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Essent Group Ltd. Announces Fourth Quarter & Full Year 2025 Results and Increases Quarterly Dividend

HAMILTON, Bermuda--February 13, 2026--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2025 of $155.0 million or $1.60 per diluted share, compared to $167.9 million or $1.58 per diluted share for the quarter ended December 31, 2024. For the full year 2025, net income was $690.0 million or $6.90 per diluted share, compared to $729.4 million or $6.85 per diluted share for 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on March 23, 2026 to shareholders of record on March 13, 2026.

“We are pleased to report strong operating performance in the fourth quarter and full year 2025, which underscores the resilience of our business model and our ability to generate sustainable, long-term value for our shareholders,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our commitment to a balanced capital management strategy remains a priority, while our strong capital position and cash flow enabled us to return nearly $700 million to shareholders in 2025 through dividends and repurchases, while retiring nearly 10% of our outstanding shares.”

Financial Highlights:

•Mortgage Insurance new insurance written for the fourth quarter of 2025 was $11.8 billion, compared to $12.2 billion in both the third quarter of 2025 and fourth quarter of 2024.

•Mortgage Insurance in force as of December 31, 2025 was $248.4 billion, compared to $248.8 billion as of September 30, 2025 and $243.6 billion as of December 31, 2024.

•Essent Guaranty entered into a quota share reinsurance agreement during the fourth quarter of 2025 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written in 2027.

•During the fourth quarter of 2025, Essent Re entered into quota share agreements backed by Funds at Lloyd’s to reinsure certain property and casualty risks effective in the first quarter of 2026.

•All third-party reinsurance written by Essent Re is now reported as a segment, called Reinsurance.

•In 2025, Essent repurchased 9.9 million common shares for $576 million.

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.

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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

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Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2025
Exhibit A						Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B						Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C						Consolidated Historical Quarterly Data (Unaudited)
Exhibit D						Annual Segment Results (Unaudited)
Exhibit E						Historical Quarterly Segment Information (Unaudited)
Exhibit F						Mortgage Insurance - Historical Quarterly Data
Exhibit G						Mortgage Insurance - New Insurance Written
Exhibit H						Mortgage Insurance - Insurance in Force and Risk in Force
Exhibit I						Mortgage Insurance - Vintage Data
Exhibit J						Mortgage Insurance - Outward Reinsurance Vintage Data
Exhibit K						Mortgage Insurance - Geographic Data
Exhibit L						Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE
Exhibit M						Mortgage Insurance - Detail of Reserves by Default Delinquency
Exhibit N						U.S. Mortgage Insurance Company Capital
Exhibit O						Reinsurance
Exhibit P						Cash & Investments

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																					Exhibit A
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)			2025						2024						2025						2024
Revenues:
Direct premiums written			$	279,255					$	279,008					$	1,107,317					$	1,098,603
Ceded premiums			(41,378)						(39,499)						(147,853)						(132,023)
Net premiums written			237,877						239,509						959,464						966,580
Decrease in unearned premiums			4,852						4,956						24,254						24,302
Net premiums earned			242,729						244,465						983,718						990,882
Net investment income			59,223						56,559						236,517						222,070
Realized investment losses, net			(188)						(114)						(923)						(2,350)
Income from other invested assets			3,942						6,889						17,586						7,375
Other income			6,698						7,228						24,037						24,927
Total revenues			312,404						315,027						1,260,935						1,242,904
Losses and expenses:
Provision for losses and LAE			56,073						40,975						149,337						81,220
Other underwriting and operating expenses			63,653						70,951						257,040						270,874
Interest expense			8,149						8,151						32,696						35,319
Total losses and expenses			127,875						120,077						439,073						387,413
Income before income taxes			184,529						194,950						821,862						855,491
Income tax expense			29,547						27,050						131,893						126,088
Net income			$	154,982					$	167,900					$	689,969					$	729,403
Earnings per share:
Basic			$	1.62					$	1.60					$	6.97					$	6.92
Diluted			1.60						1.58						6.90						6.85
Weighted average shares outstanding:
Basic			95,772						104,963						98,999						105,394
Diluted			96,664						106,104						100,023						106,550
Net income			$	154,982					$	167,900					$	689,969					$	729,403
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments			13,440						(113,705)						151,999						(23,488)
Comprehensive income			$	168,422					$	54,195					$	841,968					$	705,915

