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

May 09, 2025 at 06:30 AM EDT

Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended March 31, 2025 of $175.4 million or $1.69 per diluted share, compared to $181.7 million or $1.70 per diluted share for the quarter ended March 31, 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 June 10, 2025, to shareholders of record on May 30, 2025.

“We are pleased with our first quarter 2025 financial results, as we continue to benefit from favorable credit performance, elevated portfolio persistency and higher investment income,” said Mark A. Casale, Chairman and Chief Executive Officer. “We remain confident in our ability to continue to generate high-quality earnings and grow book value per share.”

Financial Highlights:

New insurance written for the first quarter of 2025 was $9.9 billion, compared to $12.2 billion in the fourth quarter of 2024 and $8.3 billion in the first quarter of 2024.
Insurance in force as of March 31, 2025 was $244.7 billion, compared to $243.6 billion as of December 31, 2024 and $238.5 billion as of March 31, 2024.
Net investment income for the first quarter of 2025 was $58.2 million, up 12% from the first quarter of 2024.
During the first quarter of 2025, Essent entered into two forward quota share transactions with highly rated third-party reinsurers. These quota share agreements cover 25% of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026.
In April, Essent entered into two excess of loss transactions, effective July 1 of each year, with panels of highly rated third-party reinsurers covering 20% of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026.
Year-to-date through April 30^th, Essent has repurchased 3.9 million common shares for approximately $218 million. As of April 30^th, $429 million dollars remains under the $500 million dollar 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 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.



Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended March 31, 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 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 March 31,
(In thousands, except per share amounts)		2025			2024
Revenues:
Direct premiums written	$	272,394		$	268,931
Ceded premiums		(34,123	)		(30,391	)
Net premiums written		238,271			238,540
Decrease in unearned premiums		7,577			7,050
Net premiums earned		245,848			245,590
Net investment income		58,210			52,085
Realized investment gains (losses), net		(181	)		(1,140	)
Income (loss) from other invested assets		7,408			(1,915	)
Other income		6,273			3,737
Total revenues		317,558			298,357

Losses and expenses:
Provision for losses and LAE		31,287			9,913
Other underwriting and operating expenses		71,124			66,840
Interest expense		8,148			7,862
Total losses and expenses		110,559			84,615

Income before income taxes		206,999			213,742
Income tax expense		31,566			32,023
Net income	$	175,433		$	181,719


Earnings per share:
Basic	$	1.71		$	1.72
Diluted		1.69			1.70

Weighted average shares outstanding:
Basic		102,881			105,697
Diluted		103,946			106,770

Net income	$	175,433		$	181,719

Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments		71,738			(21,766	)
Total other comprehensive income (loss)		71,738			(21,766	)
Comprehensive income	$	247,171		$	159,953

	Exhibit B

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)


	March 31,			December 31,
(In thousands, except per share amounts)		2025			2024
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	5,345,409		$	5,112,697
Short-term investments available for sale, at fair value		536,950			764,024
Total investments available for sale		5,882,359			5,876,721
Other invested assets		321,858			303,900
Total investments		6,204,217			6,180,621
Cash		208,066			131,480
Accrued investment income		42,296			43,732
Accounts receivable		53,127			55,564
Deferred policy acquisition costs		9,663			9,653
Property and equipment		43,214			41,871
Prepaid federal income tax		487,356			489,600
Goodwill and acquired intangible assets, net		79,206			79,556
Other assets		77,566			79,572
Total assets	$	7,204,711		$	7,111,649

*Liabilities and Stockholders' Equity*
Liabilities
Reserve for losses and LAE	$	356,653		$	328,866
Unearned premium reserve		108,406			115,983
Net deferred tax liability		414,772			392,428
Senior notes due 2029, net		494,294			493,959
Other accrued liabilities		171,280			176,755
Total liabilities		1,545,405			1,507,991

