Equibles

8-K

Essent Group Ltd. (ESNT)

8-K 2025-08-08 For: 2025-08-08
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of Earliest Event Reported): August 8, 2025

ESSENT GROUP LTD.

(Exact name of registrant as specified in its charter)

Bermuda 001-36157 Not Applicable
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

Clarendon House

2 Church Street

Hamilton HM11, Bermuda

(Address of Principal Executive Offices and Zip Code)

(441) 297‑9901

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange on which registered
Common Shares, $0.015 par value ESNT New York Stock Exchange

Item 2.02.    Results of Operations and Financial Condition

On August 8, 2025, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of this press release is furnished as Exhibit 99.1 to this report.

The information in this report, including Exhibit 99.1, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. The information in this report shall not be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.             Financial Statements and Exhibits

| (d) | Exhibits | | --- | --- || Exhibit<br> No. | Description | | --- | --- | | 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | | 99.1 | Press Release issued by Essent Group Ltd. on August 8, 2025. |

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 8, 2025

ESSENT GROUP LTD.

By:    /s/ David B. Weinstock

Name: David B. Weinstock

Title: Senior Vice President and Chief Financial Officer

Document

Exhibit 99.1

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

HAMILTON, Bermuda--(BUSINESS WIRE)--August 8, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended June 30, 2025 of $195.3 million or $1.93 per diluted share, compared to $203.6 million or $1.91 per diluted share for the quarter ended June 30, 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on September 10, 2025, to shareholders of record on August 29, 2025.

“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. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.

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

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

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

Conference Call:

Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at 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 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
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Essent Group Ltd. 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 $ 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
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Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31,
(In thousands, except per share amounts) 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 764,024
Total investments available for sale 5,876,721
Other invested assets 303,900
Total investments 6,180,621
Cash 131,480
Accrued investment income 43,732
Accounts receivable 55,564
Deferred policy acquisition costs 9,653
Property and equipment 41,871
Prepaid federal income tax 489,600
Goodwill and acquired intangible assets, net 79,556
Other assets 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 115,983
Net deferred tax liability 392,428
Senior notes due 2029, net 493,959
Other accrued liabilities 176,755
Total liabilities 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 1,575
Additional paid-in capital 1,214,956
Accumulated other comprehensive loss (303,984)
Retained earnings 4,691,111
Total stockholders' equity 5,603,658
Total liabilities and stockholders' equity 7,220,561 $ 7,111,649
Return on average equity (1) % 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.

All values are in US Dollars.

Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
2024
Selected Income Statement Data 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 15,505 16,180 17,130 17,745
Title insurance 12,218 16,602 17,687 16,633
Net premiums earned 245,848 244,465 248,936 251,891
Net investment income 58,210 56,559 57,340 56,086
Realized investment gains (losses), net (181) (114) 68 (1,164)
Income (loss) from other invested assets 7,408 6,889 2,820 (419)
Other income (1) 6,273 7,228 7,414 6,548
Total revenues 317,558 315,027 316,578 312,942
Losses and expenses:
Provision (benefit) for losses and LAE 31,287 40,975 30,666 (334)
Other underwriting and operating expenses 71,124 70,951 66,881 66,202
Interest expense 8,148 8,151 11,457 7,849
Total losses and expenses 110,559 120,077 109,004 73,717
Income before income taxes 206,999 194,950 207,574 239,225
Income tax expense (2) 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 1.69 1.58 1.65 1.91
Weighted average shares outstanding:
Basic 102,881 104,963 105,266 105,657
Diluted 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) % 12.5 % 11.9 % 12.8 % 15.4 %
Borrowings
Borrowings outstanding 500,000 $ 500,000 $ 500,000 $ 500,000 $ 425,000
Undrawn committed capacity 500,000 $ 500,000 $ 500,000 $ 500,000 $ 400,000
Weighted average interest rate (end of period) % 6.25 % 6.25 % 6.25 % 7.07 %
Debt-to-capital % 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.

