Equibles

8-K

Essent Group Ltd. (ESNT)

8-K 2025-11-07 For: 2025-11-07
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): November 7, 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 November 7, 2025, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 November 7, 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: November 7, 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 Third Quarter 2025 Results and Declares Quarterly Dividend

HAMILTON, Bermuda, November 7, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on December 10, 2025 to shareholders of record on December 1, 2025.

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

Financial Highlights:

•New insurance written for the third quarter of 2025 was $12.2 billion, compared to $12.5 billion in the second quarter of 2025 and $12.5 billion in the third quarter of 2024.

•Insurance in force as of September 30, 2025 was $248.8 billion, compared to $246.8 billion as of June 30, 2025 and $243.0 billion as of September 30, 2024.

•Net investment income for the nine months ended September 30, 2025 was $177.3 million, up 7% from the comparable period in 2024.

•On August 6, 2025, Moody's Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.

•Year-to-date through October 31st, Essent has repurchased 8.7 million common shares for $501 million.

•In November 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2027.

Conference Call:

Essent 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 September 30, 2025
Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C Consolidated Historical Quarterly Data
Exhibit D U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E New Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit F Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit G Other Mortgage Risk in Force
Exhibit H U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K Rollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit L Detail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit M Investments Available for Sale
Exhibit N U.S. Mortgage Insurance Company Capital
Exhibit O Historical Quarterly Segment Information
Exhibit A
--- --- --- --- --- --- --- --- ---
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(In thousands, except per share amounts) 2025 2024 2025 2024
Revenues:
Direct premiums written $ 280,796 $ 277,754 $ 828,062 $ 819,595
Ceded premiums (38,968) (34,789) (106,475) (92,524)
Net premiums written 241,828 242,965 721,587 727,071
Decrease in unearned premiums 4,504 5,971 19,402 19,346
Net premiums earned 246,332 248,936 740,989 746,417
Net investment income 59,795 57,340 177,294 165,511
Realized investment gains (losses), net (425) 68 (735) (2,236)
Income from other invested assets 1,770 2,820 13,644 486
Other income 4,358 7,414 17,339 17,699
Total revenues 311,830 316,578 948,531 927,877
Losses and expenses:
Provision for losses and LAE 44,922 30,666 93,264 40,245
Other underwriting and operating expenses 59,498 66,881 193,387 199,923
Interest expense 8,251 11,457 24,547 27,168
Total losses and expenses 112,671 109,004 311,198 267,336
Income before income taxes 199,159 207,574 637,333 660,541
Income tax expense 34,944 31,399 102,346 99,038
Net income $ 164,215 $ 176,175 $ 534,987 $ 561,503
Earnings per share:
Basic $ 1.69 $ 1.67 $ 5.35 $ 5.32
Diluted 1.67 1.65 5.29 5.26
Weighted average shares outstanding:
Basic 97,400 105,266 100,086 105,539
Diluted 98,519 106,554 101,155 106,700
Net income $ 164,215 $ 176,175 $ 534,987 $ 561,503
Other comprehensive income:
Change in unrealized appreciation of investments 50,241 117,358 138,559 90,217
Total other comprehensive income 50,241 117,358 138,559 90,217
Comprehensive income $ 214,456 $ 293,533 $ 673,546 $ 651,720
Exhibit B
--- --- --- --- --- ---
Essent Group Ltd. 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 5,449,789 $ 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 7,351,999 $ 7,111,649
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE 397,138 $ 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 - 97,497 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 7,351,999 $ 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 June 30 March 31 December 31 September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio 215,683 $ 220,261 $ 218,125 $ 211,683 $ 214,119
GSE and other mortgage risk share 13,646 15,505 16,180 17,130
Title insurance and other 14,902 12,218 16,602 17,687
Net premiums earned 248,809 245,848 244,465 248,936
Net investment income 59,289 58,210 56,559 57,340
Realized investment gains (losses), net (129) (181) (114) 68
Income from other invested assets 4,466 7,408 6,889 2,820
Other income (1) 6,708 6,273 7,228 7,414
Total revenues 319,143 317,558 315,027 316,578
Losses and expenses:
Provision for losses and LAE 17,055 31,287 40,975 30,666
Other underwriting and operating expenses 62,765 71,124 70,951 66,881
Interest expense 8,148 8,148 8,151 11,457
Total losses and expenses 87,968 110,559 120,077 109,004
Income before income taxes 231,175 206,999 194,950 207,574
Income tax expense (2) 35,836 31,566 27,050 31,399
Net income 164,215 $ 195,339 $ 175,433 $ 167,900 $ 176,175
Earnings per share:
Basic 1.69 $ 1.95 $ 1.71 $ 1.60 $ 1.67
Diluted 1.93 1.69 1.58 1.65
Weighted average shares outstanding:
Basic 100,037 102,881 104,963 105,266
Diluted 101,059 103,946 106,104 106,554
Book value per share 58.86 $ 56.98 $ 55.22 $ 53.36 $ 53.11
Return on average equity (annualized) % 13.8 % 12.5 % 11.9 % 12.8 %
Borrowings
Borrowings outstanding 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
Undrawn committed capacity 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
Weighted average interest rate (end of period) % 6.25 % 6.25 % 6.25 % 6.25 %
Debt-to-capital % 8.10 % 8.12 % 8.19 % 8.14 %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were (858), (29), (150), 204, and (1,173), respectively.
(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes 493, 1,112, 1,561, 1,591, and 475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes (828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes (742) of excess tax benefits associated with the vesting of common shares and common share units.

