Essent Q2 Earnings: $1.93 EPS, Moody's Upgrades Rating to A2

Essent Group Ltd. Announces Second Quarter 2025 Results and Declares Quarterly Dividend

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08/08/2025 - 06:30 AM

HAMILTON, Bermuda--(BUSINESS WIRE)-- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended June 30, 2025 of $195.3 million or $1.93 per diluted share, compared to $203.6 million or $1.91 per diluted share for the quarter ended June 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 September 10, 2025, to shareholders of record on August 29, 2025.

鈥淲e are pleased with our second quarter 2025 financial results, which reflect continued strength in credit, elevated portfolio persistency and increased investment income,鈥� said Mark A. Casale, Chairman and Chief Executive Officer. 鈥淓ssent鈥檚 consistent execution and resilient operating model continue to drive high-quality earnings and growth in book value per share. Our capital position remains strong, and we remain committed to deploying capital efficiently to enhance shareholder returns and support long-term value creation.鈥�

Financial Highlights:

New insurance written for the second quarter of 2025 was $12.5 billion, compared to $9.9 billion in the first quarter of 2025 and $12.5 billion in the second quarter of 2024.

Insurance in force as of June 30, 2025 was $246.8 billion, compared to $244.7 billion as of March 31, 2025 and $240.7 billion as of June 30, 2024.

Net investment income for the first half of 2025 was $117.5 million, up 9% from the first half of 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.

As previously disclosed, during the second quarter of 2025, Essent entered into two excess of loss reinsurance agreements with panels of highly rated third-party reinsurers. These agreements cover 20% of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026, effective July 1 of each year.

Also, as previously disclosed, during the second quarter of 2025, Essent Guaranty, Inc. increased the ceding percentage on our affiliate quota share with Essent Reinsurance Ltd. from 35% to 50% retroactive to new insurance written from January 1, 2025.

Year-to-date through July 31st, Essent has repurchased 6.8 million common shares for $387 million. As of July 31st, $260 million remains under the $500 million repurchase plan authorized by the Board in February 2025.

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 . 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 .

Forward-Looking Statements:

This press release may include 鈥渇orward-looking statements鈥� 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," 鈥渟hould,鈥� 鈥渆xpect,鈥� "plan," "anticipate," "believe," 鈥渆stimate,鈥� 鈥減redict,鈥� 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 鈥淕SEs鈥�), 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 鈥淩isk Factors鈥� 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, 鈥淓ssent鈥�) 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 .

Source: Essent Group Ltd.

听	听	听
听	听	听
Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended June 30, 2025
听	听	听
听	听	听
Exhibit A	听	Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B	听	Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C	听	Consolidated Historical Quarterly Data
Exhibit D	听	U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E	听	New Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit F	听	Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit G	听	Other Risk in Force
Exhibit H	听	U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I	听	U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J	听	U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K	听	Rollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit L	听	Detail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit M	听	Investments Available for Sale
Exhibit N	听	U.S. Mortgage Insurance Company Capital
Exhibit O	听	Historical Quarterly Segment Information

听

Exhibit A

听

Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

听

Three Months Ended June 30,

听

Six Months Ended June 30,

(In thousands, except per share amounts)

听

2025

听

2024

听

2025

听

2024

听

Revenues:

听

Direct premiums written

274,872

听

272,910

听

547,266

听

541,841

听

Ceded premiums

听

(33,384

)

听

(27,344

)

听

(67,507

)

听

(57,735

)

Net premiums written

听

241,488

听

245,566

听

479,759

听

484,106

听

Decrease in unearned premiums

听

7,321

听

6,325

听

14,898

听

13,375

听

Net premiums earned

听

248,809

听

251,891

听

494,657

听

497,481

听

Net investment income

听

59,289

听

56,086

听

117,499

听

108,171

听

AG真人官方ized investment gains (losses), net

听

(129

)

听

(1,164

)

听

(310

)

听

(2,304

)

Income (loss) from other invested assets

听

4,466

听

(419

)

听

11,874

听

(2,334

)

Other income

听

6,708

听

6,548

听

12,981

听

10,285

听

Total revenues

听

319,143

听

312,942

听

636,701

听

611,299

听

Losses and expenses:

听

Provision (benefit) for losses and LAE

听

17,055

听

(334

)

听

48,342

听

9,579

听

Other underwriting and operating expenses

听

62,765

听

66,202

听

133,889

听

133,042

听

Interest expense

听

8,148

听

7,849

听

16,296

听

15,711

听

Total losses and expenses

听

87,968

听

73,717

听

198,527

听

158,332

听

Income before income taxes

听

231,175

听

239,225

听

438,174

听

452,967

听

Income tax expense

听

35,836

听

35,616

听

67,402

听

67,639

听

Net income

195,339

听

203,609

听

370,772

听

385,328

听

Earnings per share:

听

Basic

1.95

听

1.93

听

3.65

听

3.65

听

Diluted

听

1.93

听

1.91

听

3.62

听

3.61

听

Weighted average shares outstanding:

听

Basic

听

100,037

听

105,657

听

101,451

听

105,677

听

Diluted

听

101,059

听

106,778

听

102,495

听

106,774

听

Net income

195,339

听

203,609

听

370,772

听

385,328

听

Other comprehensive income (loss):

听

Change in unrealized appreciation (depreciation) of investments

听

16,580

听

(5,375

)

听

88,318

听

(27,141

)

Total other comprehensive income (loss)

听

16,580

听

(5,375

)

听

88,318

听

(27,141

)

