HAMILTON, Bermuda, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2025 of $155.0 million or $1.60 per diluted share, compared to $167.9 million or $1.58 per diluted share for the quarter ended December 31, 2024. For the full year 2025, net income was $690.0 million or $6.90 per diluted share, compared to $729.4 million or $6.85 per diluted share for 2024.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on March 23, 2026 to shareholders of record on March 13, 2026.
“We are pleased to report strong operating performance in the fourth quarter and full year 2025, which underscores the resilience of our business model and our ability to generate sustainable, long-term value for our shareholders,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our commitment to a balanced capital management strategy remains a priority, while our strong capital position and cash flow enabled us to return nearly $700 million to shareholders in 2025 through dividends and repurchases, while retiring nearly 10% of our outstanding shares.”
Financial Highlights:
Mortgage Insurance new insurance written for the fourth quarter of 2025 was $11.8 billion, compared to $12.2 billion in both the third quarter of 2025 and fourth quarter of 2024.
Mortgage Insurance in force as of December 31, 2025 was $248.4 billion, compared to $248.8 billion as of September 30, 2025 and $243.6 billion as of December 31, 2024.
Essent Guaranty entered into a quota share reinsurance agreement during the fourth quarter of 2025 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written in 2027.
During the fourth quarter of 2025, Essent Re entered into quota share agreements backed by Funds at Lloyd’s to reinsure certain property and casualty risks effective in the first quarter of 2026.
All third-party reinsurance written by Essent Re is now reported as a segment, called Reinsurance.
In 2025, Essent repurchased 9.9 million common shares for $576 million.
Conference Call:
Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent.
A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.
In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.
Forward-Looking Statements:
This press release 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," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 19, 2025, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.
Source: Essent Group Ltd.
Media Contact
610.230.0556
media@essentgroup.com
Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com
Essent Group Ltd. and Subsidiaries | |||
Financial Results and Supplemental Information (Unaudited) | |||
Quarter and Year Ended December 31, 2025 | |||
Exhibit A | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||
Exhibit B | Condensed Consolidated Balance Sheets (Unaudited) | ||
Exhibit C | Consolidated Historical Quarterly Data (Unaudited) | ||
Exhibit D | Annual Segment Results (Unaudited) | ||
Exhibit E | Historical Quarterly Segment Information (Unaudited) | ||
Exhibit F | Mortgage Insurance - Historical Quarterly Data | ||
Exhibit G | Mortgage Insurance - New Insurance Written | ||
Exhibit H | Mortgage Insurance - Insurance in Force and Risk in Force | ||
Exhibit I | Mortgage Insurance - Vintage Data | ||
Exhibit J | Mortgage Insurance - Outward Reinsurance Vintage Data | ||
Exhibit K | Mortgage Insurance - Geographic Data | ||
Exhibit L | Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE | ||
Exhibit M | Mortgage Insurance - Detail of Reserves by Default Delinquency | ||
Exhibit N | U.S. Mortgage Insurance Company Capital | ||
Exhibit O | Reinsurance | ||
Exhibit P | Cash & Investments | ||
Exhibit A | |||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
(In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
Revenues: | |||||||||||||||
Direct premiums written | $ | 279,255 | $ | 279,008 | $ | 1,107,317 | $ | 1,098,603 | |||||||
Ceded premiums | (41,378 | ) | (39,499 | ) | (147,853 | ) | (132,023 | ) | |||||||
Net premiums written | 237,877 | 239,509 | 959,464 | 966,580 | |||||||||||
Decrease in unearned premiums | 4,852 | 4,956 | 24,254 | 24,302 | |||||||||||
Net premiums earned | 242,729 | 244,465 | 983,718 | 990,882 | |||||||||||
Net investment income | 59,223 | 56,559 | 236,517 | 222,070 | |||||||||||
Realized investment losses, net | (188 | ) | (114 | ) | (923 | ) | (2,350 | ) | |||||||
Income from other invested assets | 3,942 | 6,889 | 17,586 | 7,375 | |||||||||||
Other income | 6,698 | 7,228 | 24,037 | 24,927 | |||||||||||
Total revenues | 312,404 | 315,027 | 1,260,935 | 1,242,904 | |||||||||||
Losses and expenses: | |||||||||||||||
Provision for losses and LAE | 56,073 | 40,975 | 149,337 | 81,220 | |||||||||||
Other underwriting and operating expenses | 63,653 | 70,951 | 257,040 | 270,874 | |||||||||||
Interest expense | 8,149 | 8,151 | 32,696 | 35,319 | |||||||||||
Total losses and expenses | 127,875 | 120,077 | 439,073 | 387,413 | |||||||||||
Income before income taxes | 184,529 | 194,950 | 821,862 | 855,491 | |||||||||||
Income tax expense | 29,547 | 27,050 | 131,893 | 126,088 | |||||||||||
Net income | $ | 154,982 | $ | 167,900 | $ | 689,969 | $ | 729,403 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 1.62 | $ | 1.60 | $ | 6.97 | $ | 6.92 | |||||||
Diluted | 1.60 | 1.58 | 6.90 | 6.85 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 95,772 | 104,963 | 98,999 | 105,394 | |||||||||||
Diluted | 96,664 | 106,104 | 100,023 | 106,550 | |||||||||||
Net income | $ | 154,982 | $ | 167,900 | $ | 689,969 | $ | 729,403 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 13,440 | (113,705 | ) | 151,999 | (23,488 | ) | |||||||||
Comprehensive income | $ | 168,422 | $ | 54,195 | $ | 841,968 | $ | 705,915 | |||||||
Exhibit B | |||||||
Essent Group Ltd. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
December 31, | December 31, | ||||||
(In thousands, except per share amounts) | 2025 | 2024 | |||||
Assets | |||||||
Investments | |||||||
