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

BY Business Wire | MUNICIPAL | 08/08/25 06:30 AM EDT

HAMILTON, Bermuda--(BUSINESS WIRE)-- Essent Group Ltd. (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 (ESNT) 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.

?We are pleased with our second quarter 2025 financial results, which reflect continued strength in credit, elevated portfolio persistency and increased investment income,? said Mark A. Casale, Chairman and Chief Executive Officer. ?Essent?s 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.?

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. (ESNT) 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 (ESNT) 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 (ESNT) 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 (ESNT) 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 (ESNT).

A replay of the webcast will be available on the Essent (ESNT) 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 (ESNT) 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. (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 (ESNT) may be found at www.essentgroup.com.

Source: Essent Group Ltd. (ESNT)

?	?	?
?	?	?
Essent Group Ltd. (ESNT) and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended June 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 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. (ESNT) and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except per share amounts)

2025

2024

2025

2024

Revenues:

Direct premiums written

274,872

272,910

547,266

541,841

Ceded premiums

(33,384

)

(27,344

)

(67,507

)

(57,735

)

Net premiums written

241,488

245,566

479,759

484,106

Decrease in unearned premiums

7,321

6,325

14,898

13,375

Net premiums earned

248,809

251,891

494,657

497,481

Net investment income

59,289

56,086

117,499

108,171

Realized investment gains (losses), net

(129

)

(1,164

)

(310

)

(2,304

)

Income (loss) from other invested assets

4,466

(419

)

11,874

(2,334

)

Other income

6,708

6,548

12,981

10,285

Total revenues

319,143

312,942

636,701

611,299

Losses and expenses:

Provision (benefit) for losses and LAE

17,055

(334

)

48,342

9,579

Other underwriting and operating expenses

62,765

66,202

133,889

133,042

Interest expense

8,148

7,849

16,296

15,711

Total losses and expenses

87,968

73,717

198,527

158,332

Income before income taxes

231,175

239,225

438,174

452,967

Income tax expense

35,836

35,616

67,402

67,639

Net income

195,339

203,609

370,772

385,328

Earnings per share:

Basic

1.95

1.93

3.65

Diluted

1.93

1.91

3.62

3.61

Weighted average shares outstanding:

Basic

100,037

105,657

101,451

105,677

Diluted

101,059

106,778

102,495

106,774

Net income

195,339

203,609

370,772

385,328

Other comprehensive income (loss):

Change in unrealized appreciation (depreciation) of investments

16,580

(5,375

)

88,318

(27,141

)

Total other comprehensive income (loss)

16,580

(5,375

)

88,318

(27,141

)

Comprehensive income

211,919

198,234

459,090

358,187

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

Supplemental Information

Consolidated Historical Quarterly Data

2025

2024

Selected Income Statement Data

June 30

March 31

December 31

September 30

June 30

(In thousands, except per share amounts)

Revenues:

Net premiums earned:

U.S. Mortgage Insurance Portfolio

220,261

218,125

211,683

214,119

217,513

GSE and other risk share

13,646

15,505

16,180

17,130

17,745

Title insurance

14,902

12,218

16,602

17,687

16,633

Net premiums earned

248,809

245,848

244,465

248,936

251,891

Net investment income

59,289

58,210

56,559

57,340

56,086

Realized investment gains (losses), net

(129

)

(181

)

(114

)

(1,164

)

Income (loss) from other invested assets

4,466

7,408

6,889

2,820

(419

)

Other income (1)

6,708

6,273

7,228

7,414

6,548

Total revenues

319,143

317,558

315,027

316,578

312,942

Losses and expenses:

Provision (benefit) for losses and LAE

17,055

31,287

40,975

30,666

(334

)

Other underwriting and operating expenses

62,765

71,124

70,951

66,881

66,202

Interest expense

8,148

8,151

11,457

7,849

Total losses and expenses

87,968

110,559

120,077

109,004

73,717

Income before income taxes

231,175

206,999

194,950

207,574

239,225

Income tax expense (2)

35,836

31,566

27,050

31,399

35,616

Net income

195,339

175,433

167,900

176,175

203,609

Earnings per share:

Basic

1.95

1.71

1.60

1.67

1.93

Diluted

1.93

1.69

1.58

1.65

1.91

Weighted average shares outstanding:

Basic

100,037

102,881

104,963

105,266

105,657

Diluted

101,059

103,946

106,104

106,554

106,778

Book value per share

56.98

55.22

53.36

53.11

50.58

Return on average equity (annualized)

13.8

12.5

11.9

12.8

15.4

Borrowings

Borrowings outstanding

500,000

425,000

Undrawn committed capacity

500,000

400,000

Weighted average interest rate (end of period)

6.25

7.07

Debt-to-capital

8.10

8.12

8.19

8.14

7.32

(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.

