EX-99.1 2 a33125financialsupplement.htm EX-99.1 Document

Exhibit 99.1

Essent Group Ltd. Announces First Quarter 2025 Results and Declares Quarterly Dividend
HAMILTON, Bermuda--(BUSINESS WIRE)--May 9, 2025--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 30th, Essent has repurchased 3.9 million common shares for approximately $218 million. As of April 30th, $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.



Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended March 31, 2025
Exhibit ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data
Exhibit DU.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit ENew Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit FInsurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit GOther Risk in Force
Exhibit HU.S. Mortgage Insurance Portfolio Vintage Data
Exhibit IU.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit JU.S. Mortgage Insurance Portfolio Geographic Data
Exhibit KRollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit LDetail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit OHistorical 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)20252024
Revenues:
Direct premiums written$272,394 $268,931 
Ceded premiums(34,123)(30,391)
Net premiums written238,271 238,540 
Decrease in unearned premiums7,577 7,050 
Net premiums earned245,848 245,590 
Net investment income58,210 52,085 
Realized investment gains (losses), net(181)(1,140)
Income (loss) from other invested assets7,408 (1,915)
Other income6,273 3,737 
Total revenues317,558 298,357 
Losses and expenses:
Provision for losses and LAE31,287 9,913 
Other underwriting and operating expenses71,124 66,840 
Interest expense8,148 7,862 
Total losses and expenses110,559 84,615 
Income before income taxes206,999 213,742 
Income tax expense31,566 32,023 
Net income$175,433 $181,719 
Earnings per share:
Basic$1.71 $1.72 
Diluted1.69 1.70 
Weighted average shares outstanding:
Basic102,881 105,697 
Diluted103,946 106,770 
Net income$175,433 $181,719 
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments71,738 (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)20252024
Assets
Investments
Fixed maturities available for sale, at fair value$5,345,409 $5,112,697 
Short-term investments available for sale, at fair value536,950 764,024 
Total investments available for sale5,882,359 5,876,721 
Other invested assets321,858 303,900 
Total investments6,204,217 6,180,621 
Cash208,066 131,480 
Accrued investment income42,296 43,732 
Accounts receivable53,127 55,564 
Deferred policy acquisition costs9,663 9,653 
Property and equipment43,214 41,871 
Prepaid federal income tax487,356 489,600 
Goodwill and acquired intangible assets, net79,206 79,556 
Other assets77,566 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 reserve108,406 115,983 
Net deferred tax liability414,772 392,428 
Senior notes due 2029, net494,294 493,959 
Other accrued liabilities171,280 176,755 
Total liabilities1,545,405 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 20241,537 1,575 
Additional paid-in capital1,055,340 1,214,956 
Accumulated other comprehensive loss(232,246)(303,984)
Retained earnings4,834,675 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
20252024
Selected Income Statement DataMarch 31December 31September 30June 30March 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 share15,505 16,180 17,130 17,745 17,826 
Title insurance12,218 16,602 17,687 16,633 15,285 
Net premiums earned245,848 244,465 248,936 251,891 245,590 
Net investment income58,210 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 assets7,408 6,889 2,820 (419)(1,915)
Other income (1)
6,273 7,228 7,414 6,548 3,737 
Total revenues317,558 315,027 316,578 312,942 298,357 
Losses and expenses:
Provision (benefit) for losses and LAE31,287 40,975 30,666 (334)9,913 
