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

BY GlobeNewswire | MUNICIPAL | 11/07/25 06:30 AM EST

HAMILTON, Bermuda, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Essent Group Ltd. (ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024.

Essent (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 December 10, 2025 to shareholders of record on December 1, 2025.

?We are pleased with our third quarter results, which again demonstrate the strength and resilience of our business model,? said Mark A. Casale, Chairman and Chief Executive Officer. ?Our performance was driven by continued favorable credit trends and the benefits of the current interest rate environment on both portfolio persistency and investment income, allowing us to continue generating high-quality earnings for our shareholders.?

Financial Highlights:

New insurance written for the third quarter of 2025 was $12.2 billion, compared to $12.5 billion in the second quarter of 2025 and $12.5 billion in the third quarter of 2024.
Insurance in force as of September?30, 2025 was $248.8 billion, compared to $246.8 billion as of June?30, 2025 and $243.0 billion as of September?30, 2024.
Net investment income for the nine months ended September?30, 2025 was $177.3 million, up 7% from the comparable period in 2024.
On August 6, 2025, Moody's Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. (ESNT) to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.
Year-to-date through October 31st, Essent (ESNT) has repurchased 8.7 million common shares for $501 million.
In November 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2027.

Conference Call:

Essent (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)

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

Exhibit A

Essent Group Ltd. (ESNT) and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, except per share amounts)

2025

2024

2025

2024

Revenues:

Direct premiums written

280,796

277,754

828,062

819,595

Ceded premiums

(38,968

)

(34,789

)

(106,475

)

(92,524

)

Net premiums written

241,828

242,965

721,587

727,071

Decrease in unearned premiums

4,504

5,971

19,402

19,346

Net premiums earned

246,332

248,936

740,989

746,417

Net investment income

59,795

57,340

177,294

165,511

Realized investment gains (losses), net

(425

)

(735

)

(2,236

)

Income from other invested assets

1,770

2,820

13,644

486

Other income

4,358

7,414

17,339

17,699

Total revenues

311,830

316,578

948,531

927,877

Losses and expenses:

Provision for losses and LAE

44,922

30,666

93,264

40,245

Other underwriting and operating expenses

59,498

66,881

193,387

199,923

Interest expense

8,251

11,457

24,547

27,168

Total losses and expenses

112,671

109,004

311,198

267,336

Income before income taxes

199,159

207,574

637,333

660,541

Income tax expense

34,944

31,399

102,346

99,038

Net income

164,215

176,175

534,987

561,503

Earnings per share:

Basic

1.69

1.67

5.35

5.32

Diluted

1.67

1.65

5.29

5.26

Weighted average shares outstanding:

Basic

97,400

105,266

100,086

105,539

Diluted

98,519

106,554

101,155

106,700

Net income

164,215

176,175

534,987

561,503

Other comprehensive income:

Change in unrealized appreciation of investments

50,241

117,358

138,559

90,217

Total other comprehensive income

50,241

117,358

138,559

90,217

Comprehensive income

214,456

293,533

673,546

651,720

?	?			?	Exhibit B
?	?			?	?
Essent Group Ltd. (ESNT) and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
?	?			?	?
?
?	September 30,			?	December 31,
(In thousands, except per share amounts)	?	2025	?	?	?	2024	?
*Assets*	?			?	?
Investments	?			?	?
Fixed maturities available for sale, at fair value	$	5,449,789	?	?	$	5,112,697	?
Short-term investments available for sale, at fair value	?	640,076	?	?	?	764,024	?
Total investments available for sale	?	6,089,865	?	?	?	5,876,721	?
Other invested assets	?	370,072	?	?	?	303,900	?
Total investments	?	6,459,937	?	?	?	6,180,621	?
Cash	?	91,411	?	?	?	131,480	?
Accrued investment income	?	43,004	?	?	?	43,732	?
Accounts receivable	?	53,674	?	?	?	55,564	?
Deferred policy acquisition costs	?	9,191	?	?	?	9,653	?
Property and equipment	?	49,956	?	?	?	41,871	?
Prepaid federal income tax	?	490,456	?	?	?	489,600	?
Goodwill and acquired intangible assets, net	?	78,504	?	?	?	79,556	?
Other assets	?	75,866	?	?	?	79,572	?
Total assets	$	7,351,999	?	?	$	7,111,649	?
?	?			?	?
*Liabilities and Stockholders' Equity*	?			?	?
Liabilities	?			?	?
Reserve for losses and LAE	$	397,138	?	?	$	328,866	?
Unearned premium reserve	?	96,581	?	?	?	115,983	?
Net deferred tax liability	?	438,187	?	?	?	392,428	?
Senior notes due 2029, net	?	494,965	?	?	?	493,959	?
Other accrued liabilities	?	186,154	?	?	?	176,755	?
Total liabilities	?	1,613,025	?	?	?	1,507,991	?
?	?			?	?
Commitments and contingencies	?			?	?
?	?			?	?
Stockholders' Equity	?			?	?
Common shares, $0.015 par value:	?			?	?
Authorized - 233,333; issued and outstanding - 97,497 shares in 2025 and 105,015 shares in 2024	?	1,462	?	?	?	1,575	?
Additional paid-in capital	?	770,561	?	?	?	1,214,956	?
Accumulated other comprehensive loss	?	(165,425	)	?	?	(303,984	)
Retained earnings	?	5,132,376	?	?	?	4,691,111	?
Total stockholders' equity	?	5,738,974	?	?	?	5,603,658	?
?	?			?	?
Total liabilities and stockholders' equity	$	7,351,999	?	?	$	7,111,649	?
?	?			?	?
Return on average equity (1)	?	12.6	%	?	?	13.6	%
?	?			?	?
(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity.