Comprehensive income

211,919

听

198,234

听

459,090

听

358,187

听

听	听			听	Exhibit B
听	听			听	听
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
听	听			听	听
听
听	June 30,			听	December 31,
(In thousands, except per share amounts)	听	2025	听	听	听	2024	听
*Assets*	听			听	听
Investments	听			听	听
Fixed maturities available for sale, at fair value	$	5,383,504	听	听	$	5,112,697	听
Short-term investments available for sale, at fair value	听	583,033	听	听	听	764,024	听
Total investments available for sale	听	5,966,537	听	听	听	5,876,721	听
Other invested assets	听	359,823	听	听	听	303,900	听
Total investments	听	6,326,360	听	听	听	6,180,621	听
Cash	听	92,116	听	听	听	131,480	听
Accrued investment income	听	45,940	听	听	听	43,732	听
Accounts receivable	听	52,340	听	听	听	55,564	听
Deferred policy acquisition costs	听	9,237	听	听	听	9,653	听
Property and equipment	听	42,434	听	听	听	41,871	听
Prepaid federal income tax	听	497,356	听	听	听	489,600	听
Goodwill and acquired intangible assets, net	听	78,855	听	听	听	79,556	听
Other assets	听	75,923	听	听	听	79,572	听
Total assets	$	7,220,561	听	听	$	7,111,649	听
听	听			听	听
*Liabilities and Stockholders' Equity*	听			听	听
Liabilities	听			听	听
Reserve for losses and LAE	$	364,749	听	听	$	328,866	听
Unearned premium reserve	听	102,382	听	听	听	115,983	听
Net deferred tax liability	听	427,202	听	听	听	392,428	听
Senior notes due 2029, net	听	494,630	听	听	听	493,959	听
Other accrued liabilities	听	158,750	听	听	听	176,755	听
Total liabilities	听	1,547,713	听	听	听	1,507,991	听
听	听			听	听
Commitments and contingencies	听			听	听
听	听			听	听
Stockholders' Equity	听			听	听
Common shares, $0.015 par value:	听			听	听
Authorized - 233,333; issued and outstanding - 99,556 shares in 2025 and 105,015 shares in 2024	听	1,493	听	听	听	1,575	听
Additional paid-in capital	听	888,337	听	听	听	1,214,956	听
Accumulated other comprehensive loss	听	(215,666	)	听	听	(303,984	)
Retained earnings	听	4,998,684	听	听	听	4,691,111	听
Total stockholders' equity	听	5,672,848	听	听	听	5,603,658	听
听	听			听	听
Total liabilities and stockholders' equity	$	7,220,561	听	听	$	7,111,649	听
听	听			听	听
Return on average equity (1)	听	13.2	%	听	听	13.6	%
听	听			听	听
(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.

听

Exhibit C

Essent Group Ltd. and Subsidiaries

Supplemental Information

Consolidated Historical Quarterly Data

听

2025

听

2024

Selected Income Statement Data

June 30

听

March 31

听

December 31

听

September 30

听

June 30

(In thousands, except per share amounts)

听

Revenues:

听

Net premiums earned:

听

U.S. Mortgage Insurance Portfolio

220,261

听

218,125

听

211,683

听

214,119

听

217,513

听

GSE and other risk share

听

13,646

听

15,505

听

16,180

听

17,130

听

17,745

听

Title insurance

听

14,902

听

12,218

听

16,602

听

17,687

听

16,633

听

Net premiums earned

听

248,809

听

245,848

听

244,465

听

248,936

听

251,891

听

Net investment income

听

59,289

听

58,210

听

56,559

听

57,340

听

56,086

听

AG真人官方ized investment gains (losses), net

听

(129

)

听

(181

)

听

(114

)

听

(1,164

)

Income (loss) from other invested assets

听

4,466

听

7,408

听

6,889

听

2,820

听

(419

)

Other income (1)

听

6,708

听

6,273

听

7,228

听

7,414

听

6,548

听

Total revenues

听

319,143

听

317,558

听

315,027

听

316,578

听

312,942

听

Losses and expenses:

听

Provision (benefit) for losses and LAE

听

17,055

听

31,287

听

40,975

听

30,666

听

(334

)

Other underwriting and operating expenses

听

62,765

听

71,124

听

70,951

听

66,881

听

66,202

听

Interest expense

听

8,148

听

8,148

听

8,151

听

11,457

听

7,849

听

Total losses and expenses

听

87,968

听

110,559

听

120,077

听

109,004

听

73,717

听

Income before income taxes

听

231,175

听

206,999

听

194,950

听

207,574

听

239,225

听

Income tax expense (2)

听

35,836

听

31,566

听

27,050

听

31,399

听

35,616

听

Net income

195,339

听

175,433

听

167,900

听

176,175

听

203,609

听

Earnings per share:

听

Basic

1.95

听

1.71

听

1.60

听

1.67

听

1.93

听

Diluted

听

1.93

听

1.69

听

1.58

听

1.65

听

1.91

听

Weighted average shares outstanding:

听

Basic

听

100,037

听

102,881

听

104,963

听

105,266

听

105,657

听

Diluted

听

101,059

听

103,946

听

106,104

听

106,554

听

106,778

听

Book value per share

56.98

听

55.22

听

53.36

听

53.11

听

50.58

听

Return on average equity (annualized)

听

13.8

听

12.5

听

11.9

听

12.8

听

15.4

听

Borrowings

听

Borrowings outstanding

500,000

听

500,000

听

500,000

听

500,000

听

425,000

听

Undrawn committed capacity

500,000

听

500,000

听

500,000

听

500,000

听

400,000

听

Weighted average interest rate (end of period)

听

6.25

听

6.25

听

6.25

听

6.25

听

7.07

Debt-to-capital

听

8.10

听

8.12

听

8.19

听

8.14

听

7.32

听

(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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 were ($29), ($150), $204, ($1,173), and $732, respectively.

(2) Income tax expense for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 includes $1,112, $1,561, $1,591, $475, and $556, respectively, of discrete tax expense associated with realized and unrealized gains. 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.