Fixed maturities available for sale, at fair value | $ | 5,455,593 | $ | 5,112,697 | |||
Short-term investments available for sale, at fair value | 648,492 | 764,024 | |||||
Total investments available for sale | 6,104,085 | 5,876,721 | |||||
Other invested assets | 382,513 | 303,900 | |||||
Total investments | 6,486,598 | 6,180,621 | |||||
Cash | 123,049 | 131,480 | |||||
Accrued investment income | 47,371 | 43,732 | |||||
Accounts receivable | 51,267 | 55,564 | |||||
Deferred policy acquisition costs | 9,547 | 9,653 | |||||
Property, equipment and software, net | 49,189 | 41,871 | |||||
Prepaid federal income tax | 513,425 | 489,600 | |||||
Goodwill and acquired intangible assets, net | 78,153 | 79,556 | |||||
Other assets | 82,404 | 79,572 | |||||
Total assets | $ | 7,441,003 | $ | 7,111,649 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities | |||||||
Reserve for losses and LAE | $ | 446,822 | $ | 328,866 | |||
Unearned premium reserve | 91,730 | 115,983 | |||||
Net deferred tax liability | 465,351 | 392,428 | |||||
Senior notes due 2029, net | 495,301 | 493,959 | |||||
Other accrued liabilities | 185,072 | 176,755 | |||||
Total liabilities | 1,684,276 | 1,507,991 | |||||
Commitments and contingencies | |||||||
Stockholders' Equity | |||||||
Common shares, $0.015 par value: | |||||||
Authorized - 233,333; issued and outstanding - 95,456 shares in 2025 and 105,015 shares in 2024 | 1,432 | 1,575 | |||||
Additional paid-in capital | 649,895 | 1,214,956 | |||||
Accumulated other comprehensive income (loss) | (151,985 | ) | (303,984 | ) | |||
Retained earnings | 5,257,385 | 4,691,111 | |||||
Total stockholders' equity | 5,756,727 | 5,603,658 | |||||
Total liabilities and stockholders' equity | $ | 7,441,003 | $ | 7,111,649 | |||
Return on average equity | 12.1 | % | 13.6 | % | |||
Exhibit C | ||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||
Consolidated Historical Quarterly Data (Unaudited) | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Net premiums earned | $ | 242,729 | $ | 246,332 | $ | 248,809 | $ | 245,848 | $ | 244,465 | ||||||||||
Net investment income | 59,223 | 59,795 | 59,289 | 58,210 | 56,559 | |||||||||||||||
Realized investment losses, net | (188 | ) | (425 | ) | (129 | ) | (181 | ) | (114 | ) | ||||||||||
Income from other invested assets | 3,942 | 1,770 | 4,466 | 7,408 | 6,889 | |||||||||||||||
Other income (1) | 6,698 | 4,358 | 6,708 | 6,273 | 7,228 | |||||||||||||||
Total revenues | 312,404 | 311,830 | 319,143 | 317,558 | 315,027 | |||||||||||||||
Losses and expenses: | ||||||||||||||||||||
Provision for losses and LAE | 56,073 | 44,922 | 17,055 | 31,287 | 40,975 | |||||||||||||||
Other underwriting and operating expenses | 63,653 | 59,498 | 62,765 | 71,124 | 70,951 | |||||||||||||||
Interest expense | 8,149 | 8,251 | 8,148 | 8,148 | 8,151 | |||||||||||||||
Total losses and expenses | 127,875 | 112,671 | 87,968 | 110,559 | 120,077 | |||||||||||||||
Income before income taxes | 184,529 | 199,159 | 231,175 | 206,999 | 194,950 | |||||||||||||||
Income tax expense (2) | 29,547 | 34,944 | 35,836 | 31,566 | 27,050 | |||||||||||||||
Net income | $ | 154,982 | $ | 164,215 | $ | 195,339 | $ | 175,433 | $ | 167,900 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 1.62 | $ | 1.69 | $ | 1.95 | $ | 1.71 | $ | 1.60 | ||||||||||
Diluted | 1.60 | 1.67 | 1.93 | 1.69 | 1.58 | |||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 95,772 | 97,400 | 100,037 | 102,881 | 104,963 | |||||||||||||||
Diluted | 96,664 | 98,519 | 101,059 | 103,946 | 106,104 | |||||||||||||||
Book value per share | $ | 60.31 | $ | 58.86 | $ | 56.98 | $ | 55.22 | $ | 53.36 | ||||||||||
Return on average equity (annualized) | 10.8 | % | 11.5 | % | 13.8 | % | 12.5 | % | 11.9 | % | ||||||||||
Senior debt & credit facility: | ||||||||||||||||||||
Borrowings outstanding | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||||||
Undrawn committed capacity | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||||||
Weighted average interest rate (end of period) | 6.25 | % | 6.25 | % | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||
Debt-to-capital | 7.99 | % | 8.01 | % | 8.10 | % | 8.12 | % | 8.19 | % | ||||||||||
Cash and investments available for sale at the holding companies | $ | 1,268,579 | $ | 1,038,747 | $ | 995,032 | $ | 1,016,368 | $ | 1,052,900 | ||||||||||
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 were ($526), ($858), ($29), ($150), and $204, respectively. | ||||||||||||||||||||
(2) Income tax expense for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024 includes $366, $493, $1,112, $1,561, and $1,591, respectively, of discrete tax expense associated with realized and unrealized gains and losses. Income tax expense for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 also include ($396), ($828), and ($1,252), respectively, of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units. | ||||||||||||||||||||
Exhibit D | ||||||||||||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||||||||||||||
Annual Segment Results (Unaudited) | ||||||||||||||||||||||||||||||||
The following tables set forth comparative annual financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the years ended December 31, 2025 and 2024 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments. | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||
| Mortgage Insurance | Reinsurance | Corporate & Other | Consolidated | Mortgage Insurance | Reinsurance | Corporate & Other | Consolidated | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 866,743 | $ | 60,609 | $ | 56,366 | $ | 983,718 | $ | 855,793 | $ | 68,883 | $ | 66,206 | $ | 990,882 | ||||||||||||||||
Net investment income | 174,358 | 20,271 | 41,888 | 236,517 | 164,469 | 18,872 | 38,729 | 222,070 | ||||||||||||||||||||||||
Realized investment gains (losses), net | (870 | ) | 6 | (59 | ) | (923 | ) | (2,343 | ) | — | (7 | ) | (2,350 | ) | ||||||||||||||||||