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: June 30 March 31 December 31 September 30
( in thousands)
U.S. mortgage insurance portfolio
New insurance written 12,233,252 $ 12,544,731 $ 9,945,336 $ 12,220,968 $ 12,513,695
New risk written 3,239,497 $ 3,357,820 $ 2,698,639 $ 3,297,296 $ 3,437,465
Average insurance in force 247,821,046 $ 245,747,813 $ 244,005,459 $ 243,236,830 $ 242,065,632
Insurance in force (end of period) 248,808,341 $ 246,797,619 $ 244,692,492 $ 243,645,423 $ 242,976,043
Gross risk in force (end of period) (1) 68,262,577 $ 67,683,239 $ 67,026,626 $ 66,613,517 $ 66,237,992
Risk in force (end of period) 56,940,929 $ 56,811,096 $ 56,565,811 $ 56,477,150 $ 55,915,640
Policies in force 812,182 811,342 813,013 815,507
Weighted average coverage (2) % 27.4 % 27.4 % 27.3 % 27.3 %
Annual persistency % 85.8 % 85.7 % 85.7 % 86.6 %
Loans in default (count) 17,255 17,759 18,439 15,906
Percentage of loans in default % 2.12 % 2.19 % 2.27 % 1.95 %
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 %) (0.05 %) (0.06 %) (0.06 %)
Net average premium rate % 0.36 % 0.36 % 0.35 % 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 - U.S. Mortgage Insurance Portfolio
New Insurance Written
NIW by Credit Score
Nine Months Ended
September 30, 2024 September 30, 2025 September 30, 2024
( in thousands)
>=760 6,356,576 52.0 % $ 5,339,574 42.7 % $ 17,372,805 50.0 % $ 14,387,356 43.2 %
740-759 15.4 2,141,817 17.1 5,623,462 16.2 5,717,289 17.1
720-739 12.2 1,764,319 14.1 4,384,395 12.6 4,828,718 14.5
700-719 10.3 1,622,450 13.0 3,742,854 10.8 4,348,047 13.0
680-699 5.6 918,116 7.3 1,997,765 5.8 2,351,589 7.1
<=679 4.5 727,419 5.8 1,602,038 4.6 1,707,365 5.1
Total 12,233,252 100.0 % $ 12,513,695 100.0 % $ 34,723,319 100.0 % $ 33,340,364 100.0 %
Weighted average credit score 747 753 747
NIW by LTV
Nine Months Ended
September 30, 2024 September 30, 2025 September 30, 2024
( in thousands)
85.00% and below 1,129,090 9.2 % $ 836,186 6.7 % $ 2,992,346 8.6 % $ 2,250,434 6.7 %
85.01% to 90.00% 25.3 2,415,504 19.3 8,335,451 24.0 6,571,300 19.7
90.01% to 95.00% 50.8 6,616,174 52.9 17,870,142 51.5 18,008,682 54.0
95.01% and above 14.7 2,645,831 21.1 5,525,380 15.9 6,509,948 19.6
Total 12,233,252 100.0 % $ 12,513,695 100.0 % $ 34,723,319 100.0 % $ 33,340,364 100.0 %
Weighted average LTV % 93 % 93 % 93 %
NIW by Product
Nine Months Ended
September 30, 2024 September 30, 2025 September 30, 2024
Single premium policies 1.3 % 1.4 % 1.3 % 1.5 %
Monthly premium policies 98.7 98.6 98.7 98.5
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Nine Months Ended
September 30, 2024 September 30, 2025 September 30, 2024
Purchase 90.5 % 97.0 % 92.4 % 97.4 %
Refinance 9.5 3.0 7.6 2.6
100.0 % 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 June 30, 2025 September 30, 2024
( in thousands)
>=760 103,261,791 41.5 % $ 101,554,517 41.1 % $ 98,553,455 40.6 %
740-759 17.4 43,146,312 17.5 42,377,559 17.4
720-739 15.3 38,115,925 15.4 37,947,254 15.6
700-719 13.2 32,789,773 13.3 32,685,044 13.5
680-699 7.9 19,666,338 8.0 19,890,335 8.2
<=679 4.7 11,524,754 4.7 11,522,396 4.7
Total 248,808,341 100.0 % $ 246,797,619 100.0 % $ 242,976,043 100.0 %
Weighted average credit score 746 746
Gross RIF by FICO score June 30, 2025 September 30, 2024
( in thousands)
>=760 28,056,444 41.0 % $ 27,578,860 40.8 % $ 26,614,399 40.2 %
740-759 17.7 11,989,491 17.7 11,715,485 17.7
720-739 15.5 10,584,541 15.6 10,485,311 15.8
700-719 13.4 9,136,075 13.5 9,044,551 13.7
680-699 8.0 5,434,287 8.0 5,451,406 8.2
<=679 4.4 2,959,985 4.4 2,926,840 4.4
Total 68,262,577 100.0 % $ 67,683,239 100.0 % $ 66,237,992 100.0 %
Portfolio by LTV
IIF by LTV June 30, 2025 September 30, 2024
( in thousands)
85.00% and below 14,398,904 5.8 % $ 14,309,342 5.8 % $ 15,555,555 6.4 %
85.01% to 90.00% 23.7 59,432,276 24.1 61,262,960 25.2
90.01% to 95.00% 53.0 130,210,803 52.7 125,919,529 51.8
95.01% and above 17.5 42,845,198 17.4 40,237,999 16.6
Total 248,808,341 100.0 % $ 246,797,619 100.0 % $ 242,976,043 100.0 %
Weighted average LTV % 93 % 93 %
Gross RIF by LTV June 30, 2025 September 30, 2024
( in thousands)
85.00% and below 1,696,592 2.5 % $ 1,689,437 2.5 % $ 1,845,584 2.8 %
85.01% to 90.00% 21.3 14,653,527 21.7 15,120,025 22.8
90.01% to 95.00% 57.0 38,402,295 56.7 37,149,222 56.1
95.01% and above 19.2 12,937,980 19.1 12,123,161 18.3
Total 68,262,577 100.0 % $ 67,683,239 100.0 % $ 66,237,992 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period June 30, 2025 September 30, 2024
( in thousands)
FRM 30 years and higher 242,770,621 97.6 % $ 241,225,436 97.8 % $ 237,628,900 97.8 %
FRM 20-25 years 0.4 1,024,884 0.4 1,199,947 0.5
FRM 15 years 0.7 1,465,011 0.6 1,191,749 0.5
ARM 5 years and higher 1.3 3,082,288 1.2 2,955,447 1.2
Total 248,808,341 100.0 % $ 246,797,619 100.0 % $ 242,976,043 100.0 %

