19.71 $14.43 $10.33 $12.08 $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 Dec-25 Strong
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 Debt of Essent Essent Re Next Generation Offering Guaranty Essent Essent initiates Essent Essent acquires Essent Re its first credit- launches A cloud-based title insurance Essent close
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 Pricing Strategies ➢ Trailing Twelve Months Operating Cash ➢ Lender utilization continues to increase Flow of $856 million ➢ The latest generation of EssentEDGE® is a ➢ Continue to focus
Slide 8: Credit Risk Transfer
Credit Risk Transfer Since March 2018, Essent 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 five(3) Quota Share (QS) reinsurance programs A
Slide 9: Essent Re
Essent Re ➢ Essent Reinsurance Ltd. (“Essent Re”) is a Bermuda-based reinsurance company, rated A (Excellent) by AM Best and A- by S&P. At December 31, 2025, Essent Re’s GAAP equity was $1.7 billion. ➢ Essent Re primarily focuses on three business lines: ➢ Affiliate quota share to reinsure Essent Gu
Slide 10: Investment Portfolio
Investment Portfolio As of December 31, 2025, Essent Has $6.6 Billion Of Total Cash and Investments Portfolio by Asset Class Portfolio by Rating1 Below Baa3 Cash Non-U.S. Other Invested 1.2% 1.9% Government Assets 0.8% 5.8% U.S. Baa Aaa Government 10.5% 15.5% Money market and Agency funds Debt 9.8%
Slide 11: Quarterly Financial Highlights
Quarterly Financial Highlights AS OF END OF PERIOD ($ in millions, except per share amounts) 4Q24 1Q25 2Q25 3Q25 4Q25 KEY METRICS Mortgage IIF $243,645 $244,692 $246,798 $248,808 $248,356 Total Revenue $315 $318 $319 $312 $312 Net Income $168 $175 $195 $164 $155 Total Investments $6,181 $6,204 $6,32
Slide 12: Annual Financial Highlights
Annual Financial Highlights AS OF END OF PERIOD ($ in millions, except per share amounts) 2021 2022 2023 2024 2025 KEY METRICS Mortgage IIF $207,191 $227,062 $239,078 $243,645 $248,356 Total Revenue $1,029 $1,001 $1,110 $1,243 $1,261 Net Income $682 $831 $696 $729 $690 Total Investments $5,133 $5,00
Slide 13: Mortgage Insurance In Force (IIF) & New Insurance Written (NIW)
Mortgage Insurance In Force (IIF) & New Insurance Written (NIW) IIF BY VINTAGE YEAR ($B) ($ in billions) DEC. 31, 2023 DEC. 31, 2024 DEC. 31, 2025 IIF % of Total IIF % of Total IIF % of Total WA Coupon 2025 - - - - $43.7 17.6% 6.6% 2024 - - $43.4 17.8% $37.9 15.3% 6.7% 2023 $45.7 19.1% $41.1 16.9% $
Slide 14: High Credit Quality Mortgage IIF Portfolio
High Credit Quality Mortgage IIF Portfolio IIF BY FICO SCORE ($B) ($ in billions) DEC. 31, 2023 DEC. 31, 2024 DEC. 31, 2025 IIF % of Total IIF % of Total IIF % of Total >=760 $97.1 40.6% $99.2 40.7% $104.1 41.9% 740-759 $41.5 17.4% $42.6 17.5% $43.2 17.4% 720-739 $37.4 15.7% $38.0 15.6% $37.7 15.2%
Slide 15: In Force Portfolio Premium Yield
In Force Portfolio Premium Yield Mortgage Insurance Portfolio PERIOD ENDING (in basis points) 4Q24 1Q25 2Q25 3Q25 4Q25 Base Premium Earned 41 bps 41 bps 41 bps 41 bps 41 bps Singles Cancellation Premium 0 bps 0 bps 0 bps 0 bps 0 bps Gross Premium Rate 41 bps 41 bps 41 bps 41 bps 41 bps Ceded Premium
Slide 16: Cost of Outward Reinsurance Transactions
Cost of Outward Reinsurance Transactions PERIOD ENDING ($ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 Mortgage Insurance Portfolio ILN/XOL Ceded Premium $20.4) $17.2) $17.3) $17.2) $17.3) QSR Ceded Premium $19.1) $16.9) $16.1) $21.7) $24.1) Total Ceded Premium $39.5) $34.1) $33.4) $39.0) $41.4) Increase (
Slide 17: Default Rollforward
Default Rollforward Mortgage Insurance Portfolio PERIOD ENDING (number of loans) 4Q24 1Q25 2Q25 3Q25 4Q25 Beginning Default Inventory 15,906 18,439 17,759 17,255 18,583 Plus: New Defaults(1) 11,136 9,664 8,810 10,357 11,245 Less: Cures (8,408) (10,173) (9,078) (8,713) (9,357) Less: Claims Paid (183)
Slide 18: Components Of Provision For Losses & LAE
Components Of Provision For Losses & LAE Mortgage Insurance Portfolio PERIOD ENDING ($ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 Provision for Losses & LAE occurring in: Current Period $50.2 $48.9 $45.1 $62.3 $67.9 Prior Year Development ($13.0) ($18.2) ($29.8) ($18.2) ($12.7) Provision For Losses & LAE
Slide 19: Cumulative Incurred Loss Ratio By Vintage Year
Cumulative Incurred Loss Ratio By Vintage Year Mortgage Insurance Portfolio PRE-2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-2016 2.8% 3.1% 3.2% 2.8% 2.6% 3.7% 3.6% 2.6% 2.5% 2.3% 2.3% 2016 2.3% 4.6% 3.4% 2.9% 6.4% 5.3% 2.8% 2.2% 2.0% 2.0% 2017 7.5% 4.6% 4.2% 9.7% 8.3% 4.0% 3.4% 3.1% 2
Slide 20: U.S. Mortgage Insurance Company Capital
U.S. Mortgage Insurance Company Capital As of: Scheduled Contingency ($ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 Reserve Releases(3) Statutory Financial Information ($ in millions) Risk-to-capital ratio 9.8:1 9.6:1 9.2:1 8.9:1 9.1:1 2026 $175 2027 $205 Common stock and paid-in surplus(1) $705 $705 $705
Slide 21: Quarterly Financial Trends
Quarterly Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME Total Insurance In Force ($B) Net Income ($M) Total New Insurance Written ($B) $243.6 $244.7 $246.8 $248.8 $248.4 $195.3 $167.9 $175.4 $164.2 $155.0 $12.2 $9.9 $12.5 $12.2 $11.8 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 MO
Slide 22: Annual Financial Trends
Annual Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME Total Insurance In Force ($B) Net Income ($M) Total New Insurance Written ($B) $243.6 $248.4 $239.1 $227.1 $831.4 $729.4 $696.4 $690.0 $63.1 $47.7 $45.6 $46.6 2022 2023 2024 2025 2022 2023 2024 2025 MORTGAGE INSURANCE OPERATING EXPEN
Slide 23: CRT Summary: As Of 12/31/25
CRT Summary: As Of 12/31/25 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 Company ➢ The R
Slide 24: Essent Group Ltd. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved.
ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 24