Equibles

8-K

Essent Group Ltd. (ESNT)

8-K 2025-02-14 For: 2025-02-14
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): February 14, 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 8.01.    Results of Operations and Financial Condition

On February 14, 2025, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. 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 February 14, 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: February 14, 2025

ESSENT GROUP LTD.

By:    /s/ David B. Weinstock

Name: David B. Weinstock

Title: Senior Vice President, Chief Financial Officer

Document

Exhibit 99.1

Essent Group Ltd. Announces Fourth Quarter & Full Year 2024 Results and Increases Quarterly Dividend

HAMILTON, Bermuda--(BUSINESS WIRE)--February 14, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2024 of $167.9 million or $1.58 per diluted share, compared to $175.4 million or $1.64 per diluted share for the quarter ended December 31, 2023. For the full year 2024, net income was $729.4 million or $6.85 per diluted share, compared to $696.4 million or $6.50 per diluted share for 2023.

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 March 24, 2025, to shareholders of record on March 14, 2025.

“We are pleased with our fourth quarter and full year 2024 financial results, which benefited from favorable credit performance given the resilience in consumers and housing,” said Mark A. Casale, Chairman and Chief Executive Officer. “We believe Essent is well positioned to continue producing strong returns and growing book value per share. The increased dividend and new share repurchase authorization demonstrate our confidence in the stability of Essent’s cash flows and our commitment to a balanced approach to capital management moving forward.”

Financial Highlights:

•New insurance written for the fourth quarter of 2024 was $12.2 billion, compared to $12.5 billion in the third quarter of 2024 and $8.8 billion in the fourth quarter of 2023.

•Insurance in force as of December 31, 2024 was $243.6 billion, compared to $243.0 billion as of September 30, 2024 and $239.1 billion as of December 31, 2023.

•Net investment income for the full year 2024 was $222.1 million, up 19% from 2023.

•U.S. mortgage insurance provision for losses and loss adjustment expenses was $37.2 million for the fourth quarter of 2024, which included $8 million associated with 2,119 of defaults we identified as related to Hurricanes Helene and Milton.

•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.

•During the fourth quarter of 2024 and January of 2025, Essent repurchased over 2 million common shares for approximately $118 million.

•In February 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2026.