Income from other invested assets | 8,267 | — | 9,319 | 17,586 | 7,171 | — | 204 | 7,375 | ||||||||||||||||||||||||
Other income | 5,111 | 8,708 | 10,218 | 24,037 | 4,896 | 9,256 | 10,775 | 24,927 | ||||||||||||||||||||||||
Total revenues | 1,053,609 | 89,594 | 117,732 | 1,260,935 | 1,029,986 | 97,011 | 115,907 | 1,242,904 | ||||||||||||||||||||||||
Losses and expenses: | ||||||||||||||||||||||||||||||||
Provision for losses and LAE | 145,373 | 310 | 3,654 | 149,337 | 75,156 | 26 | 6,038 | 81,220 | ||||||||||||||||||||||||
Compensation and benefits | 64,392 | 4,547 | 61,011 | 129,950 | 67,985 | 4,171 | 64,236 | 136,392 | ||||||||||||||||||||||||
Premium and other taxes | 23,596 | 52 | 2,181 | 25,829 | 22,951 | 56 | 1,497 | 24,504 | ||||||||||||||||||||||||
Ceding commission | (28,669 | ) | 1,410 | — | (27,259 | ) | (25,144 | ) | 896 | — | (24,248 | ) | ||||||||||||||||||||
Other underwriting and operating expenses | 42,570 | 4,136 | 81,814 | 128,520 | 41,168 | 3,661 | 89,397 | 134,226 | ||||||||||||||||||||||||
Net operating expenses before allocations | 101,889 | 10,145 | 145,006 | 257,040 | 106,960 | 8,784 | 155,130 | 270,874 | ||||||||||||||||||||||||
Corporate expense allocations | 38,077 | 1,491 | (39,568 | ) | — | 43,003 | 784 | (43,787 | ) | — | ||||||||||||||||||||||
Operating expenses after allocations | 139,966 | 11,636 | 105,438 | 257,040 | 149,963 | 9,568 | 111,343 | 270,874 | ||||||||||||||||||||||||
Interest expense | — | — | 32,696 | 32,696 | — | — | 35,319 | 35,319 | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 768,270 | $ | 77,648 | $ | (24,056 | ) | $ | 821,862 | $ | 804,867 | $ | 87,417 | $ | (36,793 | ) | $ | 855,491 | ||||||||||||||
Loss ratio (1) | 16.8 | % | 0.5 | % | 8.8 | % | — | % | ||||||||||||||||||||||||
Expense ratio (2) | 16.1 | 19.2 | 17.5 | 13.9 | ||||||||||||||||||||||||||||
Combined ratio | 32.9 | % | 19.7 | % | 26.3 | % | 13.9 | % | ||||||||||||||||||||||||
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | ||||||||||||||||||||||||||||||||
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | ||||||||||||||||||||||||||||||||
Exhibit E | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Historical Quarterly Segment Information (Unaudited) | |||||||||||||||||||
Mortgage Insurance | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 212,674 | $ | 215,683 | $ | 220,262 | $ | 218,124 | $ | 211,682 | |||||||||
Net investment income | 43,627 | 44,265 | 43,676 | 42,790 | 41,880 | ||||||||||||||
Realized investment losses, net | (218 | ) | (427 | ) | (124 | ) | (101 | ) | (120 | ) | |||||||||
Income (loss) from other invested assets | 2,044 | (605 | ) | 3,619 | 3,209 | 2,925 | |||||||||||||
Other income | 1,149 | 800 | 1,614 | 1,548 | 1,893 | ||||||||||||||
Total revenues | 259,276 | 259,716 | 269,047 | 265,570 | 258,260 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 55,159 | 44,171 | 15,323 | 30,720 | 37,236 | ||||||||||||||
Compensation and benefits | 14,727 | 15,388 | 15,667 | 18,610 | 17,029 | ||||||||||||||
Premium and other taxes | 6,038 | 6,010 | 5,984 | 5,564 | 5,955 | ||||||||||||||
Ceding commission | (7,526 | ) | (7,328 | ) | (7,054 | ) | (6,761 | ) | (6,799 | ) | |||||||||
Other underwriting and operating expenses | 11,816 | 10,005 | 10,028 | 10,721 | 10,809 | ||||||||||||||
Net operating expenses before allocations | 25,055 | 24,075 | 24,625 | 28,134 | 26,994 | ||||||||||||||
Corporate expense allocations | 9,213 | 7,081 | 8,979 | 12,804 | 10,431 | ||||||||||||||
Operating expenses after allocations | 34,268 | 31,156 | 33,604 | 40,938 | 37,425 | ||||||||||||||
Income before income tax expense | $ | 169,849 | $ | 184,389 | $ | 220,120 | $ | 193,912 | $ | 183,599 | |||||||||
Loss Ratio (1) | 25.9 | % | 20.5 | % | 7.0 | % | 14.1 | % | 17.6 | % | |||||||||
Expense Ratio (2) | 16.1 | 14.4 | 15.3 | 18.8 | 17.7 | ||||||||||||||
Combined Ratio | 42.0 | % | 34.9 | % | 22.3 | % | 32.9 | % | 35.3 | % | |||||||||
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | |||||||||||||||||||
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | |||||||||||||||||||
Exhibit E, continued | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Historical Quarterly Segment Information (Unaudited) | |||||||||||||||||||
Reinsurance | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 14,696 | $ | 16,304 | $ | 13,875 | $ | 15,734 | $ | 16,181 | |||||||||
Net investment income | 4,913 | 5,302 | 5,216 | 4,840 | 4,311 | ||||||||||||||
Realized investment gains, net | 6 | — | — | — | — | ||||||||||||||
Other income | 2,255 | 1,591 | 1,909 | 2,953 | 1,991 | ||||||||||||||
Total revenues | 21,870 | 23,197 | 21,000 | 23,527 | 22,483 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 206 | 65 | 36 | 3 | 18 | ||||||||||||||
Compensation and benefits | 961 | 1,180 | 1,126 | 1,280 | 1,008 | ||||||||||||||
Premium and other taxes | 17 | 8 | 16 | 11 | 13 | ||||||||||||||
Ceding commission | 580 | 433 | 144 | 253 | 252 | ||||||||||||||
Other underwriting and operating expenses | 1,179 | 944 | 1,100 | 913 | 970 | ||||||||||||||
Net operating expenses before allocations | 2,737 | 2,565 | 2,386 | 2,457 | 2,243 | ||||||||||||||
Corporate expense allocations | 516 | 502 | 263 | 210 | 223 | ||||||||||||||
Operating expenses after allocations | 3,253 | 3,067 | 2,649 | 2,667 | 2,466 | ||||||||||||||
Income before income tax expense | $ | 18,411 | $ | 20,065 | $ | 18,315 | $ | 20,857 | $ | 19,999 | |||||||||
Loss Ratio (1) | 1.4 | % | 0.4 | % | 0.3 | % | — | % | 0.1 | % | |||||||||
Expense Ratio (2) | 22.1 | 18.8 | 19.1 | 17.0 | 15.2 | ||||||||||||||
Combined Ratio | 23.5 | % | 19.2 | % | 19.4 | % | 17.0 | % | 15.3 | % | |||||||||
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | |||||||||||||||||||
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | |||||||||||||||||||
Exhibit E, continued | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Historical Quarterly Segment Information (Unaudited) | |||||||||||||||||||