Other underwriting and operating expenses71,124 70,951 66,881 66,202 66,840 
Interest expense8,148 8,151 11,457 7,849 7,862 
Total losses and expenses110,559 120,077 109,004 73,717 84,615 
Income before income taxes206,999 194,950 207,574 239,225 213,742 
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 
   Diluted1.69 1.58 1.65 1.91 1.70 
Weighted average shares outstanding:
   Basic102,881 104,963 105,266 105,657 105,697 
   Diluted103,946 106,104 106,554 106,778 106,770 
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-capital8.12 %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
20252024
Other Data:March 31December 31September 30June 30March 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 force811,342 813,013 815,507 814,237 815,752 
Weighted average coverage (2)
27.4 %27.3 %27.3 %27.1 %26.9 %
Annual persistency85.7 %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 default2.19 %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 rate0.41 %0.41 %0.41 %0.41 %0.41 %
  Ceded premiums(0.05 %)(0.06 %)(0.06 %)(0.05 %)(0.05 %)
    Net average premium rate0.36 %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, 2025December 31, 2024March 31, 2024
($ in thousands)
>=760$4,742,099 47.7 %$5,754,605 47.1 %$3,596,600 43.2 %
740-7591,726,055 17.4 2,131,356 17.4 1,410,446 16.9 
720-7391,299,999 13.0 1,640,275 13.4 1,244,648 15.0 
700-7191,164,983 11.7 1,390,278 11.4 1,140,430 13.7 
680-699574,657 5.8 743,789 6.1 563,419 6.8 
<=679437,543 4.4 560,665 4.6 368,001 4.4 
Total$9,945,336 100.0 %$12,220,968 100.0 %$8,323,544 100.0 %
Weighted average credit score751 751 747 
NIW by LTV
Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
($ 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 above1,652,409 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 LTV93 %93 %93 %
NIW by Product
Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
Single premium policies1.4 %1.2 %2.0 %
Monthly premium policies98.6 98.8 98.0 
100.0 %100.0 %100.0 %
NIW by Purchase vs. Refinance
Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
Purchase94.3 %88.3 %97.4 %
Refinance5.7 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 scoreMarch 31, 2025December 31, 2024March 31, 2024
($ in thousands)
>=760$100,017,207 40.9 %$99,221,741 40.7 %$96,712,431 40.6 %
740-75942,848,390 17.5 42,574,390 17.5 41,477,680 17.4 
720-73937,970,066 15.5 37,953,625 15.6 37,342,339 15.7 
700-71932,765,594 13.4 32,657,660 13.4 32,023,895 13.4 
680-69919,667,828 8.0 19,772,912 8.1 19,664,999 8.2 
<=67911,423,407 4.7 11,465,095 4.7 11,256,058 4.7 
Total$244,692,492 100.0 %$243,645,423 100.0 %$238,477,402 100.0 %
Weighted average credit score746 746 746 
Gross RIF by FICO scoreMarch 31, 2025December 31, 2024March 31, 2024
($ in thousands)
>=760$27,126,072 40.5 %$26,860,197 40.3 %$25,806,552 40.2 %
740-75911,894,259 17.7 11,799,832 17.7 11,326,253 17.6 
720-73910,535,428 15.7 10,512,364 15.8 10,206,055 15.9 
700-7199,113,238 13.6 9,067,640 13.6 8,757,648 13.6 
680-6995,425,408 8.1 5,440,776 8.2 5,321,802 8.3 
<=6792,932,221 4.4 2,932,708 4.4 2,829,500 4.4 
Total$67,026,626 100.0 %$66,613,517 100.0 %$64,247,810 100.0 %
Portfolio by LTV
IIF by LTVMarch 31, 2025December 31, 2024March 31, 2024
($ 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 above41,888,566 17.1 41,117,297 16.9 37,194,803 15.6 
Total$244,692,492 100.0 %$243,645,423 100.0 %$238,477,402 100.0 %
Weighted average LTV93 %93 %93 %
Gross RIF by LTVMarch 31, 2025December 31, 2024March 31, 2024
($ 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 above12,637,768 18.9 12,395,729 18.6 11,173,805 17.4 
Total$67,026,626 100.0 %$66,613,517 100.0 %$64,247,810 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodMarch 31, 2025December 31, 2024March 31, 2024
($ 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 years1,042,318 0.4 1,133,494 0.5 1,473,431 0.6 
FRM 15 years1,285,597 0.5 1,231,952 0.5 1,359,795 0.6 