Exhibit D

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Portfolio Historical Quarterly Data

2025

2024

Other Data:

June 30

March 31

December 31

September 30

June 30

($ in thousands)

U.S. Mortgage Insurance Portfolio

New insurance written

12,544,731

9,945,336

12,220,968

12,513,695

12,503,125

New risk written

3,357,820

2,698,639

3,297,296

3,437,465

3,449,623

Average insurance in force

245,747,813

244,005,459

243,236,830

242,065,632

239,538,571

Insurance in force (end of period)

246,797,619

244,692,492

243,645,423

242,976,043

240,669,165

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

67,683,239

67,026,626

66,613,517

66,237,992

65,269,064

Risk in force (end of period)

56,811,096

56,565,811

56,477,150

55,915,640

55,521,538

Policies in force

812,182

811,342

813,013

815,507

814,237

Weighted average coverage (2)

27.4

27.3

27.1

Annual persistency

85.8

85.7

86.6

86.7

Loans in default (count)

17,255

17,759

18,439

15,906

13,954

Percentage of loans in default

2.12

2.19

2.27

1.95

1.71

U.S. Mortgage Insurance Portfolio premium rate:

Base average premium rate (3)

0.41

Single premium cancellations (4)

Gross average premium rate

0.41

Ceded premiums

(0.05

(0.06

(0.05

Net average premium rate

0.36

0.35

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. (ESNT) and Subsidiaries

Supplemental Information - U.S. Mortgage Insurance Portfolio

New Insurance Written

NIW by Credit Score

Three Months Ended

Six Months Ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

($ in thousands)

>=760

6,274,130

50.0

5,451,182

43.6

11,016,229

49.0

9,047,782

43.4

740-759

2,008,226

16.0

2,165,026

17.3

3,734,281

16.6

3,575,472

17.2

720-739

1,598,919

12.8

1,819,751

14.6

2,898,918

12.8

3,064,399

14.7

700-719

1,320,817

10.5

1,585,167

12.7

2,485,800

11.1

2,725,597

13.1

680-699

731,994

5.8

870,054

7.0

1,306,651

5.8

1,433,473

6.9

<=679

610,645

4.9

611,945

4.8

1,048,188

4.7

979,946

4.7

Total

12,544,731

100.0

12,503,125

100.0

22,490,067

100.0

20,826,669

100.0

Weighted average credit score

753

748

752

748

NIW by LTV

Three Months Ended

Six Months Ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

($ in thousands)

85.00% and below

1,124,637

9.0

854,349

6.8

1,863,256

8.3

1,414,248

6.8

85.01% to 90.00%

2,957,886

23.6

2,423,665

19.4

5,236,176

23.3

4,155,796

20.0

90.01% to 95.00%

6,393,500

50.9

6,874,853

55.0

11,669,518

51.9

11,392,508

54.7

95.01% and above

2,068,708

16.5

2,350,258

18.8

3,721,117

16.5

3,864,117

18.5

Total

12,544,731

100.0

12,503,125

100.0

22,490,067

100.0

20,826,669

100.0

Weighted average LTV

NIW by Product

Three Months Ended

Six Months Ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Single premium policies

1.3

1.4

1.6

Monthly premium policies

98.7

98.6

98.4

100.0

NIW by Purchase vs. Refinance

Three Months Ended

Six Months Ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Purchase

92.6

97.8

93.4

97.6

Refinance

7.4

2.2

6.6

2.4

100.0

Exhibit F

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

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

Portfolio by Credit Score

IIF by FICO score

June 30, 2025

March 31, 2025

June 30, 2024

($ in thousands)