All values are in US Dollars.

Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Mortgage Risk in Force
2025 2024
($ in thousands) September 30 June 30 March 31 December 31 September 30
GSE and other mortgage risk share (1):
Risk in Force $ 2,184,981 $ 2,290,008 $ 2,189,477 $ 2,209,284 $ 2,228,376
Reserve for losses and LAE $ 94 $ 88 $ 52 $ 51 $ 37
Weighted average credit score 751 751 751 751 750
Weighted average LTV 83 % 83 % 82 % 82 % 82 %
(1) GSE and other mortgage risk share includes GSE risk share and other mortgage reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.
Exhibit H
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 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 % 8,541 4.28 % 68.5 % 50.5 % 1.7 % 11.6 % 47.4 % 2.3 % 342 4.00 %
2016 34,949,319 1,224,277 3.5 7,032 4.04 78.7 62.5 16.5 16.8 41.3 2.0 339 4.82
2017 43,858,322 2,941,973 6.7 18,638 4.32 90.4 82.4 26.3 21.3 36.1 2.9 861 4.62
2018 47,508,525 3,956,282 8.3 23,387 4.83 95.1 78.9 29.3 22.6 31.2 3.8 1,095 4.68
2019 63,569,183 8,869,146 14.0 44,858 4.25 90.1 75.0 27.0 19.4 34.2 3.5 1,564 3.49
2020 107,944,065 29,520,352 27.3 121,596 3.22 76.0 68.4 16.1 10.9 44.9 2.7 2,417 1.99
2021 84,218,250 42,983,766 51.0 148,389 3.11 91.8 71.2 18.2 13.7 40.1 6.4 3,599 2.43
2022 63,061,262 46,918,955 74.4 138,053 5.09 98.4 67.3 11.9 12.5 39.5 19.3 3,670 2.66
2023 47,666,852 37,383,517 78.4 107,924 6.61 98.8 73.4 19.3 11.1 38.2 21.4 2,834 2.63
2024 45,561,332 40,106,430 88.0 108,554 6.70 94.9 73.2 20.3 12.3 42.3 20.3 1,669 1.54
2025 (through September 30) 34,723,319 33,356,600 96.1 85,884 6.70 92.3 67.5 16.4 10.6 49.2 8.4 193 0.22
Total 37.7 812,856 5.17 92.6 70.5 17.5 12.6 41.5 5.7 18,583 2.29
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

All values are in US Dollars.

Essent Group Ltd. and Subsidiaries Exhibit I
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
September 30, 2025
( in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal Name 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 $ 19,739,682 $ 5,468,250 $ 557,911 $ 114,739 $ — $ 278,956 $ 276,517 $ 1,216 $ 3,997 $ 79,765
Radnor Re 2021-2 25,483,612 7,221,803 439,407 209,214 — 279,415 273,314 2,874 8,930 181,589
Radnor Re 2022-1 25,108,189 6,942,042 237,868 140,407 — 303,761 295,115 2,977 9,508 129,175
Radnor Re 2023-1 25,659,356 7,054,365 281,462 227,315 — 281,463 274,987 3,068 9,269 215,495
Radnor Re 2024-1 26,433,237 7,318,400 363,366 282,240 — 256,495 255,938 2,960 8,843 208,858
Total $ 122,424,076 $ 34,004,860 $ 1,880,014 $ 973,915 $ — $ 1,400,090 $ 1,375,871 $ 13,095 $ 40,547 $ 814,882