Exhibit C

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Consolidated Historical Quarterly Data

2025

2024

Selected Income Statement Data

September 30

June 30

March 31

December 31

September 30

(In thousands, except per share amounts)

Revenues:

Net premiums earned:

U.S. mortgage insurance portfolio

215,683

220,261

218,125

211,683

214,119

GSE and other mortgage risk share

15,945

13,646

15,505

16,180

17,130

Title insurance and other

14,704

14,902

12,218

16,602

17,687

Net premiums earned

246,332

248,809

245,848

244,465

248,936

Net investment income

59,795

59,289

58,210

56,559

57,340

Realized investment gains (losses), net

(425

)

(129

)

(181

)

(114

)

Income from other invested assets

1,770

4,466

7,408

6,889

2,820

Other income (1)

4,358

6,708

6,273

7,228

7,414

Total revenues

311,830

319,143

317,558

315,027

316,578

Losses and expenses:

Provision for losses and LAE

44,922

17,055

31,287

40,975

30,666

Other underwriting and operating expenses

59,498

62,765

71,124

70,951

66,881

Interest expense

8,251

8,148

8,151

11,457

Total losses and expenses

112,671

87,968

110,559

120,077

109,004

Income before income taxes

199,159

231,175

206,999

194,950

207,574

Income tax expense (2)

34,944

35,836

31,566

27,050

31,399

Net income

164,215

195,339

175,433

167,900

176,175

Earnings per share:

Basic

1.69

1.95

1.71

1.60

1.67

Diluted

1.67

1.93

1.69

1.58

1.65

Weighted average shares outstanding:

Basic

97,400

100,037

102,881

104,963

105,266

Diluted

98,519

101,059

103,946

106,104

106,554

Book value per share

58.86

56.98

55.22

53.36

53.11

Return on average equity (annualized)

11.5

13.8

12.5

11.9

12.8

Borrowings

Borrowings outstanding

500,000

Undrawn committed capacity

500,000

Weighted average interest rate (end of period)

6.25

Debt-to-capital

8.01

8.10

8.12

8.19

8.14

(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were ($858), ($29), ($150), $204, and ($1,173), respectively.

(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes $493, $1,112, $1,561, $1,591, and $475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes ($828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.

Exhibit D

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Portfolio Historical Quarterly Data

2025

2024

Other Data:

September 30

June 30

March 31

December 31

September 30

($ in thousands)

U.S. mortgage insurance portfolio

New insurance written

12,233,252

12,544,731

9,945,336

12,220,968

12,513,695

New risk written

3,239,497

3,357,820

2,698,639

3,297,296

3,437,465

Average insurance in force

247,821,046

245,747,813

244,005,459

243,236,830

242,065,632

Insurance in force (end of period)

248,808,341

246,797,619

244,692,492

243,645,423

242,976,043

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

68,262,577

67,683,239

67,026,626

66,613,517

66,237,992

Risk in force (end of period)

56,940,929

56,811,096

56,565,811

56,477,150

55,915,640

Policies in force

812,856

812,182

811,342

813,013

815,507

Weighted average coverage (2)

27.4

27.3

Annual persistency

86.0

85.8

85.7

86.6

Loans in default (count)

18,583

17,255

17,759

18,439

15,906

Percentage of loans in default

2.29

2.12

2.19

2.27

1.95

U.S. mortgage insurance portfolio premium rate:

Base average premium rate (3)

0.41

Single premium cancellations (4)

Gross average premium rate

0.41

Ceded premiums

(0.06

(0.05

(0.06

Net average premium rate

0.35

0.36

0.35

(1) Gross risk in force includes risk ceded under third-party reinsurance.