听

Exhibit D

Essent Group Ltd. and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Portfolio Historical Quarterly Data

听

2025

听

2024

Other Data:

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

($ in thousands)

听

U.S. Mortgage Insurance Portfolio

听

New insurance written

听

12,544,731

听

9,945,336

听

12,220,968

听

12,513,695

听

12,503,125

听

New risk written

听

3,357,820

听

2,698,639

听

3,297,296

听

3,437,465

听

3,449,623

听

Average insurance in force

听

245,747,813

听

244,005,459

听

243,236,830

听

242,065,632

听

239,538,571

听

Insurance in force (end of period)

听

246,797,619

听

244,692,492

听

243,645,423

听

242,976,043

听

240,669,165

听

Gross risk in force (end of period) (1)

听

67,683,239

听

67,026,626

听

66,613,517

听

66,237,992

听

65,269,064

听

Risk in force (end of period)

听

56,811,096

听

56,565,811

听

56,477,150

听

55,915,640

听

55,521,538

听

Policies in force

听

812,182

听

811,342

听

813,013

听

815,507

听

814,237

听

Weighted average coverage (2)

听

27.4

听

27.4

听

27.3

听

27.3

听

27.1

Annual persistency

听

85.8

听

85.7

听

85.7

听

86.6

听

86.7

听

Loans in default (count)

听

17,255

听

17,759

听

18,439

听

15,906

听

13,954

听

Percentage of loans in default

听

2.12

听

2.19

听

2.27

听

1.95

听

1.71

听

U.S. Mortgage Insurance Portfolio premium rate:

听

Base average premium rate (3)

听

0.41

听

0.41

听

0.41

听

0.41

听

0.41

Single premium cancellations (4)

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

Gross average premium rate

听

0.41

听

0.41

听

0.41

听

0.41

听

0.41

Ceded premiums

听

(0.05

听

(0.05

听

(0.06

听

(0.06

听

(0.05

Net average premium rate

听

0.36

听

0.36

听

0.35

听

0.35

听

0.36

听

(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.

听

Exhibit E

听

Essent Group Ltd. and Subsidiaries

Supplemental Information - U.S. Mortgage Insurance Portfolio

New Insurance Written

听

NIW by Credit Score

听

Three Months Ended

听

Six Months Ended

听

June 30, 2025

听

June 30, 2024

听

June 30, 2025

听

June 30, 2024

($ in thousands)

听

>=760

6,274,130

听

50.0

听

5,451,182

听

43.6

听

11,016,229

听

49.0

听

9,047,782

听

43.4

740-759

听

2,008,226

听

16.0

听

2,165,026

听

17.3

听

3,734,281

听

16.6

听

3,575,472

听

17.2

听

720-739

听

1,598,919

听

12.8

听

1,819,751

听

14.6

听

2,898,918

听

12.8

听

3,064,399

听

14.7

听

700-719

听

1,320,817

听

10.5

听

1,585,167

听

12.7

听

2,485,800

听

11.1

听

2,725,597

听

13.1

听

680-699

听

731,994

听

5.8

听

870,054

听

7.0

听

1,306,651

听

5.8

听

1,433,473

听

6.9

听

<=679

听

610,645

听

4.9

听

611,945

听

4.8

听

1,048,188

听

4.7

听

979,946

听

4.7

听

Total

12,544,731

听

100.0

听

12,503,125

听

100.0

听

22,490,067

听

100.0

听

20,826,669

听

100.0

听

Weighted average credit score

听

753

听

748

听

752

听

748

听

NIW by LTV

听

Three Months Ended

听

Six Months Ended

听

June 30, 2025

听

June 30, 2024

听

June 30, 2025

听

June 30, 2024

($ in thousands)

听

85.00% and below

1,124,637

听

9.0

听

854,349

听

6.8

听

1,863,256

听

8.3

听

1,414,248

听

6.8

85.01% to 90.00%

听

2,957,886

听

23.6

听

2,423,665

听

19.4

听

5,236,176

听

23.3

听

4,155,796

听

20.0

听

90.01% to 95.00%

听

6,393,500

听

50.9

听

6,874,853

听

55.0

听

11,669,518

听

51.9

听

11,392,508

听

54.7

听

95.01% and above

听

2,068,708

听

16.5

听

2,350,258

听

18.8

听

3,721,117

听

16.5

听

3,864,117

听

18.5

听

Total

12,544,731

听

100.0

听

12,503,125

听

100.0

听

22,490,067

听

100.0

听

20,826,669

听

100.0

听

Weighted average LTV

听

NIW by Product

听

Three Months Ended

听

Six Months Ended

听

June 30, 2025

听

June 30, 2024

听

June 30, 2025

听

June 30, 2024

Single premium policies

听

1.3

听

1.3

听

1.4

听

1.6

Monthly premium policies

听

98.7

听

98.7

听

98.6

听

98.4

听

100.0

听

100.0

听

100.0

听

100.0

听

NIW by Purchase vs. Refinance

听

Three Months Ended

听

Six Months Ended

听

June 30, 2025

听

June 30, 2024

听

June 30, 2025

听

June 30, 2024

Purchase

听

92.6

听

97.8

听

93.4

听

97.6

Refinance

听

7.4

听

2.2

听

6.6

听

2.4

听

100.0

听

100.0

听

100.0

听

100.0

听

Exhibit F

听

Essent Group Ltd. and Subsidiaries

Supplemental Information

Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio

听

Portfolio by Credit Score

IIF by FICO score

June 30, 2025

听

March 31, 2025

听

June 30, 2024

($ in thousands)

听

>=760

听

101,554,517

听

41.1

听

100,017,207

听

40.9

听

97,668,435

听

40.6

740-759

听

43,146,312

听

17.5

听

42,848,390

听

17.5

听

41,915,598

听

17.4

听

720-739

听

38,115,925

听

15.4

听

37,970,066

听

15.5

听

37,678,804

听

15.7

听

700-719

听

32,789,773

听

13.3

听

32,765,594

听

13.4

听

32,331,564

听

13.4

听

680-699

听

19,666,338

听

8.0

听

19,667,828

听

8.0

听

19,751,956

听

8.2

听

<=679

听

11,524,754

听

4.7

听

11,423,407

听

4.7

听

11,322,808

听

4.7

听

Total

246,797,619

听

100.0

听

244,692,492

听

100.0

听

240,669,165

听

100.0

听

Weighted average credit score

听

746

听

746

听

746

听

Gross RIF by FICO score

June 30, 2025

听

March 31, 2025

听

June 30, 2024

($ in thousands)

听

>=760

听

27,578,860

听

40.8

听

27,126,072

听

40.5

听

26,238,140

听

40.2

740-759

听

11,989,491

听

17.7

听

11,894,259

听

17.7

听

11,525,987

听

17.7

听

720-739

听

10,584,541

听

15.6

听

10,535,428

听

15.7

听

10,362,021

听

15.9

听

700-719

听

9,136,075

听

13.5

听

9,113,238

听

13.6

听

8,899,342

听

13.6

听

680-699

听

5,434,287

听

8.0

听

5,425,408

听

8.1

听

5,382,312

听

8.2

听

<=679

听

2,959,985

听

4.4

听

2,932,221

听

4.4

听

2,861,262

听

4.4

听

Total

67,683,239

听

100.0

听

67,026,626

听

100.0

听

65,269,064

听

100.0

听

Portfolio by LTV

IIF by LTV

June 30, 2025

听

March 31, 2025

听

June 30, 2024

($ in thousands)