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, 2023 filed with the Securities and Exchange Commission on February 16, 2024, 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 and Year Ended December 31, 2024
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
Exhibit L Detail of Reserves by Default Delinquency
Exhibit M Investments Available for Sale
Exhibit N U.S. Mortgage Insurance Company Capital
Exhibit O Ratios and Reconciliation of Non-GAAP Financial Measures
Exhibit A
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Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended December 31, Year Ended December 31,
(In thousands, except per share amounts) 2024 2023 2024 2023
Revenues:
Direct premiums written $ 279,008 $ 269,255 $ 1,098,603 $ 1,028,781
Ceded premiums (39,499) (31,068) (132,023) (134,499)
Net premiums written 239,509 238,187 966,580 894,282
Decrease in unearned premiums 4,956 7,427 24,302 22,624
Net premiums earned 244,465 245,614 990,882 916,906
Net investment income 56,559 50,581 222,070 186,139
Realized investment gains (losses), net (114) (4,892) (2,350) (7,204)
Income (loss) from other invested assets 6,889 (421) 7,375 (11,118)
Other income 7,228 6,395 24,927 25,036
Total revenues 315,027 297,277 1,242,904 1,109,759
Losses and expenses:
Provision for losses and LAE 40,975 19,640 81,220 31,542
Other underwriting and operating expenses 70,951 66,723 270,874 225,081
Interest expense 8,151 7,953 35,319 30,137
Total losses and expenses 120,077 94,316 387,413 286,760
Income before income taxes 194,950 202,961 855,491 822,999
Income tax expense 27,050 27,594 126,088 126,613
Net income $ 167,900 $ 175,367 $ 729,403 $ 696,386
Earnings per share:
Basic $ 1.60 $ 1.66 $ 6.92 $ 6.56
Diluted 1.58 1.64 6.85 6.50
Weighted average shares outstanding:
Basic 104,963 105,733 105,394 106,222
Diluted 106,104 106,823 106,550 107,129
Net income $ 167,900 $ 175,367 $ 729,403 $ 696,386
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments (113,705) 155,887 (23,488) 102,294
Total other comprehensive income (loss) (113,705) 155,887 (23,488) 102,294
Comprehensive income $ 54,195 $ 331,254 $ 705,915 $ 798,680
Exhibit B
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Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31,
(In thousands, except per share amounts) 2023
Assets
Investments
Fixed maturities available for sale, at fair value 5,112,697 $ 4,335,008
Short-term investments available for sale, at fair value 928,731
Total investments available for sale 5,263,739
Other invested assets 277,226
Total investments 5,540,965
Cash 141,787
Accrued investment income 35,689
Accounts receivable 63,266
Deferred policy acquisition costs 9,139
Property and equipment 41,304
Prepaid federal income tax 470,646
Goodwill and acquired intangible assets, net 72,826
Other assets 51,051
Total assets 7,111,649 $ 6,426,673
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE 328,866 $ 260,095
Unearned premium reserve 140,285
Net deferred tax liability 362,753
Senior notes due 2029, net of deferred costs —
Credit facility borrowings, net of deferred costs 421,920
Other accrued liabilities 139,070
Total liabilities 1,324,123
Commitments and contingencies
Stockholders' Equity
Common shares, 0.015 par value:
Authorized - 233,333; issued and outstanding - 105,015 shares in 2024 and 106,597 shares in 2023 1,599
Additional paid-in capital 1,299,869
Accumulated other comprehensive income (loss) (280,496)
Retained earnings 4,081,578
Total stockholders' equity 5,102,550
Total liabilities and stockholders' equity 7,111,649 $ 6,426,673
Return on average equity % 14.6 %

All values are in US Dollars.

Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
2023
Selected Income Statement Data September 30 June 30 March 31 December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio 211,683 $ 214,119 $ 217,513 $ 212,479 $ 211,083
GSE and other risk share 17,130 17,745 17,826 17,166
Title insurance 17,687 16,633 15,285 17,365
Net premiums earned 248,936 251,891 245,590 245,614
Net investment income 57,340 56,086 52,085 50,581
Realized investment gains (losses), net 68 (1,164) (1,140) (4,892)
Income (loss) from other invested assets 2,820 (419) (1,915) (421)
Other income (loss) (1) 7,414 6,548 3,737 6,395
Total revenues 316,578 312,942 298,357 297,277
Losses and expenses:
Provision (benefit) for losses and LAE 30,666 (334) 9,913 19,640
Other underwriting and operating expenses 66,881 66,202 66,840 66,723
Interest expense 11,457 7,849 7,862 7,953
Total losses and expenses 109,004 73,717 84,615 94,316
Income before income taxes 207,574 239,225 213,742 202,961
Income tax expense (2) 31,399 35,616 32,023 27,594
Net income 167,900 $ 176,175 $ 203,609 $ 181,719 $ 175,367
Earnings per share:
Basic 1.60 $ 1.67 $ 1.93 $ 1.72 $ 1.66
Diluted 1.65 1.91 1.70 1.64
Weighted average shares outstanding:
Basic 105,266 105,657 105,697 105,733
Diluted 106,554 106,778 106,770 106,823
Book value per share 53.36 $ 53.11 $ 50.58 $ 48.96 $ 47.87
Return on average equity (annualized) % 12.8 % 15.4 % 14.1 % 14.2 %
Senior Debt & Credit Facility
Borrowings outstanding 500,000 $ 500,000 $ 425,000 $ 425,000 $ 425,000
Undrawn committed capacity 500,000 $ 500,000 $ 400,000 $ 400,000 $ 400,000
Weighted average interest rate (end of period) % 6.25 % 7.07 % 7.06 % 7.11 %
Debt-to-capital % 8.14 % 7.32 % 7.52 % 7.69 %
(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 December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 was 204, (1,173), 732, (1,902), and 412, respectively.
(2) Income tax expense for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 includes 1,591, 475, 556, (1,041), and (1,132), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. Income tax expense for the quarter ended December 31, 2024 also includes 1,252 of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2024 also includes (616) of excess tax benefits associated with the vesting of common shares and common share units. Income tax expense for the quarter ended December 31, 2023 also includes a 2,731 net benefit associated with the recognition of a deferred tax asset for unrealized losses on the investment portfolios of Essent Group and Essent Re upon the enactment of the Bermuda Corporate Income Tax.