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									Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
			December 31,						December 31,
(In thousands, except per share amounts)			2025						2024
Assets
Investments
Fixed maturities available for sale, at fair value			$	5,455,593					$	5,112,697
Short-term investments available for sale, at fair value			648,492						764,024
Total investments available for sale			6,104,085						5,876,721
Other invested assets			382,513						303,900
Total investments			6,486,598						6,180,621
Cash			123,049						131,480
Accrued investment income			47,371						43,732
Accounts receivable			51,267						55,564
Deferred policy acquisition costs			9,547						9,653
Property, equipment and software, net			49,189						41,871
Prepaid federal income tax			513,425						489,600
Goodwill and acquired intangible assets, net			78,153						79,556
Other assets			82,404						79,572
Total assets			$	7,441,003					$	7,111,649
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE			$	446,822					$	328,866
Unearned premium reserve			91,730						115,983
Net deferred tax liability			465,351						392,428
Senior notes due 2029, net			495,301						493,959
Other accrued liabilities			185,072						176,755
Total liabilities			1,684,276						1,507,991
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 95,456 shares in 2025 and 105,015 shares in 2024			1,432						1,575
Additional paid-in capital			649,895						1,214,956
Accumulated other comprehensive income (loss)			(151,985)						(303,984)
Retained earnings			5,257,385						4,691,111
Total stockholders' equity			5,756,727						5,603,658
Total liabilities and stockholders' equity			$	7,441,003					$	7,111,649
Return on average equity			12.1		%				13.6		%

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																														Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)
						2025																								2024
						December 31						September 30						June 30						March 31						December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned						$	242,729					$	246,332					$	248,809					$	245,848					$	244,465
Net investment income						59,223						59,795						59,289						58,210						56,559
Realized investment losses, net						(188)						(425)						(129)						(181)						(114)
Income from other invested assets						3,942						1,770						4,466						7,408						6,889
Other income (1)						6,698						4,358						6,708						6,273						7,228
Total revenues						312,404						311,830						319,143						317,558						315,027
Losses and expenses:
Provision for losses and LAE						56,073						44,922						17,055						31,287						40,975
Other underwriting and operating expenses						63,653						59,498						62,765						71,124						70,951
Interest expense						8,149						8,251						8,148						8,148						8,151
Total losses and expenses						127,875						112,671						87,968						110,559						120,077
Income before income taxes						184,529						199,159						231,175						206,999						194,950
Income tax expense (2)						29,547						34,944						35,836						31,566						27,050
Net income						$	154,982					$	164,215					$	195,339					$	175,433					$	167,900
Earnings per share:
Basic						$	1.62					$	1.69					$	1.95					$	1.71					$	1.60
Diluted						1.60						1.67						1.93						1.69						1.58
Weighted average shares outstanding:
Basic						95,772						97,400						100,037						102,881						104,963
Diluted						96,664						98,519						101,059						103,946						106,104
Book value per share						$	60.31					$	58.86					$	56.98					$	55.22					$	53.36
Return on average equity (annualized)						10.8		%				11.5		%				13.8		%				12.5		%				11.9		%
Senior debt & credit facility:
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-capital						7.99		%				8.01		%				8.10		%				8.12		%				8.19		%
Cash and investments available for sale at the holding companies						$	1,268,579					$	1,038,747					$	995,032					$	1,016,368					$	1,052,900
(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, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 were ($526), ($858), ($29), ($150), and $204, respectively.
(2) Income tax expense for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024 includes $366, $493, $1,112, $1,561, and $1,591, respectively, of discrete tax expense associated with realized and unrealized gains and losses. Income tax expense for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 also include ($396), ($828), and ($1,252), respectively, of favorable adjustments related to 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.

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																																																Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
Annual Segment Results (Unaudited)
The following tables set forth comparative annual financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the years ended December 31, 2025 and 2024 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments 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. Prior to December 31, 2025, we disclosed one reportable segment, Mortgage Insurance, which was comprised of "U.S. mortgage insurance" and "GSE and other mortgage risk share." Our mortgage insurance business and GSE and other mortgage risk share business each represented operating segments that were aggregated and disclosed as one reportable segment based on their shared economic characteristics and the similarities between the two operating segments. In the fourth quarter of 2025, Essent Re entered the Lloyd's of London market to reinsure certain property and casualty risks beginning in the first quarter of 2026. Considering the expansion of business and types of risks reinsured at Essent Re, our Chief Operating Decision Maker began to assess the performance of all third-party reinsurance as an operating segment as of December 31, 2025. To reflect this change, the GSE and other mortgage risk share operating segment is no longer aggregated with U.S mortgage insurance and all third-party reinsurance is now disclosed as a separate reportable segment: Reinsurance. All prior period segment information has been recast to conform to the new segment presentation.
						Year Ended December 31, 2025																								Year Ended December 31, 2024
(In thousands)						Mortgage Insurance						Reinsurance						Corporate & Other						Consolidated						Mortgage Insurance						Reinsurance						Corporate & Other						Consolidated
Revenues:
Net premiums earned						$	866,743					$	60,609					$	56,366					$	983,718					$	855,793					$	68,883					$	66,206					$	990,882
Net investment income						174,358						20,271						41,888						236,517						164,469						18,872						38,729						222,070
Realized investment gains (losses), net						(870)						6						(59)						(923)						(2,343)						—						(7)						(2,350)
Income from other invested assets						8,267						—						9,319						17,586						7,171						—						204						7,375
Other income						5,111						8,708						10,218						24,037						4,896						9,256						10,775						24,927
Total revenues						1,053,609						89,594						117,732						1,260,935						1,029,986						97,011						115,907						1,242,904
Losses and expenses:
Provision for losses and LAE						145,373						310						3,654						149,337						75,156						26						6,038						81,220
Compensation and benefits						64,392						4,547						61,011						129,950						67,985						4,171						64,236						136,392
Premium and other taxes						23,596						52						2,181						25,829						22,951						56						1,497						24,504
Ceding commission						(28,669)						1,410						—						(27,259)						(25,144)						896						—						(24,248)
Other underwriting and operating expenses						42,570						4,136						81,814						128,520						41,168						3,661						89,397						134,226
Net operating expenses before allocations						101,889						10,145						145,006						257,040						106,960						8,784						155,130						270,874
Corporate expense allocations						38,077						1,491						(39,568)						—						43,003						784						(43,787)						—
Operating expenses after allocations						139,966						11,636						105,438						257,040						149,963						9,568						111,343						270,874
Interest expense						—						—						32,696						32,696						—						—						35,319						35,319
Income (loss) before income taxes						$	768,270					$	77,648					$	(24,056)					$	821,862					$	804,867					$	87,417					$	(36,793)					$	855,491
Loss ratio (1)						16.8		%				0.5		%																8.8		%				—		%
Expense ratio (2)						16.1						19.2																		17.5						13.9
Combined ratio						32.9		%				19.7		%																26.3		%				13.9		%
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