听

85.00% and below

听

14,309,342

听

5.8

听

14,375,166

听

5.9

听

16,927,111

听

7.0

85.01% to 90.00%

听

59,432,276

听

24.1

听

59,985,533

听

24.5

听

61,774,991

听

25.7

听

90.01% to 95.00%

听

130,210,803

听

52.7

听

128,443,227

听

52.5

听

123,414,332

听

51.3

听

95.01% and above

听

42,845,198

听

17.4

听

41,888,566

听

17.1

听

38,552,731

听

16.0

听

Total

246,797,619

听

100.0

听

244,692,492

听

100.0

听

240,669,165

听

100.0

听

Weighted average LTV

听

Gross RIF by LTV

June 30, 2025

听

March 31, 2025

听

June 30, 2024

($ in thousands)

听

85.00% and below

听

1,689,437

听

2.5

听

1,701,075

听

2.5

听

2,010,864

听

3.1

85.01% to 90.00%

听

14,653,527

听

21.7

听

14,799,254

听

22.1

听

15,238,201

听

23.3

听

90.01% to 95.00%

听

38,402,295

听

56.7

听

37,888,529

听

56.5

听

36,405,573

听

55.8

听

95.01% and above

听

12,937,980

听

19.1

听

12,637,768

听

18.9

听

11,614,426

听

17.8

听

Total

67,683,239

听

100.0

听

67,026,626

听

100.0

听

65,269,064

听

100.0

听

Portfolio by Loan Amortization Period

IIF by Loan Amortization Period

June 30, 2025

听

March 31, 2025

听

June 30, 2024

($ in thousands)

听

FRM 30 years and higher

听

241,225,436

听

97.8

听

239,398,817

听

97.8

听

235,138,420

听

97.7

FRM 20-25 years

听

1,024,884

听

0.4

听

1,042,318

听

0.4

听

1,322,021

听

0.5

听

FRM 15 years

听

1,465,011

听

0.6

听

1,285,597

听

0.5

听

1,276,780

听

0.5

听

ARM 5 years and higher

听

3,082,288

听

1.2

听

2,965,760

听

1.3

听

2,931,944

听

1.3

听

Total

246,797,619

听

100.0

听

244,692,492

听

100.0

听

240,669,165

听

100.0

听

Exhibit G

听

Essent Group Ltd. and Subsidiaries

Supplemental Information

Other Risk in Force

听

2025

听

2024

($ in thousands)

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

GSE and other risk share (1):

听

Risk in Force

听

2,321,008

听

2,220,477

听

2,240,284

听

2,254,726

听

2,304,885

听

Reserve for losses and LAE

听

Weighted average credit score

听

751

听

751

听

751

听

750

听

750

听

Weighted average LTV

听

(1) GSE and other risk share includes GSE risk share and other 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.

听	听		听		听		听	听		听		听		听		听		听		听		听	Exhibit H
听	听		听		听		听	听		听		听		听		听		听		听		听	听
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
June 30, 2025
听	听		听		听		听	听		听		听		听		听		听		听		听	听
听	听		听		听		听	听		听		听		听		听		听		听		听	听
听	听		听		听		听	Insurance in Force												听		听	听
Year	Original Insurance Written ($ in thousands)		Remaining Insurance in Force ($ in thousands)		% Remaining of Original Insurance		Number of Policies in Force	Weighted Average Coupon		% Purchase		>90% LTV		>95% LTV		FICO < 700		FICO >= 760		Incurred Loss Ratio (Inception to Date) (1)		Number of Loans in Default	Percentage of Loans in Default
听	听		听		听		听	听		听		听		听		听		听		听		听	听
2010 - 2015	$	86,862,507	$	1,602,905	1.8	%	8,846	4.28	%	68.9	%	50.9	%	2.0	%	11.8	%	47.1	%	2.3	%	367	4.15	%
2016	听	34,949,319	听	1,371,056	3.9	听	8,027	4.03	听	80.3	听	65.6	听	18.3	听	17.7	听	40.3	听	2.0		356	4.44	听
2017	听	43,858,322	听	3,133,022	7.1	听	19,675	4.31	听	90.5	听	82.7	听	25.7	听	21.1	听	36.3	听	2.9		848	4.31	听
2018	听	47,508,525	听	4,164,462	8.8	听	24,485	4.82	听	95.1	听	77.6	听	28.7	听	22.4	听	31.5	听	3.8		1,118	4.57	听
2019	听	63,569,183	听	9,278,080	14.6	听	46,606	4.25	听	89.8	听	74.1	听	26.6	听	19.3	听	34.4	听	3.5		1,512	3.24	听
2020	听	107,944,065	听	31,595,082	29.3	听	128,859	3.21	听	75.0	听	66.6	听	15.7	听	10.8	听	45.2	听	2.7		2,330	1.81	听
2021	听	84,218,250	听	45,343,252	53.8	听	155,311	3.11	听	91.2	听	69.9	听	17.8	听	13.8	听	40.1	听	6.3		3,489	2.25	听
2022	听	63,061,262	听	48,421,149	76.8	听	141,804	5.09	听	98.3	听	67.0	听	11.8	听	12.5	听	39.5	听	18.3		3,486	2.46	听
2023	听	47,666,852	听	38,646,995	81.1	听	110,926	6.61	听	98.8	听	73.3	听	19.1	听	11.1	听	38.3	听	19.7		2,518	2.27	听
2024	听	45,561,332	听	41,260,566	90.6	听	110,953	6.71	听	94.9	听	72.9	听	20.1	听	12.2	听	42.5	听	16.8		1,179	1.06	听
2025 (through June 30)	听	22,490,067	听	21,981,050	97.7	听	56,690	6.73	听	93.4	听	68.5	听	16.8	听	10.6	听	48.5	听	5.6		52	0.09	听
Total	$	647,689,684	$	246,797,619	38.1	听	812,182	5.08	听	92.3	听	70.1	听	17.4	听	12.6	听	41.1	听	5.3		17,255	2.12	听
听	听		听		听		听	听		听		听		听		听		听		听		听	听
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.																							听