Commitments and contingencies

Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 102,495 shares in 2025 and 105,015 shares in 2024		1,537			1,575
Additional paid-in capital		1,055,340			1,214,956
Accumulated other comprehensive loss		(232,246	)		(303,984	)
Retained earnings		4,834,675			4,691,111
Total stockholders' equity		5,659,306			5,603,658

Total liabilities and stockholders' equity	$	7,204,711		$	7,111,649

Return on average equity (1)		12.5	%		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	March 31			December 31			September 30			June 30			March 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio	$	218,125		$	211,683		$	214,119		$	217,513		$	212,479
GSE and other risk share		15,505			16,180			17,130			17,745			17,826
Title insurance		12,218			16,602			17,687			16,633			15,285
Net premiums earned		245,848			244,465			248,936			251,891			245,590
Net investment income		58,210			56,559			57,340			56,086			52,085
Realized investment gains (losses), net		(181	)		(114	)		68			(1,164	)		(1,140	)
Income (loss) from other invested assets		7,408			6,889			2,820			(419	)		(1,915	)
Other income (1)		6,273			7,228			7,414			6,548			3,737
Total revenues		317,558			315,027			316,578			312,942			298,357

Losses and expenses:
Provision (benefit) for losses and LAE		31,287			40,975			30,666			(334	)		9,913
Other underwriting and operating expenses		71,124			70,951			66,881			66,202			66,840
Interest expense		8,148			8,151			11,457			7,849			7,862
Total losses and expenses		110,559			120,077			109,004			73,717			84,615

Income before income taxes		206,999			194,950			207,574			239,225			213,742
Income tax expense (2)		31,566			27,050			31,399			35,616			32,023
Net income	$	175,433		$	167,900		$	176,175		$	203,609		$	181,719

Earnings per share:
Basic	$	1.71		$	1.60		$	1.67		$	1.93		$	1.72
Diluted		1.69			1.58			1.65			1.91			1.70

Weighted average shares outstanding:
Basic		102,881			104,963			105,266			105,657			105,697
Diluted		103,946			106,104			106,554			106,778			106,770

Book value per share	$	55.22		$	53.36		$	53.11		$	50.58		$	48.96
Return on average equity (annualized)		12.5	%		11.9	%		12.8	%		15.4	%		14.1	%

Borrowings
Borrowings outstanding	$	500,000		$	500,000		$	500,000		$	425,000		$	425,000
Undrawn committed capacity	$	500,000		$	500,000		$	500,000		$	400,000		$	400,000
Weighted average interest rate (end of period)		6.25	%		6.25	%		6.25	%		7.07	%		7.06	%
Debt-to-capital		8.12	%		8.19	%		8.14	%		7.32	%		7.52	%

(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 March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 were ($150), $204, ($1,173), $732, and ($1,902) respectively.
(2) Income tax expense for the quarters ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024 includes $1,561, $1,591, $475, $556, and ($1,041), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. Income tax expense for the quarters ended March 31, 2025 and March 31, 2024 also includes ($742) and ($616), respectively, 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:	March 31			December 31			September 30			June 30			March 31
($ in thousands)

U.S. Mortgage Insurance Portfolio
New insurance written	$	9,945,336		$	12,220,968		$	12,513,695		$	12,503,125		$	8,323,544
New risk written	$	2,698,639		$	3,297,296		$	3,437,465		$	3,449,623		$	2,289,508

Average insurance in force	$	244,005,459		$	243,236,830		$	242,065,632		$	239,538,571		$	238,595,268
Insurance in force (end of period)	$	244,692,492		$	243,645,423		$	242,976,043		$	240,669,165		$	238,477,402
Gross risk in force (end of period) (1)	$	67,026,626		$	66,613,517		$	66,237,992		$	65,269,064		$	64,247,810
Risk in force (end of period)	$	56,565,811		$	56,477,150		$	55,915,640		$	55,521,538		$	54,686,533
Policies in force		811,342			813,013			815,507			814,237			815,752
Weighted average coverage (2)		27.4	%		27.3	%		27.3	%		27.1	%		26.9	%
Annual persistency		85.7	%		85.7	%		86.6	%		86.7	%		86.9	%