All values are in US Dollars.

Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
2024
Other Data: 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 811,342 813,013 815,507 814,237
Weighted average coverage (2) % 27.4 % 27.3 % 27.3 % 27.1 %
Annual persistency % 85.7 % 85.7 % 86.6 % 86.7 %
Loans in default (count) 17,759 18,439 15,906 13,954
Percentage of loans in default % 2.19 % 2.27 % 1.95 % 1.71 %
U.S. Mortgage Insurance Portfolio premium rate:
Base average premium rate (3) % 0.41 % 0.41 % 0.41 % 0.41 %
Single premium cancellations (4) % — % — % — % — %
Gross average premium rate % 0.41 % 0.41 % 0.41 % 0.41 %
Ceded premiums %) (0.05 %) (0.06 %) (0.06 %) (0.05 %)
Net average premium rate % 0.36 % 0.35 % 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.

All values are in US Dollars.

Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information - U.S. Mortgage Insurance Portfolio
New Insurance Written
NIW by Credit Score
Six Months Ended
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 16.0 2,165,026 17.3 3,734,281 16.6 3,575,472 17.2
720-739 12.8 1,819,751 14.6 2,898,918 12.8 3,064,399 14.7
700-719 10.5 1,585,167 12.7 2,485,800 11.1 2,725,597 13.1
680-699 5.8 870,054 7.0 1,306,651 5.8 1,433,473 6.9
<=679 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 748 752 748
NIW by LTV
Six Months Ended
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% 23.6 2,423,665 19.4 5,236,176 23.3 4,155,796 20.0
90.01% to 95.00% 50.9 6,874,853 55.0 11,669,518 51.9 11,392,508 54.7
95.01% and above 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 % 93 % 93 % 93 %
NIW by Product
Six Months Ended
June 30, 2024 June 30, 2025 June 30, 2024
Single premium policies 1.3 % 1.3 % 1.4 % 1.6 %
Monthly premium policies 98.7 98.7 98.6 98.4
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Six Months Ended
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 % 100.0 % 100.0 % 100.0 %

All values are in US Dollars.

Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO score March 31, 2025 June 30, 2024
( in thousands)
>=760 101,554,517 41.1 % $ 100,017,207 40.9 % $ 97,668,435 40.6 %
740-759 17.5 42,848,390 17.5 41,915,598 17.4
720-739 15.4 37,970,066 15.5 37,678,804 15.7
700-719 13.3 32,765,594 13.4 32,331,564 13.4
680-699 8.0 19,667,828 8.0 19,751,956 8.2
<=679 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 746 746
Gross RIF by FICO score 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 17.7 11,894,259 17.7 11,525,987 17.7
720-739 15.6 10,535,428 15.7 10,362,021 15.9
700-719 13.5 9,113,238 13.6 8,899,342 13.6
680-699 8.0 5,425,408 8.1 5,382,312 8.2
<=679 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 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% 24.1 59,985,533 24.5 61,774,991 25.7
90.01% to 95.00% 52.7 128,443,227 52.5 123,414,332 51.3
95.01% and above 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 % 93 % 93 %
Gross RIF by LTV 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% 21.7 14,799,254 22.1 15,238,201 23.3
90.01% to 95.00% 56.7 37,888,529 56.5 36,405,573 55.8
95.01% and above 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 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 0.4 1,042,318 0.4 1,322,021 0.5
FRM 15 years 0.6 1,285,597 0.5 1,276,780 0.5
ARM 5 years and higher 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 %

All values are in US Dollars.

Exhibit G
Essent Group Ltd. 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 $ 88 $ 52 $ 51 $ 37 $ 33
Weighted average credit score 751 751 751 750 750
Weighted average LTV 83 % 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
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Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
June 30, 2025
Insurance in Force
Year OriginalInsuranceWritten( in thousands) RemainingInsurancein Force( in thousands) % Remaining of Original<br>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 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 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.