(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.

(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.

(4) Single premium cancellations 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

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

($ in thousands)

>=760

6,356,576

52.0

5,339,574

42.7

17,372,805

50.0

14,387,356

43.2

740-759

1,889,181

15.4

2,141,817

17.1

5,623,462

16.2

5,717,289

17.1

720-739

1,485,477

12.2

1,764,319

14.1

4,384,395

12.6

4,828,718

14.5

700-719

1,257,054

10.3

1,622,450

13.0

3,742,854

10.8

4,348,047

13.0

680-699

691,114

5.6

918,116

7.3

1,997,765

5.8

2,351,589

7.1

<=679

553,850

4.5

727,419

5.8

1,602,038

4.6

1,707,365

5.1

Total

12,233,252

100.0

12,513,695

100.0

34,723,319

100.0

33,340,364

100.0

Weighted average credit score

754

747

753

747

NIW by LTV

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

($ in thousands)

85.00% and below

1,129,090

9.2

836,186

6.7

2,992,346

8.6

2,250,434

6.7

85.01% to 90.00%

3,099,275

25.3

2,415,504

19.3

8,335,451

24.0

6,571,300

19.7

90.01% to 95.00%

6,200,624

50.8

6,616,174

52.9

17,870,142

51.5

18,008,682

54.0

95.01% and above

1,804,263

14.7

2,645,831

21.1

5,525,380

15.9

6,509,948

19.6

Total

12,233,252

100.0

12,513,695

100.0

34,723,319

100.0

33,340,364

100.0

Weighted average LTV

NIW by Product

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Single premium policies

1.3

1.4

1.3

1.5

Monthly premium policies

98.7

98.6

98.7

98.5

100.0

NIW by Purchase vs. Refinance

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Purchase

90.5

97.0

92.4

97.4

Refinance

9.5

3.0

7.6

2.6

100.0

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

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

>=760

103,261,791

41.5

101,554,517

41.1

98,553,455

40.6

740-759

43,372,715

17.4

43,146,312

17.5

42,377,559

17.4

720-739

38,113,923

15.3

38,115,925

15.4

37,947,254

15.6

700-719

32,834,985

13.2

32,789,773

13.3

32,685,044

13.5

680-699

19,625,586

7.9

19,666,338

8.0

19,890,335

8.2

<=679

11,599,341

4.7

11,524,754

4.7

11,522,396

4.7

Total

248,808,341

100.0

246,797,619

100.0

242,976,043

100.0

Weighted average credit score

746

Gross RIF by FICO score

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

>=760

28,056,444

41.0

27,578,860

40.8

26,614,399

40.2

740-759

12,054,702

17.7

11,989,491

17.7

11,715,485

17.7

720-739

10,587,116

15.5

10,584,541

15.6

10,485,311

15.8

700-719

9,155,794

13.4

9,136,075

13.5

9,044,551

13.7

680-699

5,429,039

8.0

5,434,287

8.0

5,451,406

8.2

<=679

2,979,482

4.4

2,959,985

4.4

2,926,840

4.4

Total

68,262,577

100.0

67,683,239

100.0

66,237,992

100.0

Portfolio by LTV

IIF by LTV

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

85.00% and below

14,398,904

5.8

14,309,342

5.8

15,555,555

6.4

85.01% to 90.00%

58,982,107

23.7

59,432,276

24.1

61,262,960

25.2

90.01% to 95.00%

131,889,655

53.0

130,210,803

52.7

125,919,529

51.8

95.01% and above

43,537,675

17.5

42,845,198

17.4

40,237,999

16.6

Total

248,808,341

100.0

246,797,619

100.0

242,976,043

100.0

Weighted average LTV

Gross RIF by LTV

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

85.00% and below

1,696,592

2.5

1,689,437

2.5

1,845,584

2.8

85.01% to 90.00%

14,526,528

21.3

14,653,527

21.7

15,120,025

22.8

90.01% to 95.00%

38,895,352

57.0

38,402,295

56.7

37,149,222

56.1

95.01% and above

13,144,105

19.2

12,937,980

19.1

12,123,161

18.3

Total

68,262,577

100.0

67,683,239

100.0

66,237,992

100.0

Portfolio by Loan Amortization Period

IIF by Loan Amortization Period

September 30, 2025

June 30, 2025

September 30, 2024

($ in thousands)