Loans in default (count)		17,759			18,439			15,906			13,954			13,992
Percentage of loans in default		2.19	%		2.27	%		1.95	%		1.71	%		1.72	%

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		(0.05	%)		(0.06	%)		(0.06	%)		(0.05	%)		(0.05	%)
Net average premium rate		0.36	%		0.35	%		0.35	%		0.36	%		0.36	%


(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: Flow


NIW by Credit Score
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
>=760	$	4,742,099		47.7	%	$	5,754,605		47.1	%	$	3,596,600		43.2	%
740-759		1,726,055		17.4			2,131,356		17.4			1,410,446		16.9
720-739		1,299,999		13.0			1,640,275		13.4			1,244,648		15.0
700-719		1,164,983		11.7			1,390,278		11.4			1,140,430		13.7
680-699		574,657		5.8			743,789		6.1			563,419		6.8
<=679		437,543		4.4			560,665		4.6			368,001		4.4
Total	$	9,945,336		100.0	%	$	12,220,968		100.0	%	$	8,323,544		100.0	%

Weighted average credit score		751					751					747



NIW by LTV
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
85.00% and below	$	738,619		7.4	%	$	977,154		8.0	%	$	559,899		6.7	%
85.01% to 90.00%		2,278,290		22.9			2,821,683		23.1			1,732,131		20.8
90.01% to 95.00%		5,276,018		53.1			6,348,777		51.9			4,517,655		54.3
95.01% and above		1,652,409		16.6			2,073,354		17.0			1,513,859		18.2
Total	$	9,945,336		100.0	%	$	12,220,968		100.0	%	$	8,323,544		100.0	%

Weighted average LTV		93	%				93	%				93	%



NIW by Product
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
Single premium policies				1.4	%				1.2	%				2.0	%
Monthly premium policies				98.6					98.8					98.0
				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
Purchase				94.3	%				88.3	%				97.4	%
Refinance				5.7					11.7					2.6
				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	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
>=760	$	100,017,207		40.9	%	$	99,221,741		40.7	%	$	96,712,431		40.6	%
740-759		42,848,390		17.5			42,574,390		17.5			41,477,680		17.4
720-739		37,970,066		15.5			37,953,625		15.6			37,342,339		15.7
700-719		32,765,594		13.4			32,657,660		13.4			32,023,895		13.4
680-699		19,667,828		8.0			19,772,912		8.1			19,664,999		8.2
<=679		11,423,407		4.7			11,465,095		4.7			11,256,058		4.7
Total	$	244,692,492		100.0	%	$	243,645,423		100.0	%	$	238,477,402		100.0	%

Weighted average credit score		746					746					746

Gross RIF by FICO score	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
>=760	$	27,126,072		40.5	%	$	26,860,197		40.3	%	$	25,806,552		40.2	%
740-759		11,894,259		17.7			11,799,832		17.7			11,326,253		17.6
720-739		10,535,428		15.7			10,512,364		15.8			10,206,055		15.9
700-719		9,113,238		13.6			9,067,640		13.6			8,757,648		13.6
680-699		5,425,408		8.1			5,440,776		8.2			5,321,802		8.3
<=679		2,932,221		4.4			2,932,708		4.4			2,829,500		4.4
Total	$	67,026,626		100.0	%	$	66,613,517		100.0	%	$	64,247,810		100.0	%

Portfolio by LTV
IIF by LTV	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
85.00% and below	$	14,375,166		5.9	%	$	14,738,289		6.0	%	$	18,397,395		7.7	%
85.01% to 90.00%		59,985,533		24.5			60,636,883		24.9			62,218,749		26.1
90.01% to 95.00%		128,443,227		52.5			127,152,954		52.2			120,666,455		50.6
95.01% and above		41,888,566		17.1			41,117,297		16.9			37,194,803		15.6
Total	$	244,692,492		100.0	%	$	243,645,423		100.0	%	$	238,477,402		100.0	%