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 $ 3,917,343 $ 1,034,525 $ 118,650 $ 76,144 $ — $ 253,643 $ 241,999 $ 627 $ 1,861 $ —
XOL 2020-1 Jan. 2019 - Aug. 2019 5,062,931 1,340,666 55,102 29,152 — 215,605 210,860 252 747 —
XOL 2022-1 Oct. 2021 - Dec. 2022 57,047,820 15,687,589 141,992 141,992 — 507,114 480,893 1,611 4,779 137,144
XOL 2023-1 Jan. 2023 - Dec. 2023 33,592,906 9,329,166 36,627 36,627 — 366,270 361,520 439 1,301 35,221
XOL 2024-1 Jan. 2024 - Dec. 2024 37,239,040 10,243,450 58,005 58,005 — 331,456 330,808 657 1,953 55,989
XOL 2025-1 Jan. 2025 - Dec. 2025 33,292,085 8,918,226 62,428 62,428 — 265,700 265,700 566 566 60,035
Total $ 170,152,125 $ 46,553,622 $ 472,804 $ 404,348 $ — $ 1,939,788 $ 1,891,780 $ 4,152 $ 11,207 $ 288,389
Quota Share Reinsurance (2)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Losses Ceded Ceding Commission Earned Premiums Ceded
Year Ceding Percentage Remaining Insurance in Force Remaining Risk in Force Remaining Ceded Insurance in Force Remaining Ceded Risk in Force Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020 (4) $ 33,267,853 $ 9,170,377 $ 6,888,445 $ 1,872,081 $ 187 $ (428) $ 2,013 $ 6,406 $ 3,090 $ 8,812 $ 115,851
Jan. 2022 - Dec. 2022 20% 46,871,227 12,846,313 9,374,245 2,569,263 2,941 5,460 1,675 5,168 5,872 15,029 189,789
Jan. 2023 - Dec. 2023 17.5% 33,484,914 9,302,064 5,859,860 1,627,861 2,350 4,992 1,205 3,706 4,879 12,774 127,884
Jan. 2024 - Dec. 2024 15% 39,879,085 10,951,466 5,981,863 1,642,720 2,310 5,159 1,241 3,792 4,978 13,311 128,046
Jan. 2025 - Dec. 2025 25% 33,319,488 8,925,838 8,329,872 2,231,460 690 962 1,195 2,072 2,902 4,795 146,367
Total $ 186,822,567 $ 51,196,058 $ 36,434,285 $ 9,943,385 $ 8,478 $ 16,145 $ 7,329 $ 21,144 $ 21,721 $ 54,721 $ 707,937
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
---
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.
Exhibit J
--- --- --- --- --- --- ---
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
September 30, 2025 June 30, 2025 September 30, 2024
CA 12.2 % 12.3 % 12.5 %
FL 12.0 12.0 11.8
TX 11.3 11.3 10.9
CO 4.0 4.0 4.1
AZ 4.0 3.9 3.8
GA 3.8 3.8 3.7
WA 3.4 3.4 3.4
NC 3.1 3.1 3.0
MI 2.6 2.6 2.5
NY 2.6 2.6 2.6
All Others 41.0 41.0 41.7
Total 100.0 % 100.0 % 100.0 %
Gross RIF by State
September 30, 2025 June 30, 2025 September 30, 2024
CA 12.2 % 12.3 % 12.5 %
FL 12.2 12.2 12.0
TX 11.6 11.5 11.2
AZ 4.0 4.0 3.9
CO 3.9 4.0 4.0
GA 3.9 3.9 3.8
WA 3.4 3.4 3.4
NC 3.1 3.1 3.0
MI 2.6 2.6 2.5
UT 2.6 2.6 2.4
All Others 40.5 40.4 41.3
Total 100.0 % 100.0 % 100.0 %
Exhibit K
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
2025 2024
September 30 June 30 March 31 December 31 September 30
Beginning default inventory 17,255 17,759 18,439 15,906 13,954
Plus: new defaults (A) 10,357 8,810 9,664 11,136 9,984
Less: cures (8,713) (9,078) (10,173) (8,408) (7,819)
Less: claims paid (296) (215) (153) (183) (182)
Less: rescissions and denials, net (20) (21) (18) (12) (31)
Ending default inventory 18,583 17,255 17,759 18,439 15,906
(A) New defaults remaining as of September 30, 2025 7,693 3,556 2,221 1,696 1,164
Cure rate (1) 26 % 60 % 77 % 85 % 88 %
Total amount paid for claims (in thousands) $ 16,456 $ 9,007 $ 6,330 $ 7,740 $ 5,749
Average amount paid per claim (in thousands) $ 56 $ 42 $ 41 $ 42 $ 32
Severity 78 % 67 % 70 % 68 % 58 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
2025 2024
($ in thousands) September 30 June 30 March 31 December 31 September 30