>=760

101,554,517

41.1

100,017,207

40.9

97,668,435

40.6

740-759

43,146,312

17.5

42,848,390

17.5

41,915,598

17.4

720-739

38,115,925

15.4

37,970,066

15.5

37,678,804

15.7

700-719

32,789,773

13.3

32,765,594

13.4

32,331,564

13.4

680-699

19,666,338

8.0

19,667,828

8.0

19,751,956

8.2

<=679

11,524,754

4.7

11,423,407

4.7

11,322,808

4.7

Total

246,797,619

100.0

244,692,492

100.0

240,669,165

100.0

Weighted average credit score

746

Gross RIF by FICO score

June 30, 2025

March 31, 2025

June 30, 2024

($ in thousands)

>=760

27,578,860

40.8

27,126,072

40.5

26,238,140

40.2

740-759

11,989,491

17.7

11,894,259

17.7

11,525,987

17.7

720-739

10,584,541

15.6

10,535,428

15.7

10,362,021

15.9

700-719

9,136,075

13.5

9,113,238

13.6

8,899,342

13.6

680-699

5,434,287

8.0

5,425,408

8.1

5,382,312

8.2

<=679

2,959,985

4.4

2,932,221

4.4

2,861,262

4.4

Total

67,683,239

100.0

67,026,626

100.0

65,269,064

100.0

Portfolio by LTV

IIF by LTV

June 30, 2025

March 31, 2025

June 30, 2024

($ in thousands)

85.00% and below

14,309,342

5.8

14,375,166

5.9

16,927,111

7.0

85.01% to 90.00%

59,432,276

24.1

59,985,533

24.5

61,774,991

25.7

90.01% to 95.00%

130,210,803

52.7

128,443,227

52.5

123,414,332

51.3

95.01% and above

42,845,198

17.4

41,888,566

17.1

38,552,731

16.0

Total

246,797,619

100.0

244,692,492

100.0

240,669,165

100.0

Weighted average LTV

Gross RIF by LTV

June 30, 2025

March 31, 2025

June 30, 2024

($ in thousands)

85.00% and below

1,689,437

2.5

1,701,075

2.5

2,010,864

3.1

85.01% to 90.00%

14,653,527

21.7

14,799,254

22.1

15,238,201

23.3

90.01% to 95.00%

38,402,295

56.7

37,888,529

56.5

36,405,573

55.8

95.01% and above

12,937,980

19.1

12,637,768

18.9

11,614,426

17.8

Total

67,683,239

100.0

67,026,626

100.0

65,269,064

100.0

Portfolio by Loan Amortization Period

IIF by Loan Amortization Period

June 30, 2025

March 31, 2025

June 30, 2024

($ in thousands)

FRM 30 years and higher

241,225,436

97.8

239,398,817

97.8

235,138,420

97.7

FRM 20-25 years

1,024,884

0.4

1,042,318

0.4

1,322,021

0.5

FRM 15 years

1,465,011

0.6

1,285,597

0.5

1,276,780

0.5

ARM 5 years and higher

3,082,288

1.2

2,965,760

1.3

2,931,944

1.3

Total

246,797,619

100.0

244,692,492

100.0

240,669,165

100.0

Exhibit G

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Other Risk in Force

2025

2024

($ in thousands)

June 30

March 31

December 31

September 30

June 30

GSE and other risk share (1):

