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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 ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data
Exhibit DU.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit ENew Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit FInsurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit GOther Mortgage Risk in Force
Exhibit HU.S. Mortgage Insurance Portfolio Vintage Data
Exhibit IU.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit JU.S. Mortgage Insurance Portfolio Geographic Data
Exhibit KRollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit LDetail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit OHistorical Quarterly Segment Information



Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share amounts)2025202420252024
Revenues:
Direct premiums written$280,796 $277,754 $828,062 $819,595 
Ceded premiums(38,968)(34,789)(106,475)(92,524)
Net premiums written241,828 242,965 721,587 727,071 
Decrease in unearned premiums4,504 5,971 19,402 19,346 
Net premiums earned246,332 248,936 740,989 746,417 
Net investment income59,795 57,340 177,294 165,511 
Realized investment gains (losses), net(425)68 (735)(2,236)
Income from other invested assets1,770 2,820 13,644 486 
Other income4,358 7,414 17,339 17,699 
Total revenues311,830 316,578 948,531 927,877 
Losses and expenses:
Provision for losses and LAE44,922 30,666 93,264 40,245 
Other underwriting and operating expenses59,498 66,881 193,387 199,923 
Interest expense8,251 11,457 24,547 27,168 
Total losses and expenses112,671 109,004 311,198 267,336 
Income before income taxes199,159 207,574 637,333 660,541 
Income tax expense34,944 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 
Diluted1.67 1.65 5.29 5.26 
Weighted average shares outstanding:
Basic97,400 105,266 100,086 105,539 
Diluted98,519 106,554 101,155 106,700 
Net income$164,215 $176,175 $534,987 $561,503 
Other comprehensive income:
Change in unrealized appreciation of investments50,241 117,358 138,559 90,217 
Total other comprehensive income50,241 117,358 138,559 90,217 
Comprehensive income$214,456 $293,533 $673,546 $651,720 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In thousands, except per share amounts)20252024
Assets
Investments
Fixed maturities available for sale, at fair value$5,449,789 $5,112,697 
Short-term investments available for sale, at fair value640,076 764,024 
Total investments available for sale6,089,865 5,876,721 
Other invested assets370,072 303,900 
Total investments6,459,937 6,180,621 
Cash91,411 131,480 
Accrued investment income43,004 43,732 
Accounts receivable53,674 55,564 
Deferred policy acquisition costs9,191 9,653 
Property and equipment49,956 41,871 
Prepaid federal income tax490,456 489,600 
Goodwill and acquired intangible assets, net78,504 79,556 
Other assets75,866 79,572 
Total assets$7,351,999 $7,111,649 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$397,138 $328,866 
Unearned premium reserve96,581 115,983 
Net deferred tax liability438,187 392,428 
Senior notes due 2029, net494,965 493,959 
Other accrued liabilities186,154 176,755 
Total liabilities1,613,025 1,507,991 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 97,497 shares in 2025 and 105,015 shares in 20241,462 1,575 
Additional paid-in capital770,561 1,214,956 
Accumulated other comprehensive loss(165,425)(303,984)
Retained earnings5,132,376 4,691,111 
Total stockholders' equity 5,738,974 5,603,658 
Total liabilities and stockholders' equity$7,351,999 $7,111,649 
Return on average equity (1)12.6%13.6%
(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity.