Weighted average LTV		93	%				93	%				93	%

Gross RIF by LTV	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
85.00% and below	$	1,701,075		2.5	%	$	1,745,933		2.6	%	$	2,188,074		3.4	%
85.01% to 90.00%		14,799,254		22.1			14,961,779		22.5			15,329,091		23.9
90.01% to 95.00%		37,888,529		56.5			37,510,076		56.3			35,556,840		55.3
95.01% and above		12,637,768		18.9			12,395,729		18.6			11,173,805		17.4
Total	$	67,026,626		100.0	%	$	66,613,517		100.0	%	$	64,247,810		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	March 31, 2025					December 31, 2024					March 31, 2024
($ in thousands)
FRM 30 years and higher	$	239,398,817		97.8	%	$	238,335,608		97.8	%	$	232,753,590		97.6	%
FRM 20-25 years		1,042,318		0.4			1,133,494		0.5			1,473,431		0.6
FRM 15 years		1,285,597		0.5			1,231,952		0.5			1,359,795		0.6
ARM 5 years and higher		2,965,760		1.3			2,944,369		1.2			2,890,586		1.2
Total	$	244,692,492		100.0	%	$	243,645,423		100.0	%	$	238,477,402		100.0	%

										Exhibit G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force

		2025		2024
($ in thousands)	March 31			December 31			September 30			June 30			March 31
GSE and other risk share (1):
Risk in Force	$	2,220,477		$	2,240,284		$	2,254,726		$	2,304,885		$	2,307,267
Reserve for losses and LAE	$	52		$	51		$	37		$	33		$	32

Weighted average credit score		751			751			750			750			750
Weighted average LTV		82	%		82	%		82	%		82	%		82	%

(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.

																						Exhibit H

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
March 31, 2025


								Insurance in Force
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

2010 - 2015	$	86,862,507	$	1,670,154	1.9	%	9,235	4.28	%	69.3	%	51.7	%	2.5	%	12.1	%	46.7	%	2.3	%	429	4.65	%
2016		34,949,319		1,597,109	4.6		9,507	4.01		82.2		69.5		17.4		18.5		39.5		2.0		411	4.32
2017		43,858,322		3,323,656	7.6		20,736	4.31		90.6		82.8		25.1		21.1		36.5		3.0		901	4.35
2018		47,508,525		4,375,849	9.2		25,555	4.81		95.1		76.4		28.1		22.2		31.8		3.9		1,186	4.64
2019		63,569,183		9,731,446	15.3		48,468	4.24		89.6		73.1		26.2		19.1		34.7		3.8		1,672	3.45
2020		107,944,065		33,665,162	31.2		136,025	3.21		74.0		65.2		15.3		10.7		45.3		2.9		2,450	1.80
2021		84,218,250		47,911,728	56.9		162,828	3.10		90.5		68.4		17.4		13.8		40.2		6.5		3,654	2.24
2022		63,061,262		50,057,019	79.4		145,895	5.09		98.2		66.7		11.7		12.5		39.6		19.4		3,763	2.58
2023		47,666,852		40,073,857	84.1		114,381	6.62		98.8		73.1		18.9		11.1		38.4		19.4		2,397	2.10
2024		45,561,332		42,418,290	93.1		113,302	6.71		94.9		72.8		19.8		12.1		42.9		14.8		889	0.78
2025 (through March 31)		9,945,336		9,868,222	99.2		25,410	6.78		94.4		69.7		16.7		10.2		47.6		2.1		7	0.03
Total	$	635,144,953	$	244,692,492	38.5		811,342	4.98		91.9		69.6		17.1		12.7		40.9		5.2		17,759	2.19

(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

																Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
March 31, 2025
($ in thousands)
Insurance Linked Notes (1)