All values are in US Dollars.

Essent Group Ltd. and Subsidiaries Exhibit I
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
June 30, 2025
( in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal Name Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>in Force Original<br>Reinsurance in Force Remaining<br>Reinsurance in Force Losses<br>Ceded<br>to Date Original<br>First Layer<br>Retention Remaining<br>First Layer<br>Retention Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1 $ 21,095,901 $ 5,826,753 $ 557,911 $ 139,755 $ — $ 278,956 $ 277,158 $ 1,390 $ 2,781 $ 100,347
Radnor Re 2021-2 26,864,364 7,566,871 439,407 228,819 — 279,415 273,926 3,027 6,056 196,844
Radnor Re 2022-1 26,046,456 7,171,205 237,868 146,841 — 303,761 297,208 3,260 6,531 135,094
Radnor Re 2023-1 26,469,770 7,268,636 281,462 235,647 — 281,463 278,466 3,111 6,201 223,394
Radnor Re 2024-1 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

All values are in US Dollars.

Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal Name Vintage Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>in Force Original<br>Reinsurance in Force Remaining<br>Reinsurance in Force Losses<br>Ceded<br>to Date Original<br>First Layer<br>Retention Remaining<br>First Layer<br>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 (4) $ 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 20% 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 15% 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 25% 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. 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. 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) 26 % 66 % 77 % 83 % 88 %
Total amount paid for claims (in thousands) $ 9,007 $ 6,330 $ 7,740 $ 5,749 $ 5,566
Average amount paid per claim (in thousands) $ 42 $ 41 $ 42 $ 32 $ 30
Severity 67 % 70 % 68 % 58 % 60 %
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 51 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. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Two payments 33 % $ 29,534 9 % $ 436,738 7 %
Three payments 14 23,028 7 189,938 12
Four to eleven payments 38 134,497 42 561,051 24
Twelve or more payments 14 118,154 37 190,189 62
Pending claims 1 14,195 5 15,789 90
Total case reserves 100 % 319,408 100 % $ 1,393,705 23 %
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
3+ Month Default Rate
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Two payments 36 % $ 32,672 11 % $ 522,644 6 %
Three payments 17 26,278 9 250,696 10
Four to eleven payments 35 122,551 43 515,600 24
Twelve or more payments 11 93,269 33 153,376 61
Pending claims 1 11,174 4 12,478 90
Total case reserves 100 % 285,944 100 % $ 1,454,794 20 %
IBNR 21,446
LAE 2,766
Total reserves for losses and LAE $ 310,156
Average reserve per default:
Case $ 15.5
Total $ 16.8
Default Rate
3+ Month Default Rate
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Two payments 36 % $ 25,458 11 % $ 372,669 7 %
Three payments 14 17,938 9 153,207 12
Four to eleven payments 35 93,489 41 383,685 24
Twelve or more payments 14 82,529 36 135,616 61
Pending claims 1 7,562 3 8,540 89
Total case reserves 100 % 226,976 100 % $ 1,053,717 22 %
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
3+ Month Default Rate

All values are in US Dollars.

Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset Class December 31, 2024
( in thousands) Percent Fair Value Percent
U.S. Treasury securities 391,461 6.6 % $ 547,290 9.3 %
U.S. agency mortgage-backed securities 19.7 1,125,436 19.2
Municipal debt securities 10.0 583,501 9.9
Non-U.S. government securities 1.0 69,798 1.2
Corporate debt securities 32.0 1,783,046 30.3
Residential and commercial mortgage securities 7.6 478,086 8.1
Asset-backed securities 13.4 631,959 10.8
Money market funds 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) December 31, 2024
( in thousands) Percent Fair Value Percent
Aaa 816,766 15.2 % $ 2,513,014 48.1 %
Aa1 33.7 101,809 2.0
Aa2 5.5 301,080 5.8
Aa3 5.3 271,069 5.2
A1 10.4 511,076 9.8
A2 8.6 411,999 7.9
A3 9.3 463,616 8.8
Baa1 3.9 218,454 4.2
Baa2 3.9 198,193 3.8
Baa3 2.8 151,729 2.9
Below Baa3 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 December 31, 2024
( in thousands) Percent Fair Value Percent
< 1 Year 1,431,564 24.0 % $ 1,587,022 26.9 %
1 to < 2 Years 10.2 544,630 9.3
2 to < 3 Years 7.9 473,301 8.1
3 to < 4 Years 8.8 445,614 7.6
4 to < 5 Years 10.0 546,414 9.3
5 or more Years 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 %
Six months ended June 30, 2025 %