Reserve for losses and LAE at beginning of period $ 345,952 $ 338,128 $ 310,156 $ 274,926 $ 246,107
Less: Reinsurance recoverables 41,966 40,351 36,655 30,867 26,022
Net reserve for losses and LAE at beginning of period 303,986 297,777 273,501 244,059 220,085
Add provision for losses and LAE occurring in:
Current period 62,349 45,119 48,928 50,212 51,649
Prior years (18,179) (29,796) (18,208) (12,976) (21,836)
Incurred losses and LAE during the period 44,170 15,323 30,720 37,236 29,813
Deduct payments for losses and LAE occurring in:
Current period 552 315 51 1,569 637
Prior years 16,013 8,799 6,393 6,225 5,202
Loss and LAE payments during the period 16,565 9,114 6,444 7,794 5,839
Net reserve for losses and LAE at end of period 331,591 303,986 297,777 273,501 244,059
Plus: Reinsurance recoverables 47,957 41,966 40,351 36,655 30,867
Reserve for losses and LAE at end of period $ 379,548 $ 345,952 $ 338,128 $ 310,156 $ 274,926
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.
Exhibit L
--- --- --- --- --- --- --- --- --- --- ---
Essent Group Ltd. 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 35 % $ 36,672 10 % $ 503,842 7 %
Three payments 14 27,789 8 215,321 13
Four to eleven payments 36 143,173 41 559,663 26
Twelve or more payments 14 125,475 36 206,735 61
Pending claims 1 17,365 5 19,537 89
Total case reserves 100 % 350,474 100 % $ 1,505,098 23 %
IBNR 26,287
LAE 2,787
Total reserves for losses and LAE $ 379,548
Average reserve per default:
Case $ 18.9
Total $ 20.4
Default Rate
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 % $ 29,187 11 % $ 425,367 7 %
Three payments 16 24,662 10 202,138 12
Four to eleven payments 35 104,223 41 437,515 24
Twelve or more payments 12 86,821 35 144,396 60
Pending claims 1 8,620 3 9,692 89
Total case reserves 100 % 253,513 100 % $ 1,219,108 21 %
IBNR 19,013
LAE 2,400
Total reserves for losses and LAE $ 274,926
Average reserve per default:
Case $ 15.9
Total $ 17.3
Default Rate
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 382,791 6.3 % $ 547,290 9.3 %
U.S. agency mortgage-backed securities 19.4 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 31.7 1,783,046 30.3
Residential and commercial mortgage securities 7.6 478,086 8.1
Asset-backed securities 13.5 631,959 10.8
Money market funds 10.5 657,605 11.2
Total investments available for sale 6,089,865 100.0 % $ 5,876,721 100.0 %
Investments Available for Sale by Credit Rating
Rating (1) December 31, 2024
( in thousands) Percent Fair Value Percent
Aaa 841,702 15.4 % $ 2,513,014 48.1 %
Aa1 33.4 101,809 2.0
Aa2 5.4 301,080 5.8
Aa3 5.6 271,069 5.2
A1 10.5 511,076 9.8
A2 8.4 411,999 7.9
A3 9.2 463,616 8.8
Baa1 4.1 218,454 4.2
Baa2 3.9 198,193 3.8
Baa3 2.7 151,729 2.9
Below Baa3 1.4 77,077 1.5
Total (2) 5,449,789 100.0 % $ 5,219,116 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes 640,076 and 657,605 of money market funds at September 30, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration December 31, 2024
( in thousands) Percent Fair Value Percent
< 1 Year 1,511,803 24.8 % $ 1,587,022 26.9 %
1 to < 2 Years 9.3 544,630 9.3
2 to < 3 Years 8.5 473,301 8.1
3 to < 4 Years 10.3 445,614 7.6
4 to < 5 Years 8.7 546,414 9.3
5 or more Years 38.4 2,279,740 38.8
Total investments available for sale 6,089,865 100.0 % $ 5,876,721 100.0 %
Pre-tax investment income yield:
Three months ended %
Nine months ended September 30, 2025 %