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		Earned Premiums Ceded Year-to-Date		Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	$	22,498,132	$	6,194,669	$	557,911	$	165,266	$	—	$	278,956	$	277,360	$	1,390	$	123,425
Radnor Re 2021-2	Apr. 2021 - Sep. 2021		28,457,873		7,936,192		439,407		248,077		—		279,415		274,846		3,029		215,769
Radnor Re 2022-1	Oct. 2021 - Jul. 2022		26,997,277		7,409,659		237,868		160,941		—		303,761		298,719		3,270		148,066
Radnor Re 2023-1	Aug. 2022 - Jun. 2023		27,368,762		7,507,563		281,462		250,291		—		281,463		279,930		3,090		237,276
Radnor Re 2024-1	Jul. 2023 - Jul. 2024		28,317,296		7,832,167		363,366		316,494		—		256,495		256,495		2,934		234,205
Total		$	133,639,340	$	36,880,250	$	1,880,014	$	1,141,069	$	—	$	1,400,090	$	1,387,350	$	13,713	$	958,741

Excess of Loss Reinsurance (2)

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		Earned Premiums Ceded Year-to-Date		Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1	Jan. 2018 - Dec. 2018	$	4,334,575	$	1,143,163	$	118,650	$	76,144	$	—	$	253,643	$	243,099	$	614	$	—
XOL 2020-1	Jan. 2019 - Aug. 2019		5,525,478		1,461,723		55,102		29,152		—		215,605		211,464		246		—
XOL 2022-1	Oct. 2021 - Dec. 2022		61,141,314		16,718,151		141,992		141,992		—		507,114		494,068		1,576		137,692
XOL 2023-1	Jan. 2023 - Dec. 2023		35,938,114		9,967,019		36,627		36,627		—		366,270		365,476		429		35,218
XOL 2024-1	Jan. 2024 - Dec. 2024		39,383,053		10,817,438		46,537		58,005		—		331,456		331,456		644		56,073
Total		$	146,322,534	$	40,107,494	$	398,908	$	341,920	$	—	$	1,674,088	$	1,645,563	$	3,509	$	228,983

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		Year-to-Date			Year-to-Date		Year-to-Date		Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020	(4)	$	37,752,288	$	10,358,129	$	7,773,432	$	2,104,516	$	(240	)	$	2,250	$	3,006	$	130,610
Jan. 2022 - Dec. 2022	20%		50,008,402		13,650,092		10,001,681		2,730,018		2,219			1,768		5,579		206,510
Jan. 2023 - Dec. 2023	17.5%		35,831,132		9,940,697		6,270,448		1,739,622		1,218			1,265		3,875		139,923
Jan. 2024 - Dec. 2024	15%		42,171,586		11,564,578		6,325,738		1,734,687		1,298			1,287		4,065		127,279
Jan. 2025 - Dec. 2025	25%		9,858,525		2,675,932		2,464,631		668,983		23			191		376		43,950
Total		$	175,621,933	$	48,189,428	$	32,835,930	$	8,977,826	$	4,518		$	6,761	$	16,901	$	648,272

(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
	March 31, 2025		December 31, 2024		March 31, 2024
CA	12.4	%	12.5	%	12.9	%
FL	11.9		11.9		11.3
TX	11.2		11.1		10.6
CO	4.0		4.1		4.1
AZ	3.9		3.8		3.8
GA	3.8		3.7		3.5
WA	3.4		3.4		3.5
NC	3.1		3.0		2.9
NY	2.6		2.6		2.5
OH	2.6		2.6		2.6
All Others	41.1		41.3		42.3
Total	100.0	%	100.0	%	100.0	%



Gross RIF by State
	March 31, 2025		December 31, 2024		March 31, 2024
CA	12.4	%	12.4	%	12.8	%
FL	12.1		12.1		11.6
TX	11.5		11.4		10.9
CO	4.0		4.0		4.1
AZ	3.9		3.9		3.8
GA	3.8		3.8		3.6
WA	3.4		3.4		3.4
NC	3.1		3.0		2.9
MI	2.6		2.5		2.5
OH	2.5		2.5		2.6
All Others	40.7		41.0		41.8
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
	March 31			December 31			September 30			June 30			March 31
Beginning default inventory		18,439			15,906			13,954			13,992			14,819
Plus: new defaults (A)		9,664			11,136			9,984			8,119			8,260
Less: cures		(10,173	)		(8,408	)		(7,819	)		(7,956	)		(8,951	)
Less: claims paid		(153	)		(183	)		(182	)		(183	)		(123	)
Less: rescissions and denials, net		(18	)		(12	)		(31	)		(18	)		(13	)
Ending default inventory		17,759			18,439			15,906			13,954			13,992