Corporate & Other | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 15,359 | $ | 14,345 | $ | 14,672 | $ | 11,990 | $ | 16,602 | |||||||||
Net investment income | 10,683 | 10,228 | 10,397 | 10,580 | 10,368 | ||||||||||||||
Realized investment gains (losses), net | 24 | 2 | (5 | ) | (80 | ) | 6 | ||||||||||||
Income from other invested assets | 1,898 | 2,375 | 847 | 4,199 | 3,964 | ||||||||||||||
Other income | 3,294 | 1,967 | 3,185 | 1,772 | 3,344 | ||||||||||||||
Total revenues | 31,258 | 28,917 | 29,096 | 28,461 | 34,284 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 708 | 686 | 1,696 | 564 | 3,721 | ||||||||||||||
Compensation and benefits | 14,675 | 12,608 | 13,926 | 19,802 | 16,490 | ||||||||||||||
Premium and other taxes | 446 | (88 | ) | 495 | 1,328 | 569 | |||||||||||||
Other underwriting and operating expenses | 20,740 | 20,338 | 21,333 | 19,403 | 24,655 | ||||||||||||||
Net operating expenses before allocations | 35,861 | 32,858 | 35,754 | 40,533 | 41,714 | ||||||||||||||
Corporate expense allocations | (9,729 | ) | (7,583 | ) | (9,242 | ) | (13,014 | ) | (10,654 | ) | |||||||||
Operating expenses after allocations | 26,132 | 25,275 | 26,512 | 27,519 | 31,060 | ||||||||||||||
Interest expense | 8,149 | 8,251 | 8,148 | 8,148 | 8,151 | ||||||||||||||
Loss before income tax expense | $ | (3,731 | ) | $ | (5,295 | ) | $ | (7,260 | ) | $ | (7,770 | ) | $ | (8,648 | ) | ||||
Consolidated | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 242,729 | $ | 246,332 | $ | 248,809 | $ | 245,848 | $ | 244,465 | |||||||||
Net investment income | 59,223 | 59,795 | 59,289 | 58,210 | 56,559 | ||||||||||||||
Realized investment losses, net | (188 | ) | (425 | ) | (129 | ) | (181 | ) | (114 | ) | |||||||||
Income from other invested assets | 3,942 | 1,770 | 4,466 | 7,408 | 6,889 | ||||||||||||||
Other income | 6,698 | 4,358 | 6,708 | 6,273 | 7,228 | ||||||||||||||
Total revenues | 312,404 | 311,830 | 319,143 | 317,558 | 315,027 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 56,073 | 44,922 | 17,055 | 31,287 | 40,975 | ||||||||||||||
Compensation and benefits | 30,363 | 29,176 | 30,719 | 39,692 | 34,527 | ||||||||||||||
Premium and other taxes | 6,501 | 5,930 | 6,495 | 6,903 | 6,537 | ||||||||||||||
Ceding commission | (6,946 | ) | (6,895 | ) | (6,910 | ) | (6,508 | ) | (6,547 | ) | |||||||||
Other underwriting and operating expenses | 33,735 | 31,287 | 32,461 | 31,037 | 36,434 | ||||||||||||||
Total other underwriting and operating expenses | 63,653 | 59,498 | 62,765 | 71,124 | 70,951 | ||||||||||||||
Interest expense | 8,149 | 8,251 | 8,148 | 8,148 | 8,151 | ||||||||||||||
Income before income tax expense | $ | 184,529 | $ | 199,159 | $ | 231,175 | $ | 206,999 | $ | 194,950 | |||||||||
Exhibit F | ||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||
Mortgage Insurance - Historical Quarterly Data | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
New insurance written | $ | 11,840,227 | $ | 12,233,252 | $ | 12,544,731 | $ | 9,945,336 | $ | 12,220,968 | ||||||||||
New risk written | 3,030,169 | 3,239,497 | 3,357,820 | 2,698,639 | 3,297,296 | |||||||||||||||
Average insurance in force | $ | 248,695,560 | $ | 247,821,046 | $ | 245,747,813 | $ | 244,005,459 | $ | 243,236,830 | ||||||||||
Insurance in force (end of period) | $ | 248,356,397 | $ | 248,808,341 | $ | 246,797,619 | $ | 244,692,492 | $ | 243,645,423 | ||||||||||
Gross risk in force (end of period) (1) | $ | 68,053,447 | $ | 68,262,577 | $ | 67,683,239 | $ | 67,026,626 | $ | 66,613,517 | ||||||||||
Risk in force (end of period) | $ | 56,519,839 | $ | 56,940,929 | $ | 56,811,096 | $ | 56,565,811 | $ | 56,477,150 | ||||||||||
Policies in force | 807,230 | 812,856 | 812,182 | 811,342 | 813,013 | |||||||||||||||
Weighted average coverage (2) | 27.4 | % | 27.4 | % | 27.4 | % | 27.4 | % | 27.3 | % | ||||||||||
Annual persistency | 85.7 | % | 86.0 | % | 85.8 | % | 85.7 | % | 85.7 | % | ||||||||||
Loans in default (count) | 20,210 | 18,583 | 17,255 | 17,759 | 18,439 | |||||||||||||||
Percentage of loans in default | 2.50 | % | 2.29 | % | 2.12 | % | 2.19 | % | 2.27 | % | ||||||||||
Base average premium rate (3) | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||
Single premium cancellations (4) | — | % | — | % | — | % | — | % | — | % | ||||||||||
Gross average premium rate | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||
Ceded premiums | (0.07 | %) | (0.06 | %) | (0.05 | %) | (0.05 | %) | (0.06 | %) | ||||||||||
Net average premium rate | 0.34 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.35 | % | ||||||||||
(1) Gross risk in force includes risk ceded under third-party reinsurance. | ||||||||||||||||||||
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force. | ||||||||||||||||||||
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period. | ||||||||||||||||||||
(4) Single premium cancellations premium rate is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period. | ||||||||||||||||||||
Exhibit G | |||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||||
Mortgage Insurance - New Insurance Written | |||||||||||||||||||||||
NIW by Credit Score | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
>=760 | $ | 6,608,095 | 55.8 | % | $ | 5,754,605 | 47.1 | % | $ | 23,980,900 | 51.4 | % | $ | 20,141,961 | 44.2 | % | |||||||
740-759 | 1,905,196 | 16.1 | 2,131,356 | 17.4 | 7,528,658 | 16.2 | 7,848,645 | 17.2 | |||||||||||||||
720-739 | 1,257,994 | 10.6 | 1,640,275 | 13.4 | 5,642,389 | 12.1 | 6,468,993 | 14.2 | |||||||||||||||
700-719 | 1,039,547 | 8.8 | 1,390,278 | 11.4 | 4,782,401 | 10.3 | 5,738,325 | 12.6 | |||||||||||||||
680-699 | 554,647 | 4.7 | 743,789 | 6.1 | 2,552,412 | 5.5 | 3,095,378 | 6.8 | |||||||||||||||
<=679 | 474,748 | 4.0 | 560,665 | 4.6 | 2,076,786 | 4.5 | 2,268,030 | 5.0 | |||||||||||||||
Total | $ | 11,840,227 | 100.0 | % | $ | 12,220,968 | 100.0 | % | $ | 46,563,546 | 100.0 | % | $ | 45,561,332 | 100.0 | % | |||||||