Risk in Force

2,321,008

2,220,477

2,240,284

2,254,726

2,304,885

Reserve for losses and LAE

Weighted average credit score

751

750

Weighted average LTV

(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. (ESNT) and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
June 30, 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	$	1,602,905	1.8	%	8,846	4.28	%	68.9	%	50.9	%	2.0	%	11.8	%	47.1	%	2.3	%	367	4.15	%
2016	?	34,949,319	?	1,371,056	3.9	?	8,027	4.03	?	80.3	?	65.6	?	18.3	?	17.7	?	40.3	?	2.0		356	4.44	?
2017	?	43,858,322	?	3,133,022	7.1	?	19,675	4.31	?	90.5	?	82.7	?	25.7	?	21.1	?	36.3	?	2.9		848	4.31	?
2018	?	47,508,525	?	4,164,462	8.8	?	24,485	4.82	?	95.1	?	77.6	?	28.7	?	22.4	?	31.5	?	3.8		1,118	4.57	?
2019	?	63,569,183	?	9,278,080	14.6	?	46,606	4.25	?	89.8	?	74.1	?	26.6	?	19.3	?	34.4	?	3.5		1,512	3.24	?
2020	?	107,944,065	?	31,595,082	29.3	?	128,859	3.21	?	75.0	?	66.6	?	15.7	?	10.8	?	45.2	?	2.7		2,330	1.81	?
2021	?	84,218,250	?	45,343,252	53.8	?	155,311	3.11	?	91.2	?	69.9	?	17.8	?	13.8	?	40.1	?	6.3		3,489	2.25	?
2022	?	63,061,262	?	48,421,149	76.8	?	141,804	5.09	?	98.3	?	67.0	?	11.8	?	12.5	?	39.5	?	18.3		3,486	2.46	?
2023	?	47,666,852	?	38,646,995	81.1	?	110,926	6.61	?	98.8	?	73.3	?	19.1	?	11.1	?	38.3	?	19.7		2,518	2.27	?
2024	?	45,561,332	?	41,260,566	90.6	?	110,953	6.71	?	94.9	?	72.9	?	20.1	?	12.2	?	42.5	?	16.8		1,179	1.06	?
2025 (through June 30)	?	22,490,067	?	21,981,050	97.7	?	56,690	6.73	?	93.4	?	68.5	?	16.8	?	10.6	?	48.5	?	5.6		52	0.09	?
Total	$	647,689,684	$	246,797,619	38.1	?	812,182	5.08	?	92.3	?	70.1	?	17.4	?	12.6	?	41.1	?	5.3		17,255	2.12	?
?	?		?		?		?	?		?		?		?		?		?		?		?	?
(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. (ESNT) and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
June 30, 2025
																															?
($ in thousands)
Insurance Linked Notes (1)										?			?			?												?			?
?		?		?						?			?			?									Earned Premiums Ceded						?
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		$	?		$	278,956		$	277,158		$	1,390		$	2,781		$	100,347
Radnor Re 2021-2		Apr. 2021 - Sep. 2021		?	26,864,364		?	7,566,871		?	439,407		?	228,819		?	?		?	279,415		?	273,926		?	3,027		?	6,056		?	196,844
Radnor Re 2022-1		Oct. 2021 - Jul. 2022		?	26,046,456		?	7,171,205		?	237,868		?	146,841		?	?		?	303,761		?	297,208		?	3,260		?	6,531		?	135,094
Radnor Re 2023-1		Aug. 2022 - Jun. 2023		?	26,469,770		?	7,268,636		?	281,462		?	235,647		?	?		?	281,463		?	278,466		?	3,111		?	6,201		?	223,394
Radnor Re 2024-1		Jul. 2023 - Jul. 2024		?	27,346,263		?	7,567,326		?	363,366		?	297,147		?	?		?	256,495		?	256,437		?	2,949		?	5,883		?	219,889
Total		?		$	127,822,754		$	35,400,791		$	1,880,014		$	1,048,209		$	?		$	1,400,090		$	1,383,195		$	13,737		$	27,452		$	875,568
?		?					?									?			?			?			?
Excess of Loss Reinsurance (2)																?			?			?			?
?							?									?			?			?			Earned Premiums Ceded
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)
XOL 2019-1		Jan. 2018 - Dec. 2018		$	4,124,729		$	1,088,405		$	118,650		$	76,144		$	?		$	253,643		$	242,687		$	620		$	1,234		$	?
XOL 2020-1		Jan. 2019 - Aug. 2019		?	5,279,113		?	1,397,295		?	55,102		?	29,152		?	?		?	215,605		?	211,235		?	249		?	495		?	?
XOL 2022-1		Oct. 2021 - Dec. 2022		?	59,046,810		?	16,186,034		?	141,992		?	141,992		?	?		?	507,114		?	489,255		?	1,593		?	3,168		?	137,727
XOL 2023-1		Jan. 2023 - Dec. 2023		?	34,703,053		?	9,630,585		?	36,627		?	36,627		?	?		?	366,270		?	364,437		?	434		?	863		?	35,219
XOL 2024-1		Jan. 2024 - Dec. 2024		?	38,318,310		?	10,531,084		?	58,005		?	58,005		?	?		?	331,456		?	331,178		?	651		?	1,294		?	56,081
Total		?		$	141,472,015		$	38,833,403		$	410,376		$	341,920		$	?		$	1,674,088		$	1,638,792		$	3,547		$	7,054		$	229,027