(A) New defaults remaining as of March 31, 2025		6,446			4,274			2,546			1,504			837
Cure rate (1)		33	%		62	%		74	%		81	%		90	%

Total amount paid for claims (in thousands)	$	6,330		$	7,740		$	5,749		$	5,566		$	3,605
Average amount paid per claim (in thousands)	$	41		$	42		$	32		$	30		$	29
Severity		70	%		68	%		58	%		60	%		65	%

Rollforward of Reserve for Losses and LAE
	Three Months Ended
		2025		2024
($ in thousands)	March 31			December 31			September 30			June 30			March 31
Reserve for losses and LAE at beginning of period	$	310,156		$	274,926		$	246,107		$	253,565		$	245,402
Less: Reinsurance recoverables		36,655			30,867			26,022			26,570			24,005
Net reserve for losses and LAE at beginning of period		273,501			244,059			220,085			226,995			221,397
Add provision for losses and LAE occurring in:
Current period		48,928			50,212			51,649			30,653			39,396
Prior years		(18,208	)		(12,976	)		(21,836	)		(31,880	)		(30,062	)
Incurred losses and LAE during the period		30,720			37,236			29,813			(1,227	)		9,334
Deduct payments for losses and LAE occurring in:
Current period		51			1,569			637			478			1
Prior years		6,393			6,225			5,202			5,205			3,735
Loss and LAE payments during the period		6,444			7,794			5,839			5,683			3,736
Net reserve for losses and LAE at end of period		297,777			273,501			244,059			220,085			226,995
Plus: Reinsurance recoverables		40,351			36,655			30,867			26,022			26,570
Reserve for losses and LAE at end of period	$	338,128		$	310,156		$	274,926		$	246,107		$	253,565



(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

	March 31, 2025
	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)
Missed Payments:
Two payments	5,430		31	%	$	29,226	9	%	$	426,195	7	%
Three payments	2,445		14			23,046	7			194,642	12
Four to eleven payments	7,472		42			139,810	45			620,538	23
Twelve or more payments	2,198		12			105,783	34			172,129	61
Pending claims	214		1			14,195	5			15,789	90
Total case reserves	17,759		100	%		312,060	100	%	$	1,429,293	22	%
IBNR						23,404
LAE						2,664
Total reserves for losses and LAE					$	338,128

Average reserve per default:
Case					$	17.6
Total					$	19.0

Default Rate	2.19	%
3+ Month Default Rate	1.52	%

	December 31, 2024
	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)
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	%

	March 31, 2024
	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)
Missed Payments:
Two payments	4,527		33	%	$	23,944	10	%	$	333,652	7	%
Three payments	2,000		14			18,410	8			148,499	12
Four to eleven payments	5,440		39			104,123	45			426,513	24
Twelve or more payments	1,883		13			80,025	34			130,816	61
Pending claims	142		1			7,382	3			8,351	88
Total case reserves	13,992		100	%		233,884	100	%	$	1,047,831	22	%
IBNR						17,541
LAE						2,140
Total reserves for losses and LAE					$	253,565

Average reserve per default:
Case					$	16.7
Total					$	18.1

Default Rate	1.72	%
3+ Month Default Rate	1.16	%

Exhibit M

Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale

Investments Available for Sale by Asset Class
Asset Class	March 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
U.S. Treasury securities	$	545,262		9.3	%	$	547,290	9.3	%
U.S. agency mortgage-backed securities		1,165,643		19.8			1,125,436	19.2
Municipal debt securities		592,561		10.0			583,501	9.9
Non-U.S. government securities		61,870		1.1			69,798	1.2
Corporate debt securities		1,867,491		31.7			1,783,046	30.3
Residential and commercial mortgage securities		470,481		8.0			478,086	8.1
Asset-backed securities		746,519		12.7			631,959	10.8
Money market funds		432,532		7.4			657,605	11.2
Total investments available for sale	$	5,882,359		100.0	%	$	5,876,721	100.0	%