All values are in US Dollars.

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

All values are in US Dollars.

Exhibit N
Essent Group Ltd. 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):
9.2:1 9.6:1 9.8:1 10.0:1 10.2:1
N/A N/A N/A 0.3:1 0.3:1
N/A N/A N/A 9.7:1 9.9:1
Essent Guaranty, Inc. PMIERs Data (5):
$ 3,654,460 $ 3,628,675 $ 3,612,993 $ 3,598,725 $ 3,513,609
2,075,409 2,107,620 2,029,738 1,903,473 2,052,135
$ 1,579,051 $ 1,521,055 $ 1,583,255 $ 1,695,252 $ 1,461,474
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.

All values are in US Dollars.

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 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.
2024
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 47,630 46,191 46,241 46,708
Realized investment gains (losses), net (101) (120) 73 (1,156)
Income (loss) from other invested assets 3,209 2,925 3,132 1,633
Other income 4,501 3,884 3,706 4,662
Total revenues 288,869 280,743 284,401 287,105
Losses and expenses:
Provision (benefit) for losses and LAE 30,722 37,254 29,816 (1,225)
Compensation and benefits 19,890 18,037 17,656 17,756
Premium and other taxes 5,574 5,968 5,863 5,568
Ceding commission (6,508) (6,547) (6,433) (5,715)
Other underwriting and operating expenses 11,637 11,779 10,798 10,787
Net operating expenses before allocations 30,593 29,237 27,884 28,396
Corporate expense allocations 13,014 10,657 10,672 10,840
Operating expenses after allocations 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) % 13.1 % 16.3 % 12.9 % (0.5) %
Expense Ratio (2) % 18.7 % 17.5 % 16.7 % 16.7 %
Combined Ratio % 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.

All values are in US Dollars.

Exhibit O, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
2024
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 10,580 10,368 11,099 9,378
Realized investment gains (losses), net (80) 6 (5) (8)
Income (loss) from other invested assets 4,199 3,964 (312) (2,052)
Other income 1,772 3,344 3,708 1,886
Total revenues 28,689 34,284 32,177 25,837
Losses and expenses:
Provision for losses and LAE 565 3,721 850 891
Compensation and benefits 19,802 16,490 16,136 15,608
Premium and other taxes 1,329 569 432 370
Other underwriting and operating expenses 19,400 24,655 22,429 21,828
Net operating expenses before allocations 40,531 41,714 38,997 37,806
Corporate expense allocations (13,014) (10,657) (10,672) (10,840)
Operating expenses after allocations 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)

All values are in US Dollars.
2024
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 58,210 56,559 57,340 56,086
Realized investment gains (losses), net (181) (114) 68 (1,164)
Income (loss) from other invested assets 7,408 6,889 2,820 (419)
Other income 6,273 7,228 7,414 6,548
Total revenues 317,558 315,027 316,578 312,942
Losses and expenses:
Provision (benefit) for losses and LAE 31,287 40,975 30,666 (334)
Compensation and benefits 39,692 34,527 33,792 33,364
Premium and other taxes 6,903 6,537 6,295 5,938
Ceding commission (6,508) (6,547) (6,433) (5,715)
Other underwriting and operating expenses 31,037 36,434 33,227 32,615
Total other underwriting and operating expenses 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

All values are in US Dollars.

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