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
20252024
Selected Income Statement DataSeptember 30June 30March 31December 31September 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 share15,945 13,646 15,505 16,180 17,130 
Title insurance and other14,704 14,902 12,218 16,602 17,687 
Net premiums earned246,332 248,809 245,848 244,465 248,936 
Net investment income59,795 59,289 58,210 56,559 57,340 
Realized investment gains (losses), net(425)(129)(181)(114)68 
Income from other invested assets1,770 4,466 7,408 6,889 2,820 
Other income (1)
4,358 6,708 6,273 7,228 7,414 
Total revenues311,830 319,143 317,558 315,027 316,578 
Losses and expenses:
Provision for losses and LAE44,922 17,055 31,287 40,975 30,666 
Other underwriting and operating expenses59,498 62,765 71,124 70,951 66,881 
Interest expense8,251 8,148 8,148 8,151 11,457 
Total losses and expenses112,671 87,968 110,559 120,077 109,004 
Income before income taxes199,159 231,175 206,999 194,950 207,574 
Income tax expense (2)
34,944 35,836 31,566 27,050 31,399 
Net income$164,215 $195,339 $175,433 $167,900 $176,175 
Earnings per share:
   Basic$1.69 $1.95 $1.71 $1.60 $1.67 
   Diluted1.67 1.93 1.69 1.58 1.65 
Weighted average shares outstanding:
   Basic97,400 100,037 102,881 104,963 105,266 
   Diluted98,519 101,059 103,946 106,104 106,554 
Book value per share$58.86 $56.98 $55.22 $53.36 $53.11 
Return on average equity (annualized)11.5 %13.8 %12.5 %11.9 %12.8 %
Borrowings
Borrowings outstanding$500,000 $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 %6.25 %
Debt-to-capital8.01 %8.10 %8.12 %8.19 %8.14 %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were ($858), ($29), ($150), $204, and ($1,173), respectively.
(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes $493, $1,112, $1,561, $1,591, and $475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes ($828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
20252024
Other Data:September 30June 30March 31December 31September 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 force812,856 812,182 811,342 813,013 815,507 
Weighted average coverage (2)
27.4 %27.4 %27.4 %27.3 %27.3 %
Annual persistency86.0 %85.8 %85.7 %85.7 %86.6 %
Loans in default (count)18,583 17,255 17,759 18,439 15,906 
Percentage of loans in default2.29 %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%0.41%
   Single premium cancellations (4)
—%—%—%—%—%
  Gross average premium rate0.41%0.41%0.41%0.41%0.41%
  Ceded premiums(0.06%)(0.05%)(0.05%)(0.06%)(0.06%)
    Net average premium rate0.35%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.



Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information - U.S. Mortgage Insurance Portfolio
New Insurance Written
NIW by Credit Score
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 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%
740-7591,889,181 15.4 2,141,817 17.1 5,623,462 16.2 5,717,289 17.1 
720-7391,485,477 12.2 1,764,319 14.1 4,384,395 12.6 4,828,718 14.5 
700-7191,257,054 10.3 1,622,450 13.0 3,742,854 10.8 4,348,047 13.0 
680-699691,114 5.6 918,116 7.3 1,997,765 5.8 2,351,589 7.1 
<=679553,850 4.5 727,419 5.8 1,602,038 4.6 1,707,365 5.1 
Total$12,233,252 100.0%$12,513,695 100.0%$34,723,319 100.0%$33,340,364 100.0%
Weighted average credit score754 747 753 747 
NIW by LTV
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
($ in thousands)
85.00% and below$1,129,090 9.2%$836,186 6.7%$2,992,346 8.6%$2,250,434 6.7%
85.01% to 90.00%3,099,275 25.3 2,415,504 19.3 8,335,451 24.0 6,571,300 19.7 
90.01% to 95.00%6,200,624 50.8 6,616,174 52.9 17,870,142 51.5 18,008,682 54.0 
95.01% and above1,804,263 14.7 2,645,831 21.1 5,525,380 15.9 6,509,948 19.6 
Total$12,233,252 100.0%$12,513,695 100.0%$34,723,319 100.0%$33,340,364 100.0%
Weighted average LTV93%93%93%93%
NIW by Product
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Single premium policies1.3%1.4%1.3%1.5%
Monthly premium policies98.7 98.698.7 98.5
100.0%100.0%100.0%100.0%
NIW by Purchase vs. Refinance
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Purchase90.5%97.0%92.4%97.4%
Refinance9.5 3.07.6 2.6
100.0%100.0%100.0%100.0%