FRM 30 years and higher

242,770,621

97.6

241,225,436

97.8

237,628,900

97.8

FRM 20-25 years

1,070,635

0.4

1,024,884

0.4

1,199,947

0.5

FRM 15 years

1,664,866

0.7

1,465,011

0.6

1,191,749

0.5

ARM 5 years and higher

3,302,219

1.3

3,082,288

1.2

2,955,447

1.2

Total

248,808,341

100.0

246,797,619

100.0

242,976,043

100.0

Exhibit G

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Other Mortgage Risk in Force

2025

2024

($ in thousands)

September 30

June 30

March 31

December 31

September 30

GSE and other mortgage risk share (1):

Risk in Force

2,184,981

2,290,008

2,189,477

2,209,284

2,228,376

Reserve for losses and LAE

Weighted average credit score

751

750

Weighted average LTV

(1) GSE and other mortgage risk share includes GSE risk share and other mortgage reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.

?	?		?		?		?	?		?		?		?		?		?		?		?	Exhibit H
?	?		?		?		?	?		?		?		?		?		?		?		?	?
Essent Group Ltd. (ESNT) and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 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	$	1,547,043	1.8	%	8,541	4.28	%	68.5	%	50.5	%	1.7	%	11.6	%	47.4	%	2.3	%	342	4.00	%
2016	?	34,949,319	?	1,224,277	3.5	?	7,032	4.04	?	78.7	?	62.5	?	16.5	?	16.8	?	41.3	?	2.0	?	339	4.82	?
2017	?	43,858,322	?	2,941,973	6.7	?	18,638	4.32	?	90.4	?	82.4	?	26.3	?	21.3	?	36.1	?	2.9	?	861	4.62	?
2018	?	47,508,525	?	3,956,282	8.3	?	23,387	4.83	?	95.1	?	78.9	?	29.3	?	22.6	?	31.2	?	3.8	?	1,095	4.68	?
2019	?	63,569,183	?	8,869,146	14.0	?	44,858	4.25	?	90.1	?	75.0	?	27.0	?	19.4	?	34.2	?	3.5	?	1,564	3.49	?
2020	?	107,944,065	?	29,520,352	27.3	?	121,596	3.22	?	76.0	?	68.4	?	16.1	?	10.9	?	44.9	?	2.7	?	2,417	1.99	?
2021	?	84,218,250	?	42,983,766	51.0	?	148,389	3.11	?	91.8	?	71.2	?	18.2	?	13.7	?	40.1	?	6.4	?	3,599	2.43	?
2022	?	63,061,262	?	46,918,955	74.4	?	138,053	5.09	?	98.4	?	67.3	?	11.9	?	12.5	?	39.5	?	19.3	?	3,670	2.66	?
2023	?	47,666,852	?	37,383,517	78.4	?	107,924	6.61	?	98.8	?	73.4	?	19.3	?	11.1	?	38.2	?	21.4	?	2,834	2.63	?
2024	?	45,561,332	?	40,106,430	88.0	?	108,554	6.70	?	94.9	?	73.2	?	20.3	?	12.3	?	42.3	?	20.3	?	1,669	1.54	?
2025 (through September 30)	?	34,723,319	?	33,356,600	96.1	?	85,884	6.70	?	92.3	?	67.5	?	16.4	?	10.6	?	49.2	?	8.4	?	193	0.22	?
Total	$	659,922,936	$	248,808,341	37.7	?	812,856	5.17	?	92.6	?	70.5	?	17.5	?	12.6	?	41.5	?	5.7	?	18,583	2.29	?
?	?		?		?		?	?		?		?		?		?		?		?		?	?
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.																							?

?	Essent Group Ltd. (ESNT) and Subsidiaries	Exhibit I
?	Supplemental Information	?
?	U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data	?
?	September 30, 2025	?

