HAMILTON, Bermuda, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on December 10, 2025 to shareholders of record on December 1, 2025.
“We are pleased with our third quarter results, which again demonstrate the strength and resilience of our business model,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our performance was driven by continued favorable credit trends and the benefits of the current interest rate environment on both portfolio persistency and investment income, allowing us to continue generating high-quality earnings for our shareholders.”
Financial Highlights:
New insurance written for the third quarter of 2025 was $12.2 billion, compared to $12.5 billion in the second quarter of 2025 and $12.5 billion in the third quarter of 2024.
Insurance in force as of September 30, 2025 was $248.8 billion, compared to $246.8 billion as of June 30, 2025 and $243.0 billion as of September 30, 2024.
Net investment income for the nine months ended September 30, 2025 was $177.3 million, up 7% from the comparable period in 2024.
On August 6, 2025, Moody's Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.
Year-to-date through October 31st, Essent has repurchased 8.7 million common shares for $501 million.
In November 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2027.
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 Ended September 30, 2025 | ||
Exhibit A | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |
Exhibit B | Condensed Consolidated Balance Sheets (Unaudited) | |
Exhibit C | Consolidated Historical Quarterly Data | |
Exhibit D | U.S. Mortgage Insurance Portfolio Historical Quarterly Data | |
Exhibit E | New Insurance Written - U.S. Mortgage Insurance Portfolio | |
Exhibit F | Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio | |
Exhibit G | Other Mortgage Risk in Force | |
Exhibit H | U.S. Mortgage Insurance Portfolio Vintage Data | |
Exhibit I | U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data | |
Exhibit J | U.S. Mortgage Insurance Portfolio Geographic Data | |
Exhibit K | Rollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio | |
Exhibit L | Detail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio | |
Exhibit M | Investments Available for Sale | |
Exhibit N | U.S. Mortgage Insurance Company Capital | |
Exhibit O | Historical Quarterly Segment Information | |
Exhibit A | |||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
Revenues: | |||||||||||||||
Direct premiums written | $ | 280,796 | $ | 277,754 | $ | 828,062 | $ | 819,595 | |||||||
Ceded premiums | (38,968 | ) | (34,789 | ) | (106,475 | ) | (92,524 | ) | |||||||
Net premiums written | 241,828 | 242,965 | 721,587 | 727,071 | |||||||||||
Decrease in unearned premiums | 4,504 | 5,971 | 19,402 | 19,346 | |||||||||||
Net premiums earned | 246,332 | 248,936 | 740,989 | 746,417 | |||||||||||
Net investment income | 59,795 | 57,340 | 177,294 | 165,511 | |||||||||||
Realized investment gains (losses), net | (425 | ) | 68 | (735 | ) | (2,236 | ) | ||||||||
Income from other invested assets | 1,770 | 2,820 | 13,644 | 486 | |||||||||||
Other income | 4,358 | 7,414 | 17,339 | 17,699 | |||||||||||
Total revenues | 311,830 | 316,578 | 948,531 | 927,877 | |||||||||||
Losses and expenses: | |||||||||||||||
Provision for losses and LAE | 44,922 | 30,666 | 93,264 | 40,245 | |||||||||||
Other underwriting and operating expenses | 59,498 | 66,881 | 193,387 | 199,923 | |||||||||||
Interest expense | 8,251 | 11,457 | 24,547 | 27,168 | |||||||||||
Total losses and expenses | 112,671 | 109,004 | 311,198 | 267,336 | |||||||||||
Income before income taxes | 199,159 | 207,574 | 637,333 | 660,541 | |||||||||||
Income tax expense | 34,944 | 31,399 | 102,346 | 99,038 | |||||||||||
Net income | $ | 164,215 | $ | 176,175 | $ | 534,987 | $ | 561,503 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 1.69 | $ | 1.67 | $ | 5.35 | $ | 5.32 | |||||||
Diluted | 1.67 | 1.65 | 5.29 | 5.26 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 97,400 | 105,266 | 100,086 | 105,539 | |||||||||||
Diluted | 98,519 | 106,554 | 101,155 | 106,700 | |||||||||||
Net income | $ | 164,215 | $ | 176,175 | $ | 534,987 | $ | 561,503 | |||||||
Other comprehensive income: | |||||||||||||||
Change in unrealized appreciation of investments | 50,241 | 117,358 | 138,559 | 90,217 | |||||||||||
Total other comprehensive income | 50,241 | 117,358 | 138,559 | 90,217 | |||||||||||
Comprehensive income | $ | 214,456 | $ | 293,533 | $ | 673,546 | $ | 651,720 | |||||||
Exhibit B | |||||||
Essent Group Ltd. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
September 30, | December 31, | ||||||
(In thousands, except per share amounts) | 2025 | 2024 | |||||
Assets | |||||||
Investments | |||||||
Fixed maturities available for sale, at fair value | $ | 5,449,789 | $ | 5,112,697 | |||
Short-term investments available for sale, at fair value | 640,076 | 764,024 | |||||
Total investments available for sale | 6,089,865 | 5,876,721 | |||||
Other invested assets | 370,072 | 303,900 | |||||
Total investments | 6,459,937 | 6,180,621 | |||||