All values are in US Dollars.

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

All values are in US Dollars.

Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
2025 2024
September 30 June 30 March 31 December 31 September 30
( in thousands)
U.S. Mortgage Insurance Subsidiaries (7):
Combined statutory capital (1) $ 3,732,465 $ 3,714,146 $ 3,642,374 $ 3,594,381 $ 3,584,580
Combined net risk in force (2) $ 33,367,706 $ 33,986,508 $ 34,968,089 $ 35,159,976 $ 34,893,957
Risk-to-capital ratios (3):
8.9:1 9.2:1 9.6:1 9.8:1 10.0:1
N/A N/A N/A N/A 0.3:1
N/A N/A N/A N/A 9.7:1
Essent Guaranty, Inc. PMIERs Data (5):
$ 3,666,883 $ 3,654,460 $ 3,628,675 $ 3,612,993 $ 3,598,725
2,065,890 2,075,409 2,107,620 2,029,738 1,903,473
$ 1,600,993 $ 1,579,051 $ 1,521,055 $ 1,583,255 $ 1,695,252
177 % 176 % 172 % 178 % 189 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis) $ 1,722,135 $ 1,751,720 $ 1,780,924 $ 1,773,044 $ 1,826,901
Net risk in force (2) $ 25,453,510 $ 24,802,145 $ 23,482,726 $ 23,250,018 $ 23,003,846
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc. when applicable, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) When applicable, the combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of and subsequent to December 31, 2024 are for Essent Guaranty only.