Weighted average credit score | 757 | 751 | 754 | 748 | |||||||||||||||||||
NIW by LTV | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
85.00% and below | $ | 1,437,750 | 12.1 | % | $ | 977,154 | 8.0 | % | $ | 4,430,096 | 9.5 | % | $ | 3,227,588 | 7.1 | % | |||||||
85.01% to 90.00% | 3,509,133 | 29.7 | 2,821,683 | 23.1 | 11,844,584 | 25.4 | 9,392,983 | 20.6 | |||||||||||||||
90.01% to 95.00% | 5,663,293 | 47.8 | 6,348,777 | 51.9 | 23,533,435 | 50.6 | 24,357,459 | 53.5 | |||||||||||||||
95.01% and above | 1,230,051 | 10.4 | 2,073,354 | 17.0 | 6,755,431 | 14.5 | 8,583,302 | 18.8 | |||||||||||||||
Total | $ | 11,840,227 | 100.0 | % | $ | 12,220,968 | 100.0 | % | $ | 46,563,546 | 100.0 | % | $ | 45,561,332 | 100.0 | % | |||||||
Weighted average LTV | 92 | % | 93 | % | 93 | % | 93 | % | |||||||||||||||
NIW by Product | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
Single premium policies | 1.6 | % | 1.2 | % | 1.4 | % | 1.4 | % | |||||||||||||||
Monthly premium policies | 98.4 | 98.8 | 98.6 | 98.6 | |||||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
NIW by Purchase vs. Refinance | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
Purchase | 72.3 | % | 88.3 | % | 87.2 | % | 95.0 | % | |||||||||||||||
Refinance | 27.7 | 11.7 | 12.8 | 5.0 | |||||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
Exhibit H | |||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||
Supplemental Information | |||||||||||||||||
Mortgage Insurance - Insurance in Force and Risk in Force | |||||||||||||||||
Portfolio by Credit Score | |||||||||||||||||
IIF by FICO score | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
>=760 | $ | 104,062,334 | 41.9 | % | $ | 103,261,791 | 41.5 | % | $ | 99,221,741 | 40.7 | % | |||||
740-759 | 43,225,016 | 17.4 | 43,372,715 | 17.4 | 42,574,390 | 17.5 | |||||||||||
720-739 | 37,671,181 | 15.2 | 38,113,923 | 15.3 | 37,953,625 | 15.6 | |||||||||||
700-719 | 32,473,548 | 13.1 | 32,834,985 | 13.2 | 32,657,660 | 13.4 | |||||||||||
680-699 | 19,357,527 | 7.8 | 19,625,586 | 7.9 | 19,772,912 | 8.1 | |||||||||||
<=679 | 11,566,791 | 4.6 | 11,599,341 | 4.7 | 11,465,095 | 4.7 | |||||||||||
Total | $ | 248,356,397 | 100.0 | % | $ | 248,808,341 | 100.0 | % | $ | 243,645,423 | 100.0 | % | |||||
Weighted average credit score | 747 | 746 | 746 | ||||||||||||||
Gross RIF by FICO score | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
>=760 | $ | 28,228,907 | 41.4 | % | $ | 28,056,444 | 41.0 | % | $ | 26,860,197 | 40.3 | % | |||||
740-759 | 11,997,094 | 17.6 | 12,054,702 | 17.7 | 11,799,832 | 17.7 | |||||||||||
720-739 | 10,452,268 | 15.4 | 10,587,116 | 15.5 | 10,512,364 | 15.8 | |||||||||||
700-719 | 9,049,840 | 13.3 | 9,155,794 | 13.4 | 9,067,640 | 13.6 | |||||||||||
680-699 | 5,357,151 | 7.9 | 5,429,039 | 8.0 | 5,440,776 | 8.2 | |||||||||||
<=679 | 2,968,187 | 4.4 | 2,979,482 | 4.4 | 2,932,708 | 4.4 | |||||||||||
Total | $ | 68,053,447 | 100.0 | % | $ | 68,262,577 | 100.0 | % | $ | 66,613,517 | 100.0 | % | |||||
Portfolio by LTV | |||||||||||||||||
IIF by LTV | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
85.00% and below | $ | 14,736,797 | 5.9 | % | $ | 14,398,904 | 5.8 | % | $ | 14,738,289 | 6.0 | % | |||||
85.01% to 90.00% | 58,288,674 | 23.5 | 58,982,107 | 23.7 | 60,636,883 | 24.9 | |||||||||||
90.01% to 95.00% | 131,950,396 | 53.1 | 131,889,655 | 53.0 | 127,152,954 | 52.2 | |||||||||||
95.01% and above | 43,380,530 | 17.5 | 43,537,675 | 17.5 | 41,117,297 | 16.9 | |||||||||||
Total | $ | 248,356,397 | 100.0 | % | $ | 248,808,341 | 100.0 | % | $ | 243,645,423 | 100.0 | % | |||||
Weighted average LTV | 93 | % | 93 | % | 93 | % | |||||||||||
Gross RIF by LTV | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
85.00% and below | $ | 1,727,701 | 2.5 | % | $ | 1,696,592 | 2.5 | % | $ | 1,745,933 | 2.6 | % | |||||
85.01% to 90.00% | 14,312,312 | 21.0 | 14,526,528 | 21.3 | 14,961,779 | 22.5 | |||||||||||
90.01% to 95.00% | 38,906,277 | 57.2 | 38,895,352 | 57.0 | 37,510,076 | 56.3 | |||||||||||
95.01% and above | 13,107,157 | 19.3 | 13,144,105 | 19.2 | 12,395,729 | 18.6 | |||||||||||
Total | $ | 68,053,447 | 100.0 | % | $ | 68,262,577 | 100.0 | % | $ | 66,613,517 | 100.0 | % | |||||
Portfolio by Loan Amortization Period | |||||||||||||||||
IIF by Loan Amortization Period | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
FRM 30 years and higher | $ | 241,353,234 | 97.2 | % | $ | 242,770,621 | 97.6 | % | $ | 238,335,608 | 97.8 | % | |||||
FRM 20-25 years | 1,449,192 | 0.6 | 1,070,635 | 0.4 | 1,133,494 | 0.5 | |||||||||||
FRM 15 years | 2,009,940 | 0.8 | 1,664,866 | 0.7 | 1,231,952 | 0.5 | |||||||||||
ARM 5 years and higher | 3,544,031 | 1.4 | 3,302,219 | 1.3 | 2,944,369 | 1.2 | |||||||||||
Total | $ | 248,356,397 | 100.0 | % | $ | 248,808,341 | 100.0 | % | $ | 243,645,423 | 100.0 | % | |||||
Exhibit I | ||||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||||||
Mortgage Insurance - Vintage Data | ||||||||||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||
Insurance in Force | ||||||||||||||||||||||||
Year | Original | Remaining | % Remaining of Original | Number of Policies in Force | Weighted Average Coupon | % Purchase | >90% LTV | >95% LTV | FICO | FICO | Incurred Loss Ratio (Inception to Date) (1) | Number of Loans in Default | Percentage of Loans in Default | |||||||||||
2010 - 2015 | $ | 86,862,507 | $ | 1,500,732 | 1.7 | % | 8,297 | 4.28 | % | 68.6 | % | 50.4 | % | 1.4 | % | 11.5 | % | 47.5 | % | 2.3 | % | 342 | 4.12 | % |
2016 | 34,949,319 | 1,104,521 | 3.2 | 6,191 | 4.05 | 77.1 | 59.6 | 12.5 | 16.3 | 41.6 | 2.0 | 324 | 5.23 | |||||||||||
2017 | 43,858,322 | 2,766,418 | 6.3 | 17,652 | 4.33 | 90.3 | 81.9 | 26.8 | 21.5 | 36.2 | 2.9 | 840 | 4.76 | |||||||||||
2018 | 47,508,525 | 3,746,728 | 7.9 | 22,241 | 4.83 | 95.2 | 80.6 | 30.2 | 22.8 | 30.9 | 3.8 | 1,120 | 5.04 | |||||||||||
2019 | 63,569,183 | 8,487,193 | 13.4 | 43,215 | 4.26 | 90.4 | 75.9 | 27.4 | 19.5 | 34.1 | 3.6 | 1,595 | 3.69 | |||||||||||