Cash | 91,411 | 131,480 | |||||
Accrued investment income | 43,004 | 43,732 | |||||
Accounts receivable | 53,674 | 55,564 | |||||
Deferred policy acquisition costs | 9,191 | 9,653 | |||||
Property and equipment | 49,956 | 41,871 | |||||
Prepaid federal income tax | 490,456 | 489,600 | |||||
Goodwill and acquired intangible assets, net | 78,504 | 79,556 | |||||
Other assets | 75,866 | 79,572 | |||||
Total assets | $ | 7,351,999 | $ | 7,111,649 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities | |||||||
Reserve for losses and LAE | $ | 397,138 | $ | 328,866 | |||
Unearned premium reserve | 96,581 | 115,983 | |||||
Net deferred tax liability | 438,187 | 392,428 | |||||
Senior notes due 2029, net | 494,965 | 493,959 | |||||
Other accrued liabilities | 186,154 | 176,755 | |||||
Total liabilities | 1,613,025 | 1,507,991 | |||||
Commitments and contingencies | |||||||
Stockholders' Equity | |||||||
Common shares, $0.015 par value: | |||||||
Authorized - 233,333; issued and outstanding - 97,497 shares in 2025 and 105,015 shares in 2024 | 1,462 | 1,575 | |||||
Additional paid-in capital | 770,561 | 1,214,956 | |||||
Accumulated other comprehensive loss | (165,425 | ) | (303,984 | ) | |||
Retained earnings | 5,132,376 | 4,691,111 | |||||
Total stockholders' equity | 5,738,974 | 5,603,658 | |||||
Total liabilities and stockholders' equity | $ | 7,351,999 | $ | 7,111,649 | |||
Return on average equity (1) | 12.6 | % | 13.6 | % | |||
(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity. | |||||||
Exhibit C | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Consolidated Historical Quarterly Data | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
Selected Income Statement Data | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned: | |||||||||||||||||||
U.S. mortgage insurance portfolio | $ | 215,683 | $ | 220,261 | $ | 218,125 | $ | 211,683 | $ | 214,119 | |||||||||
GSE and other mortgage risk share | 15,945 | 13,646 | 15,505 | 16,180 | 17,130 | ||||||||||||||
Title insurance and other | 14,704 | 14,902 | 12,218 | 16,602 | 17,687 | ||||||||||||||
Net premiums earned | 246,332 | 248,809 | 245,848 | 244,465 | 248,936 | ||||||||||||||
Net investment income | 59,795 | 59,289 | 58,210 | 56,559 | 57,340 | ||||||||||||||
Realized investment gains (losses), net | (425 | ) | (129 | ) | (181 | ) | (114 | ) | 68 | ||||||||||
Income from other invested assets | 1,770 | 4,466 | 7,408 | 6,889 | 2,820 | ||||||||||||||
Other income (1) | 4,358 | 6,708 | 6,273 | 7,228 | 7,414 | ||||||||||||||
Total revenues | 311,830 | 319,143 | 317,558 | 315,027 | 316,578 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 44,922 | 17,055 | 31,287 | 40,975 | 30,666 | ||||||||||||||
Other underwriting and operating expenses | 59,498 | 62,765 | 71,124 | 70,951 | 66,881 | ||||||||||||||
Interest expense | 8,251 | 8,148 | 8,148 | 8,151 | 11,457 | ||||||||||||||
Total losses and expenses | 112,671 | 87,968 | 110,559 | 120,077 | 109,004 | ||||||||||||||
Income before income taxes | 199,159 | 231,175 | 206,999 | 194,950 | 207,574 | ||||||||||||||
Income tax expense (2) | 34,944 | 35,836 | 31,566 | 27,050 | 31,399 | ||||||||||||||
Net income | $ | 164,215 | $ | 195,339 | $ | 175,433 | $ | 167,900 | $ | 176,175 | |||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 1.69 | $ | 1.95 | $ | 1.71 | $ | 1.60 | $ | 1.67 | |||||||||
Diluted | 1.67 | 1.93 | 1.69 | 1.58 | 1.65 | ||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 97,400 | 100,037 | 102,881 | 104,963 | 105,266 | ||||||||||||||
Diluted | 98,519 | 101,059 | 103,946 | 106,104 | 106,554 | ||||||||||||||
Book value per share | $ | 58.86 | $ | 56.98 | $ | 55.22 | $ | 53.36 | $ | 53.11 | |||||||||
Return on average equity (annualized) | 11.5 | % | 13.8 | % | 12.5 | % | 11.9 | % | 12.8 | % | |||||||||
Borrowings | |||||||||||||||||||
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 | 8.01 | % | 8.10 | % | 8.12 | % | 8.19 | % | 8.14 | % | |||||||||
(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 September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were ($858), ($29), ($150), $204, and ($1,173), respectively. | |||||||||||||||||||
(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes $493, $1,112, $1,561, $1,591, and $475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes ($828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units. | |||||||||||||||||||
Exhibit D | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
U.S. Mortgage Insurance Portfolio Historical Quarterly Data | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
Other Data: | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||
($ in thousands) | |||||||||||||||||||
U.S. mortgage insurance portfolio | |||||||||||||||||||
New insurance written | $ | 12,233,252 | $ | 12,544,731 | $ | 9,945,336 | $ | 12,220,968 | $ | 12,513,695 | |||||||||
New risk written | $ | 3,239,497 | $ | 3,357,820 | $ | 2,698,639 | $ | 3,297,296 | $ | 3,437,465 | |||||||||
Average insurance in force | $ | 247,821,046 | $ | 245,747,813 | $ | 244,005,459 | $ | 243,236,830 | $ | 242,065,632 | |||||||||