Exhibit I

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
June 30, 2025
																															听
($ in thousands)
Insurance Linked Notes (1)										听			听			听												听			听
听		听		听						听			听			听									Earned Premiums Ceded						听
Deal Name		Vintage		Remaining Insurance in Force			Remaining Risk in Force			Original Reinsurance in Force			Remaining Reinsurance in Force			Losses Ceded to Date			Original First Layer Retention			Remaining First Layer Retention			Quarter-to-Date			Year-to-Date			Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1		Aug. 2020 - Mar. 2021		$	21,095,901		$	5,826,753		$	557,911		$	139,755		$	鈥�		$	278,956		$	277,158		$	1,390		$	2,781		$	100,347
Radnor Re 2021-2		Apr. 2021 - Sep. 2021		听	26,864,364		听	7,566,871		听	439,407		听	228,819		听	鈥�		听	279,415		听	273,926		听	3,027		听	6,056		听	196,844
Radnor Re 2022-1		Oct. 2021 - Jul. 2022		听	26,046,456		听	7,171,205		听	237,868		听	146,841		听	鈥�		听	303,761		听	297,208		听	3,260		听	6,531		听	135,094
Radnor Re 2023-1		Aug. 2022 - Jun. 2023		听	26,469,770		听	7,268,636		听	281,462		听	235,647		听	鈥�		听	281,463		听	278,466		听	3,111		听	6,201		听	223,394
Radnor Re 2024-1		Jul. 2023 - Jul. 2024		听	27,346,263		听	7,567,326		听	363,366		听	297,147		听	鈥�		听	256,495		听	256,437		听	2,949		听	5,883		听	219,889
Total		听		$	127,822,754		$	35,400,791		$	1,880,014		$	1,048,209		$	鈥�		$	1,400,090		$	1,383,195		$	13,737		$	27,452		$	875,568
听		听					听									听			听			听			听
Excess of Loss Reinsurance (2)																听			听			听			听
听							听									听			听			听			Earned Premiums Ceded
Deal Name	听	Vintage	听	Remaining Insurance in Force		听	Remaining Risk in Force		听	Original Reinsurance in Force		听	Remaining Reinsurance in Force		听	Losses Ceded to Date		听	Original First Layer Retention		听	Remaining First Layer Retention		听	Quarter-to-Date		听	Year-to-Date		听	Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1		Jan. 2018 - Dec. 2018		$	4,124,729		$	1,088,405		$	118,650		$	76,144		$	鈥�		$	253,643		$	242,687		$	620		$	1,234		$	鈥�
XOL 2020-1		Jan. 2019 - Aug. 2019		听	5,279,113		听	1,397,295		听	55,102		听	29,152		听	鈥�		听	215,605		听	211,235		听	249		听	495		听	鈥�
XOL 2022-1		Oct. 2021 - Dec. 2022		听	59,046,810		听	16,186,034		听	141,992		听	141,992		听	鈥�		听	507,114		听	489,255		听	1,593		听	3,168		听	137,727
XOL 2023-1		Jan. 2023 - Dec. 2023		听	34,703,053		听	9,630,585		听	36,627		听	36,627		听	鈥�		听	366,270		听	364,437		听	434		听	863		听	35,219
XOL 2024-1		Jan. 2024 - Dec. 2024		听	38,318,310		听	10,531,084		听	58,005		听	58,005		听	鈥�		听	331,456		听	331,178		听	651		听	1,294		听	56,081
Total		听		$	141,472,015		$	38,833,403		$	410,376		$	341,920		$	鈥�		$	1,674,088		$	1,638,792		$	3,547		$	7,054		$	229,027

听

Quota Share Reinsurance (2)

听

Losses Ceded

听

Ceding Commission

听

Earned Premiums Ceded

听

Year

Ceding Percentage

Remaining Insurance in Force

Remaining Risk in Force

听

Remaining Ceded Insurance in Force

听

Remaining Ceded Risk in Force

听

Quarter-to-Date

Year-to-Date

听

Quarter-to-Date

听

Year-to-Date

听

Quarter-to-Date

听

Year-to-Date

听

Reduction in PMIERs Minimum Required Assets (3)

Sep. 2019 - Dec. 2020

)

35,510,474

9,763,057

听

7,333,356

听

1,988,498

听

(375

)

(615

)

听

2,143

4,394

听

2,716

5,722

听

122,703

Jan. 2022 - Dec. 2022

听

48,372,212

听

13,229,819

听

9,674,442

听

2,645,964

听

300

听

2,519

听

1,725

听

3,494

听

3,578

听

9,157

听

196,010

Jan. 2023 - Dec. 2023

17.5

听

34,596,163

听

9,604,286

听

6,054,329

听

1,680,750

听

1,424

听

2,642

听

1,236

听

2,501

听

4,020

听

7,895

听

133,011

Jan. 2024 - Dec. 2024

听

41,020,470

听

11,255,561

听

6,153,071

听

1,688,334

听

1,551

听

2,850

听

1,264

听

2,551

听

4,269

听

8,334

听

127,142

Jan. 2025 - Dec. 2025

听

21,951,004

听

5,913,873

听

5,487,751

听

1,478,468

听

249

听

272

听

686

听

876

听

1,517

听

1,893

听

97,128

Total

听

181,450,323

49,766,596

听

34,702,949

听

9,482,014

听

3,149

听

7,668

听

7,054

13,816

听

16,100

33,001

听

675,994

听

(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.