ARM 5 years and higher2,965,760 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
20252024
($ in thousands)March 31December 31September 30June 30March 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 score751 751 750 750 750 
Weighted average LTV82 %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
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVFICO < 700FICO >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage 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 %
201634,949,319 1,597,109 4.6 9,507 4.0182.2 69.5 17.4 18.5 39.5 2.0 411 4.32 
201743,858,322 3,323,656 7.6 20,736 4.3190.6 82.8 25.1 21.1 36.5 3.0 901 4.35 
201847,508,525 4,375,849 9.2 25,555 4.8195.1 76.4 28.1 22.2 31.8 3.9 1,186 4.64 
201963,569,183 9,731,446 15.3 48,468 4.2489.6 73.1 26.2 19.1 34.7 3.8 1,672 3.45 
2020107,944,065 33,665,162 31.2 136,025 3.2174.0 65.2 15.3 10.7 45.3 2.9 2,450 1.80 
202184,218,250 47,911,728 56.9 162,828 3.1090.5 68.4 17.4 13.8 40.2 6.5 3,654 2.24 
202263,061,262 50,057,019 79.4 145,895 5.0998.2 66.7 11.7 12.5 39.6 19.4 3,763 2.58 
202347,666,852 40,073,857 84.1 114,381 6.6298.8 73.1 18.9 11.1 38.4 19.4 2,397 2.10 
202445,561,332 42,418,290 93.1 113,302 6.7194.9 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 6.7894.4 69.7 16.7 10.2 47.6 2.1 7 0.03 
Total$635,144,953 $244,692,492 38.5 811,342 4.9891.9 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 NameVintageRemaining
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-DateReduction in PMIERs Minimum Required
Assets (3)
Radnor Re 2021-1Aug. 2020 - Mar. 2021$22,498,132 $6,194,669 $557,911 $165,266 $— $278,956 $277,360 $1,390 $123,425 
Radnor Re 2021-2Apr. 2021 - Sep. 202128,457,873 7,936,192 439,407 248,077 — 279,415 274,846 3,029 215,769 
Radnor Re 2022-1Oct. 2021 - Jul. 202226,997,277 7,409,659 237,868 160,941 — 303,761 298,719 3,270 148,066 
Radnor Re 2023-1Aug. 2022 - Jun. 202327,368,762 7,507,563 281,462 250,291 — 281,463 279,930 3,090 237,276 
Radnor Re 2024-1Jul. 2023 - Jul. 202428,317,296 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 NameVintageRemaining
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-DateReduction in PMIERs Minimum Required
Assets (3)
XOL 2019-1Jan. 2018 - Dec. 2018$4,334,575 $1,143,163 $118,650 $76,144 $— $253,643 $243,099 $614 $— 
XOL 2020-1Jan. 2019 - Aug. 20195,525,478 1,461,723 55,102 29,152 — 215,605 211,464 246 — 
XOL 2022-1Oct. 2021 - Dec. 202261,141,314 16,718,151 141,992 141,992 — 507,114 494,068 1,576 137,692 
XOL 2023-1Jan. 2023 - Dec. 202335,938,114 9,967,019 36,627 36,627 — 366,270 365,476 429 35,218 
XOL 2024-1Jan. 2024 - Dec. 202439,383,053 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 CededCeding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining
Insurance
in Force		Remaining
Risk
in Force		Remaining Ceded Insurance in ForceRemaining Ceded Risk in ForceYear-to-DateYear-to-DateYear-to-DateReduction 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. 202220%50,008,402 13,650,092 10,001,681 2,730,018 2,219 1,768 5,579 206,510 
Jan. 2023 - Dec. 202317.5%35,831,132 9,940,697 6,270,448 1,739,622 1,218 1,265 3,875 139,923 
Jan. 2024 - Dec. 202415%42,171,586 11,564,578 6,325,738 1,734,687 1,298 1,287 4,065 127,279 
Jan. 2025 - Dec. 202525%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, 2025December 31, 2024March 31, 2024
CA12.4 %12.5 %12.9 %
FL11.9 11.9 11.3 
TX11.2 11.1 10.6 
CO4.0 4.1 4.1 
AZ3.9 3.8 3.8 
GA3.8 3.7 3.5 
WA3.4 3.4 3.5 
NC3.1 3.0 2.9 
NY2.6 2.6 2.5 
OH2.6 2.6 2.6 
All Others41.1 41.3 42.3 
Total100.0 %100.0 %100.0 %
Gross RIF by State
March 31, 2025December 31, 2024March 31, 2024
CA12.4 %12.4 %12.8 %
FL12.1 12.1 11.6 
TX11.5 11.4 10.9 
CO4.0 4.0 4.1 
AZ3.9 3.9 3.8 
GA3.8 3.8 3.6 
WA3.4 3.4 3.4 
NC3.1 3.0 2.9 
MI2.6 2.5 2.5 
OH2.5 2.5 2.6 
All Others40.7 41.0 41.8 