Insurance in force (end of period) | $ | 248,808,341 | $ | 246,797,619 | $ | 244,692,492 | $ | 243,645,423 | $ | 242,976,043 | |||||||||
Gross risk in force (end of period) (1) | $ | 68,262,577 | $ | 67,683,239 | $ | 67,026,626 | $ | 66,613,517 | $ | 66,237,992 | |||||||||
Risk in force (end of period) | $ | 56,940,929 | $ | 56,811,096 | $ | 56,565,811 | $ | 56,477,150 | $ | 55,915,640 | |||||||||
Policies in force | 812,856 | 812,182 | 811,342 | 813,013 | 815,507 | ||||||||||||||
Weighted average coverage (2) | 27.4 | % | 27.4 | % | 27.4 | % | 27.3 | % | 27.3 | % | |||||||||
Annual persistency | 86.0 | % | 85.8 | % | 85.7 | % | 85.7 | % | 86.6 | % | |||||||||
Loans in default (count) | 18,583 | 17,255 | 17,759 | 18,439 | 15,906 | ||||||||||||||
Percentage of loans in default | 2.29 | % | 2.12 | % | 2.19 | % | 2.27 | % | 1.95 | % | |||||||||
U.S. mortgage insurance portfolio premium rate: | |||||||||||||||||||
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 | (0.06 | %) | (0.05 | %) | (0.05 | %) | (0.06 | %) | (0.06 | %) | |||||||||
Net average premium rate | 0.35 | % | 0.36 | % | 0.36 | % | 0.35 | % | 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 is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period. | |||||||||||||||||||
Exhibit E | |||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||||||
Supplemental Information - U.S. Mortgage Insurance Portfolio | |||||||||||||||||||||||
New Insurance Written | |||||||||||||||||||||||
NIW by Credit Score | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
>=760 | $ | 6,356,576 | 52.0 | % | $ | 5,339,574 | 42.7 | % | $ | 17,372,805 | 50.0 | % | $ | 14,387,356 | 43.2 | % | |||||||
740-759 | 1,889,181 | 15.4 | 2,141,817 | 17.1 | 5,623,462 | 16.2 | 5,717,289 | 17.1 | |||||||||||||||
720-739 | 1,485,477 | 12.2 | 1,764,319 | 14.1 | 4,384,395 | 12.6 | 4,828,718 | 14.5 | |||||||||||||||
700-719 | 1,257,054 | 10.3 | 1,622,450 | 13.0 | 3,742,854 | 10.8 | 4,348,047 | 13.0 | |||||||||||||||
680-699 | 691,114 | 5.6 | 918,116 | 7.3 | 1,997,765 | 5.8 | 2,351,589 | 7.1 | |||||||||||||||
<=679 | 553,850 | 4.5 | 727,419 | 5.8 | 1,602,038 | 4.6 | 1,707,365 | 5.1 | |||||||||||||||
Total | $ | 12,233,252 | 100.0 | % | $ | 12,513,695 | 100.0 | % | $ | 34,723,319 | 100.0 | % | $ | 33,340,364 | 100.0 | % | |||||||
Weighted average credit score | 754 | 747 | 753 | 747 | |||||||||||||||||||
NIW by LTV | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
85.00% and below | $ | 1,129,090 | 9.2 | % | $ | 836,186 | 6.7 | % | $ | 2,992,346 | 8.6 | % | $ | 2,250,434 | 6.7 | % | |||||||
85.01% to 90.00% | 3,099,275 | 25.3 | 2,415,504 | 19.3 | 8,335,451 | 24.0 | 6,571,300 | 19.7 | |||||||||||||||
90.01% to 95.00% | 6,200,624 | 50.8 | 6,616,174 | 52.9 | 17,870,142 | 51.5 | 18,008,682 | 54.0 | |||||||||||||||
95.01% and above | 1,804,263 | 14.7 | 2,645,831 | 21.1 | 5,525,380 | 15.9 | 6,509,948 | 19.6 | |||||||||||||||
Total | $ | 12,233,252 | 100.0 | % | $ | 12,513,695 | 100.0 | % | $ | 34,723,319 | 100.0 | % | $ | 33,340,364 | 100.0 | % | |||||||
Weighted average LTV | 93 | % | 93 | % | 93 | % | 93 | % | |||||||||||||||
NIW by Product | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||||||||||
Single premium policies | 1.3 | % | 1.4 | % | 1.3 | % | 1.5 | % | |||||||||||||||
Monthly premium policies | 98.7 | 98.6 | 98.7 | 98.5 | |||||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
NIW by Purchase vs. Refinance | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||||||||||
Purchase | 90.5 | % | 97.0 | % | 92.4 | % | 97.4 | % | |||||||||||||||
Refinance | 9.5 | 3.0 | 7.6 | 2.6 | |||||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
Exhibit F | |||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||
Supplemental Information | |||||||||||||||||
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio | |||||||||||||||||
Portfolio by Credit Score | |||||||||||||||||
IIF by FICO score | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
>=760 | $ | 103,261,791 | 41.5 | % | $ | 101,554,517 | 41.1 | % | $ | 98,553,455 | 40.6 | % | |||||
740-759 | 43,372,715 | 17.4 | 43,146,312 | 17.5 | 42,377,559 | 17.4 | |||||||||||
720-739 | 38,113,923 | 15.3 | 38,115,925 | 15.4 | 37,947,254 | 15.6 | |||||||||||
700-719 | 32,834,985 | 13.2 | 32,789,773 | 13.3 | 32,685,044 | 13.5 | |||||||||||
680-699 | 19,625,586 | 7.9 | 19,666,338 | 8.0 | 19,890,335 | 8.2 | |||||||||||
<=679 | 11,599,341 | 4.7 | 11,524,754 | 4.7 | 11,522,396 | 4.7 | |||||||||||
Total | $ | 248,808,341 | 100.0 | % | $ | 246,797,619 | 100.0 | % | $ | 242,976,043 | 100.0 | % | |||||
Weighted average credit score | 746 | 746 | 746 | ||||||||||||||
Gross RIF by FICO score | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
>=760 | $ | 28,056,444 | 41.0 | % | $ | 27,578,860 | 40.8 | % | $ | 26,614,399 | 40.2 | % | |||||
740-759 | 12,054,702 | 17.7 | 11,989,491 | 17.7 | 11,715,485 | 17.7 | |||||||||||
720-739 | 10,587,116 | 15.5 | 10,584,541 | 15.6 | 10,485,311 | 15.8 | |||||||||||
700-719 | 9,155,794 | 13.4 | 9,136,075 | 13.5 | 9,044,551 | 13.7 | |||||||||||