Quota Share Reinsurance (2)

Losses Ceded

Ceding Commission

Earned Premiums Ceded

Year

Ceding Percentage

Remaining Insurance in Force

Remaining Risk in Force

Remaining Ceded Insurance in Force

Remaining Ceded Risk in Force

Quarter-to-Date

Year-to-Date

Quarter-to-Date

Year-to-Date

Quarter-to-Date

Year-to-Date

Reduction in PMIERs Minimum Required Assets (3)

Sep. 2019 - Dec. 2020

)

35,510,474

9,763,057

7,333,356

1,988,498

(375

)

(615

)

2,143

4,394

2,716

5,722

122,703

Jan. 2022 - Dec. 2022

48,372,212

13,229,819

9,674,442

2,645,964

300

2,519

1,725

3,494

3,578

9,157

196,010

Jan. 2023 - Dec. 2023

17.5

34,596,163

9,604,286

6,054,329

1,680,750

1,424

2,642

1,236

2,501

4,020

7,895

133,011

Jan. 2024 - Dec. 2024

41,020,470

11,255,561

6,153,071

1,688,334

1,551

2,850

1,264

2,551

4,269

8,334

127,142

Jan. 2025 - Dec. 2025

21,951,004

5,913,873

5,487,751

1,478,468

249

272

686

876

1,517

1,893

97,128

Total

181,450,323

49,766,596

34,702,949

9,482,014

3,149

7,668

7,054

13,816

16,100

33,001

675,994

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

Exhibit K

Essent Group Ltd. (ESNT) 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

June 30

March 31

December 31

September 30

June 30

Beginning default inventory

17,759

18,439

15,906

13,954

13,992

Plus: new defaults (A)

8,810

9,664

11,136

9,984

8,119

Less: cures

(9,078

)

(10,173

)

(8,408

)

(7,819

)

(7,956

)

Less: claims paid

(215

)

(153

)

(183

)

(182

)

(183

)

Less: rescissions and denials, net

(21

)

(18

)

(12

)

(31

)

(18

)

Ending default inventory

17,255

17,759

18,439

15,906

13,954

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

6,525

3,309

2,566

1,694

989

Cure rate (1)

Total amount paid for claims (in thousands)

9,007

6,330

7,740

5,749

5,566

Average amount paid per claim (in thousands)

Severity

Rollforward of Reserve for Losses and LAE

Three Months Ended

2025

2024

($ in thousands)

June 30

March 31

December 31

September 30

June 30

Reserve for losses and LAE at beginning of period

338,128

310,156

274,926

246,107

253,565

Less: Reinsurance recoverables

40,351

36,655

30,867

26,022

26,570

Net reserve for losses and LAE at beginning of period

297,777

273,501

244,059

220,085

226,995

Add provision for losses and LAE occurring in:

Current period

45,119

48,928

50,212

51,649

30,653

Prior years

(29,796

)

(18,208

)

(12,976

)

(21,836

)

(31,880

)

Incurred losses and LAE during the period

15,323

30,720

37,236

29,813

(1,227

)

Deduct payments for losses and LAE occurring in:

Current period

315

1,569

637

478

Prior years

8,799

6,393

6,225

5,202

5,205

Loss and LAE payments during the period

9,114

6,444

7,794

5,839

5,683

Net reserve for losses and LAE at end of period

303,986

297,777

273,501

244,059

220,085

Plus: Reinsurance recoverables

41,966

40,351

36,655

30,867

26,022

Reserve for losses and LAE at end of period

345,952

338,128

310,156

274,926

246,107

(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. (ESNT) and Subsidiaries

Supplemental Information

Detail of Reserves by Default Delinquency

U.S. Mortgage Insurance Portfolio

June 30, 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

5,634

29,534

436,738

Three payments

2,375

23,028

189,938

Four to eleven payments

6,644

134,497

561,051

Twelve or more payments

2,388

118,154

190,189

Pending claims

214

14,195

15,789

Total case reserves

17,255

100

319,408

100

1,393,705

IBNR

23,956

LAE

2,588

Total reserves for losses and LAE

345,952

Average reserve per default:

Case

18.5

Total

20.0

Default Rate

2.12

3+ Month Default Rate

1.43

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

32,672

522,644

Three payments

3,154

26,278

250,696

Four to eleven payments

6,408

122,551

515,600

Twelve or more payments

2,022

93,269

153,376

Pending claims

164

11,174

12,478

Total case reserves

18,439

100

285,944

100

1,454,794

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

June 30, 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

4,989

25,458

372,669

Three payments

2,035

17,938

153,207

Four to eleven payments

4,887

93,489

383,685

Twelve or more payments

1,908

82,529

135,616

Pending claims

135

7,562

8,540

Total case reserves

13,954

100

226,976

100

1,053,717

IBNR

17,023

LAE

2,108

Total reserves for losses and LAE

246,107

Average reserve per default:

Case

16.3

Total

17.6

Default Rate

1.71

3+ Month Default Rate

1.10

Exhibit M

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Investments Available for Sale

Investments Available for Sale by Asset Class

Asset Class

June 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

U.S. Treasury securities

391,461

6.6

547,290

9.3

U.S. agency mortgage-backed securities

1,172,715

19.7

1,125,436

19.2

Municipal debt securities

600,618

10.0

583,501

9.9

Non-U.S. government securities

62,166

1.0

69,798

1.2

Corporate debt securities

1,908,167

32.0

1,783,046

30.3

Residential and commercial mortgage securities

454,381

7.6

478,086

8.1

Asset-backed securities

796,065

13.4

631,959

10.8

Money market funds

580,964

9.7

657,605

11.2

Total investments available for sale

5,966,537

100.0

5,876,721

100.0

Investments Available for Sale by Credit Rating

Rating (1)

June 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

Aaa

816,766

15.2

2,513,014

48.1

Aa1

1,815,159

33.7

101,809

2.0

Aa2

297,712

5.5

301,080

5.8

Aa3

289,201

5.3

271,069

5.2

559,198

10.4

511,076

9.8

461,980

8.6

411,999

7.9

503,243

9.3

463,616

8.8

Baa1

210,077

3.9

218,454

4.2

Baa2

209,301

3.9

198,193

3.8

Baa3

149,083

2.8

151,729

2.9

Below Baa3

73,853

1.4

77,077

1.5

Total (2)

5,385,573

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

Investments Available for Sale by Duration and Book Yield

Effective Duration

June 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

< 1 Year

1,431,564

24.0

1,587,022

26.9

1 to < 2 Years

605,824

10.2

544,630

9.3

2 to < 3 Years

472,256

7.9

473,301

8.1

3 to < 4 Years

526,581

8.8

445,614

7.6

4 to < 5 Years

595,792

10.0

546,414

9.3

5 or more Years

2,334,520

39.1

2,279,740

38.8

Total investments available for sale

5,966,537

100.0

5,876,721

100.0

Pre-tax investment income yield:

Three months ended

3.85

Six months ended June 30, 2025

3.81

Cash and investments available for sale at the holding companies:

($ in thousands)

As of June 30, 2025

995,032

As of December 31, 2024

1,052,900

Exhibit N

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Company Capital

2025

2024

June 30

March 31

December 31

September 30

June 30

($ in thousands)

U.S. Mortgage Insurance Subsidiaries (7):

Combined statutory capital (1)

3,714,146

3,642,374

3,594,381

3,584,580

3,530,462

Combined net risk in force (2)

33,986,508

34,968,089

35,159,976

34,893,957

34,812,227

Risk-to-capital ratios (3):

Essent Guaranty, Inc.

9.2:1

9.6:1

9.8:1

10.0:1

10.2:1

Essent Guaranty of PA, Inc.

N/A

0.3:1

Combined (4)

N/A

9.7:1

9.9:1

Essent Guaranty, Inc. PMIERs Data (5):

Available Assets

3,654,460

3,628,675

3,612,993

3,598,725

3,513,609

Minimum Required Assets

2,075,409

2,107,620

2,029,738

1,903,473

2,052,135

PMIERs excess Available Assets

1,579,051

1,521,055

1,583,255

1,695,252

1,461,474

PMIERs sufficiency ratio (6)

176

172

178

189

171

Essent Reinsurance Ltd.:

Stockholder's equity (GAAP basis)

1,751,720

1,780,924

1,773,044

1,826,901

1,793,777

Net risk in force (2)

24,802,145

23,482,726

23,250,018

23,003,846

22,770,165

(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. (ESNT) 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 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.