Total100.0 %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
20252024
March 31December 31September 30June 30March 31
Beginning default inventory18,439 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 inventory17,759 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 $29 
Severity70 %68 %58 %60 %65 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
20252024
($ in thousands)March 31December 31September 30June 30March 31
Reserve for losses and LAE at beginning of period$310,156 $274,926 $246,107 $253,565 $245,402 
Less: Reinsurance recoverables36,655 30,867 26,022 26,570 24,005 
Net reserve for losses and LAE at beginning of period273,501 244,059 220,085 226,995 221,397 
Add provision for losses and LAE occurring in:
Current period48,928 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 period30,720 37,236 29,813 (1,227)9,334 
Deduct payments for losses and LAE occurring in:
Current period51 1,569 637 478 1 
Prior years6,393 6,225 5,202 5,205 3,735 
Loss and LAE payments during the period6,444 7,794 5,839 5,683 3,736 
Net reserve for losses and LAE at end of period297,777 273,501 244,059 220,085 226,995 
Plus: Reinsurance recoverables40,351 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 payments5,430 31 %$29,226 9 %$426,195 7 %
Three payments2,445 14 23,046 7 194,642 12 
Four to eleven payments7,472 42 139,810 45 620,538 23 
Twelve or more payments2,198 12 105,783 34 172,129 61 
Pending claims214 1 14,195 5 15,789 90 
Total case reserves17,759 100 %312,060 100 %$1,429,293 22 %
IBNR23,404 
LAE2,664 
Total reserves for losses and LAE$338,128 
Average reserve per default:
Case$17.6 
Total$19.0 
Default Rate2.19%
3+ Month Default Rate1.52%
December 31, 2024
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,691 36 %$32,672 11 %$522,644 6 %
Three payments3,154 17 26,278 9 250,696 10 
Four to eleven payments6,408 35 122,551 43 515,600 24 
Twelve or more payments2,022 11 93,269 33 153,376 61 
Pending claims164 1 11,174 4 12,478 90 
Total case reserves18,439 100 %285,944 100 %$1,454,794 20 %
IBNR21,446 
LAE2,766 
Total reserves for losses and LAE$310,156 
Average reserve per default:
Case$15.5 
Total$16.8 
Default Rate2.27%
3+ Month Default Rate1.44%
March 31, 2024
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments4,527 33 %$23,944 10 %$333,652 7 %
Three payments2,000 14 18,410 8 148,499 12 
Four to eleven payments5,440 39 104,123 45 426,513 24 
Twelve or more payments1,883 13 80,025 34 130,816 61 
Pending claims142 1 7,382 3 8,351 88 
Total case reserves13,992 100 %233,884 100 %$1,047,831 22 %
IBNR17,541 
LAE2,140 
Total reserves for losses and LAE$253,565 
Average reserve per default:
Case$16.7 
Total$18.1 
Default Rate1.72%
3+ Month Default Rate1.16%


Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassMarch 31, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$545,262 9.3 %$547,290 9.3 %
U.S. agency mortgage-backed securities1,165,643 19.8 1,125,436 19.2 
Municipal debt securities592,561 10.0 583,501 9.9 
Non-U.S. government securities61,870 1.1 69,798 1.2 
Corporate debt securities1,867,491 31.7 1,783,046 30.3 
Residential and commercial mortgage securities470,481 8.0 478,086 8.1 
Asset-backed securities746,519 12.7 631,959 10.8 
Money market funds432,532 7.4 657,605 11.2 
Total investments available for sale$5,882,359 100.0 %$5,876,721 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
March 31, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$2,621,894 48.1 %$2,513,014 48.1 %
Aa1103,985 1.9 101,809 2.0 
Aa2297,219 5.5 301,080 5.8 
Aa3273,111 4.9 271,069 5.2 
A1539,597 9.9 511,076 9.8 
A2468,994 8.6 411,999 7.9 
A3481,219 8.8 463,616 8.8 
Baa1226,338 4.2 218,454 4.2 
Baa2209,913 3.9 198,193 3.8 
Baa3151,344 2.8 151,729 2.9 
Below Baa376,213 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 $657,605 of money market funds at March 31, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationMarch 31, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,394,536 23.7 %$1,587,022 26.9 %