680-699 | 5,429,039 | 8.0 | 5,434,287 | 8.0 | 5,451,406 | 8.2 | |||||||||||
<=679 | 2,979,482 | 4.4 | 2,959,985 | 4.4 | 2,926,840 | 4.4 | |||||||||||
Total | $ | 68,262,577 | 100.0 | % | $ | 67,683,239 | 100.0 | % | $ | 66,237,992 | 100.0 | % | |||||
Portfolio by LTV | |||||||||||||||||
IIF by LTV | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
85.00% and below | $ | 14,398,904 | 5.8 | % | $ | 14,309,342 | 5.8 | % | $ | 15,555,555 | 6.4 | % | |||||
85.01% to 90.00% | 58,982,107 | 23.7 | 59,432,276 | 24.1 | 61,262,960 | 25.2 | |||||||||||
90.01% to 95.00% | 131,889,655 | 53.0 | 130,210,803 | 52.7 | 125,919,529 | 51.8 | |||||||||||
95.01% and above | 43,537,675 | 17.5 | 42,845,198 | 17.4 | 40,237,999 | 16.6 | |||||||||||
Total | $ | 248,808,341 | 100.0 | % | $ | 246,797,619 | 100.0 | % | $ | 242,976,043 | 100.0 | % | |||||
Weighted average LTV | 93 | % | 93 | % | 93 | % | |||||||||||
Gross RIF by LTV | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
85.00% and below | $ | 1,696,592 | 2.5 | % | $ | 1,689,437 | 2.5 | % | $ | 1,845,584 | 2.8 | % | |||||
85.01% to 90.00% | 14,526,528 | 21.3 | 14,653,527 | 21.7 | 15,120,025 | 22.8 | |||||||||||
90.01% to 95.00% | 38,895,352 | 57.0 | 38,402,295 | 56.7 | 37,149,222 | 56.1 | |||||||||||
95.01% and above | 13,144,105 | 19.2 | 12,937,980 | 19.1 | 12,123,161 | 18.3 | |||||||||||
Total | $ | 68,262,577 | 100.0 | % | $ | 67,683,239 | 100.0 | % | $ | 66,237,992 | 100.0 | % | |||||
Portfolio by Loan Amortization Period | |||||||||||||||||
IIF by Loan Amortization Period | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||
($ in thousands) | |||||||||||||||||
FRM 30 years and higher | $ | 242,770,621 | 97.6 | % | $ | 241,225,436 | 97.8 | % | $ | 237,628,900 | 97.8 | % | |||||
FRM 20-25 years | 1,070,635 | 0.4 | 1,024,884 | 0.4 | 1,199,947 | 0.5 | |||||||||||
FRM 15 years | 1,664,866 | 0.7 | 1,465,011 | 0.6 | 1,191,749 | 0.5 | |||||||||||
ARM 5 years and higher | 3,302,219 | 1.3 | 3,082,288 | 1.2 | 2,955,447 | 1.2 | |||||||||||
Total | $ | 248,808,341 | 100.0 | % | $ | 246,797,619 | 100.0 | % | $ | 242,976,043 | 100.0 | % | |||||
Exhibit G | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Other Mortgage Risk in Force | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
($ in thousands) | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||
GSE and other mortgage risk share (1): | |||||||||||||||||||
Risk in Force | $ | 2,184,981 | $ | 2,290,008 | $ | 2,189,477 | $ | 2,209,284 | $ | 2,228,376 | |||||||||
Reserve for losses and LAE | $ | 94 | $ | 88 | $ | 52 | $ | 51 | $ | 37 | |||||||||
Weighted average credit score | 751 | 751 | 751 | 751 | 750 | ||||||||||||||
Weighted average LTV | 83 | % | 83 | % | 82 | % | 82 | % | 82 | % | |||||||||
(1) GSE and other mortgage risk share includes GSE risk share and other mortgage reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae. | |||||||||||||||||||
Exhibit H | ||||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||
Supplemental Information | ||||||||||||||||||||||||
U.S. Mortgage Insurance Portfolio Vintage Data | ||||||||||||||||||||||||
September 30, 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 | $ | 1,547,043 | 1.8 | % | 8,541 | 4.28 | % | 68.5 | % | 50.5 | % | 1.7 | % | 11.6 | % | 47.4 | % | 2.3 | % | 342 | 4.00 | % |
2016 | 34,949,319 | 1,224,277 | 3.5 | 7,032 | 4.04 | 78.7 | 62.5 | 16.5 | 16.8 | 41.3 | 2.0 | 339 | 4.82 | |||||||||||
2017 | 43,858,322 | 2,941,973 | 6.7 | 18,638 | 4.32 | 90.4 | 82.4 | 26.3 | 21.3 | 36.1 | 2.9 | 861 | 4.62 | |||||||||||
2018 | 47,508,525 | 3,956,282 | 8.3 | 23,387 | 4.83 | 95.1 | 78.9 | 29.3 | 22.6 | 31.2 | 3.8 | 1,095 | 4.68 | |||||||||||
2019 | 63,569,183 | 8,869,146 | 14.0 | 44,858 | 4.25 | 90.1 | 75.0 | 27.0 | 19.4 | 34.2 | 3.5 | 1,564 | 3.49 | |||||||||||
2020 | 107,944,065 | 29,520,352 | 27.3 | 121,596 | 3.22 | 76.0 | 68.4 | 16.1 | 10.9 | 44.9 | 2.7 | 2,417 | 1.99 | |||||||||||
2021 | 84,218,250 | 42,983,766 | 51.0 | 148,389 | 3.11 | 91.8 | 71.2 | 18.2 | 13.7 | 40.1 | 6.4 | 3,599 | 2.43 | |||||||||||
2022 | 63,061,262 | 46,918,955 | 74.4 | 138,053 | 5.09 | 98.4 | 67.3 | 11.9 | 12.5 | 39.5 | 19.3 | 3,670 | 2.66 | |||||||||||
2023 | 47,666,852 | 37,383,517 | 78.4 | 107,924 | 6.61 | 98.8 | 73.4 | 19.3 | 11.1 | 38.2 | 21.4 | 2,834 | 2.63 | |||||||||||
2024 | 45,561,332 | 40,106,430 | 88.0 | 108,554 | 6.70 | 94.9 | 73.2 | 20.3 | 12.3 | 42.3 | 20.3 | 1,669 | 1.54 | |||||||||||
2025 (through September 30) | 34,723,319 | 33,356,600 | 96.1 | 85,884 | 6.70 | 92.3 | 67.5 | 16.4 | 10.6 | 49.2 | 8.4 | 193 | 0.22 | |||||||||||
Total | $ | 659,922,936 | $ | 248,808,341 | 37.7 | 812,856 | 5.17 | 92.6 | 70.5 | 17.5 | 12.6 | 41.5 | 5.7 | 18,583 | 2.29 | |||||||||
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned. | ||||||||||||||||||||||||
Essent Group Ltd. and Subsidiaries | Exhibit I | |
Supplemental Information | ||
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data | ||
September 30, 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 | $ | 19,739,682 | $ | 5,468,250 | $ | 557,911 | $ | 114,739 | $ | — | $ | 278,956 | $ | 276,517 | $ | 1,216 | $ | 3,997 | $ | 79,765 | ||||||