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																											Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
			Mortgage Insurance
			2025																								2024
			December 31						September 30						June 30						March 31						December 31
($ in thousands)
Revenues:
Net premiums earned			$	212,674					$	215,683					$	220,262					$	218,124					$	211,682
Net investment income			43,627						44,265						43,676						42,790						41,880
Realized investment losses, net			(218)						(427)						(124)						(101)						(120)
Income (loss) from other invested assets			2,044						(605)						3,619						3,209						2,925
Other income			1,149						800						1,614						1,548						1,893
Total revenues			259,276						259,716						269,047						265,570						258,260
Losses and expenses:
Provision for losses and LAE			55,159						44,171						15,323						30,720						37,236
Compensation and benefits			14,727						15,388						15,667						18,610						17,029
Premium and other taxes			6,038						6,010						5,984						5,564						5,955
Ceding commission			(7,526)						(7,328)						(7,054)						(6,761)						(6,799)
Other underwriting and operating expenses			11,816						10,005						10,028						10,721						10,809
Net operating expenses before allocations			25,055						24,075						24,625						28,134						26,994
Corporate expense allocations			9,213						7,081						8,979						12,804						10,431
Operating expenses after allocations			34,268						31,156						33,604						40,938						37,425
Income before income tax expense			$	169,849					$	184,389					$	220,120					$	193,912					$	183,599
Loss Ratio (1)			25.9		%				20.5		%				7.0		%				14.1		%				17.6		%
Expense Ratio (2)			16.1						14.4						15.3						18.8						17.7
Combined Ratio			42.0		%				34.9		%				22.3		%				32.9		%				35.3		%
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

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																					Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
			Reinsurance
			2025																								2024
			December 31						September 30						June 30						March 31						December 31
($ in thousands)
Revenues:
Net premiums earned			$	14,696					$	16,304					$	13,875					$	15,734					$	16,181
Net investment income			4,913						5,302						5,216						4,840						4,311
Realized investment gains, net			6						—						—						—						—
Other income			2,255						1,591						1,909						2,953						1,991
Total revenues			21,870						23,197						21,000						23,527						22,483
Losses and expenses:
Provision for losses and LAE			206						65						36						3						18
Compensation and benefits			961						1,180						1,126						1,280						1,008
Premium and other taxes			17						8						16						11						13
Ceding commission			580						433						144						253						252
Other underwriting and operating expenses			1,179						944						1,100						913						970
Net operating expenses before allocations			2,737						2,565						2,386						2,457						2,243
Corporate expense allocations			516						502						263						210						223
Operating expenses after allocations			3,253						3,067						2,649						2,667						2,466
Income before income tax expense			$	18,411					$	20,065					$	18,315					$	20,857					$	19,999
Loss Ratio (1)			1.4		%				0.4		%				0.3		%				—		%				0.1		%
Expense Ratio (2)			22.1						18.8						19.1						17.0						15.2
Combined Ratio			23.5		%				19.2		%				19.4		%				17.0		%				15.3		%
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