($ in thousands)

Insurance Linked Notes (1)

Earned Premiums Ceded

Deal Name

Vintage

Remaining
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

19,739,682

5,468,250

557,911

114,739

278,956

276,517

1,216

3,997

79,765

Radnor Re 2021-2

Apr. 2021 - Sep. 2021

25,483,612

7,221,803

439,407

209,214

279,415

273,314

2,874

8,930

181,589

Radnor Re 2022-1

Oct. 2021 - Jul. 2022

25,108,189

6,942,042

237,868

140,407

303,761

295,115

2,977

9,508

129,175

Radnor Re 2023-1

Aug. 2022 - Jun. 2023

25,659,356

7,054,365

281,462

227,315

281,463

274,987

3,068

9,269

215,495

Radnor Re 2024-1

Jul. 2023 - Jul. 2024

26,433,237

7,318,400

363,366

282,240

256,495

255,938

2,960

8,843

208,858

Total

122,424,076

34,004,860

1,880,014

973,915

1,400,090

1,375,871

13,095

40,547

814,882

Excess of Loss Reinsurance (2)

Earned Premiums Ceded

Deal Name

Vintage

Remaining
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

3,917,343

1,034,525

118,650

76,144

253,643

241,999

627

1,861

XOL 2020-1

Jan. 2019 - Aug. 2019

5,062,931

1,340,666

55,102

29,152

215,605

210,860

252

747

XOL 2022-1

Oct. 2021 - Dec. 2022

57,047,820

15,687,589

141,992

507,114

480,893

1,611

4,779

137,144

XOL 2023-1

Jan. 2023 - Dec. 2023

33,592,906

9,329,166

36,627

366,270

361,520

439

1,301

35,221

XOL 2024-1

Jan. 2024 - Dec. 2024

37,239,040

10,243,450

58,005

331,456

330,808

657

1,953

55,989

XOL 2025-1

Jan. 2025 - Dec. 2025

33,292,085

8,918,226

62,428

265,700

566

60,035

Total

170,152,125

46,553,622

472,804

404,348

1,939,788

1,891,780

4,152

11,207

288,389

Quota Share Reinsurance (2)

Losses Ceded

Ceding Commission

Earned Premiums Ceded

Year

Ceding Percentage

Remaining Insurance in Force

Remaining Risk in Force

Remaining Ceded Insurance in Force

Remaining Ceded Risk in Force

Quarter-to-Date

Year-to-Date

Quarter-to-Date

Year-to-Date

Quarter-to-Date

Year-to-Date

Reduction in PMIERs Minimum Required Assets (3)

Sep. 2019 - Dec. 2020

(4)

33,267,853

9,170,377

6,888,445

1,872,081

187

(428

)

2,013

6,406

3,090

8,812

115,851

Jan. 2022 - Dec. 2022

20%

46,871,227

12,846,313

9,374,245

2,569,263

2,941

5,460

1,675

5,168

5,872

15,029

189,789

Jan. 2023 - Dec. 2023

17.5%

33,484,914

9,302,064

5,859,860

1,627,861

2,350

4,992

1,205

3,706

4,879

12,774

127,884

Jan. 2024 - Dec. 2024

15%

39,879,085

10,951,466

5,981,863

1,642,720

2,310

5,159

1,241

3,792

4,978

13,311

128,046

Jan. 2025 - Dec. 2025

25%

33,319,488

8,925,838

8,329,872

2,231,460

690

962

1,195

2,072

2,902

4,795

146,367

Total

186,822,567

51,196,058

36,434,285

9,943,385

8,478

16,145

7,329

21,144

21,721

54,721

707,937

?	?	?	?	?	?	?
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.