Radnor Re 2021-2 | Apr. 2021 - Sep. 2021 | 25,483,612 | 7,221,803 | 439,407 | 209,214 | — | 279,415 | 273,314 | 2,874 | 8,930 | 181,589 | ||||||||||||||||
Radnor Re 2022-1 | Oct. 2021 - Jul. 2022 | 25,108,189 | 6,942,042 | 237,868 | 140,407 | — | 303,761 | 295,115 | 2,977 | 9,508 | 129,175 | ||||||||||||||||
Radnor Re 2023-1 | Aug. 2022 - Jun. 2023 | 25,659,356 | 7,054,365 | 281,462 | 227,315 | — | 281,463 | 274,987 | 3,068 | 9,269 | 215,495 | ||||||||||||||||
Radnor Re 2024-1 | Jul. 2023 - Jul. 2024 | 26,433,237 | 7,318,400 | 363,366 | 282,240 | — | 256,495 | 255,938 | 2,960 | 8,843 | 208,858 | ||||||||||||||||
Total | $ | 122,424,076 | $ | 34,004,860 | $ | 1,880,014 | $ | 973,915 | $ | — | $ | 1,400,090 | $ | 1,375,871 | $ | 13,095 | $ | 40,547 | $ | 814,882 | |||||||
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 | $ | 3,917,343 | $ | 1,034,525 | $ | 118,650 | $ | 76,144 | $ | — | $ | 253,643 | $ | 241,999 | $ | 627 | $ | 1,861 | $ | — | ||||||
XOL 2020-1 | Jan. 2019 - Aug. 2019 | 5,062,931 | 1,340,666 | 55,102 | 29,152 | — | 215,605 | 210,860 | 252 | 747 | — | ||||||||||||||||
XOL 2022-1 | Oct. 2021 - Dec. 2022 | 57,047,820 | 15,687,589 | 141,992 | 141,992 | — | 507,114 | 480,893 | 1,611 | 4,779 | 137,144 | ||||||||||||||||
XOL 2023-1 | Jan. 2023 - Dec. 2023 | 33,592,906 | 9,329,166 | 36,627 | 36,627 | — | 366,270 | 361,520 | 439 | 1,301 | 35,221 | ||||||||||||||||
XOL 2024-1 | Jan. 2024 - Dec. 2024 | 37,239,040 | 10,243,450 | 58,005 | 58,005 | — | 331,456 | 330,808 | 657 | 1,953 | 55,989 | ||||||||||||||||
XOL 2025-1 | Jan. 2025 - Dec. 2025 | 33,292,085 | 8,918,226 | 62,428 | 62,428 | — | 265,700 | 265,700 | 566 | 566 | 60,035 | ||||||||||||||||
Total | $ | 170,152,125 | $ | 46,553,622 | $ | 472,804 | $ | 404,348 | $ | — | $ | 1,939,788 | $ | 1,891,780 | $ | 4,152 | $ | 11,207 | $ | 288,389 | |||||||
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 |
|
|
|
| Reduction in PMIERs Minimum Required Assets (3) | ||||||||||||||||||
Sep. 2019 - Dec. 2020 | (4) | $ | 33,267,853 | $ | 9,170,377 | $ | 6,888,445 | $ | 1,872,081 | $ | 187 | $ | (428 | ) | $ | 2,013 | $ | 6,406 | $ | 3,090 | $ | 8,812 | $ | 115,851 | ||||||
Jan. 2022 - Dec. 2022 | 20% | 46,871,227 | 12,846,313 | 9,374,245 | 2,569,263 | 2,941 | 5,460 | 1,675 | 5,168 | 5,872 | 15,029 | 189,789 | ||||||||||||||||||
Jan. 2023 - Dec. 2023 | 17.5% | 33,484,914 | 9,302,064 | 5,859,860 | 1,627,861 | 2,350 | 4,992 | 1,205 | 3,706 | 4,879 | 12,774 | 127,884 | ||||||||||||||||||
Jan. 2024 - Dec. 2024 | 15% | 39,879,085 | 10,951,466 | 5,981,863 | 1,642,720 | 2,310 | 5,159 | 1,241 | 3,792 | 4,978 | 13,311 | 128,046 | ||||||||||||||||||
Jan. 2025 - Dec. 2025 | 25% | 33,319,488 | 8,925,838 | 8,329,872 | 2,231,460 | 690 | 962 | 1,195 | 2,072 | 2,902 | 4,795 | 146,367 | ||||||||||||||||||
Total | $ | 186,822,567 | $ | 51,196,058 | $ | 36,434,285 | $ | 9,943,385 | $ | 8,478 | $ | 16,145 | $ | 7,329 | $ | 21,144 | $ | 21,721 | $ | 54,721 | $ | 707,937 | ||||||||
(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) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies. | ||||||
Exhibit J | ||||||||
Essent Group Ltd. and Subsidiaries | ||||||||
Supplemental Information | ||||||||
U.S. Mortgage Insurance Portfolio Geographic Data | ||||||||
IIF by State | ||||||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||
CA | 12.2 | % | 12.3 | % | 12.5 | % | ||
FL | 12.0 | 12.0 | 11.8 | |||||
TX | 11.3 | 11.3 | 10.9 | |||||
CO | 4.0 | 4.0 | 4.1 | |||||
AZ | 4.0 | 3.9 | 3.8 | |||||
GA | 3.8 | 3.8 | 3.7 | |||||
WA | 3.4 | 3.4 | 3.4 | |||||
NC | 3.1 | 3.1 | 3.0 | |||||
MI | 2.6 | 2.6 | 2.5 | |||||
NY | 2.6 | 2.6 | 2.6 | |||||
All Others | 41.0 | 41.0 | 41.7 | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
Gross RIF by State | ||||||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||
CA | 12.2 | % | 12.3 | % | 12.5 | % | ||
FL | 12.2 | 12.2 | 12.0 | |||||
TX | 11.6 | 11.5 | 11.2 | |||||
AZ | 4.0 | 4.0 | 3.9 | |||||
CO | 3.9 | 4.0 | 4.0 | |||||
GA | 3.9 | 3.9 | 3.8 | |||||
WA | 3.4 | 3.4 | 3.4 | |||||
NC | 3.1 | 3.1 | 3.0 | |||||
MI | 2.6 | 2.6 | 2.5 | |||||
UT | 2.6 | 2.6 | 2.4 | |||||
All Others | 40.5 | 40.4 | 41.3 | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
Exhibit K | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Rollforward of Defaults and Reserve for Losses and LAE | |||||||||||||||||||
U.S. Mortgage Insurance Portfolio | |||||||||||||||||||
Rollforward of Insured Loans in Default | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
Beginning default inventory | 17,255 | 17,759 | 18,439 | 15,906 | 13,954 | ||||||||||||||
Plus: new defaults (A) | 10,357 | 8,810 | 9,664 | 11,136 | 9,984 | ||||||||||||||
Less: cures | (8,713 | ) | (9,078 | ) | (10,173 | ) | (8,408 | ) | (7,819 | ) | |||||||||
Less: claims paid | (296 | ) | (215 | ) | (153 | ) | (183 | ) | (182 | ) | |||||||||
Less: rescissions and denials, net | (20 | ) | (21 | ) | (18 | ) | (12 | ) | (31 | ) | |||||||||
Ending default inventory | 18,583 | 17,255 | 17,759 | 18,439 | 15,906 | ||||||||||||||