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																					Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
			Corporate & Other
			2025																								2024
			December 31						September 30						June 30						March 31						December 31
($ in thousands)
Revenues:
Net premiums earned			$	15,359					$	14,345					$	14,672					$	11,990					$	16,602
Net investment income			10,683						10,228						10,397						10,580						10,368
Realized investment gains (losses), net			24						2						(5)						(80)						6
Income from other invested assets			1,898						2,375						847						4,199						3,964
Other income			3,294						1,967						3,185						1,772						3,344
Total revenues			31,258						28,917						29,096						28,461						34,284
Losses and expenses:
Provision for losses and LAE			708						686						1,696						564						3,721
Compensation and benefits			14,675						12,608						13,926						19,802						16,490
Premium and other taxes			446						(88)						495						1,328						569
Other underwriting and operating expenses			20,740						20,338						21,333						19,403						24,655
Net operating expenses before allocations			35,861						32,858						35,754						40,533						41,714
Corporate expense allocations			(9,729)						(7,583)						(9,242)						(13,014)						(10,654)
Operating expenses after allocations			26,132						25,275						26,512						27,519						31,060
Interest expense			8,149						8,251						8,148						8,148						8,151
Loss before income tax expense			$	(3,731)					$	(5,295)					$	(7,260)					$	(7,770)					$	(8,648)

			Consolidated
			2025																								2024
			December 31						September 30						June 30						March 31						December 31
($ in thousands)
Revenues:
Net premiums earned			$	242,729					$	246,332					$	248,809					$	245,848					$	244,465
Net investment income			59,223						59,795						59,289						58,210						56,559
Realized investment losses, net			(188)						(425)						(129)						(181)						(114)
Income from other invested assets			3,942						1,770						4,466						7,408						6,889
Other income			6,698						4,358						6,708						6,273						7,228
Total revenues			312,404						311,830						319,143						317,558						315,027
Losses and expenses:
Provision for losses and LAE			56,073						44,922						17,055						31,287						40,975
Compensation and benefits			30,363						29,176						30,719						39,692						34,527
Premium and other taxes			6,501						5,930						6,495						6,903						6,537
Ceding commission			(6,946)						(6,895)						(6,910)						(6,508)						(6,547)
Other underwriting and operating expenses			33,735						31,287						32,461						31,037						36,434
Total other underwriting and operating expenses			63,653						59,498						62,765						71,124						70,951
Interest expense			8,149						8,251						8,148						8,148						8,151
Income before income tax expense			$	184,529					$	199,159					$	231,175					$	206,999					$	194,950

---

																														Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data
						2025																								2024
						December 31						September 30						June 30						March 31						December 31
($ in thousands)
New insurance written						$	11,840,227					$	12,233,252					$	12,544,731					$	9,945,336					$	12,220,968
New risk written						3,030,169						3,239,497						3,357,820						2,698,639						3,297,296
Average insurance in force						$	248,695,560					$	247,821,046					$	245,747,813					$	244,005,459					$	243,236,830
Insurance in force (end of period)						$	248,356,397					$	248,808,341					$	246,797,619					$	244,692,492					$	243,645,423
Gross risk in force (end of period) (1)						$	68,053,447					$	68,262,577					$	67,683,239					$	67,026,626					$	66,613,517
Risk in force (end of period)						$	56,519,839					$	56,940,929					$	56,811,096					$	56,565,811					$	56,477,150
Policies in force						807,230						812,856						812,182						811,342						813,013
Weighted average coverage (2)						27.4		%				27.4		%				27.4		%				27.4		%				27.3		%
Annual persistency						85.7		%				86.0		%				85.8		%				85.7		%				85.7		%
Loans in default (count)						20,210						18,583						17,255						17,759						18,439
Percentage of loans in default						2.50		%				2.29		%				2.12		%				2.19		%				2.27		%
Base average premium rate (3)						0.41		%				0.41		%				0.41		%				0.41		%				0.41		%
Single premium cancellations (4)						—		%				—		%				—		%				—		%				—		%
Gross average premium rate						0.41		%				0.41		%				0.41		%				0.41		%				0.41		%
Ceded premiums						(0.07		%)				(0.06		%)				(0.05		%)				(0.05		%)				(0.06		%)
Net average premium rate						0.34		%				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 premium rate is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.