?	?		?	?		?	Exhibit J
?	?		?	?		?	?
Essent Group Ltd. (ESNT) and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
?	?		?	?		?	?
?	?		?	?		?	?
IIF by State
?	September 30, 2025		?	June 30, 2025		?	September 30, 2024
CA	12.2	%	?	12.3	%	?	12.5	%
FL	12.0	?	?	12.0	?	?	11.8	?
TX	11.3	?	?	11.3	?	?	10.9	?
CO	4.0	?	?	4.0	?	?	4.1	?
AZ	4.0	?	?	3.9	?	?	3.8	?
GA	3.8	?	?	3.8	?	?	3.7	?
WA	3.4	?	?	3.4	?	?	3.4	?
NC	3.1	?	?	3.1	?	?	3.0	?
MI	2.6	?	?	2.6	?	?	2.5	?
NY	2.6	?	?	2.6	?	?	2.6	?
All Others	41.0	?	?	41.0	?	?	41.7	?
Total	100.0	%	?	100.0	%	?	100.0	%
?	?		?	?		?	?
?	?		?	?		?	?
?	?		?	?		?	?
Gross RIF by State
?	September 30, 2025		?	June 30, 2025		?	September 30, 2024
CA	12.2	%	?	12.3	%	?	12.5	%
FL	12.2	?	?	12.2	?	?	12.0	?
TX	11.6	?	?	11.5	?	?	11.2	?
AZ	4.0	?	?	4.0	?	?	3.9	?
CO	3.9	?	?	4.0	?	?	4.0	?
GA	3.9	?	?	3.9	?	?	3.8	?
WA	3.4	?	?	3.4	?	?	3.4	?
NC	3.1	?	?	3.1	?	?	3.0	?
MI	2.6	?	?	2.6	?	?	2.5	?
UT	2.6	?	?	2.6	?	?	2.4	?
All Others	40.5	?	?	40.4	?	?	41.3	?
Total	100.0	%	?	100.0	%	?	100.0	%

Exhibit K

Essent Group Ltd. (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

September 30

June 30

March 31

December 31

September 30

Beginning default inventory

17,255

17,759

18,439

15,906

13,954

Plus: new defaults (A)

10,357

8,810

9,664

11,136

9,984

Less: cures

(8,713

)

(9,078

)

(10,173

)

(8,408

)

(7,819

)

Less: claims paid

(296

)

(215

)

(153

)

(183

)

(182

)

Less: rescissions and denials, net

(20

)

(21

)

(18

)

(12

)

(31

)

Ending default inventory

18,583

17,255

17,759

18,439

15,906

(A) New defaults remaining as of September?30, 2025

7,693

3,556

2,221

1,696

1,164

Cure rate (1)

Total amount paid for claims (in thousands)

16,456

9,007

6,330

7,740

5,749

Average amount paid per claim (in thousands)

Severity

Rollforward of Reserve for Losses and LAE

Three Months Ended

2025

2024

($ in thousands)

September 30

June 30

March 31

December 31

September 30

Reserve for losses and LAE at beginning of period

345,952

338,128

310,156

274,926

246,107

Less: Reinsurance recoverables

41,966

40,351

36,655

30,867

26,022

Net reserve for losses and LAE at beginning of period

303,986

297,777

273,501

244,059

220,085

Add provision for losses and LAE occurring in:

Current period

62,349

45,119

48,928

50,212

51,649

Prior years

(18,179

)

(29,796

)

(18,208

)

(12,976

)

(21,836

)

Incurred losses and LAE during the period

44,170

15,323

30,720

37,236

29,813

Deduct payments for losses and LAE occurring in:

Current period

552

315

1,569

637

Prior years

16,013

8,799

6,393

6,225

5,202

Loss and LAE payments during the period

16,565

9,114

6,444

7,794

5,839

Net reserve for losses and LAE at end of period

331,591

303,986

297,777

273,501

244,059

Plus: Reinsurance recoverables

47,957

41,966

40,351

36,655

30,867

Reserve for losses and LAE at end of period

379,548

345,952

338,128

310,156

274,926

(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.

Exhibit L

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Detail of Reserves by Default Delinquency

U.S. Mortgage Insurance Portfolio

September 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

6,444

36,672

503,842

Three payments

2,658

27,789

215,321

Four to eleven payments

6,683

143,173

559,663

Twelve or more payments

2,551

125,475

206,735

Pending claims

247

17,365

19,537

Total case reserves

18,583

100

350,474

100

1,505,098

IBNR

26,287

LAE

2,787

Total reserves for losses and LAE

379,548

Average reserve per default:

Case

18.9

Total

20.4

Default Rate

2.29

3+ Month Default Rate

1.49

December 31, 2024

Number of
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

September 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

5,704

29,187

425,367

Three payments

2,589

24,662

202,138

Four to eleven payments

5,498

104,223

437,515

Twelve or more payments

1,980

86,821

144,396

Pending claims

135

8,620

9,692

Total case reserves

15,906

100

253,513

100

1,219,108

IBNR

19,013

LAE

2,400

Total reserves for losses and LAE

274,926

Average reserve per default:

Case

15.9

Total

17.3

Default Rate

1.95

3+ Month Default Rate

1.25

Exhibit M

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Investments Available for Sale