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO scoreSeptember 30, 2025June 30, 2025September 30, 2024
($ in thousands)
>=760$103,261,791 41.5%$101,554,517 41.1%$98,553,455 40.6%
740-75943,372,715 17.4 43,146,312 17.5 42,377,559 17.4 
720-73938,113,923 15.3 38,115,925 15.4 37,947,254 15.6 
700-71932,834,985 13.2 32,789,773 13.3 32,685,044 13.5 
680-69919,625,586 7.9 19,666,338 8.0 19,890,335 8.2 
<=67911,599,341 4.7 11,524,754 4.7 11,522,396 4.7 
Total$248,808,341 100.0%$246,797,619 100.0%$242,976,043 100.0%
Weighted average credit score746 746 746 
Gross RIF by FICO scoreSeptember 30, 2025June 30, 2025September 30, 2024
($ in thousands)
>=760$28,056,444 41.0%$27,578,860 40.8%$26,614,399 40.2%
740-75912,054,702 17.7 11,989,491 17.7 11,715,485 17.7 
720-73910,587,116 15.5 10,584,541 15.6 10,485,311 15.8 
700-7199,155,794 13.4 9,136,075 13.5 9,044,551 13.7 
680-6995,429,039 8.0 5,434,287 8.0 5,451,406 8.2 
<=6792,979,482 4.4 2,959,985 4.4 2,926,840 4.4 
Total$68,262,577 100.0%$67,683,239 100.0%$66,237,992 100.0%
Portfolio by LTV
IIF by LTVSeptember 30, 2025June 30, 2025September 30, 2024
($ in thousands)
85.00% and below$14,398,904 5.8%$14,309,342 5.8%$15,555,555 6.4%
85.01% to 90.00%58,982,107 23.7 59,432,276 24.1 61,262,960 25.2 
90.01% to 95.00%131,889,655 53.0 130,210,803 52.7 125,919,529 51.8 
95.01% and above43,537,675 17.5 42,845,198 17.4 40,237,999 16.6 
Total$248,808,341 100.0%$246,797,619 100.0%$242,976,043 100.0%
Weighted average LTV93%93%93%
Gross RIF by LTVSeptember 30, 2025June 30, 2025September 30, 2024
($ in thousands)
85.00% and below$1,696,592 2.5%$1,689,437 2.5%$1,845,584 2.8%
85.01% to 90.00%14,526,528 21.3 14,653,527 21.7 15,120,025 22.8 
90.01% to 95.00%38,895,352 57.0 38,402,295 56.7 37,149,222 56.1 
95.01% and above13,144,105 19.2 12,937,980 19.1 12,123,161 18.3 
Total$68,262,577 100.0%$67,683,239 100.0%$66,237,992 100.0%
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodSeptember 30, 2025June 30, 2025September 30, 2024
($ 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 years1,070,635 0.4 1,024,884 0.4 1,199,947 0.5 
FRM 15 years1,664,866 0.7 1,465,011 0.6 1,191,749 0.5 
ARM 5 years and higher3,302,219 1.3 3,082,288 1.2 2,955,447 1.2 
Total$248,808,341 100.0%$246,797,619 100.0%$242,976,043 100.0%


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Mortgage Risk in Force
20252024
($ in thousands)September 30June 30March 31December 31September 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 score751 751 751 751 750 
Weighted average LTV83%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
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVFICO < 700FICO >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage of Loans in Default
2010 - 2015$86,862,507 $1,547,043 1.8 %8,541 4.28 %68.5 %50.5 %1.7 %11.6 %47.4 %2.3 %342 4.00 %
201634,949,319 1,224,277 3.5 7,032 4.04 78.7 62.5 16.5 16.8 41.3 2.0 339 4.82 
201743,858,322 2,941,973 6.7 18,638 4.32 90.4 82.4 26.3 21.3 36.1 2.9 861 4.62 
201847,508,525 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 
201963,569,183 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 
2020107,944,065 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 
202184,218,250 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 
202263,061,262 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 
202347,666,852 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 
202445,561,332 40,106,430 88.0 108,554 6.70 94.9 73.2 20.3 12.3 42.3 20.3 1,669 1.54 
2025 (through September 30)34,723,319 33,356,600 96.1 85,884 6.70 92.3 67.5 16.4 10.6 49.2 8.4 193 0.22 
Total$659,922,936 $248,808,341 37.7 812,856 5.17 92.6 70.5 17.5 12.6 41.5 5.7 18,583 2.29 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.