	听		听	听		听	Exhibit J
听	听		听	听		听	听
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
听	听		听	听		听	听
听	听		听	听		听	听
IIF by State
听	June 30, 2025		听	March 31, 2025		听	June 30, 2024
CA	12.3	%	听	12.4	%	听	12.7	%
FL	12.0	听	听	11.9	听	听	11.6	听
TX	11.3	听	听	11.2	听	听	10.8	听
CO	4.0	听	听	4.0	听	听	4.1	听
AZ	3.9	听	听	3.9	听	听	3.8	听
GA	3.8	听	听	3.8	听	听	3.6	听
WA	3.4	听	听	3.4	听	听	3.4	听
NC	3.1	听	听	3.1	听	听	3.0	听
NY	2.6	听	听	2.6	听	听	2.5	听
OH	2.6	听	听	2.6	听	听	2.6	听
All Others	41.0	听	听	41.1	听	听	41.9	听
Total	100.0	%	听	100.0	%	听	100.0	%
听	听		听	听		听	听
听	听		听	听		听	听
听	听		听	听		听	听
Gross RIF by State
听	June 30, 2025		听	March 31, 2025		听	June 30, 2024
CA	12.3	%	听	12.4	%	听	12.6	%
FL	12.2	听	听	12.1	听	听	11.8	听
TX	11.5	听	听	11.5	听	听	11.1	听
CO	4.0	听	听	4.0	听	听	4.1	听
AZ	4.0	听	听	3.9	听	听	3.8	听
GA	3.9	听	听	3.8	听	听	3.7	听
WA	3.4	听	听	3.4	听	听	3.4	听
NC	3.1	听	听	3.1	听	听	3.0	听
MI	2.6	听	听	2.6	听	听	2.5	听
UT	2.6	听	听	2.5	听	听	2.4	听
All Others	40.4	听	听	40.7	听	听	41.6	听
Total	100.0	%	听	100.0	%	听	100.0	%
听	听		听	听		听	听

听

Exhibit K

Essent Group Ltd. and Subsidiaries

Supplemental Information

Rollforward of Defaults and Reserve for Losses and LAE

U.S. Mortgage Insurance Portfolio

听

Rollforward of Insured Loans in Default

听

Three Months Ended

听

2025

听

2024

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

Beginning default inventory

听

17,759

听

18,439

听

15,906

听

13,954

听

13,992

听

Plus: new defaults (A)

听

8,810

听

9,664

听

11,136

听

9,984

听

8,119

听

Less: cures

听

(9,078

)

听

(10,173

)

听

(8,408

)

听

(7,819

)

听

(7,956

)

Less: claims paid

听

(215

)

听

(153

)

听

(183

)

听

(182

)

听

(183

)

Less: rescissions and denials, net

听

(21

)

听

(18

)

听

(12

)

听

(31

)

听

(18

)

Ending default inventory

听

17,255

听

17,759

听

18,439

听

15,906

听

13,954

听

(A) New defaults remaining as of June 30, 2025

听

6,525

听

3,309

听

2,566

听

1,694

听

989

听

Cure rate (1)

听

Total amount paid for claims (in thousands)

听

9,007

听

6,330

听

7,740

听

5,749

听

5,566

听

Average amount paid per claim (in thousands)

听

Severity

听

Rollforward of Reserve for Losses and LAE

听

Three Months Ended

听

2025

听

2024

($ in thousands)

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

Reserve for losses and LAE at beginning of period

听

338,128

听

310,156

听

274,926

听

246,107

听

253,565

听

Less: Reinsurance recoverables

听

40,351

听

36,655

听

30,867

听

26,022

听

26,570

听

Net reserve for losses and LAE at beginning of period

听

297,777

听

273,501

听

244,059

听

220,085

听

226,995

听

Add provision for losses and LAE occurring in:

听

Current period

听

45,119

听

48,928

听

50,212

听

51,649

听

30,653

听

Prior years

听

(29,796

)

听

(18,208

)

听

(12,976

)

听

(21,836

)

听

(31,880

)

Incurred losses and LAE during the period

听

15,323

听

30,720

听

37,236

听

29,813

听

(1,227

)

Deduct payments for losses and LAE occurring in:

听

Current period

听

315

听

1,569

听

637

听

478

听

Prior years

听

8,799

听

6,393

听

6,225

听

5,202

听

5,205

听

Loss and LAE payments during the period

听

9,114

听

6,444

听

7,794

听

5,839

听

5,683

听

Net reserve for losses and LAE at end of period

听

303,986

听

297,777

听

273,501

听

244,059

听

220,085

听

Plus: Reinsurance recoverables

听

41,966

听

40,351

听

36,655

听

30,867

听

26,022

听

Reserve for losses and LAE at end of period

听

345,952

听

338,128

听

310,156

听

274,926

听

246,107

听

(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%.

听

Exhibit L

Essent Group Ltd. and Subsidiaries

Supplemental Information

Detail of Reserves by Default Delinquency

U.S. Mortgage Insurance Portfolio

听

June 30, 2025

听

Number of

Policies in

Default

Percentage of

Policies in

Default

Amount of Reserves

Percentage of Reserves

Defaulted RIF

Reserves as a Percentage of

Defaulted RIF

($ in thousands)

听

Missed Payments:

听

Two payments

听

5,634

听

29,534

436,738

Three payments

听

2,375

听

23,028

听

189,938

听

Four to eleven payments

听

6,644

听

134,497

听

561,051

听

Twelve or more payments

听

2,388

听

118,154

听

190,189

听

Pending claims

听

214

听

14,195

听

15,789

听

Total case reserves

听

17,255

听

100

听

319,408

100

1,393,705

IBNR

听

23,956

听

LAE

听

2,588

听

Total reserves for losses and LAE

听

345,952

听

Average reserve per default:

听

Case

听

18.5

听

Total

听

20.0

听

Default Rate

2.12

听

3+ Month Default Rate

听

1.43

听

December 31, 2024

听

Number of

Policies in

Default

Percentage of

Policies in

Default

Amount of Reserves

Percentage of Reserves

Defaulted RIF

Reserves as a Percentage of

Defaulted RIF

($ in thousands)

听

Missed Payments:

听

Two payments

听

6,691

听

32,672

522,644

Three payments

听

3,154

听

26,278

听

250,696

听

Four to eleven payments

听

6,408

听

122,551

听

515,600

听

Twelve or more payments

听

2,022

听

93,269

听

153,376

听

Pending claims

听

164

听

11,174

听

12,478

听

Total case reserves

听

18,439

听

100

听

285,944

100

1,454,794

IBNR

听

21,446

听

LAE

听

2,766

听

Total reserves for losses and LAE

听

310,156

听

Average reserve per default:

听

Case

听

15.5

听

Total

听

16.8

听

Default Rate

2.27

听

3+ Month Default Rate

听

1.44

听

June 30, 2024

听

Number of

Policies in

Default

Percentage of

Policies in

Default

Amount of Reserves

Percentage of Reserves

Defaulted RIF

Reserves as a Percentage of

Defaulted RIF

($ in thousands)

听

Missed Payments:

听

Two payments

听

4,989

听

25,458

372,669

Three payments

听

2,035

听

17,938

听

153,207

听

Four to eleven payments

听

4,887

听

93,489

听

383,685

听

Twelve or more payments

听

1,908

听

82,529

听

135,616

听

Pending claims

听

135

听

7,562

听

8,540

听

Total case reserves

听

13,954

听

100

听

226,976

100

1,053,717

IBNR

听

17,023

听

LAE

听

2,108

听

Total reserves for losses and LAE

听

246,107

听

Average reserve per default:

听

Case

听

16.3

听

Total

听

17.6

听

Default Rate

1.71

听

3+ Month Default Rate

听

1.10

听

Exhibit M

听

Essent Group Ltd. and Subsidiaries

Supplemental Information

Investments Available for Sale

听

Investments Available for Sale by Asset Class

Asset Class

听

June 30, 2025

听

December 31, 2024

($ in thousands)

听

Fair Value

听

Percent

听

Fair Value

听

Percent

U.S. Treasury securities

听

391,461

听

6.6

听

547,290

听

9.3

U.S. agency mortgage-backed securities

听

1,172,715

听

19.7

听

1,125,436

听

19.2

听

Municipal debt securities

听

600,618

听

10.0

听

583,501

听

9.9

听

Non-U.S. government securities

听

62,166

听

1.0

听

69,798

听

1.2

听

Corporate debt securities

听

1,908,167

听

32.0

听

1,783,046

听

30.3

听

Residential and commercial mortgage securities

听

454,381

听

7.6

听

478,086

听

8.1

听

Asset-backed securities

听

796,065

听

13.4

听

631,959

听

10.8

听

Money market funds

听

580,964

听

9.7

听

657,605

听

11.2

听

Total investments available for sale

听

5,966,537

听

100.0

听

5,876,721

听

100.0

听

Investments Available for Sale by Credit Rating

Rating (1)

听

June 30, 2025

听

December 31, 2024

($ in thousands)

听

Fair Value

听

Percent

听

Fair Value

听

Percent

Aaa

听

816,766

听

15.2

听

2,513,014

听

48.1

Aa1

听

1,815,159

听

33.7

听

101,809

听

2.0

听

Aa2

听

297,712

听

5.5

听

301,080

听

5.8

听

Aa3

听

289,201

听

5.3

听

271,069

听

5.2

听

559,198

听

10.4

听

511,076

听

9.8

听

461,980

听

8.6

听

411,999

听

7.9

听

503,243

听

9.3

听

463,616

听

8.8

听

Baa1

听

210,077

听

3.9

听

218,454

听

4.2

听

Baa2

听

209,301

听

3.9

听

198,193

听

3.8

听

Baa3

听

149,083

听

2.8

听

151,729

听

2.9

听

Below Baa3

听

73,853

听

1.4

听

77,077

听

1.5

听

Total (2)

听

5,385,573

听

100.0

听

5,219,116

听

100.0

听

(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.

(2) Excludes $580,964 and $657,605 of money market funds at June 30, 2025 and December 31, 2024, respectively.

听

Investments Available for Sale by Duration and Book Yield

Effective Duration

听

June 30, 2025

听

December 31, 2024

($ in thousands)

听

Fair Value

听

Percent

听

Fair Value

听

Percent

< 1 Year

听

1,431,564

听

24.0

听

1,587,022

听

26.9

1 to < 2 Years

听

605,824

听

10.2

听

544,630

听

9.3

听

2 to < 3 Years

听

472,256

听

7.9

听

473,301

听

8.1

听

3 to < 4 Years

听

526,581

听

8.8

听

445,614

听

7.6

听

4 to < 5 Years

听

595,792

听

10.0

听

546,414

听

9.3

听

5 or more Years

听

2,334,520

听

39.1

听

2,279,740

听

38.8

听

Total investments available for sale

听

5,966,537

听

100.0

听

5,876,721

听

100.0

听

Pre-tax investment income yield:

听

Three months ended

听

3.85

听

Six months ended June 30, 2025

听

3.81

听

Cash and investments available for sale at the holding companies:

($ in thousands)

As of June 30, 2025

995,032

听

As of December 31, 2024

1,052,900

听

Exhibit N

听

Essent Group Ltd. and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Company Capital

听

2025

听

2024

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

($ in thousands)

听

U.S. Mortgage Insurance Subsidiaries (7):

听

Combined statutory capital (1)

3,714,146

听

3,642,374

听

3,594,381

听

3,584,580

听

3,530,462

听

Combined net risk in force (2)

33,986,508

听

34,968,089

听

35,159,976

听

34,893,957

听

34,812,227

听

Risk-to-capital ratios (3):

听

Essent Guaranty, Inc.

听

9.2:1

听

9.6:1

听

9.8:1

听

10.0:1

听

10.2:1

Essent Guaranty of PA, Inc.

听

N/A

听

N/A

听

N/A

听

0.3:1

听

0.3:1

Combined (4)

听

N/A

听

N/A

听

N/A

听

9.7:1

听

9.9:1

听

Essent Guaranty, Inc. PMIERs Data (5):

听

Available Assets

听

3,654,460

听

3,628,675

听

3,612,993

听

3,598,725

听

3,513,609

听

Minimum Required Assets

听

2,075,409

听

2,107,620

听

2,029,738

听

1,903,473

听

2,052,135

听

PMIERs excess Available Assets

听

1,579,051

听

1,521,055

听

1,583,255

听

1,695,252

听

1,461,474

听

PMIERs sufficiency ratio (6)

听

176

听

172

听

178

听

189

听

171

听

Essent Reinsurance Ltd.:

听

Stockholder's equity (GAAP basis)

1,751,720

听

1,780,924

听

1,773,044

听

1,826,901

听

1,793,777

听

Net risk in force (2)

24,802,145

听

23,482,726

听

23,250,018

听

23,003,846

听

22,770,165

听

(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.