Mortgage Insurance

2025

2024

June 30

March 31

December 31

September 30

June 30

($ in thousands)

Revenues:

Net premiums earned

233,907

233,630

227,863

231,249

235,258

Net investment income

48,892

47,630

46,191

46,241

46,708

Realized investment gains (losses), net

(124

)

(101

)

(120

)

(1,156

)

Income (loss) from other invested assets

3,619

3,209

2,925

3,132

1,633

Other income

3,523

4,501

3,884

3,706

4,662

Total revenues

289,817

288,869

280,743

284,401

287,105

Losses and expenses:

Provision (benefit) for losses and LAE

15,359

30,722

37,254

29,816

(1,225

)

Compensation and benefits

16,793

19,890

18,037

17,656

17,756

Premium and other taxes

6,000

5,574

5,968

5,863

5,568

Ceding commission

(6,910

)

(6,508

)

(6,547

)

(6,433

)

(5,715

)

Other underwriting and operating expenses

11,128

11,637

11,779

10,798

10,787

Net operating expenses before allocations

27,011

30,593

29,237

27,884

28,396

Corporate expense allocations

9,241

13,014

10,657

10,672

10,840

Operating expenses after allocations

36,252

43,607

39,894

38,556

39,236

Income before income tax expense

238,206

214,540

203,595

216,029

249,094

Loss Ratio (1)

6.6

13.1

16.3

12.9

(0.5

Expense Ratio (2)

15.5

18.7

17.5

16.7

Combined Ratio

22.1

31.8

33.8

29.6

16.2

(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. (ESNT) and Subsidiaries

Supplemental Information

Historical Quarterly Segment Information

(Unaudited)

Corporate & Other

2025

2024

June 30

March 31

December 31

September 30

June 30

($ in thousands)

Revenues:

Net premiums earned

14,902

12,218

16,602

17,687

16,633

Net investment income

10,397

10,580

10,368

11,099

9,378

Realized investment gains (losses), net

)

(80

)

Income (loss) from other invested assets

847

4,199

3,964

(312

)

(2,052

)

Other income

3,185

1,772

3,344

3,708

1,886

Total revenues

29,326

28,689

34,284

32,177

25,837

Losses and expenses:

Provision for losses and LAE

1,696

565

3,721

850

891

Compensation and benefits

13,926

19,802

16,490

16,136

15,608

Premium and other taxes

495

1,329

569

432

370

Other underwriting and operating expenses

21,333

19,400

24,655

22,429

21,828

Net operating expenses before allocations

35,754

40,531

41,714

38,997

37,806

Corporate expense allocations

(9,241

)

(13,014

)

(10,657

)

(10,672

)

(10,840

)

Operating expenses after allocations

26,513

27,517

31,057

28,325

26,966

Interest expense

8,148

8,151

11,457

7,849

Loss before income tax expense

(7,031

)

(7,541

)

(8,645

)

(8,455

)

(9,869

)

Consolidated

2025

2024

June 30

March 31

December 31

September 30

June 30

($ in thousands)

Revenues:

Net premiums earned

248,809

245,848

244,465

248,936

251,891

Net investment income

59,289

58,210

56,559

57,340

56,086

Realized investment gains (losses), net

(129

)

(181

)

(114

)

(1,164

)

Income (loss) from other invested assets

4,466

7,408

6,889

2,820

(419

)

Other income

6,708

6,273

7,228

7,414

6,548

Total revenues

319,143

317,558

315,027

316,578

312,942

Losses and expenses:

Provision (benefit) for losses and LAE

17,055

31,287

40,975

30,666

(334

)

Compensation and benefits

30,719

39,692

34,527

33,792

33,364

Premium and other taxes

6,495

6,903

6,537

6,295

5,938

Ceding commission

(6,910

)

(6,508

)

(6,547

)

(6,433

)

(5,715

)

Other underwriting and operating expenses

32,461

31,037

36,434

33,227

32,615

Total other underwriting and operating expenses

62,765

71,124

70,951

66,881

66,202

Interest expense

8,148

8,151

11,457

7,849

Income before income tax expense

231,175

206,999

194,950

207,574

239,225

View source version on businesswire.com: https://www.businesswire.com/news/home/20250808330404/en/

Source: Essent Group Ltd. (ESNT)

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