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																																							Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - New Insurance Written
NIW by Credit Score
			Three Months Ended																		Year Ended
			December 31, 2025															December 31, 2024									December 31, 2025									December 31, 2024
($ in thousands)
>=760			$	6,608,095		55.8		%													$	5,754,605		47.1		%				$	23,980,900		51.4		%				$	20,141,961		44.2		%
740-759			1,905,196			16.1															2,131,356			17.4						7,528,658			16.2						7,848,645			17.2
720-739			1,257,994			10.6															1,640,275			13.4						5,642,389			12.1						6,468,993			14.2
700-719			1,039,547			8.8															1,390,278			11.4						4,782,401			10.3						5,738,325			12.6
680-699			554,647			4.7															743,789			6.1						2,552,412			5.5						3,095,378			6.8
<=679			474,748			4.0															560,665			4.6						2,076,786			4.5						2,268,030			5.0
Total			$	11,840,227		100.0		%													$	12,220,968		100.0		%				$	46,563,546		100.0		%				$	45,561,332		100.0		%
Weighted average credit score			757																		751									754									748
NIW by LTV
			Three Months Ended																		Year Ended
			December 31, 2025															December 31, 2024									December 31, 2025									December 31, 2024
($ in thousands)
85.00% and below			$	1,437,750		12.1		%													$	977,154		8.0		%				$	4,430,096		9.5		%				$	3,227,588		7.1		%
85.01% to 90.00%			3,509,133			29.7															2,821,683			23.1						11,844,584			25.4						9,392,983			20.6
90.01% to 95.00%			5,663,293			47.8															6,348,777			51.9						23,533,435			50.6						24,357,459			53.5
95.01% and above			1,230,051			10.4															2,073,354			17.0						6,755,431			14.5						8,583,302			18.8
Total			$	11,840,227		100.0		%													$	12,220,968		100.0		%				$	46,563,546		100.0		%				$	45,561,332		100.0		%
Weighted average LTV			92		%																93		%							93		%							93		%
NIW by Product
			Three Months Ended																		Year Ended
			December 31, 2025															December 31, 2024									December 31, 2025									December 31, 2024
Single premium policies						1.6		%																1.2		%							1.4		%							1.4		%
Monthly premium policies						98.4																		98.8									98.6									98.6
						100.0		%																100.0		%							100.0		%							100.0		%
NIW by Purchase vs. Refinance
			Three Months Ended																		Year Ended
			December 31, 2025															December 31, 2024									December 31, 2025									December 31, 2024
Purchase						72.3		%																88.3		%							87.2		%							95.0		%
Refinance						27.7																		11.7									12.8									5.0
						100.0		%																100.0		%							100.0		%							100.0		%

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																											Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Insurance in Force and Risk in Force
Portfolio by Credit Score
IIF by FICO score						December 31, 2025									September 30, 2025									December 31, 2024
($ in thousands)
>=760						$	104,062,334		41.9		%				$	103,261,791		41.5		%				$	99,221,741		40.7		%
740-759						43,225,016			17.4						43,372,715			17.4						42,574,390			17.5
720-739						37,671,181			15.2						38,113,923			15.3						37,953,625			15.6
700-719						32,473,548			13.1						32,834,985			13.2						32,657,660			13.4
680-699						19,357,527			7.8						19,625,586			7.9						19,772,912			8.1
<=679						11,566,791			4.6						11,599,341			4.7						11,465,095			4.7
Total						$	248,356,397		100.0		%				$	248,808,341		100.0		%				$	243,645,423		100.0		%
Weighted average credit score						747									746									746
Gross RIF by FICO score						December 31, 2025									September 30, 2025									December 31, 2024
($ in thousands)
>=760						$	28,228,907		41.4		%				$	28,056,444		41.0		%				$	26,860,197		40.3		%
740-759						11,997,094			17.6						12,054,702			17.7						11,799,832			17.7
720-739						10,452,268			15.4						10,587,116			15.5						10,512,364			15.8
700-719						9,049,840			13.3						9,155,794			13.4						9,067,640			13.6
680-699						5,357,151			7.9						5,429,039			8.0						5,440,776			8.2
<=679						2,968,187			4.4						2,979,482			4.4						2,932,708			4.4
Total						$	68,053,447		100.0		%				$	68,262,577		100.0		%				$	66,613,517		100.0		%
Portfolio by LTV
IIF by LTV						December 31, 2025									September 30, 2025									December 31, 2024
($ in thousands)
85.00% and below						$	14,736,797		5.9		%				$	14,398,904		5.8		%				$	14,738,289		6.0		%
85.01% to 90.00%						58,288,674			23.5						58,982,107			23.7						60,636,883			24.9
90.01% to 95.00%						131,950,396			53.1						131,889,655			53.0						127,152,954			52.2
95.01% and above						43,380,530			17.5						43,537,675			17.5						41,117,297			16.9
Total						$	248,356,397		100.0		%				$	248,808,341		100.0		%				$	243,645,423		100.0		%
Weighted average LTV						93		%							93		%							93		%
Gross RIF by LTV						December 31, 2025									September 30, 2025									December 31, 2024
($ in thousands)
85.00% and below						$	1,727,701		2.5		%				$	1,696,592		2.5		%				$	1,745,933		2.6		%
85.01% to 90.00%						14,312,312			21.0						14,526,528			21.3						14,961,779			22.5
90.01% to 95.00%						38,906,277			57.2						38,895,352			57.0						37,510,076			56.3
95.01% and above						13,107,157			19.3						13,144,105			19.2						12,395,729			18.6
Total						$	68,053,447		100.0		%				$	68,262,577		100.0		%				$	66,613,517		100.0		%
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period						December 31, 2025									September 30, 2025									December 31, 2024
($ in thousands)
FRM 30 years and higher						$	241,353,234		97.2		%				$	242,770,621		97.6		%				$	238,335,608		97.8		%
FRM 20-25 years						1,449,192			0.6						1,070,635			0.4						1,133,494			0.5
FRM 15 years						2,009,940			0.8						1,664,866			0.7						1,231,952			0.5
ARM 5 years and higher						3,544,031			1.4						3,302,219			1.3						2,944,369			1.2
Total						$	248,356,397		100.0		%				$	248,808,341		100.0		%				$	243,645,423		100.0		%