(A) New defaults remaining as of September 30, 2025 | 7,693 | 3,556 | 2,221 | 1,696 | 1,164 | ||||||||||||||
Cure rate (1) | 26 | % | 60 | % | 77 | % | 85 | % | 88 | % | |||||||||
Total amount paid for claims (in thousands) | $ | 16,456 | $ | 9,007 | $ | 6,330 | $ | 7,740 | $ | 5,749 | |||||||||
Average amount paid per claim (in thousands) | $ | 56 | $ | 42 | $ | 41 | $ | 42 | $ | 32 | |||||||||
Severity | 78 | % | 67 | % | 70 | % | 68 | % | 58 | % | |||||||||
Rollforward of Reserve for Losses and LAE | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
($ in thousands) | September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||
Reserve for losses and LAE at beginning of period | $ | 345,952 | $ | 338,128 | $ | 310,156 | $ | 274,926 | $ | 246,107 | |||||||||
Less: Reinsurance recoverables | 41,966 | 40,351 | 36,655 | 30,867 | 26,022 | ||||||||||||||
Net reserve for losses and LAE at beginning of period | 303,986 | 297,777 | 273,501 | 244,059 | 220,085 | ||||||||||||||
Add provision for losses and LAE occurring in: | |||||||||||||||||||
Current period | 62,349 | 45,119 | 48,928 | 50,212 | 51,649 | ||||||||||||||
Prior years | (18,179 | ) | (29,796 | ) | (18,208 | ) | (12,976 | ) | (21,836 | ) | |||||||||
Incurred losses and LAE during the period | 44,170 | 15,323 | 30,720 | 37,236 | 29,813 | ||||||||||||||
Deduct payments for losses and LAE occurring in: | |||||||||||||||||||
Current period | 552 | 315 | 51 | 1,569 | 637 | ||||||||||||||
Prior years | 16,013 | 8,799 | 6,393 | 6,225 | 5,202 | ||||||||||||||
Loss and LAE payments during the period | 16,565 | 9,114 | 6,444 | 7,794 | 5,839 | ||||||||||||||
Net reserve for losses and LAE at end of period | 331,591 | 303,986 | 297,777 | 273,501 | 244,059 | ||||||||||||||
Plus: Reinsurance recoverables | 47,957 | 41,966 | 40,351 | 36,655 | 30,867 | ||||||||||||||
Reserve for losses and LAE at end of period | $ | 379,548 | $ | 345,952 | $ | 338,128 | $ | 310,156 | $ | 274,926 | |||||||||
(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 L | ||||||||||||
Essent Group Ltd. and Subsidiaries | ||||||||||||
Supplemental Information | ||||||||||||
Detail of Reserves by Default Delinquency | ||||||||||||
U.S. Mortgage Insurance Portfolio | ||||||||||||
September 30, 2025 | ||||||||||||
Number of | Percentage of | Amount of | Percentage of Reserves | Defaulted RIF | Reserves as a Percentage of | |||||||
($ in thousands) | ||||||||||||
Missed Payments: | ||||||||||||
Two payments | 6,444 | 35 | % | $ | 36,672 | 10 | % | $ | 503,842 | 7 | % | |
Three payments | 2,658 | 14 | 27,789 | 8 | 215,321 | 13 | ||||||
Four to eleven payments | 6,683 | 36 | 143,173 | 41 | 559,663 | 26 | ||||||
Twelve or more payments | 2,551 | 14 | 125,475 | 36 | 206,735 | 61 | ||||||
Pending claims | 247 | 1 | 17,365 | 5 | 19,537 | 89 | ||||||
Total case reserves | 18,583 | 100 | % | 350,474 | 100 | % | $ | 1,505,098 | 23 | % | ||
IBNR | 26,287 | |||||||||||
LAE | 2,787 | |||||||||||
Total reserves for losses and LAE | $ | 379,548 | ||||||||||
Average reserve per default: | ||||||||||||
Case | $ | 18.9 | ||||||||||
Total | $ | 20.4 | ||||||||||
Default Rate | 2.29 | % | ||||||||||
3+ Month Default Rate | 1.49 | % | ||||||||||
December 31, 2024 | ||||||||||||
Number of | Percentage of | Amount of | Percentage of Reserves | 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 | % | ||||||||||
September 30, 2024 | ||||||||||||
Number of | Percentage of | Amount of | Percentage of Reserves | Defaulted RIF | Reserves as a Percentage of | |||||||
($ in thousands) | ||||||||||||
Missed Payments: | ||||||||||||
Two payments | 5,704 | 36 | % | $ | 29,187 | 11 | % | $ | 425,367 | 7 | % | |
Three payments | 2,589 | 16 | 24,662 | 10 | 202,138 | 12 | ||||||
Four to eleven payments | 5,498 | 35 | 104,223 | 41 | 437,515 | 24 | ||||||
Twelve or more payments | 1,980 | 12 | 86,821 | 35 | 144,396 | 60 | ||||||
Pending claims | 135 | 1 | 8,620 | 3 | 9,692 | 89 | ||||||
Total case reserves | 15,906 | 100 | % | 253,513 | 100 | % | $ | 1,219,108 | 21 | % | ||
IBNR | 19,013 | |||||||||||
LAE | 2,400 | |||||||||||
Total reserves for losses and LAE | $ | 274,926 | ||||||||||
Average reserve per default: | ||||||||||||
Case | $ | 15.9 | ||||||||||
Total | $ | 17.3 | ||||||||||
Default Rate | 1.95 | % | ||||||||||
3+ Month Default Rate | 1.25 | % | ||||||||||
Exhibit M | |||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||
Supplemental Information | |||||||||||||
Investments Available for Sale | |||||||||||||
Investments Available for Sale by Asset Class | |||||||||||||
Asset Class | September 30, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
U.S. Treasury securities | $ | 382,791 | 6.3 | % | $ | 547,290 | 9.3 | % | |||||
U.S. agency mortgage-backed securities | 1,178,691 | 19.4 | 1,125,436 | 19.2 | |||||||||
Municipal debt securities | 613,089 | 10.0 | 583,501 | 9.9 | |||||||||
Non-U.S. government securities | 63,142 | 1.0 | 69,798 | 1.2 | |||||||||
Corporate debt securities | 1,930,920 | 31.7 | 1,783,046 | 30.3 | |||||||||