All values are in US Dollars.

Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
2023
Other Data, continued: September 30 June 30 March 31 December 31
( in thousands)
U.S. Mortgage Insurance Portfolio
New insurance written 12,220,968 $ 12,513,695 $ 12,503,125 $ 8,323,544 $ 8,769,160
New risk written 3,437,465 3,449,623 2,289,508 2,409,340
Average insurance in force 243,236,830 $ 242,065,632 $ 239,538,571 $ 238,595,268 $ 239,005,961
Insurance in force (end of period) 243,645,423 $ 242,976,043 $ 240,669,165 $ 238,477,402 $ 239,078,262
Gross risk in force (end of period) (1) 66,613,517 $ 66,237,992 $ 65,269,064 $ 64,247,810 $ 64,061,374
Risk in force (end of period) 56,477,150 $ 55,915,640 $ 55,521,538 $ 54,686,533 $ 54,591,590
Policies in force 815,507 814,237 815,752 822,012
Weighted average coverage (2) % 27.3 % 27.1 % 26.9 % 26.8 %
Annual persistency % 86.6 % 86.7 % 86.9 % 86.9 %
Loans in default (count) 15,906 13,954 13,992 14,819
Percentage of loans in default % 1.95 % 1.71 % 1.72 % 1.80 %
U.S. Mortgage Insurance Portfolio Premium Rate:
Base average premium rate (3) % 0.41 % 0.41 % 0.41 % 0.40 %
Single premium cancellations (4) % — % — % — % — %
Gross average premium rate % 0.41 % 0.41 % 0.41 % 0.40 %
Ceded premiums %) (0.06 %) (0.05 %) (0.05 %) (0.05 %)
Net average premium rate % 0.35 % 0.36 % 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.

All values are in US Dollars.

Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: U.S. Mortgage Insurance Portfolio
NIW by Credit Score
Year Ended
December 31, 2023 December 31, 2024 December 31, 2023
( in thousands)
>=760 5,754,605 47.1 % $ 3,708,316 42.3 % $ 20,141,961 44.2 % $ 19,181,507 40.2 %
740-759 17.4 1,531,800 17.5 7,848,645 17.2 8,563,621 18.0
720-739 13.4 1,333,537 15.2 6,468,993 14.2 7,644,101 16.0
700-719 11.4 1,256,250 14.3 5,738,325 12.6 7,148,954 15.0
680-699 6.1 581,913 6.6 3,095,378 6.8 3,606,260 7.6
<=679 4.6 357,344 4.1 2,268,030 5.0 1,522,409 3.2
Total 12,220,968 100.0 % $ 8,769,160 100.0 % $ 45,561,332 100.0 % $ 47,666,852 100.0 %
Weighted average credit score 747 748 746
NIW by LTV
Year Ended
December 31, 2023 December 31, 2024 December 31, 2023
( in thousands)
85.00% and below 977,154 8.0 % $ 642,636 7.3 % $ 3,227,588 7.1 % $ 3,443,647 7.2 %
85.01% to 90.00% 23.1 1,871,854 21.3 9,392,983 20.6 9,822,916 20.6
90.01% to 95.00% 51.9 4,660,032 53.1 24,357,459 53.5 26,043,728 54.6
95.01% and above 17.0 1,594,638 18.3 8,583,302 18.8 8,356,561 17.6
Total 12,220,968 100.0 % $ 8,769,160 100.0 % $ 45,561,332 100.0 % $ 47,666,852 100.0 %
Weighted average LTV % 93 % 93 % 93 %
NIW by Product
Year Ended
December 31, 2023 December 31, 2024 December 31, 2023
Single Premium policies 1.2 % 2.5 % 1.4 % 3.5 %
Monthly Premium policies 98.8 97.5 98.6 96.5
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Year Ended
December 31, 2023 December 31, 2024 December 31, 2023
Purchase 88.3 % 98.7 % 95.0 % 98.8 %
Refinance 11.7 1.3 5.0 1.2
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 September 30, 2024 December 31, 2023
( in thousands)
>=760 99,221,741 40.7 % $ 98,553,455 40.6 % $ 97,085,244 40.6 %
740-759 17.5 42,377,559 17.4 41,490,720 17.4
720-739 15.6 37,947,254 15.6 37,435,781 15.7
700-719 13.4 32,685,044 13.5 31,932,469 13.4
680-699 8.1 19,890,335 8.2 19,780,944 8.3
<=679 4.7 11,522,396 4.7 11,353,104 4.6
Total 243,645,423 100.0 % $ 242,976,043 100.0 % $ 239,078,262 100.0 %
Weighted average credit score 746 746
Gross RIF by FICO score September 30, 2024 December 31, 2023
( in thousands)
>=760 26,860,197 40.3 % $ 26,614,399 40.2 % $ 25,752,549 40.2 %
740-759 17.7 11,715,485 17.7 11,268,607 17.6
720-739 15.8 10,485,311 15.8 10,179,683 15.9
700-719 13.6 9,044,551 13.7 8,687,001 13.6
680-699 8.2 5,451,406 8.2 5,330,894 8.3
<=679 4.4 2,926,840 4.4 2,842,640 4.4
Total 66,613,517 100.0 % $ 66,237,992 100.0 % $ 64,061,374 100.0 %
Portfolio by LTV
IIF by LTV September 30, 2024 December 31, 2023
( in thousands)
85.00% and below 14,738,289 6.0 % $ 15,555,555 6.4 % $ 19,869,776 8.3 %
85.01% to 90.00% 24.9 61,262,960 25.2 62,973,580 26.3
90.01% to 95.00% 52.2 125,919,529 51.8 119,764,184 50.1
95.01% and above 16.9 40,237,999 16.6 36,470,722 15.3
Total 243,645,423 100.0 % $ 242,976,043 100.0 % $ 239,078,262 100.0 %
Weighted average LTV % 93 % 93 %
Gross RIF by LTV September 30, 2024 December 31, 2023
( in thousands)
85.00% and below 1,745,933 2.6 % $ 1,845,584 2.8 % $ 2,364,232 3.7 %
85.01% to 90.00% 22.5 15,120,025 22.8 15,494,172 24.2
90.01% to 95.00% 56.3 37,149,222 56.1 35,260,761 55.0
95.01% and above 18.6 12,123,161 18.3 10,942,209 17.1
Total 66,613,517 100.0 % $ 66,237,992 100.0 % $ 64,061,374 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period September 30, 2024 December 31, 2023
( in thousands)
FRM 30 years and higher 238,335,608 97.8 % $ 237,628,900 97.8 % $ 232,995,380 97.5 %
FRM 20-25 years 0.5 1,199,947 0.5 1,685,700 0.7
FRM 15 years 0.5 1,191,749 0.5 1,505,759 0.6
ARM 5 years and higher 1.2 2,955,447 1.2 2,891,423 1.2
Total 243,645,423 100.0 % $ 242,976,043 100.0 % $ 239,078,262 100.0 %

All values are in US Dollars.

Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
2024 2023
($ in thousands) December 31 September 30 June 30 March 31 December 31
GSE and other risk share (1):
Risk in Force $ 2,240,284 $ 2,254,726 $ 2,304,885 $ 2,307,267 $ 2,244,944
Reserve for losses and LAE $ 51 $ 37 $ 33 $ 32 $ 29
Weighted average credit score 751 750 750 750 749
Weighted average LTV 82 % 82 % 82 % 82 % 82 %
(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.
Exhibit H
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Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
December 31, 2024
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 - 2014 1.6 % 5,373 4.28 % 65.9 % 49.1 % 1.0 % 9.8 % 49.8 % 2.4 % 232 4.32 %
2015 26,193,656 766,918 2.9 4,325 4.29 75.0 57.2 5.6 16.9 41.3 2.1 209 4.83
2016 34,949,319 1,981,674 5.7 11,869 3.97 84.9 74.9 15.3 17.5 40.0 2.0 459 3.87
2017 43,858,322 3,512,218 8.0 21,796 4.31 90.8 82.3 24.6 21.3 36.3 3.1 1,024 4.70
2018 47,508,525 4,579,054 9.6 26,580 4.81 95.1 75.2 27.6 22.1 31.9 4.0 1,280 4.82
2019 63,569,183 10,173,254 16.0 50,262 4.24 89.4 72.3 25.9 19.0 34.9 3.7 1,833 3.65
2020 107,944,065 35,499,947 32.9 142,347 3.21 73.1 64.1 15.0 10.7 45.4 2.8 2,623 1.84
2021 84,218,250 50,162,523 59.6 169,271 3.10 89.9 67.4 17.0 13.8 40.3 6.3 3,857 2.28
2022 63,061,262 51,504,293 81.7 149,358 5.08 98.2 66.3 11.5 12.6 39.6 19.0 3,862 2.59
2023 47,666,852 41,118,618 86.3 116,747 6.63 98.8 73.0 18.8 11.1 38.5 19.7 2,398 2.05
2024 45,561,332 43,370,993 95.2 115,085 6.71 94.9 72.6 19.5 12.0 43.2 12.8 662 0.58
Total 39.0 813,013 4.89 91.5 69.1 16.9 12.8 40.7 5.0 18,439 2.27
(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.

Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
December 31, 2024
( 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 <br>Assets (3)
Radnor Re 2021-1 $ 23,839,935 $ 6,533,211 $ 557,911 $ 190,062 $ — $ 278,956 $ 277,698 $ 1,849 $ 8,413 $ 138,631
Radnor Re 2021-2 29,757,565 8,243,653 439,407 265,134 — 279,415 276,141 3,533 14,485 203,328
Radnor Re 2022-1 27,859,437 7,621,952 237,868 175,026 — 303,761 300,105 3,598 15,076 161,024
Radnor Re 2023-1 28,058,061 7,690,718 281,462 268,320 — 281,463 280,559 3,583 14,240 254,368
Radnor Re 2024-1 29,033,466 8,025,937 363,366 331,415 — 256,495 256,495 4,274 4,747 245,247
Total $ 138,548,464 $ 38,115,471 $ 1,880,014 $ 1,229,957 $ — $ 1,400,090 $ 1,390,998 $ 16,837 $ 56,961 (5) $ 1,002,598