Investments Available for Sale by Credit Rating
Rating (1)	March 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
Aaa	$	2,621,894		48.1	%	$	2,513,014	48.1	%
Aa1		103,985		1.9			101,809	2.0
Aa2		297,219		5.5			301,080	5.8
Aa3		273,111		4.9			271,069	5.2
A1		539,597		9.9			511,076	9.8
A2		468,994		8.6			411,999	7.9
A3		481,219		8.8			463,616	8.8
Baa1		226,338		4.2			218,454	4.2
Baa2		209,913		3.9			198,193	3.8
Baa3		151,344		2.8			151,729	2.9
Below Baa3		76,213		1.4			77,077	1.5
Total (2)	$	5,449,827		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 $432,532 and $657,605 of money market funds at March 31, 2025 and December 31, 2024, respectively.

Investments Available for Sale by Duration and Book Yield
Effective Duration	March 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
< 1 Year	$	1,394,536		23.7	%	$	1,587,022	26.9	%
1 to < 2 Years		589,709		10.0			544,630	9.3
2 to < 3 Years		460,635		7.8			473,301	8.1
3 to < 4 Years		564,623		9.6			445,614	7.6
4 to < 5 Years		533,274		9.1			546,414	9.3
5 or more Years		2,339,582		39.8			2,279,740	38.8
Total investments available for sale	$	5,882,359		100.0	%	$	5,876,721	100.0	%

Pre-tax investment income yield:
Three months ended March 31, 2025		3.77	%

Holding company net cash and investments available for sale:
($ in thousands)
As of March 31, 2025	$	1,016,368
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
	March 31			December 31			September 30			June 30			March 31
($ in thousands)
U.S. Mortgage Insurance Subsidiaries (7):
Combined statutory capital (1)	$	3,642,374		$	3,594,381		$	3,584,580		$	3,530,462		$	3,453,553

Combined net risk in force (2)	$	34,968,089		$	35,159,976		$	34,893,957		$	34,812,227		$	34,463,082

Risk-to-capital ratios (3):
Essent Guaranty, Inc.		9.6:1			9.8:1			10.0:1			10.2:1			10.3:1
Essent Guaranty of PA, Inc.		N/A			N/A			0.3:1			0.3:1			0.4:1
Combined (4)		N/A			N/A			9.7:1			9.9:1			10.0:1

Essent Guaranty, Inc. PMIERs Data (5):
Available Assets	$	3,628,675		$	3,612,993		$	3,598,725		$	3,513,609		$	3,464,119
Minimum Required Assets		2,107,620			2,029,738			1,903,473			2,052,135			1,999,928
PMIERs excess Available Assets	$	1,521,055		$	1,583,255		$	1,695,252		$	1,461,474		$	1,464,191
PMIERs sufficiency ratio (6)		172	%		178	%		189	%		171	%		173	%

Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)	$	1,780,924		$	1,773,044		$	1,826,901		$	1,793,777		$	1,793,005

Net risk in force (2)	$	23,482,726		$	23,250,018		$	23,003,846		$	22,770,165		$	22,271,316


(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 March 31, 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
	March 31			December 31			September 30			June 30			March 31
($ in thousands)
Revenues:
Net premiums earned	$	233,630		$	227,863		$	231,249		$	235,258		$	230,306
Net investment income		47,630			46,191			46,241			46,708			44,201
Realized investment gains (losses), net		(101	)		(120	)		73			(1,156	)		(1,140	)
Income (loss) from other invested assets		3,209			2,925			3,132			1,633			(519	)
Other income		4,501			3,884			3,706			4,662			1,900
Total revenues		288,869			280,743			284,401			287,105			274,748