2020 | 107,944,065 | 27,596,323 | 25.6 | 114,821 | 3.22 | 77.1 | 70.5 | 16.6 | 11.0 | 44.7 | 2.8 | 2,405 | 2.09 | |||||||||||
2021 | 84,218,250 | 40,962,380 | 48.6 | 142,501 | 3.11 | 92.4 | 72.5 | 18.6 | 13.7 | 39.9 | 6.6 | 3,806 | 2.67 | |||||||||||
2022 | 63,061,262 | 45,373,683 | 72.0 | 134,126 | 5.09 | 98.4 | 67.7 | 12.0 | 12.5 | 39.5 | 20.0 | 3,911 | 2.92 | |||||||||||
2023 | 47,666,852 | 35,213,136 | 73.9 | 102,677 | 6.59 | 98.9 | 73.7 | 19.5 | 11.2 | 38.1 | 23.5 | 3,189 | 3.11 | |||||||||||
2024 | 45,561,332 | 37,940,873 | 83.3 | 103,824 | 6.68 | 95.1 | 73.5 | 20.7 | 12.5 | 41.8 | 23.9 | 2,182 | 2.10 | |||||||||||
2025 | 46,563,546 | 43,664,410 | 93.8 | 111,685 | 6.56 | 87.0 | 65.2 | 15.1 | 10.2 | 50.4 | 14.3 | 496 | 0.44 | |||||||||||
Total | $ | 671,763,163 | $ | 248,356,397 | 37.0 | 807,230 | 5.22 | 91.9 | 70.6 | 17.5 | 12.5 | 41.9 | 6.3 | 20,210 | 2.50 | |||||||||
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned. | ||||||||||||||||||||||||
Exhibit J | |||||||||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||||||||||||
Supplemental Information | |||||||||||||||||||||||||||||
Mortgage Insurance - Outward Reinsurance Vintage Data | |||||||||||||||||||||||||||||
December 31, 2025 | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Insurance Linked Notes (1) | |||||||||||||||||||||||||||||
Earned Premiums Ceded | |||||||||||||||||||||||||||||
Deal Name | Vintage | Remaining | Remaining | Original | Remaining | Losses | Original | Remaining | Quarter-to-Date | Year-to-Date | Reduction in PMIERs Minimum Required Assets (3) | ||||||||||||||||||
Radnor Re 2021-1 | Aug. 2020 - Mar. 2021 | $ | 18,441,345 | $ | 5,127,322 | $ | 557,911 | $ | 98,205 | $ | — | $ | 278,956 | $ | 276,117 | $ | 1,117 | $ | 5,114 | $ | 59,885 | ||||||||
Radnor Re 2021-2 | Apr. 2021 - Sep. 2021 | 24,416,860 | 6,937,919 | 439,407 | 192,783 | — | 279,415 | 271,058 | 2,806 | 11,736 | 174,012 | ||||||||||||||||||
Radnor Re 2022-1 | Oct. 2021 - Jul. 2022 | 24,193,885 | 6,723,897 | 237,868 | 129,621 | — | 303,761 | 291,448 | 2,929 | 12,437 | 119,251 | ||||||||||||||||||
Radnor Re 2023-1 | Aug. 2022 - Jun. 2023 | 24,656,390 | 6,784,369 | 281,462 | 209,417 | — | 281,463 | 271,149 | 3,081 | 12,350 | 198,527 | ||||||||||||||||||
Radnor Re 2024-1 | Jul. 2023 - Jul. 2024 | 24,523,993 | 6,793,368 | 363,366 | 248,025 | — | 256,495 | 255,324 | 3,059 | 11,902 | 183,539 | ||||||||||||||||||
Total | $ | 116,232,473 | $ | 32,366,875 | $ | 1,880,014 | $ | 878,051 | $ | — | $ | 1,400,090 | $ | 1,365,096 | $ | 12,992 | $ | 53,539 | $ | 735,214 | |||||||||
Excess of Loss Reinsurance (2) | |||||||||||||||||||||||||||||
Earned Premiums Ceded | |||||||||||||||||||||||||||||
Deal Name | Vintage | Remaining | Remaining | Original | Remaining | Losses | Original | Remaining | Quarter-to-Date | Year-to-Date | Reduction in PMIERs Minimum Required Assets (3) | ||||||||||||||||||
XOL 2019-1 | Jan. 2018 - Dec. 2018 | $ | 3,708,752 | $ | 980,319 | $ | 118,650 | $ | 76,144 | $ | — | $ | 253,643 | $ | 241,441 | $ | 627 | $ | 2,489 | $ | — | ||||||||
XOL 2020-1 | Jan. 2019 - Aug. 2019 | 4,863,645 | 1,288,360 | 55,102 | 29,152 | — | 215,605 | 210,515 | 252 | 999 | — | ||||||||||||||||||
XOL 2022-1 | Oct. 2021 - Dec. 2022 | 55,006,139 | 15,182,087 | 141,992 | 137,530 | — | 507,114 | 473,213 | 1,563 | 6,342 | 132,723 | ||||||||||||||||||
XOL 2023-1 | Jan. 2023 - Dec. 2023 | 31,751,705 | 8,821,968 | 36,627 | 36,105 | — | 366,270 | 358,985 | 432 | 1,734 | 34,713 | ||||||||||||||||||
XOL 2024-1 | Jan. 2024 - Dec. 2024 | 35,200,756 | 9,692,442 | 58,005 | 58,005 | — | 331,456 | 330,254 | 658 | 2,610 | 55,907 | ||||||||||||||||||
XOL 2025-1 | Jan. 2025 - Dec. 2025 | 43,596,176 | 11,545,801 | 80,821 | 80,821 | — | 343,234 | 343,234 | 733 | 1,300 | 77,723 | ||||||||||||||||||
Total | $ | 174,127,173 | $ | 47,510,977 | $ | 491,197 | $ | 417,757 | $ | — | $ | 2,017,322 | $ | 1,957,642 | $ | 4,265 | $ | 15,474 | $ | 301,066 | |||||||||
Quota Share Reinsurance (2) | |||||||||||||||||||||||||||||||
Losses Ceded | Ceding Commission | Earned Premiums Ceded | |||||||||||||||||||||||||||||
Year | Ceding Percentage | Remaining Insurance in Force | Remaining Risk in Force | Remaining Ceded Insurance in Force | Remaining Ceded Risk in Force | Quarter-to-Date | Year-to-Date | Quarter-to-Date | Year-to-Date | Quarter-to-Date | Year-to-Date | Reduction in PMIERs Minimum Required Assets (3) | |||||||||||||||||||
Sep. 2019 - Dec. 2020 | (4) | $ | 31,179,681 | $ | 8,623,082 | $ | 6,471,751 | $ | 1,763,952 | $ | 391 | $ | (37 | ) | $ | 1,893 | $ | 8,299 | $ | 3,121 | $ | 11,933 | $ | 109,386 | |||||||
Jan. 2022 - Dec. 2022 | 20% | 45,327,727 | 12,452,848 | 9,065,545 | 2,490,570 | 2,577 | 8,037 | 1,628 | 6,796 | 5,426 | 20,454 | 185,009 | |||||||||||||||||||
Jan. 2023 - Dec. 2023 | 17.5% | 31,653,079 | 8,797,311 | 5,539,289 | 1,539,529 | 2,770 | 7,762 | 1,159 | 4,865 | 5,205 | 17,979 | 123,856 | |||||||||||||||||||
Jan. 2024 - Dec. 2024 | 15% | 37,722,203 | 10,369,501 | 5,658,330 | 1,555,425 | 2,790 | 7,949 | 1,199 | 4,991 | 5,368 | 18,679 | 126,867 | |||||||||||||||||||
Jan. 2025 - Dec. 2025 | 25% | 43,623,229 | 11,553,296 | 10,905,807 | 2,888,324 | 1,955 | 2,917 | 1,646 | 3,718 | 5,001 | 9,795 | 188,836 | |||||||||||||||||||
Total | $ | 189,505,919 | $ | 51,796,038 | $ | 37,640,722 | $ | 10,237,800 | $ | 10,483 | $ | 26,628 | $ | 7,525 | $ | 28,669 | $ | 24,121 | $ | 78,840 | $ | 733,954 | |||||||||
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs"). | |||||||||||||||||||||||||||||||
(2) Reinsurance provided by panels of reinsurers. | |||||||||||||||||||||||||||||||
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs. | |||||||||||||||||||||||||||||||
(4) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies. | |||||||||||||||||||||||||||||||
Exhibit K | ||||||||
Essent Group Ltd. and Subsidiaries | ||||||||
Supplemental Information | ||||||||
Mortgage Insurance - Geographic Data | ||||||||