1 to < 2 Years589,709 10.0 544,630 9.3 
2 to < 3 Years460,635 7.8 473,301 8.1 
3 to < 4 Years564,623 9.6 445,614 7.6 
4 to < 5 Years533,274 9.1 546,414 9.3 
5 or more Years2,339,582 39.8 2,279,740 38.8 
Total investments available for sale$5,882,359 100.0 %$5,876,721 100.0 %
Pre-tax investment income yield:
Three months ended March 31, 20253.77 %
Holding company net cash and investments available for sale:
($ 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
20252024
March 31December 31September 30June 30March 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.9.6:19.8:110.0:110.2:110.3:1
Essent Guaranty of PA, Inc.N/AN/A0.3:10.3:10.4:1
Combined (4)
N/AN/A9.7:19.9:110.0:1
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 Assets2,107,620 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
20252024
March 31December 31September 30June 30March 31
($ in thousands)
Revenues:
Net premiums earned$233,630 $227,863 $231,249 $235,258 $230,306 
Net investment income47,630 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 assets3,209 2,925 3,132 1,633 (519)
Other income4,501 3,884 3,706 4,662 1,900 
Total revenues288,869 280,743 284,401 287,105 274,748 
Losses and expenses:
Provision (benefit) for losses and LAE30,722 37,254 29,816 (1,225)9,337 
Compensation and benefits19,890 18,037 17,656 17,756 18,707 
Premium and other taxes5,574 5,968 5,863 5,568 5,608 
Ceding commission(6,508)(6,547)(6,433)(5,715)(5,553)
Other underwriting and operating expenses11,637 11,779 10,798 10,787 11,465 
Net operating expenses before allocations30,593 29,237 27,884 28,396 30,227 
Corporate expense allocations13,014 10,657 10,672 10,840 11,618 
Operating expenses after allocations43,607 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 Ratio31.8 %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
20252024
March 31December 31September 30June 30March 31
($ in thousands)
Revenues:
Net premiums earned$12,218 $16,602 $17,687 $16,633 $15,284 
Net investment income10,580 10,368 11,099 9,378 7,884 
Realized investment gains (losses), net(80)6 (5)(8)— 
Income (loss) from other invested assets4,199 3,964 (312)(2,052)(1,396)
Other income1,772 3,344 3,708 1,886 1,837 
Total revenues28,689 34,284 32,177 25,837 23,609 
Losses and expenses:
Provision for losses and LAE565 3,721 850 891 576 
Compensation and benefits19,802 16,490 16,136 15,608 16,002 
Premium and other taxes1,329 569 432 370 126 
Other underwriting and operating expenses19,400 24,655 22,429 21,828 20,485 
Net operating expenses before allocations40,531 41,714 38,997 37,806 36,613 
Corporate expense allocations(13,014)(10,657)(10,672)(10,840)(11,618)
Operating expenses after allocations27,517 31,057 28,325 26,966 24,995 
Interest expense8,148 8,151 11,457 7,849 7,862 
Loss before income tax expense$(7,541)$(8,645)$(8,455)$(9,869)$(9,824)

Consolidated
20252024
March 31December 31September 30June 30March 31
($ in thousands)
Revenues:
Net premiums earned$245,848 $244,465 $248,936 $251,891 $245,590 
Net investment income58,210 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 assets7,408 6,889 2,820 (419)(1,915)
Other income6,273 7,228 7,414 6,548 3,737 
Total revenues317,558 315,027 316,578 312,942 298,357 
Losses and expenses:
Provision (benefit) for losses and LAE31,287 40,975 30,666 (334)9,913 
Compensation and benefits39,692 34,527 33,792 33,364 34,709 
Premium and other taxes6,903 6,537 6,295 5,938 5,734 
Ceding commission(6,508)(6,547)(6,433)(5,715)(5,553)
Other underwriting and operating expenses31,037 36,434 33,227 32,615 31,950 
Total other underwriting and operating expenses71,124 70,951 66,881 66,202 66,840 
Interest expense8,148 8,151 11,457 7,849 7,862 
Income before income tax expense$206,999 $194,950 $207,574 $239,225 $213,742