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																																							Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Vintage Data
December 31, 2025
															Insurance in Force
Year			Original Insurance Written ($ in thousands)			Remaining Insurance in Force ($ in thousands)			% Remaining of Original 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			$	86,862,507		$	1,500,732		1.7		%	8,297			4.28		%	68.6		%	50.4		%	1.4		%	11.5		%	47.5		%	2.3		%	342			4.12		%
2016			34,949,319			1,104,521			3.2			6,191			4.05			77.1			59.6			12.5			16.3			41.6			2.0			324			5.23
2017			43,858,322			2,766,418			6.3			17,652			4.33			90.3			81.9			26.8			21.5			36.2			2.9			840			4.76
2018			47,508,525			3,746,728			7.9			22,241			4.83			95.2			80.6			30.2			22.8			30.9			3.8			1,120			5.04
2019			63,569,183			8,487,193			13.4			43,215			4.26			90.4			75.9			27.4			19.5			34.1			3.6			1,595			3.69
2020			107,944,065			27,596,323			25.6			114,821			3.22			77.1			70.5			16.6			11.0			44.7			2.8			2,405			2.09
2021			84,218,250			40,962,380			48.6			142,501			3.11			92.4			72.5			18.6			13.7			39.9			6.6			3,806			2.67
2022			63,061,262			45,373,683			72.0			134,126			5.09			98.4			67.7			12.0			12.5			39.5			20.0			3,911			2.92
2023			47,666,852			35,213,136			73.9			102,677			6.59			98.9			73.7			19.5			11.2			38.1			23.5			3,189			3.11
2024			45,561,332			37,940,873			83.3			103,824			6.68			95.1			73.5			20.7			12.5			41.8			23.9			2,182			2.10
2025			46,563,546			43,664,410			93.8			111,685			6.56			87.0			65.2			15.1			10.2			50.4			14.3			496			0.44
Total			$	671,763,163		$	248,356,397		37.0			807,230			5.22			91.9			70.6			17.5			12.5			41.9			6.3			20,210			2.50
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

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Essent Group Ltd. and Subsidiaries

Exhibit J

Supplemental Information

Mortgage Insurance - Outward Reinsurance Vintage Data

December 31, 2025

($ in thousands)
Insurance Linked Notes (1)
																																																Earned Premiums Ceded
Deal Name			Vintage						Remaining 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-Date			Year-to-Date						Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1			Aug. 2020 - Mar. 2021						$	18,441,345					$	5,127,322					$	557,911					$	98,205					$	—					$	278,956		$	276,117					$	1,117		$	5,114					$	59,885
Radnor Re 2021-2			Apr. 2021 - Sep. 2021						24,416,860						6,937,919						439,407						192,783						—						279,415			271,058						2,806			11,736						174,012
Radnor Re 2022-1			Oct. 2021 - Jul. 2022						24,193,885						6,723,897						237,868						129,621						—						303,761			291,448						2,929			12,437						119,251
Radnor Re 2023-1			Aug. 2022 - Jun. 2023						24,656,390						6,784,369						281,462						209,417						—						281,463			271,149						3,081			12,350						198,527
Radnor Re 2024-1			Jul. 2023 - Jul. 2024						24,523,993						6,793,368						363,366						248,025						—						256,495			255,324						3,059			11,902						183,539
Total									$	116,232,473					$	32,366,875					$	1,880,014					$	878,051					$	—					$	1,400,090		$	1,365,096					$	12,992		$	53,539					$	735,214

Excess of Loss Reinsurance (2)
																																																Earned Premiums Ceded
Deal Name			Vintage						Remaining 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-Date			Year-to-Date						Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1			Jan. 2018 - Dec. 2018						$	3,708,752					$	980,319					$	118,650					$	76,144					$	—					$	253,643		$	241,441					$	627		$	2,489					$	—
XOL 2020-1			Jan. 2019 - Aug. 2019						4,863,645						1,288,360						55,102						29,152						—						215,605			210,515						252			999						—
XOL 2022-1			Oct. 2021 - Dec. 2022						55,006,139						15,182,087						141,992						137,530						—						507,114			473,213						1,563			6,342						132,723
XOL 2023-1			Jan. 2023 - Dec. 2023						31,751,705						8,821,968						36,627						36,105						—						366,270			358,985						432			1,734						34,713
XOL 2024-1			Jan. 2024 - Dec. 2024						35,200,756						9,692,442						58,005						58,005						—						331,456			330,254						658			2,610						55,907
XOL 2025-1			Jan. 2025 - Dec. 2025						43,596,176						11,545,801						80,821						80,821						—						343,234			343,234						733			1,300						77,723
Total									$	174,127,173					$	47,510,977					$	491,197					$	417,757					$	—					$	2,017,322		$	1,957,642					$	4,265		$	15,474					$	301,066