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 September 30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.
2024
June 30 March 31 December 31 September 30
( in thousands)
Revenues:
Net premiums earned 231,628 $ 233,907 $ 233,630 $ 227,863 $ 231,249
Net investment income 48,892 47,630 46,191 46,241
Realized investment gains (losses), net (124) (101) (120) 73
Income (loss) from other invested assets 3,619 3,209 2,925 3,132
Other income 3,523 4,501 3,884 3,706
Total revenues 289,817 288,869 280,743 284,401
Losses and expenses:
Provision for losses and LAE 15,359 30,722 37,254 29,816
Compensation and benefits 16,793 19,890 18,037 17,656
Premium and other taxes 6,000 5,574 5,968 5,863
Ceding commission (6,910) (6,508) (6,547) (6,433)
Other underwriting and operating expenses 11,128 11,637 11,779 10,798
Net operating expenses before allocations 27,011 30,593 29,237 27,884
Corporate expense allocations 9,241 13,014 10,657 10,672
Operating expenses after allocations 36,252 43,607 39,894 38,556
Income before income tax expense 204,202 $ 238,206 $ 214,540 $ 203,595 $ 216,029
Loss Ratio (1) % 6.6 % 13.1 % 16.3 % 12.9 %
Expense Ratio (2) % 15.5 % 18.7 % 17.5 % 16.7 %
Combined Ratio % 22.1 % 31.8 % 33.8 % 29.6 %
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

All values are in US Dollars.

Exhibit O, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
2024
June 30 March 31 December 31 September 30
( in thousands)
Revenues:
Net premiums earned 14,704 $ 14,902 $ 12,218 $ 16,602 $ 17,687
Net investment income 10,397 10,580 10,368 11,099
Realized investment gains (losses), net (5) (80) 6 (5)
Income (loss) from other invested assets 847 4,199 3,964 (312)
Other income 3,185 1,772 3,344 3,708
Total revenues 29,326 28,689 34,284 32,177
Losses and expenses:
Provision for losses and LAE 1,696 565 3,721 850
Compensation and benefits 13,926 19,802 16,490 16,136
Premium and other taxes 495 1,329 569 432
Ceding commission — — — —
Other underwriting and operating expenses 21,333 19,400 24,655 22,429
Net operating expenses before allocations 35,754 40,531 41,714 38,997
Corporate expense allocations (9,241) (13,014) (10,657) (10,672)
Operating expenses after allocations 26,513 27,517 31,057 28,325
Interest expense 8,148 8,148 8,151 11,457
Loss before income tax expense (5,043) $ (7,031) $ (7,541) $ (8,645) $ (8,455)

All values are in US Dollars.
2024
June 30 March 31 December 31 September 30
( in thousands)
Revenues:
Net premiums earned 246,332 $ 248,809 $ 245,848 $ 244,465 $ 248,936
Net investment income 59,289 58,210 56,559 57,340
Realized investment gains (losses), net (129) (181) (114) 68
Income from other invested assets 4,466 7,408 6,889 2,820
Other income 6,708 6,273 7,228 7,414
Total revenues 319,143 317,558 315,027 316,578
Losses and expenses:
Provision for losses and LAE 17,055 31,287 40,975 30,666
Compensation and benefits 30,719 39,692 34,527 33,792
Premium and other taxes 6,495 6,903 6,537 6,295
Ceding commission (6,910) (6,508) (6,547) (6,433)
Other underwriting and operating expenses 32,461 31,037 36,434 33,227
Total other underwriting and operating expenses 62,765 71,124 70,951 66,881
Interest expense 8,148 8,148 8,151 11,457
Income before income tax expense 199,159 $ 231,175 $ 206,999 $ 194,950 $ 207,574

All values are in US Dollars.

Report a Problem

Category
Description
Email (optional, for follow-up)