Residential and commercial mortgage securities | 463,344 | 7.6 | 478,086 | 8.1 | |||||||||
Asset-backed securities | 817,812 | 13.5 | 631,959 | 10.8 | |||||||||
Money market funds | 640,076 | 10.5 | 657,605 | 11.2 | |||||||||
Total investments available for sale | $ | 6,089,865 | 100.0 | % | $ | 5,876,721 | 100.0 | % | |||||
Investments Available for Sale by Credit Rating | |||||||||||||
Rating(1) | September 30, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
Aaa | $ | 841,702 | 15.4 | % | $ | 2,513,014 | 48.1 | % | |||||
Aa1 | 1,817,913 | 33.4 | 101,809 | 2.0 | |||||||||
Aa2 | 296,607 | 5.4 | 301,080 | 5.8 | |||||||||
Aa3 | 307,657 | 5.6 | 271,069 | 5.2 | |||||||||
A1 | 569,589 | 10.5 | 511,076 | 9.8 | |||||||||
A2 | 458,648 | 8.4 | 411,999 | 7.9 | |||||||||
A3 | 503,779 | 9.2 | 463,616 | 8.8 | |||||||||
Baa1 | 222,589 | 4.1 | 218,454 | 4.2 | |||||||||
Baa2 | 212,197 | 3.9 | 198,193 | 3.8 | |||||||||
Baa3 | 147,026 | 2.7 | 151,729 | 2.9 | |||||||||
Below Baa3 | 72,082 | 1.4 | 77,077 | 1.5 | |||||||||
Total(2) | $ | 5,449,789 | 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 $640,076 and $657,605 of money market funds at September 30, 2025 and December 31, 2024, respectively. | |||||||||||||
Investments Available for Sale by Duration and Book Yield | |||||||||||||
Effective Duration | September 30, 2025 | December 31, 2024 | |||||||||||
($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
< 1 Year | $ | 1,511,803 | 24.8 | % | $ | 1,587,022 | 26.9 | % | |||||
1 to < 2 Years | 567,580 | 9.3 | 544,630 | 9.3 | |||||||||
2 to < 3 Years | 515,475 | 8.5 | 473,301 | 8.1 | |||||||||
3 to < 4 Years | 628,295 | 10.3 | 445,614 | 7.6 | |||||||||
4 to < 5 Years | 528,981 | 8.7 | 546,414 | 9.3 | |||||||||
5 or more Years | 2,337,731 | 38.4 | 2,279,740 | 38.8 | |||||||||
Total investments available for sale | $ | 6,089,865 | 100.0 | % | $ | 5,876,721 | 100.0 | % | |||||
Pre-tax investment income yield: | |||||||||||||
Three months ended | 3.89 | % | |||||||||||
Nine months ended September 30, 2025 | 3.83 | % | |||||||||||
Cash and investments available for sale at the holding companies: | |||||
($ in thousands) | |||||
As of September 30, 2025 | $ | 1,038,747 | |||
As of December 31, 2024 | $ | 1,052,900 | |||
Exhibit N | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
U.S. Mortgage Insurance Company Capital | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
U.S. Mortgage Insurance Subsidiaries (7): | |||||||||||||||||||
Combined statutory capital (1) | $ | 3,732,465 | $ | 3,714,146 | $ | 3,642,374 | $ | 3,594,381 | $ | 3,584,580 | |||||||||
Combined net risk in force (2) | $ | 33,367,706 | $ | 33,986,508 | $ | 34,968,089 | $ | 35,159,976 | $ | 34,893,957 | |||||||||
Risk-to-capital ratios (3): | |||||||||||||||||||
Essent Guaranty, Inc. | 8.9:1 | 9.2:1 | 9.6:1 | 9.8:1 | 10.0:1 | ||||||||||||||
Essent Guaranty of PA, Inc. | N/A | N/A | N/A | N/A | 0.3:1 | ||||||||||||||
Combined (4) | N/A | N/A | N/A | N/A | 9.7:1 | ||||||||||||||
Essent Guaranty, Inc. PMIERs Data (5): | |||||||||||||||||||
Available Assets | $ | 3,666,883 | $ | 3,654,460 | $ | 3,628,675 | $ | 3,612,993 | $ | 3,598,725 | |||||||||
Minimum Required Assets | 2,065,890 | 2,075,409 | 2,107,620 | 2,029,738 | 1,903,473 | ||||||||||||||
PMIERs excess Available Assets | $ | 1,600,993 | $ | 1,579,051 | $ | 1,521,055 | $ | 1,583,255 | $ | 1,695,252 | |||||||||
PMIERs sufficiency ratio (6) | 177 | % | 176 | % | 172 | % | 178 | % | 189 | % | |||||||||
Essent Reinsurance Ltd.: | |||||||||||||||||||
Stockholder's equity (GAAP basis) | $ | 1,722,135 | $ | 1,751,720 | $ | 1,780,924 | $ | 1,773,044 | $ | 1,826,901 | |||||||||
Net risk in force (2) | $ | 25,453,510 | $ | 24,802,145 | $ | 23,482,726 | $ | 23,250,018 | $ | 23,003,846 | |||||||||
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc. when applicable, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual. | |||||||||||||||||||
(2) 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. | |||||||||||||||||||
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital. | |||||||||||||||||||
(4) When applicable, the combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital. | |||||||||||||||||||
(5) Data is based on our interpretation of the PMIERs as of the dates indicated. | |||||||||||||||||||
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets. | |||||||||||||||||||
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of and subsequent to December 31, 2024 are for Essent Guaranty only. | |||||||||||||||||||
Exhibit O | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Historical Quarterly Segment Information | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
The following tables set forth quarterly financial information for our reportable business segment, Mortgage Insurance, our Corporate & Other category and our consolidated results for the five quarters ending September 30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment 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. | |||||||||||||||||||