IIF by State | ||||||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||
CA | 12.1 | % | 12.2 | % | 12.5 | % | ||
FL | 12.0 | 12.0 | 11.9 | |||||
TX | 11.4 | 11.3 | 11.1 | |||||
AZ | 4.0 | 4.0 | 3.8 | |||||
CO | 4.0 | 4.0 | 4.1 | |||||
GA | 3.9 | 3.8 | 3.7 | |||||
WA | 3.4 | 3.4 | 3.4 | |||||
NC | 3.2 | 3.1 | 3.0 | |||||
MI | 2.6 | 2.6 | 2.5 | |||||
NY | 2.6 | 2.6 | 2.6 | |||||
All Others | 40.8 | 41.0 | 41.4 | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
Gross RIF by State | ||||||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||
FL | 12.3 | % | 12.2 | % | 12.1 | % | ||
CA | 12.1 | 12.2 | 12.4 | |||||
TX | 11.6 | 11.6 | 11.4 | |||||
AZ | 4.1 | 4.0 | 3.9 | |||||
CO | 3.9 | 3.9 | 4.0 | |||||
GA | 3.9 | 3.9 | 3.8 | |||||
WA | 3.4 | 3.4 | 3.4 | |||||
NC | 3.2 | 3.1 | 3.0 | |||||
MI | 2.6 | 2.6 | 2.5 | |||||
UT | 2.6 | 2.6 | 2.5 | |||||
All Others | 40.3 | 40.5 | 41.0 | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
Exhibit L | ||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||
Mortgage Insurance | ||||||||||||||||||||
Rollforward of Defaults and Reserve for Losses and LAE | ||||||||||||||||||||
Rollforward of Insured Loans in Default | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
Beginning default inventory | 18,583 | 17,255 | 17,759 | 18,439 | 15,906 | |||||||||||||||
Plus: new defaults (A) | 11,245 | 10,357 | 8,810 | 9,664 | 11,136 | |||||||||||||||
Less: cures | (9,357 | ) | (8,713 | ) | (9,078 | ) | (10,173 | ) | (8,408 | ) | ||||||||||
Less: claims paid | (235 | ) | (296 | ) | (215 | ) | (153 | ) | (183 | ) | ||||||||||
Less: rescissions and denials, net | (26 | ) | (20 | ) | (21 | ) | (18 | ) | (12 | ) | ||||||||||
Ending default inventory | 20,210 | 18,583 | 17,255 | 17,759 | 18,439 | |||||||||||||||
(A) New defaults remaining as of December 31, 2025 | 8,411 | 4,131 | 2,402 | 1,481 | 1,191 | |||||||||||||||
Cumulative cure rate (1) | 25 | % | 60 | % | 73 | % | 85 | % | 89 | % | ||||||||||
Total amount paid for claims (in thousands) | $ | 13,171 | $ | 16,456 | $ | 9,007 | $ | 6,330 | $ | 7,740 | ||||||||||
Average amount paid per claim (in thousands) | $ | 56 | $ | 56 | $ | 42 | $ | 41 | $ | 42 | ||||||||||
Severity | 80 | % | 78 | % | 67 | % | 70 | % | 68 | % | ||||||||||
Rollforward of Reserve for Losses and LAE | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
($ in thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Reserve for losses and LAE at beginning of period | $ | 379,548 | $ | 345,952 | $ | 338,128 | $ | 310,156 | $ | 274,926 | ||||||||||
Less: Reinsurance recoverables | 47,957 | 41,966 | 40,351 | 36,655 | 30,867 | |||||||||||||||
Net reserve for losses and LAE at beginning of period | 331,591 | 303,986 | 297,777 | 273,501 | 244,059 | |||||||||||||||
Add provision for losses and LAE occurring in: | ||||||||||||||||||||
Current year | 67,865 | 62,349 | 45,119 | 48,928 | 50,212 | |||||||||||||||
Prior years | (12,705 | ) | (18,179 | ) | (29,796 | ) | (18,208 | ) | (12,976 | ) | ||||||||||
Incurred losses and LAE during the period | 55,160 | 44,170 | 15,323 | 30,720 | 37,236 | |||||||||||||||
Deduct payments for losses and LAE occurring in: | ||||||||||||||||||||
Current year | 2,649 | 552 | 315 | 51 | 1,569 | |||||||||||||||
Prior years | 10,612 | 16,013 | 8,799 | 6,393 | 6,225 | |||||||||||||||
Loss and LAE payments during the period | 13,261 | 16,565 | 9,114 | 6,444 | 7,794 | |||||||||||||||
Net reserve for losses and LAE at end of period | 373,490 | 331,591 | 303,986 | 297,777 | 273,501 | |||||||||||||||
Plus: Reinsurance recoverables | 56,120 | 47,957 | 41,966 | 40,351 | 36,655 | |||||||||||||||
Reserve for losses and LAE at end of period | $ | 429,610 | $ | 379,548 | $ | 345,952 | $ | 338,128 | $ | 310,156 | ||||||||||
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%. | ||||||||||||||||||||
Exhibit M | |||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||
Supplemental Information | |||||||||||||
Mortgage Insurance | |||||||||||||
Detail of Reserves by Default Delinquency | |||||||||||||
December 31, 2025 | |||||||||||||
Number of | Percentage of | Amount of | Percentage of | Defaulted RIF | Reserves as a Percentage of | ||||||||
($ in thousands) | |||||||||||||
Missed Payments: | |||||||||||||
Two payments | 6,892 | 34 | % | $ | 40,876 | 10 | % | $ | 545,198 | 7 | % | ||
Three payments | 3,002 | 15 | 32,458 | 8 | 246,194 | 13 | |||||||
Four to eleven payments | 7,261 | 36 | 163,087 | 41 | 615,449 | 26 | |||||||
Twelve or more payments | 2,742 | 13 | 139,036 | 35 | 224,248 | 62 | |||||||
Pending claims | 313 | 2 | 21,360 | 6 | 23,797 | 90 | |||||||
Total case reserves | 20,210 | 100 | % | 396,817 | 100 | % | $ | 1,654,886 | 24 | % | |||
IBNR | 29,761 | ||||||||||||
LAE | 3,032 | ||||||||||||
Total reserves for losses and LAE | $ | 429,610 | |||||||||||
Average reserve per default: | |||||||||||||
Case | $ | 19.6 | |||||||||||
Total | $ | 21.3 | |||||||||||
Default Rate | 2.50 | % | |||||||||||
3+ Month Default Rate | 1.65 | % | |||||||||||
December 31, 2024 | |||||||||||||
Number of | Percentage of | Amount of | Percentage of | Defaulted RIF | Reserves as a Percentage of | ||||||||
($ in thousands) | |||||||||||||
Missed Payments: | |||||||||||||
Two payments | 6,691 | 36 | % | $ | 32,672 | 11 | % | $ | 522,644 | 6 | % | ||
Three payments | 3,154 | 17 | 26,278 | 9 | 250,696 | 10 | |||||||
Four to eleven payments | 6,408 | 35 | 122,551 | 43 | 515,600 | 24 | |||||||
Twelve or more payments | 2,022 | 11 | 93,269 | 33 | 153,376 | 61 | |||||||
Pending claims | 164 | 1 | 11,174 | 4 | 12,478 | 90 | |||||||
Total case reserves | 18,439 | 100 | % | 285,944 | 100 | % | $ | 1,454,794 | 20 | % | |||
IBNR | 21,446 | ||||||||||||
LAE | 2,766 | ||||||||||||
Total reserves for losses and LAE | $ | 310,156 | |||||||||||
Average reserve per default: | |||||||||||||
Case | $ | 15.5 | |||||||||||
Total | $ | 16.8 | |||||||||||
Default Rate | 2.27 | % | |||||||||||
3+ Month Default Rate | 1.44 | % | |||||||||||