听

Exhibit O

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Segment Information

(Unaudited)

听

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 June 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.

听

Mortgage Insurance

听

2025

听

2024

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

($ in thousands)

听

Revenues:

听

Net premiums earned

233,907

听

233,630

听

227,863

听

231,249

听

235,258

听

Net investment income

听

48,892

听

47,630

听

46,191

听

46,241

听

46,708

听

AG真人官方ized investment gains (losses), net

听

(124

)

听

(101

)

听

(120

)

听

(1,156

)

Income (loss) from other invested assets

听

3,619

听

3,209

听

2,925

听

3,132

听

1,633

听

Other income

听

3,523

听

4,501

听

3,884

听

3,706

听

4,662

听

Total revenues

听

289,817

听

288,869

听

280,743

听

284,401

听

287,105

听

Losses and expenses:

听

Provision (benefit) for losses and LAE

听

15,359

听

30,722

听

37,254

听

29,816

听

(1,225

)

听

Compensation and benefits

听

16,793

听

19,890

听

18,037

听

17,656

听

17,756

听

Premium and other taxes

听

6,000

听

5,574

听

5,968

听

5,863

听

5,568

听

Ceding commission

听

(6,910

)

听

(6,508

)

听

(6,547

)

听

(6,433

)

听

(5,715

)

Other underwriting and operating expenses

听

11,128

听

11,637

听

11,779

听

10,798

听

10,787

听

Net operating expenses before allocations

听

27,011

听

30,593

听

29,237

听

27,884

听

28,396

听

Corporate expense allocations

听

9,241

听

13,014

听

10,657

听

10,672

听

10,840

听

Operating expenses after allocations

听

36,252

听

43,607

听

39,894

听

38,556

听

39,236

听

Income before income tax expense

238,206

听

214,540

听

203,595

听

216,029

听

249,094

听

Loss Ratio (1)

听

6.6

听

13.1

听

16.3

听

12.9

听

(0.5

Expense Ratio (2)

听

15.5

听

18.7

听

17.5

听

16.7

听

16.7

Combined Ratio

听

22.1

听

31.8

听

33.8

听

29.6

听

16.2

听

(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)

听

Corporate & Other

听

2025

2024

听

June 30

March 31

December 31

September 30

June 30

($ in thousands)

听

Revenues:

听

Net premiums earned

14,902

听

12,218

听

16,602

听

17,687

听

16,633

听

Net investment income

听

10,397

听

10,580

听

10,368

听

11,099

听

9,378

听

AG真人官方ized investment gains (losses), net

听

)

听

(80

)

听

)

听

)

Income (loss) from other invested assets

听

847

听

4,199

听

3,964

听

(312

)

听

(2,052

)

Other income

听

3,185

听

1,772

听

3,344

听

3,708

听

1,886

听

Total revenues

听

29,326

听

28,689

听

34,284

听

32,177

听

25,837

听

Losses and expenses:

听

Provision for losses and LAE

听

1,696

听

565

听

3,721

听

850

听

891

听

Compensation and benefits

听

13,926

听

19,802

听

16,490

听

16,136

听

15,608

听

Premium and other taxes

听

495

听

1,329

听

569

听

432

听

370

听

Other underwriting and operating expenses

听

21,333

听

19,400

听

24,655

听

22,429

听

21,828

听

Net operating expenses before allocations

听

35,754

听

40,531

听

41,714

听

38,997

听

37,806

听

Corporate expense allocations

听

(9,241

)

听

(13,014

)

听

(10,657

)

听

(10,672

)

听

(10,840

)

Operating expenses after allocations

听

26,513

听

27,517

听

31,057

听

28,325

听

26,966

听

Interest expense

听

8,148

听

8,148

听

8,151

听

11,457

听

7,849

听

Loss before income tax expense

(7,031

)

(7,541

)

(8,645

)

(8,455

)

(9,869

)

听

Consolidated

听

2025

听

2024

听

June 30

听

March 31

听

December 31

听

September 30

听

June 30

($ in thousands)

听

Revenues:

听

Net premiums earned

248,809

听

245,848

听

244,465

听

248,936

听

251,891

听

Net investment income

听

59,289

听

58,210

听

56,559

听

57,340

听

56,086

听

AG真人官方ized investment gains (losses), net

听

(129

)

听

(181

)

听

(114

)

听

(1,164

)

Income (loss) from other invested assets

听

4,466

听

7,408

听

6,889

听

2,820

听

(419

)

Other income

听

6,708

听

6,273

听

7,228

听

7,414

听

6,548

听

Total revenues

听

319,143

听

317,558

听

315,027

听

316,578

听

312,942

听

Losses and expenses:

听

Provision (benefit) for losses and LAE

听

17,055

听

31,287

听

40,975

听

30,666

听

(334

)

听

Compensation and benefits

听

30,719

听

39,692

听

34,527

听

33,792

听

33,364

听

Premium and other taxes

听

6,495

听

6,903

听

6,537

听

6,295

听

5,938

听

Ceding commission

听

(6,910

)

听

(6,508

)

听

(6,547

)

听

(6,433

)

听

(5,715

)

Other underwriting and operating expenses

听

32,461

听

31,037

听

36,434

听

33,227

听

32,615

听

Total other underwriting and operating expenses

听

62,765

听

71,124

听

70,951

听

66,881

听

66,202

听

Interest expense

听

8,148

听

8,148

听

8,151

听

11,457

听

7,849

听

Income before income tax expense

231,175

听

206,999

听

194,950

听

207,574

听

239,225

听

View source version on businesswire.com:

Media Contact

610.230.0556

[email protected]

Investor Relations Contact

Philip Stefano

Vice President, Investor Relations

855-809-ESNT

[email protected]

Source: Essent Group Ltd.

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Essent Group Ltd. Announces Second Quarter 2025 Results and Declares Quarterly Dividend

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Essent Group Ltd. Announces Second Quarter 2025 Results and Declares Quarterly Dividend

NYSE:ESNT

ESNT Rankings

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