Mortgage Insurance | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 231,628 | $ | 233,907 | $ | 233,630 | $ | 227,863 | $ | 231,249 | |||||||||
Net investment income | 49,568 | 48,892 | 47,630 | 46,191 | 46,241 | ||||||||||||||
Realized investment gains (losses), net | (427 | ) | (124 | ) | (101 | ) | (120 | ) | 73 | ||||||||||
Income (loss) from other invested assets | (605 | ) | 3,619 | 3,209 | 2,925 | 3,132 | |||||||||||||
Other income | 2,391 | 3,523 | 4,501 | 3,884 | 3,706 | ||||||||||||||
Total revenues | 282,555 | 289,817 | 288,869 | 280,743 | 284,401 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 44,177 | 15,359 | 30,722 | 37,254 | 29,816 | ||||||||||||||
Compensation and benefits | 16,568 | 16,793 | 19,890 | 18,037 | 17,656 | ||||||||||||||
Premium and other taxes | 6,018 | 6,000 | 5,574 | 5,968 | 5,863 | ||||||||||||||
Ceding commission | (6,942 | ) | (6,910 | ) | (6,508 | ) | (6,547 | ) | (6,433 | ) | |||||||||
Other underwriting and operating expenses | 10,949 | 11,128 | 11,637 | 11,779 | 10,798 | ||||||||||||||
Net operating expenses before allocations | 26,593 | 27,011 | 30,593 | 29,237 | 27,884 | ||||||||||||||
Corporate expense allocations | 7,583 | 9,241 | 13,014 | 10,657 | 10,672 | ||||||||||||||
Operating expenses after allocations | 34,176 | 36,252 | 43,607 | 39,894 | 38,556 | ||||||||||||||
Income before income tax expense | $ | 204,202 | $ | 238,206 | $ | 214,540 | $ | 203,595 | $ | 216,029 | |||||||||
Loss Ratio (1) | 19.1 | % | 6.6 | % | 13.1 | % | 16.3 | % | 12.9 | % | |||||||||
Expense Ratio (2) | 14.8 | % | 15.5 | % | 18.7 | % | 17.5 | % | 16.7 | % | |||||||||
Combined Ratio | 33.9 | % | 22.1 | % | 31.8 | % | 33.8 | % | 29.6 | % | |||||||||
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned. | |||||||||||||||||||
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | |||||||||||||||||||
Exhibit O, continued | |||||||||||||||||||
Essent Group Ltd. and Subsidiaries | |||||||||||||||||||
Supplemental Information | |||||||||||||||||||
Historical Quarterly Segment Information | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Corporate & Other | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 14,704 | $ | 14,902 | $ | 12,218 | $ | 16,602 | $ | 17,687 | |||||||||
Net investment income | 10,227 | 10,397 | 10,580 | 10,368 | 11,099 | ||||||||||||||
Realized investment gains (losses), net | 2 | (5 | ) | (80 | ) | 6 | (5 | ) | |||||||||||
Income (loss) from other invested assets | 2,375 | 847 | 4,199 | 3,964 | (312 | ) | |||||||||||||
Other income | 1,967 | 3,185 | 1,772 | 3,344 | 3,708 | ||||||||||||||
Total revenues | 29,275 | 29,326 | 28,689 | 34,284 | 32,177 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 745 | 1,696 | 565 | 3,721 | 850 | ||||||||||||||
Compensation and benefits | 12,608 | 13,926 | 19,802 | 16,490 | 16,136 | ||||||||||||||
Premium and other taxes | (88 | ) | 495 | 1,329 | 569 | 432 | |||||||||||||
Ceding commission | 47 | — | — | — | — | ||||||||||||||
Other underwriting and operating expenses | 20,338 | 21,333 | 19,400 | 24,655 | 22,429 | ||||||||||||||
Net operating expenses before allocations | 32,905 | 35,754 | 40,531 | 41,714 | 38,997 | ||||||||||||||
Corporate expense allocations | (7,583 | ) | (9,241 | ) | (13,014 | ) | (10,657 | ) | (10,672 | ) | |||||||||
Operating expenses after allocations | 25,322 | 26,513 | 27,517 | 31,057 | 28,325 | ||||||||||||||
Interest expense | 8,251 | 8,148 | 8,148 | 8,151 | 11,457 | ||||||||||||||
Loss before income tax expense | $ | (5,043 | ) | $ | (7,031 | ) | $ | (7,541 | ) | $ | (8,645 | ) | $ | (8,455 | ) | ||||
Consolidated | |||||||||||||||||||
2025 | 2024 | ||||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
($ in thousands) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net premiums earned | $ | 246,332 | $ | 248,809 | $ | 245,848 | $ | 244,465 | $ | 248,936 | |||||||||
Net investment income | 59,795 | 59,289 | 58,210 | 56,559 | 57,340 | ||||||||||||||
Realized investment gains (losses), net | (425 | ) | (129 | ) | (181 | ) | (114 | ) | 68 | ||||||||||
Income from other invested assets | 1,770 | 4,466 | 7,408 | 6,889 | 2,820 | ||||||||||||||
Other income | 4,358 | 6,708 | 6,273 | 7,228 | 7,414 | ||||||||||||||
Total revenues | 311,830 | 319,143 | 317,558 | 315,027 | 316,578 | ||||||||||||||
Losses and expenses: | |||||||||||||||||||
Provision for losses and LAE | 44,922 | 17,055 | 31,287 | 40,975 | 30,666 | ||||||||||||||
Compensation and benefits | 29,176 | 30,719 | 39,692 | 34,527 | 33,792 | ||||||||||||||
Premium and other taxes | 5,930 | 6,495 | 6,903 | 6,537 | 6,295 | ||||||||||||||
Ceding commission | (6,895 | ) | (6,910 | ) | (6,508 | ) | (6,547 | ) | (6,433 | ) | |||||||||
Other underwriting and operating expenses | 31,287 | 32,461 | 31,037 | 36,434 | 33,227 | ||||||||||||||
Total other underwriting and operating expenses | 59,498 | 62,765 | 71,124 | 70,951 | 66,881 | ||||||||||||||
Interest expense | 8,251 | 8,148 | 8,148 | 8,151 | 11,457 | ||||||||||||||
Income before income tax expense | $ | 199,159 | $ | 231,175 | $ | 206,999 | $ | 194,950 | $ | 207,574 | |||||||||