Investments Available for Sale by Asset Class

Asset Class

September 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

U.S. Treasury securities

382,791

6.3

547,290

9.3

U.S. agency mortgage-backed securities

1,178,691

19.4

1,125,436

19.2

Municipal debt securities

613,089

10.0

583,501

9.9

Non-U.S. government securities

63,142

1.0

69,798

1.2

Corporate debt securities

1,930,920

31.7

1,783,046

30.3

Residential and commercial mortgage securities

463,344

7.6

478,086

8.1

Asset-backed securities

817,812

13.5

631,959

10.8

Money market funds

640,076

10.5

657,605

11.2

Total investments available for sale

6,089,865

100.0

5,876,721

100.0

Investments Available for Sale by Credit Rating

Rating(1)

September 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

Aaa

841,702

15.4

2,513,014

48.1

Aa1

1,817,913

33.4

101,809

2.0

Aa2

296,607

5.4

301,080

5.8

Aa3

307,657

5.6

271,069

5.2

569,589

10.5

511,076

9.8

458,648

8.4

411,999

7.9

503,779

9.2

463,616

8.8

Baa1

222,589

4.1

218,454

4.2

Baa2

212,197

3.9

198,193

3.8

Baa3

147,026

2.7

151,729

2.9

Below Baa3

72,082

1.4

77,077

1.5

Total(2)

5,449,789

100.0

5,219,116

100.0

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

(2) Excludes $640,076 and $657,605 of money market funds at September?30, 2025 and December?31, 2024, respectively.

Investments Available for Sale by Duration and Book Yield

Effective Duration

September 30, 2025

December 31, 2024

($ in thousands)

Fair Value

Percent

Fair Value

Percent

< 1 Year

1,511,803

24.8

1,587,022

26.9

1 to < 2 Years

567,580

9.3

544,630

9.3

2 to < 3 Years

515,475

8.5

473,301

8.1

3 to < 4 Years

628,295

10.3

445,614

7.6

4 to < 5 Years

528,981

8.7

546,414

9.3

5 or more Years

2,337,731

38.4

2,279,740

38.8

Total investments available for sale

6,089,865

100.0

5,876,721

100.0

Pre-tax investment income yield:

Three months ended

3.89

Nine months ended September 30, 2025

3.83

Cash and investments available for sale at the holding companies:	?		?	?	?
($ in thousands)	?		?	?	?
As of September 30, 2025	$	1,038,747	?	?	?
As of December 31, 2024	$	1,052,900	?	?	?
?	?		?	?	?

Exhibit N

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

U.S. Mortgage Insurance Company Capital

2025

2024

September 30

June 30

March 31

December 31

September 30

($ in thousands)

U.S. Mortgage Insurance Subsidiaries (7):

Combined statutory capital?(1)

3,732,465

3,714,146

3,642,374

3,594,381

3,584,580

Combined net risk in force (2)

33,367,706

33,986,508

34,968,089

35,159,976

34,893,957

Risk-to-capital ratios (3):

Essent Guaranty,?Inc.

8.9:1

9.2:1

9.6:1

9.8:1

10.0:1

Essent Guaranty of PA,?Inc.

N/A

0.3:1

Combined (4)

N/A

9.7:1

Essent Guaranty, Inc. PMIERs Data (5):

Available Assets

3,666,883

3,654,460

3,628,675

3,612,993

3,598,725

Minimum Required Assets

2,065,890

2,075,409

2,107,620

2,029,738

1,903,473

PMIERs excess Available Assets

1,600,993

1,579,051

1,521,055

1,583,255

1,695,252

PMIERs sufficiency ratio (6)

177

176

172

178

189

Essent Reinsurance Ltd.:

Stockholder's equity (GAAP basis)

1,722,135

1,751,720

1,780,924

1,773,044

1,826,901

Net risk in force (2)

25,453,510

24,802,145

23,482,726

23,250,018

23,003,846

(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc. when applicable, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.

(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.

(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.

(4) When applicable, the combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.

(5) Data is based on our interpretation of the PMIERs as of the dates indicated.

(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.

(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of and subsequent to December 31, 2024 are for Essent Guaranty only.

Exhibit O

Essent Group Ltd. (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 September?30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.