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)						$	31,179,681					$	8,623,082					$	6,471,751					$	1,763,952					$	391		$	(37)					$	1,893					$	8,299					$	3,121		$	11,933								$	109,386
Jan. 2022 - Dec. 2022			20%						45,327,727						12,452,848						9,065,545						2,490,570						2,577			8,037						1,628						6,796						5,426			20,454									185,009
Jan. 2023 - Dec. 2023			17.5%						31,653,079						8,797,311						5,539,289						1,539,529						2,770			7,762						1,159						4,865						5,205			17,979									123,856
Jan. 2024 - Dec. 2024			15%						37,722,203						10,369,501						5,658,330						1,555,425						2,790			7,949						1,199						4,991						5,368			18,679									126,867
Jan. 2025 - Dec. 2025			25%						43,623,229						11,553,296						10,905,807						2,888,324						1,955			2,917						1,646						3,718						5,001			9,795									188,836
Total									$	189,505,919					$	51,796,038					$	37,640,722					$	10,237,800					$	10,483		$	26,628					$	7,525					$	28,669					$	24,121		$	78,840								$	733,954

(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) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

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															Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Geographic Data
IIF by State
			December 31, 2025						September 30, 2025						December 31, 2024
CA			12.1		%				12.2		%				12.5		%
FL			12.0						12.0						11.9
TX			11.4						11.3						11.1
AZ			4.0						4.0						3.8
CO			4.0						4.0						4.1
GA			3.9						3.8						3.7
WA			3.4						3.4						3.4
NC			3.2						3.1						3.0
MI			2.6						2.6						2.5
NY			2.6						2.6						2.6
All Others			40.8						41.0						41.4
Total			100.0		%				100.0		%				100.0		%
Gross RIF by State
			December 31, 2025						September 30, 2025						December 31, 2024
FL			12.3		%				12.2		%				12.1		%
CA			12.1						12.2						12.4
TX			11.6						11.6						11.4
AZ			4.1						4.0						3.9
CO			3.9						3.9						4.0
GA			3.9						3.9						3.8
WA			3.4						3.4						3.4
NC			3.2						3.1						3.0
MI			2.6						2.6						2.5
UT			2.6						2.6						2.5
All Others			40.3						40.5						41.0
Total			100.0		%				100.0		%				100.0		%

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																														Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Rollforward of Defaults and Reserve for Losses and LAE
Rollforward of Insured Loans in Default
						Three Months Ended
						2025																								2024
						December 31						September 30						June 30						March 31						December 31
Beginning default inventory						18,583						17,255						17,759						18,439						15,906
Plus: new defaults (A)						11,245						10,357						8,810						9,664						11,136
Less: cures						(9,357)						(8,713)						(9,078)						(10,173)						(8,408)
Less: claims paid						(235)						(296)						(215)						(153)						(183)
Less: rescissions and denials, net						(26)						(20)						(21)						(18)						(12)
Ending default inventory						20,210						18,583						17,255						17,759						18,439
(A) New defaults remaining as of December 31, 2025						8,411						4,131						2,402						1,481						1,191
Cumulative cure rate (1)						25		%				60		%				73		%				85		%				89		%
Total amount paid for claims (in thousands)						$	13,171					$	16,456					$	9,007					$	6,330					$	7,740
Average amount paid per claim (in thousands)						$	56					$	56					$	42					$	41					$	42
Severity						80		%				78		%				67		%				70		%				68		%
Rollforward of Reserve for Losses and LAE
						Three Months Ended
						2025																								2024
($ in thousands)						December 31						September 30						June 30						March 31						December 31
Reserve for losses and LAE at beginning of period						$	379,548					$	345,952					$	338,128					$	310,156					$	274,926
Less: Reinsurance recoverables						47,957						41,966						40,351						36,655						30,867
Net reserve for losses and LAE at beginning of period						331,591						303,986						297,777						273,501						244,059
Add provision for losses and LAE occurring in:
Current year						67,865						62,349						45,119						48,928						50,212
Prior years						(12,705)						(18,179)						(29,796)						(18,208)						(12,976)
Incurred losses and LAE during the period						55,160						44,170						15,323						30,720						37,236
Deduct payments for losses and LAE occurring in:
Current year						2,649						552						315						51						1,569
Prior years						10,612						16,013						8,799						6,393						6,225
Loss and LAE payments during the period						13,261						16,565						9,114						6,444						7,794
Net reserve for losses and LAE at end of period						373,490						331,591						303,986						297,777						273,501
Plus: Reinsurance recoverables						56,120						47,957						41,966						40,351						36,655
Reserve for losses and LAE at end of period						$	429,610					$	379,548					$	345,952					$	338,128					$	310,156
(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%.