Losses and expenses:
Provision (benefit) for losses and LAE		30,722			37,254			29,816			(1,225	)		9,337

Compensation and benefits		19,890			18,037			17,656			17,756			18,707
Premium and other taxes		5,574			5,968			5,863			5,568			5,608
Ceding commission		(6,508	)		(6,547	)		(6,433	)		(5,715	)		(5,553	)
Other underwriting and operating expenses		11,637			11,779			10,798			10,787			11,465
Net operating expenses before allocations		30,593			29,237			27,884			28,396			30,227
Corporate expense allocations		13,014			10,657			10,672			10,840			11,618
Operating expenses after allocations		43,607			39,894			38,556			39,236			41,845
Income before income tax expense	$	214,540		$	203,595		$	216,029		$	249,094		$	223,566

Loss Ratio (1)		13.1	%		16.3	%		12.9	%		(0.5	)%		4.1	%
Expense Ratio (2)		18.7	%		17.5	%		16.7	%		16.7	%		18.2	%
Combined Ratio		31.8	%		33.8	%		29.6	%		16.2	%		22.3	%

(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
	March 31			December 31			September 30			June 30			March 31
($ in thousands)
Revenues:
Net premiums earned	$	12,218		$	16,602		$	17,687		$	16,633		$	15,284
Net investment income		10,580			10,368			11,099			9,378			7,884
Realized investment gains (losses), net		(80	)		6			(5	)		(8	)		—
Income (loss) from other invested assets		4,199			3,964			(312	)		(2,052	)		(1,396	)
Other income		1,772			3,344			3,708			1,886			1,837
Total revenues		28,689			34,284			32,177			25,837			23,609

Losses and expenses:
Provision for losses and LAE		565			3,721			850			891			576

Compensation and benefits		19,802			16,490			16,136			15,608			16,002
Premium and other taxes		1,329			569			432			370			126
Other underwriting and operating expenses		19,400			24,655			22,429			21,828			20,485
Net operating expenses before allocations		40,531			41,714			38,997			37,806			36,613
Corporate expense allocations		(13,014	)		(10,657	)		(10,672	)		(10,840	)		(11,618	)
Operating expenses after allocations		27,517			31,057			28,325			26,966			24,995
Interest expense		8,148			8,151			11,457			7,849			7,862
Loss before income tax expense	$	(7,541	)	$	(8,645	)	$	(8,455	)	$	(9,869	)	$	(9,824	)

	Consolidated
		2025		2024
	March 31			December 31			September 30			June 30			March 31
($ in thousands)
Revenues:
Net premiums earned	$	245,848		$	244,465		$	248,936		$	251,891		$	245,590
Net investment income		58,210			56,559			57,340			56,086			52,085
Realized investment gains (losses), net		(181	)		(114	)		68			(1,164	)		(1,140	)
Income (loss) from other invested assets		7,408			6,889			2,820			(419	)		(1,915	)
Other income		6,273			7,228			7,414			6,548			3,737
Total revenues		317,558			315,027			316,578			312,942			298,357

Losses and expenses:
Provision (benefit) for losses and LAE		31,287			40,975			30,666			(334	)		9,913

Compensation and benefits		39,692			34,527			33,792			33,364			34,709
Premium and other taxes		6,903			6,537			6,295			5,938			5,734
Ceding commission		(6,508	)		(6,547	)		(6,433	)		(5,715	)		(5,553	)
Other underwriting and operating expenses		31,037			36,434			33,227			32,615			31,950
Total other underwriting and operating expenses		71,124			70,951			66,881			66,202			66,840
Interest expense		8,148			8,151			11,457			7,849			7,862
Income before income tax expense	$	206,999		$	194,950		$	207,574		$	239,225		$	213,742

View source version on businesswire.com: https://www.businesswire.com/news/home/20250509007387/en/

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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. Announces First Quarter 2025 Results and Declares Quarterly Dividend

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

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