Mortgage Insurance

2025

2024

September 30

June 30

March 31

December 31

September 30

($ in thousands)

Revenues:

Net premiums earned

231,628

233,907

233,630

227,863

231,249

Net investment income

49,568

48,892

47,630

46,191

46,241

Realized investment gains (losses), net

(427

)

(124

)

(101

)

(120

)

Income (loss) from other invested assets

(605

)

3,619

3,209

2,925

3,132

Other income

2,391

3,523

4,501

3,884

3,706

Total revenues

282,555

289,817

288,869

280,743

284,401

Losses and expenses:

Provision for losses and LAE

44,177

15,359

30,722

37,254

29,816

Compensation and benefits

16,568

16,793

19,890

18,037

17,656

Premium and other taxes

6,018

6,000

5,574

5,968

5,863

Ceding commission

(6,942

)

(6,910

)

(6,508

)

(6,547

)

(6,433

)

Other underwriting and operating expenses

10,949

11,128

11,637

11,779

10,798

Net operating expenses before allocations

26,593

27,011

30,593

29,237

27,884

Corporate expense allocations

7,583

9,241

13,014

10,657

10,672

Operating expenses after allocations

34,176

36,252

43,607

39,894

38,556

Income before income tax expense

204,202

238,206

214,540

203,595

216,029

Loss Ratio (1)

19.1

6.6

13.1

16.3

12.9

Expense Ratio (2)

14.8

15.5

18.7

17.5

16.7

Combined Ratio

33.9

22.1

31.8

33.8

29.6

(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.

(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

Exhibit O, continued

Essent Group Ltd. (ESNT) and Subsidiaries

Supplemental Information

Historical Quarterly Segment Information

(Unaudited)

Corporate & Other

2025

2024

September 30

June 30

March 31

December 31

September 30

($ in thousands)

Revenues:

Net premiums earned

14,704

14,902

12,218

16,602

17,687

Net investment income

10,227

10,397

10,580

10,368

11,099

Realized investment gains (losses), net

)

(80

)

Income (loss) from other invested assets

2,375

847

4,199

3,964

(312

)

Other income

1,967

3,185

1,772

3,344

3,708

Total revenues

29,275

29,326

28,689

34,284

32,177

Losses and expenses:

Provision for losses and LAE

745

1,696

565

3,721

850

Compensation and benefits

12,608

13,926

19,802

16,490

16,136

Premium and other taxes

(88

)

495

1,329

569

432

Ceding commission

Other underwriting and operating expenses

20,338

21,333

19,400

24,655

22,429

Net operating expenses before allocations

32,905

35,754

40,531

41,714

38,997

Corporate expense allocations

(7,583

)

(9,241

)

(13,014

)

(10,657

)

(10,672

)

Operating expenses after allocations

25,322

26,513

27,517

31,057

28,325

Interest expense

8,251

8,148

8,151

11,457

Loss before income tax expense

(5,043

)

(7,031

)

(7,541

)

(8,645

)

(8,455

)

Consolidated

2025

2024

September 30

June 30

March 31

December 31

September 30

($ in thousands)

Revenues:

Net premiums earned

246,332

248,809

245,848

244,465

248,936

Net investment income

59,795

59,289

58,210

56,559

57,340

Realized investment gains (losses), net

(425

)

(129

)

(181

)

(114

)

Income from other invested assets

1,770

4,466

7,408

6,889

2,820

Other income

4,358

6,708

6,273

7,228

7,414

Total revenues

311,830

319,143

317,558

315,027

316,578

Losses and expenses:

Provision for losses and LAE

44,922

17,055

31,287

40,975

30,666

Compensation and benefits

29,176

30,719

39,692

34,527

33,792

Premium and other taxes

5,930

6,495

6,903

6,537

6,295

Ceding commission

(6,895

)

(6,910

)

(6,508

)

(6,547

)

(6,433

)

Other underwriting and operating expenses

31,287

32,461

31,037

36,434

33,227

Total other underwriting and operating expenses

59,498

62,765

71,124

70,951

66,881

Interest expense

8,251

8,148

8,151

11,457

Income before income tax expense

199,159

231,175

206,999

194,950

207,574

Image: https://www.globenewswire.com/newsroom/ti?nf=OTU3MDc3MiM3MjQ5MjgwIzIyODU1Njg=
Image: https://ml.globenewswire.com/media/ZWZjNDM1OTEtMTY4NS00MDFmLTk1NTYtMGQ5NjA0OGMxNzY2LTEyOTcxMTgtMjAyNS0xMS0wNy1lbg==/tiny/Essent-Group.png

Image: Primary Logo

Source: Essent Group (ESNT)

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

More Fixed Income News