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 <br>Assets (3)
XOL 2019-1 Jan. 2018 - Dec. 2018 $ 4,535,941 $ 1,195,244 $ 118,650 $ 76,144 $ — $ 253,643 $ 243,704 $ 627 $ 2,495 $ —
XOL 2020-1 Jan. 2019 - Aug. 2019 5,760,682 1,522,699 55,102 29,152 — 215,605 211,678 263 1,072 —
XOL 2022-1 Oct. 2021 - Dec. 2022 63,001,325 17,184,107 141,992 141,992 — 507,114 496,864 1,611 6,407 137,827
XOL 2023-1 Jan. 2023 - Dec. 2023 36,841,903 10,211,722 36,627 36,627 — 366,270 366,028 439 1,745 35,212
XOL 2024-1 Jan. 2024 - Dec. 2024 40,244,132 11,048,540 46,537 58,005 — 331,456 331,456 658 1,186 55,795
Total $ 150,383,983 $ 41,162,312 $ 398,908 $ 341,920 $ — $ 1,674,088 $ 1,649,730 $ 3,598 $ 12,905 $ 228,834
Quota Share Reinsurance (2)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Losses Ceded Ceding Commission Earned Premiums Ceded
Year Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>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 <br>Assets (3)
Sep. 2019 - Dec. 2020 $ 39,765,140 $ 10,882,461 $ 8,168,806 $ 2,206,351 $ 422 $ 276 $ 2,562 $ 9,926 $ 4,193 $ 16,643 $ 134,006
Jan. 2022 - Dec. 2022 51,455,224 14,014,676 10,291,045 2,802,935 3,350 6,867 1,810 7,444 6,789 21,010 206,391
Jan. 2023 - Dec. 2023 36,735,900 10,185,812 6,428,783 1,782,517 1,933 6,424 1,294 5,340 4,650 17,638 141,321
Jan. 2024 - Dec. 2024 43,113,057 11,817,914 6,466,958 1,772,687 997 1,713 1,133 2,434 3,432 6,947 125,736
Total $ 171,069,321 $ 46,900,863 $ 31,355,592 $ 8,564,490 $ 6,702 $ 15,280 $ 6,799 $ 25,144 $ 19,064 $ 62,238 $ 607,454
(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.
(5) Excludes 81 of benefit in ceded premium on retired ILNs for the year ended December 31, 2024.

All values are in US Dollars.

Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
December 31, 2024 September 30, 2024 December 31, 2023
CA 12.5 % 12.5 % 13.0 %
FL 11.9 11.8 11.1
TX 11.1 10.9 10.5
CO 4.1 4.1 4.1
AZ 3.8 3.8 3.7
GA 3.7 3.7 3.4
WA 3.4 3.4 3.5
NC 3.0 3.0 2.9
NY 2.6 2.6 2.5
OH 2.6 2.6 2.6
All Others 41.3 41.6 42.7
Total 100.0 % 100.0 % 100.0 %
Gross RIF by State
December 31, 2024 September 30, 2024 December 31, 2023
CA 12.4 % 12.5 % 12.8 %
FL 12.1 12.0 11.4
TX 11.4 11.2 10.9
CO 4.0 4.0 4.0
AZ 3.9 3.9 3.8
GA 3.8 3.8 3.4
WA 3.4 3.4 3.5
NC 3.0 3.0 2.9
OH 2.5 2.6 2.6
MI 2.5 2.5 2.5
All Others 41.0 41.1 42.2
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
2024 2023
December 31 September 30 June 30 March 31 December 31
Beginning default inventory 15,906 13,954 13,992 14,819 13,391
Plus: new defaults (A) 11,136 9,984 8,119 8,260 9,007
Less: cures (8,408) (7,819) (7,956) (8,951) (7,418)
Less: claims paid (183) (182) (183) (123) (148)
Less: rescissions and denials, net (12) (31) (18) (13) (13)
Ending default inventory 18,439 15,906 13,954 13,992 14,819
(A) New defaults remaining as of December 31, 2024 8,538 3,809 2,141 1,158 934
Cumulative cure rate (1) 23 % 62 % 74 % 86 % 90 %
Total amount paid for claims (in thousands) $ 7,740 $ 5,749 $ 5,566 $ 3,605 $ 3,411
Average amount paid per claim (in thousands) $ 42 $ 32 $ 30 $ 29 $ 23
Severity 68 % 58 % 60 % 65 % 54 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
2024 2023
($ in thousands) December 31 September 30 June 30 March 31 December 31
Reserve for losses and LAE at beginning of period $ 274,926 $ 246,107 $ 253,565 $ 245,402 $ 226,617
Less: Reinsurance recoverables 30,867 26,022 26,570 24,005 20,656
Net reserve for losses and LAE at beginning of period 244,059 220,085 226,995 221,397 205,961
Add provision for losses and LAE occurring in:
Current year 50,212 51,649 30,653 39,396 38,922
Prior years (12,976) (21,836) (31,880) (30,062) (19,912)
Incurred losses and LAE during the period 37,236 29,813 (1,227) 9,334 19,010
Deduct payments for losses and LAE occurring in:
Current year 1,569 637 478 1 330
Prior years 6,225 5,202 5,205 3,735 3,244
Loss and LAE payments during the period 7,794 5,839 5,683 3,736 3,574
Net reserve for losses and LAE at end of period 273,501 244,059 220,085 226,995 221,397
Plus: Reinsurance recoverables 36,655 30,867 26,022 26,570 24,005
Reserve for losses and LAE at end of period $ 310,156 $ 274,926 $ 246,107 $ 253,565 $ 245,402
(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 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
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 34 % $ 24,917 11 % $ 361,986 7 %
Three payments 15 19,690 9 165,433 12
Four to eleven payments 37 97,424 43 417,876 23
Twelve or more payments 13 78,540 35 132,257 59
Pending claims 1 5,550 2 6,302 88
Total case reserves 100 % 226,121 100 % $ 1,083,854 21 %
IBNR 16,959
LAE 2,322
Total reserves for losses and LAE $ 245,402
Average reserve per default:
Case $ 15.3
Total $ 16.6
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, 2023
( in thousands) Percent Fair Value Percent
U.S. Treasury securities 547,290 9.3 % $ 996,382 18.9 %
U.S. agency securities — 7,195 0.1
U.S. agency mortgage-backed securities 19.2 821,346 15.6
Municipal debt securities 9.9 547,258 10.5
Non-U.S. government securities 1.2 67,447 1.3
Corporate debt securities 30.3 1,297,055 24.6
Residential and commercial mortgage securities 8.1 517,940 9.8
Asset-backed securities 10.8 564,995 10.8
Money market funds 11.2 444,121 8.4
Total investments available for sale 5,876,721 100.0 % $ 5,263,739 100.0 %
Investments Available for Sale by Credit Rating
Rating (1) December 31, 2023
( in thousands) Percent Fair Value Percent
Aaa 2,513,014 48.1 % $ 2,561,363 53.2 %
Aa1 2.0 104,474 2.2
Aa2 5.8 291,501 6.0
Aa3 5.2 208,882 4.3
A1 9.8 377,188 7.8
A2 7.9 329,423 6.8
A3 8.8 253,081 5.3
Baa1 4.2 220,901 4.6
Baa2 3.8 226,449 4.7
Baa3 2.9 166,121 3.4
Below Baa3 1.5 80,235 1.7
Total (2) 5,219,116 100.0 % $ 4,819,618 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes 657,605 and 444,121 of money market funds at December 31, 2024 and December 31, 2023, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration December 31, 2023
( in thousands) Percent Fair Value Percent
< 1 year 1,587,022 26.9 % $ 1,892,074 35.9 %
1 to < 2 years 9.3 371,583 7.1
2 to < 3 years 8.1 538,775 10.2
3 to < 4 years 7.6 402,668 7.6
4 to < 5 years 9.3 376,722 7.2
5 or more years 38.8 1,681,917 32.0
Total investments available for sale 5,876,721 100.0 % $ 5,263,739 100.0 %
Pre-tax investment income yield:
Three months ended December 31, 2024 %
Year ended December 31, 2024 %

All values are in US Dollars.

Holding company net cash and investments available for sale:
( in thousands)
As of December 31, 2024 1,052,900
As of December 31, 2023 693,507

All values are in US Dollars.

Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
2024 2023
December 31 September 30 June 30 March 31 December 31
( in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1) (7) $ 3,594,381 $ 3,584,580 $ 3,530,462 $ 3,453,553 $ 3,376,117
Combined net risk in force (2) (7) $ 35,159,976 $ 34,893,957 $ 34,812,227 $ 34,463,082 $ 34,549,500
Risk-to-capital ratios: (3)
9.8:1 10.0:1 10.2:1 10.3:1 10.6:1
N/A 0.3:1 0.3:1 0.4:1 0.4:1
N/A 9.7:1 9.9:1 10.0:1 10.2:1
Essent Guaranty, Inc. PMIERs Data (5):
$ 3,612,993 $ 3,598,725 $ 3,513,609 $ 3,464,119 $ 3,379,936
2,029,738 1,903,473 2,052,135 1,999,928 1,985,545
$ 1,583,255 $ 1,695,252 $ 1,461,474 $ 1,464,191 $ 1,394,391
178 % 189 % 171 % 173 % 170 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis) $ 1,773,044 $ 1,826,901 $ 1,793,777 $ 1,793,005 $ 1,758,665
Net risk in force (2) $ 23,250,018 $ 23,003,846 $ 22,770,165 $ 22,271,316 $ 22,043,926
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., prior to December 31, 2024, 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) 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 December 31, 2024 are for Essent Guaranty only.

All values are in US Dollars.

Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Ratios and Reconciliation of Non-GAAP Financial Measures
2023
September 30 June 30 March 31 December 31
Loss Ratio (1) % 12.2 % (0.1) % 4.0 % 7.9 %
Expense Ratio (2) % 26.5 % 26.1 % 27.1 % 27.0 %
Combined Ratio % 38.7 % 26.0 % 31.1 % 34.9 %
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisitions of Essent Title Insurance (formerly Agents National Title) and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the three months and year ended December 31, 2024 lack comparability with historical periods. In order to provide investors with more comparative information to historical periods, Essent has prepared the table below to reconcile the Consolidated Ratios to Consolidated Ratios Excluding Title, as shown below. Consolidated Ratios Excluding Title are financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and are referred to as non-GAAP measures. Consolidated Ratios Excluding Title are measures used to monitor our results and should not be viewed as segment results in accordance with ASC 280 or as a substitute for those measures determined in accordance with GAAP.The following table sets forth the reconciliation of the loss, expense and combined Consolidated Ratios Excluding Title to the most comparable GAAP amount for the three months and year ended December 31, 2024, in accordance with Regulation G:
Year Ended <br>December 31, 2024
Acquired Title Consolidated Excluding Title Consolidated Acquired Title Consolidated Excluding Title
( in thousands)
Revenues:
Net premiums earned 244,465 $ 16,602 $ 227,863 $ 990,882 $ 66,206 $ 924,676
Net investment income 805 55,754 222,070 3,170 218,900
Realized investment losses, net — (114) (2,350) — (2,350)
Loss from other invested assets — 6,889 7,375 — 7,375
Settlement services (3) 2,954 — 9,028 9,028 —
Other income 389 3,885 15,899 1,743 14,156
Total revenues 20,750 294,277 1,242,904 80,147 1,162,757
Losses and expenses:
Provision (benefit) for losses and LAE 3,722 37,253 81,220 6,038 75,182
Other underwriting and operating expenses (4) 18,162 44,275 233,032 57,727 175,305
Premiums retained by agents (5) 8,514 — 37,842 37,842 —
Interest expense — 8,151 35,319 — 35,319
Total losses and expenses 30,398 89,679 387,413 101,607 285,806
Loss ratio (1) % 19.0 % 16.3 % 8.1 % 8.0 % 8.1 %
Expense ratio (2) % 136.4 % 19.4 % 27.1 % 127.0 % 19.0 %
Combined ratio % 155.4 % 35.7 % 35.2 % 135.0 % 27.1 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable.
(3) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.
(4) Title expenses reflect only direct expenses of Title operations and do not include corporate or centralized support expense allocations.
(5) Premiums retained by agents are included in "Other underwriting and operating expenses" within Exhibit A and Exhibit C.

All values are in US Dollars.

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