Essent Group Ltd. and SubsidiariesExhibit I
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
September 30, 2025
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-DateYear-to-DateReduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1Aug. 2020 - Mar. 2021$19,739,682 $5,468,250 $557,911 $114,739 $— $278,956 $276,517 $1,216 $3,997 $79,765 
Radnor Re 2021-2Apr. 2021 - Sep. 202125,483,612 7,221,803 439,407 209,214 — 279,415 273,314 2,874 8,930 181,589 
Radnor Re 2022-1Oct. 2021 - Jul. 202225,108,189 6,942,042 237,868 140,407 — 303,761 295,115 2,977 9,508 129,175 
Radnor Re 2023-1Aug. 2022 - Jun. 202325,659,356 7,054,365 281,462 227,315 — 281,463 274,987 3,068 9,269 215,495 
Radnor Re 2024-1Jul. 2023 - Jul. 202426,433,237 7,318,400 363,366 282,240 — 256,495 255,938 2,960 8,843 208,858 
Total$122,424,076 $34,004,860 $1,880,014 $973,915 $— $1,400,090 $1,375,871 $13,095 $40,547 $814,882 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-DateYear-to-DateReduction in PMIERs Minimum Required Assets (3)
XOL 2019-1Jan. 2018 - Dec. 2018$3,917,343 $1,034,525 $118,650 $76,144 $— $253,643 $241,999 $627 $1,861 $— 
XOL 2020-1Jan. 2019 - Aug. 20195,062,931 1,340,666 55,102 29,152 — 215,605 210,860 252 747 — 
XOL 2022-1Oct. 2021 - Dec. 202257,047,820 15,687,589 141,992 141,992 — 507,114 480,893 1,611 4,779 137,144 
XOL 2023-1Jan. 2023 - Dec. 202333,592,906 9,329,166 36,627 36,627 — 366,270 361,520 439 1,301 35,221 
XOL 2024-1Jan. 2024 - Dec. 202437,239,040 10,243,450 58,005 58,005 — 331,456 330,808 657 1,953 55,989 
XOL 2025-1Jan. 2025 - Dec. 202533,292,085 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 CededCeding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining Insurance in ForceRemaining Risk in ForceRemaining Ceded Insurance in ForceRemaining Ceded Risk in ForceQuarter-to-DateYear-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. 202220%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. 202317.5%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. 202415%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. 202525%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, 2025June 30, 2025September 30, 2024
CA12.2%12.3%12.5%
FL12.0 12.0 11.8 
TX11.3 11.3 10.9 
CO4.0 4.0 4.1 
AZ4.0 3.9 3.8 
GA3.8 3.8 3.7 
WA3.4 3.4 3.4 
NC3.1 3.1 3.0 
MI2.6 2.6 2.5 
NY2.6 2.6 2.6 
All Others41.0 41.0 41.7 
Total100.0%100.0%100.0%
Gross RIF by State
September 30, 2025June 30, 2025September 30, 2024
CA12.2%12.3%12.5%
FL12.2 12.2 12.0 
TX11.6 11.5 11.2 
AZ4.0 4.0 3.9 
CO3.9 4.0 4.0 
GA3.9 3.9 3.8 
WA3.4 3.4 3.4 
NC3.1 3.1 3.0 
MI2.6 2.6 2.5 
UT2.6 2.6 2.4 
All Others40.5 40.4 41.3 
Total100.0%100.0%100.0%




Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
20252024
September 30June 30March 31December 31September 30
Beginning default inventory17,255 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 inventory18,583 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 $32 
Severity78%67%70%68%58%
Rollforward of Reserve for Losses and LAE
Three Months Ended
20252024
($ in thousands)September 30June 30March 31December 31September 30
Reserve for losses and LAE at beginning of period$345,952 $338,128 $310,156 $274,926 $246,107 
Less: Reinsurance recoverables41,966 40,351 36,655 30,867 26,022 
Net reserve for losses and LAE at beginning of period303,986 297,777 273,501 244,059 220,085 
Add provision for losses and LAE occurring in:
Current period62,349 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 period44,170 15,323 30,720 37,236 29,813 
Deduct payments for losses and LAE occurring in:
Current period552 315 51 1,569 637 
Prior years16,013 8,799 6,393 6,225 5,202 
Loss and LAE payments during the period16,565 9,114 6,444 7,794 5,839 
Net reserve for losses and LAE at end of period331,591 303,986 297,777 273,501 244,059 
Plus: Reinsurance recoverables47,957 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
September 30, 2025
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,444 35%$36,672 10%$503,842 7%
Three payments2,658 14 27,789 8 215,321 13 
Four to eleven payments6,683 36 143,173 41 559,663 26 
Twelve or more payments2,551 14 125,475 36 206,735 61 
Pending claims247 1 17,365 5 19,537 89 
Total case reserves18,583 100%350,474 100%$1,505,098 23%
IBNR26,287 
LAE2,787 
Total reserves for losses and LAE$379,548 
Average reserve per default:
Case$18.9 
Total$20.4 
Default Rate2.29%
3+ Month Default Rate1.49%
December 31, 2024
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,691 36%$32,672 11%$522,644 6%
Three payments3,154 17 26,278 9 250,696 10 
Four to eleven payments6,408 35 122,551 43 515,600 24 
Twelve or more payments2,022 11 93,269 33 153,376 61 
Pending claims164 1 11,174 4 12,478 90 
Total case reserves18,439 100 %285,944 100%$1,454,794 20%
IBNR21,446 
LAE2,766 
Total reserves for losses and LAE$310,156 
Average reserve per default:
Case$15.5 
Total$16.8 
Default Rate2.27%
3+ Month Default Rate1.44%
September 30, 2024
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments5,704 36%$29,187 11%$425,367 7%
Three payments2,589 16 24,662 10 202,138 12 
Four to eleven payments5,498 35 104,223 41 437,515 24 
Twelve or more payments1,980 12 86,821 35 144,396 60 
Pending claims135 1 8,620 3 9,692 89 
Total case reserves15,906 100 %253,513 100%$1,219,108 21%
IBNR19,013 
LAE2,400 
Total reserves for losses and LAE$274,926 
Average reserve per default:
Case$15.9 
Total$17.3 
Default Rate1.95%
3+ Month Default Rate1.25%


Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassSeptember 30, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$382,791 6.3%$547,290 9.3%
U.S. agency mortgage-backed securities1,178,691 19.4 1,125,436 19.2 
Municipal debt securities613,089 10.0 583,501 9.9 
Non-U.S. government securities63,142 1.0 69,798 1.2 
Corporate debt securities1,930,920 31.7 1,783,046 30.3 
Residential and commercial mortgage securities463,344 7.6 478,086 8.1 
Asset-backed securities817,812 13.5 631,959 10.8 
Money market funds640,076 10.5 657,605 11.2 
Total investments available for sale$6,089,865 100.0%$5,876,721 100.0%
Investments Available for Sale by Credit Rating
Rating (1)
September 30, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$841,702 15.4%$2,513,014 48.1%
Aa11,817,913 33.4 101,809 2.0 
Aa2296,607 5.4 301,080 5.8 
Aa3307,657 5.6 271,069 5.2 
A1569,589 10.5 511,076 9.8 
A2458,648 8.4 411,999 7.9 
A3503,779 9.2 463,616 8.8 
Baa1222,589 4.1 218,454 4.2 
Baa2212,197 3.9 198,193 3.8 
Baa3147,026 2.7 151,729 2.9 
Below Baa372,082 1.4 77,077 1.5 
Total (2)
$5,449,789 100.0%$5,219,116 100.0%
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $640,076 and $657,605 of money market funds at September 30, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationSeptember 30, 2025December 31, 2024
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,511,803 24.8%$1,587,022 26.9%
1 to < 2 Years567,580 9.3 544,630 9.3 
2 to < 3 Years515,475 8.5 473,301 8.1 
3 to < 4 Years628,295 10.3 445,614 7.6 
4 to < 5 Years528,981 8.7 546,414 9.3 
5 or more Years2,337,731 38.4 2,279,740 38.8 
Total investments available for sale$6,089,865 100.0%$5,876,721 100.0%
Pre-tax investment income yield:
Three months ended3.89%
Nine months ended September 30, 20253.83%
Cash and investments available for sale at the holding companies:
($ in thousands)
As of September 30, 2025$1,038,747 
As of December 31, 2024$1,052,900 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20252024
September 30June 30March 31December 31September 30
($ in thousands)
U.S. Mortgage Insurance Subsidiaries (7):
Combined statutory capital (1)
$3,732,465 $3,714,146 $3,642,374 $3,594,381 $3,584,580 
Combined net risk in force (2)
$33,367,706 $33,986,508 $34,968,089 $35,159,976 $34,893,957 
Risk-to-capital ratios (3):
Essent Guaranty, Inc.8.9:19.2:19.6:19.8:110.0:1
Essent Guaranty of PA, Inc.N/AN/AN/AN/A0.3:1
Combined (4)
N/AN/AN/AN/A9.7:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets$3,666,883 $3,654,460 $3,628,675 $3,612,993 $3,598,725 
Minimum Required Assets2,065,890 2,075,409 2,107,620 2,029,738 1,903,473 
PMIERs excess Available Assets$1,600,993 $1,579,051 $1,521,055 $1,583,255 $1,695,252 
PMIERs sufficiency ratio (6)
177%176%172%178%189%
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)$1,722,135 $1,751,720 $1,780,924 $1,773,044 $1,826,901 
Net risk in force (2)
$25,453,510 $24,802,145 $23,482,726 $23,250,018 $23,003,846 
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc. when applicable, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) When applicable, the combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of and subsequent to December 31, 2024 are for Essent Guaranty only.





Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
The following tables set forth quarterly financial information for our reportable business segment, Mortgage Insurance, our Corporate & Other category and our consolidated results for the five quarters ending September 30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.
Mortgage Insurance
20252024
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$231,628 $233,907 $233,630 $227,863 $231,249 
Net investment income49,568 48,892 47,630 46,191 46,241 
Realized investment gains (losses), net(427)(124)(101)(120)73 
Income (loss) from other invested assets(605)3,619 3,209 2,925 3,132 
Other income2,391 3,523 4,501 3,884 3,706 
Total revenues282,555 289,817 288,869 280,743 284,401 
Losses and expenses:
Provision for losses and LAE44,177 15,359 30,722 37,254 29,816 
Compensation and benefits16,568 16,793 19,890 18,037 17,656 
Premium and other taxes6,018 6,000 5,574 5,968 5,863 
Ceding commission(6,942)(6,910)(6,508)(6,547)(6,433)
Other underwriting and operating expenses10,949 11,128 11,637 11,779 10,798 
Net operating expenses before allocations26,593 27,011 30,593 29,237 27,884 
Corporate expense allocations7,583 9,241 13,014 10,657 10,672 
Operating expenses after allocations34,176 36,252 43,607 39,894 38,556 
Income before income tax expense$204,202 $238,206 $214,540 $203,595 $216,029 
Loss Ratio (1)19.1 %6.6 %13.1 %16.3 %12.9 %
Expense Ratio (2)14.8 %15.5 %18.7 %17.5 %16.7 %
Combined Ratio33.9 %22.1 %31.8 %33.8 %29.6 %
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.



Exhibit O, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
Corporate & Other
20252024
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$14,704 $14,902 $12,218 $16,602 $17,687 
Net investment income10,227 10,397 10,580 10,368 11,099 
Realized investment gains (losses), net2 (5)(80)6 (5)
Income (loss) from other invested assets2,375 847 4,199 3,964 (312)
Other income1,967 3,185 1,772 3,344 3,708 
Total revenues29,275 29,326 28,689 34,284 32,177 
Losses and expenses:
Provision for losses and LAE745 1,696 565 3,721 850 
Compensation and benefits12,608 13,926 19,802 16,490 16,136 
Premium and other taxes(88)495 1,329 569 432 
Ceding commission47 — — — — 
Other underwriting and operating expenses20,338 21,333 19,400 24,655 22,429 
Net operating expenses before allocations32,905 35,754 40,531 41,714 38,997 
Corporate expense allocations(7,583)(9,241)(13,014)(10,657)(10,672)
Operating expenses after allocations25,322 26,513 27,517 31,057 28,325 
Interest expense8,251 8,148 8,148 8,151 11,457 
Loss before income tax expense$(5,043)$(7,031)$(7,541)$(8,645)$(8,455)

Consolidated
20252024
September 30June 30March 31December 31September 30
($ in thousands)
Revenues:
Net premiums earned$246,332 $248,809 $245,848 $244,465 $248,936 
Net investment income59,795 59,289 58,210 56,559 57,340 
Realized investment gains (losses), net(425)(129)(181)(114)68 
Income from other invested assets1,770 4,466 7,408 6,889 2,820 
Other income4,358 6,708 6,273 7,228 7,414 
Total revenues311,830 319,143 317,558 315,027 316,578 
Losses and expenses:
Provision for losses and LAE44,922 17,055 31,287 40,975 30,666 
Compensation and benefits29,176 30,719 39,692 34,527 33,792 
Premium and other taxes5,930 6,495 6,903 6,537 6,295 
Ceding commission(6,895)(6,910)(6,508)(6,547)(6,433)
Other underwriting and operating expenses31,287 32,461 31,037 36,434 33,227 
Total other underwriting and operating expenses59,498 62,765 71,124 70,951 66,881 
Interest expense8,251 8,148 8,148 8,151 11,457 
Income before income tax expense$199,159 $231,175 $206,999 $194,950 $207,574