Exhibit N | ||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||
U.S. Mortgage Insurance Company Capital | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Essent Guaranty, Inc: | ||||||||||||||||||||
Statutory capital | $ | 3,572,887 | $ | 3,732,465 | $ | 3,714,146 | $ | 3,642,374 | $ | 3,594,381 | ||||||||||
Net risk in force (1) | $ | 32,486,788 | $ | 33,367,706 | $ | 33,986,508 | $ | 34,968,089 | $ | 35,159,976 | ||||||||||
Risk-to-capital ratio (2) | 9.1:1 | 8.9:1 | 9.2:1 | 9.6:1 | 9.8:1 | |||||||||||||||
Essent Guaranty, Inc. PMIERs Data (3): | ||||||||||||||||||||
Available Assets | $ | 3,520,454 | $ | 3,666,883 | $ | 3,654,460 | $ | 3,628,675 | $ | 3,612,993 | ||||||||||
Minimum Required Assets | 2,087,473 | 2,065,890 | 2,075,409 | 2,107,620 | 2,029,738 | |||||||||||||||
PMIERs excess Available Assets | $ | 1,432,981 | $ | 1,600,993 | $ | 1,579,051 | $ | 1,521,055 | $ | 1,583,255 | ||||||||||
PMIERs sufficiency ratio (4) | 169 | % | 177 | % | 176 | % | 172 | % | 178 | % | ||||||||||
(1) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established. | ||||||||||||||||||||
(2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital. | ||||||||||||||||||||
(3) Data is based on our interpretation of the PMIERs as of the dates indicated. | ||||||||||||||||||||
(4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets. | ||||||||||||||||||||
Exhibit O | ||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||
Reinsurance | ||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||
($ in thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Reinsurance Portfolio: | ||||||||||||||||||||
Reinsured Risk in Force | $ | 2,274,882 | $ | 2,257,197 | $ | 2,321,008 | $ | 2,220,477 | $ | 2,240,284 | ||||||||||
Reserve for losses and LAE | $ | 359 | $ | 153 | $ | 88 | $ | 52 | $ | 51 | ||||||||||
Weighted average credit score (1) | 751 | 751 | 751 | 751 | 751 | |||||||||||||||
Weighted average LTV (1) | 83 | % | 83 | % | 83 | % | 82 | % | 82 | % | ||||||||||
Essent Reinsurance Ltd. Capital: | ||||||||||||||||||||
Stockholder's equity (GAAP basis) | $ | 1,695,390 | $ | 1,722,135 | $ | 1,751,720 | $ | 1,780,924 | $ | 1,773,044 | ||||||||||
Net risk in force (2) | $ | 25,880,997 | $ | 25,453,510 | $ | 24,802,145 | $ | 23,482,726 | $ | 23,250,018 | ||||||||||
(1) Represents statistics on mortgage reinsurance portfolio only. | ||||||||||||||||||||
(2) Net risk in force represents total risk in force net of exposures on policies for which loss reserves have been established. It includes amounts reinsured under a quota share agreement with Essent Guaranty, Inc. in addition to reinsurance agreements with unrelated third parties. | ||||||||||||||||||||
Exhibit P | |||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||
Supplemental Information | |||||||||||||
Cash & Investments | |||||||||||||
Cash & Investments by Asset Class | |||||||||||||
Asset Class | December 31, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
U.S. Treasury securities | $ | 369,712 | 5.6 | % | $ | 547,290 | 8.7 | % | |||||
U.S. agency mortgage-backed securities | 1,174,895 | 17.8 | 1,125,436 | 17.8 | |||||||||
Municipal debt securities | 610,411 | 9.2 | 583,501 | 9.2 | |||||||||
Non-U.S. government securities | 56,024 | 0.8 | 69,798 | 1.1 | |||||||||
Corporate debt securities | 1,980,080 | 30.0 | 1,783,046 | 28.3 | |||||||||
Residential and commercial mortgage securities | 464,105 | 7.0 | 478,086 | 7.6 | |||||||||
Asset-backed securities | 800,366 | 12.1 | 631,959 | 10.0 | |||||||||
Money market funds | 648,492 | 9.8 | 657,605 | 10.4 | |||||||||
Total investments available for sale | 6,104,085 | 92.3 | 5,876,721 | 93.1 | |||||||||
Other invested assets | 382,513 | 5.8 | 303,900 | 4.8 | |||||||||
Cash | 123,049 | 1.9 | 131,480 | 2.1 | |||||||||
Total cash and investments | $ | 6,609,647 | 100.0 | % | $ | 6,312,101 | 100.0 | % | |||||
Investments Available for Sale by Credit Rating | |||||||||||||
Rating (1) | December 31, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
Aaa | $ | 846,230 | 15.5 | % | $ | 2,513,014 | 48.1 | % | |||||
Aa1 | 1,799,508 | 32.9 | 101,809 | 2.0 | |||||||||
Aa2 | 300,026 | 5.5 | 301,080 | 5.8 | |||||||||
Aa3 | 319,848 | 5.9 | 271,069 | 5.2 | |||||||||
A1 | 545,918 | 10.0 | 511,076 | 9.8 | |||||||||
A2 | 511,146 | 9.4 | 411,999 | 7.9 | |||||||||
A3 | 494,434 | 9.1 | 463,616 | 8.8 | |||||||||
Baa1 | 244,424 | 4.5 | 218,454 | 4.2 | |||||||||
Baa2 | 208,247 | 3.8 | 198,193 | 3.8 | |||||||||
Baa3 | 122,596 | 2.2 | 151,729 | 2.9 | |||||||||
Below Baa3 | 63,216 | 1.2 | 77,077 | 1.5 | |||||||||
Total (2) | $ | 5,455,593 | 100.0 | % | $ | 5,219,116 | 100.0 | % | |||||
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available. | |||||||||||||
(2) Excludes $648,492 and $657,605 of money market funds at December 31, 2025 and December 31, 2024, respectively. | |||||||||||||
Investments Available for Sale by Duration and Book Yield | |||||||||||||
Effective Duration | December 31, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
< 1 year | $ | 1,549,327 | 25.4 | % | $ | 1,587,022 | 26.9 | % | |||||
1 to < 2 years | 527,914 | 8.6 | 544,630 | 9.3 | |||||||||
2 to < 3 years | 532,211 | 8.7 | 473,301 | 8.1 | |||||||||
3 to < 4 years | 571,255 | 9.4 | 445,614 | 7.6 | |||||||||
4 to < 5 years | 536,135 | 8.8 | 546,414 | 9.3 | |||||||||
5 or more years | 2,387,243 | 39.1 | 2,279,740 | 38.8 | |||||||||
Total investments available for sale | $ | 6,104,085 | 100.0 | % | $ | 5,876,721 | 100.0 | % | |||||
Pre-tax investment yield (3) | Three months ended December 31, 2025 | Year ended December 31, 2025 | |||||||||||
Yield on cash and investments available for sale | 3.84 | % | 3.83 | % | |||||||||
Return on other invested assets | 4.15 | % | 5.06 | % | |||||||||
Aggregate yield on total cash and investments | 3.85 | % | 3.90 | % | |||||||||
(3) Yield on investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above. | |||||||||||||