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																		Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Detail of Reserves by Default Delinquency
						December 31, 2025
						Number of Policies in Default			Percentage of Policies in Default			Amount of Reserves			Percentage of Reserves			Defaulted RIF			Reserves as a Percentage of Defaulted RIF
($ in thousands)
Missed Payments:
Two payments						6,892			34		%	$	40,876		10		%	$	545,198		7		%
Three payments						3,002			15			32,458			8			246,194			13
Four to eleven payments						7,261			36			163,087			41			615,449			26
Twelve or more payments						2,742			13			139,036			35			224,248			62
Pending claims						313			2			21,360			6			23,797			90
Total case reserves						20,210			100		%	396,817			100		%	$	1,654,886		24		%
IBNR												29,761
LAE												3,032
Total reserves for losses and LAE												$	429,610
Average reserve per default:
Case												$	19.6
Total												$	21.3
Default Rate						2.50%
3+ Month Default Rate						1.65%
						December 31, 2024
						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 payments						6,691			36		%	$	32,672		11		%	$	522,644		6		%
Three payments						3,154			17			26,278			9			250,696			10
Four to eleven payments						6,408			35			122,551			43			515,600			24
Twelve or more payments						2,022			11			93,269			33			153,376			61
Pending claims						164			1			11,174			4			12,478			90
Total case reserves						18,439			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						2.27%
3+ Month Default Rate						1.44%

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																																	Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
									2025																								2024
									December 31						September 30						June 30						March 31						December 31
($ in thousands)
Essent Guaranty, Inc:
Statutory capital									$	3,572,887					$	3,732,465					$	3,714,146					$	3,642,374					$	3,594,381
Net risk in force (1)									$	32,486,788					$	33,367,706					$	33,986,508					$	34,968,089					$	35,159,976
Risk-to-capital ratio (2)									9.1:1						8.9:1						9.2:1						9.6:1						9.8:1
Essent Guaranty, Inc. PMIERs Data (3):
			Available Assets						$	3,520,454					$	3,666,883					$	3,654,460					$	3,628,675					$	3,612,993
			Minimum Required Assets						2,087,473						2,065,890						2,075,409						2,107,620						2,029,738
			PMIERs excess Available Assets						$	1,432,981					$	1,600,993					$	1,579,051					$	1,521,055					$	1,583,255
			PMIERs sufficiency ratio (4)						169		%				177		%				176		%				172		%				178		%
(1) 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.
(2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(3) Data is based on our interpretation of the PMIERs as of the dates indicated.
(4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.

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																														Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Reinsurance
						2025																								2024
($ in thousands)						December 31						September 30						June 30						March 31						December 31
Reinsurance Portfolio:
Reinsured Risk in Force						$	2,274,882					$	2,257,197					$	2,321,008					$	2,220,477					$	2,240,284
Reserve for losses and LAE						$	359					$	153					$	88					$	52					$	51
Weighted average credit score (1)						751						751						751						751						751
Weighted average LTV (1)						83		%				83		%				83		%				82		%				82		%
Essent Reinsurance Ltd. Capital:
Stockholder's equity (GAAP basis)						$	1,695,390					$	1,722,135					$	1,751,720					$	1,780,924					$	1,773,044
Net risk in force (2)						$	25,880,997					$	25,453,510					$	24,802,145					$	23,482,726					$	23,250,018
(1) Represents statistics on mortgage reinsurance portfolio only.
(2) Net risk in force represents total risk in force net of exposures on policies for which loss reserves have been established. It includes amounts reinsured under a quota share agreement with Essent Guaranty, Inc. in addition to reinsurance agreements with unrelated third parties.

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																								Exhibit P
Essent Group Ltd. and Subsidiaries
Supplemental Information
Cash & Investments
Cash & Investments by Asset Class
Asset Class						December 31, 2025												December 31, 2024
($ in thousands)						Fair Value						Percent						Fair Value						Percent
U.S. Treasury securities						$	369,712					5.6		%				$	547,290					8.7		%
U.S. agency mortgage-backed securities						1,174,895						17.8						1,125,436						17.8
Municipal debt securities						610,411						9.2						583,501						9.2
Non-U.S. government securities						56,024						0.8						69,798						1.1
Corporate debt securities						1,980,080						30.0						1,783,046						28.3
Residential and commercial mortgage securities						464,105						7.0						478,086						7.6
Asset-backed securities						800,366						12.1						631,959						10.0
Money market funds						648,492						9.8						657,605						10.4
Total investments available for sale						6,104,085						92.3						5,876,721						93.1
Other invested assets						382,513						5.8						303,900						4.8
Cash						123,049						1.9						131,480						2.1
Total cash and investments						$	6,609,647					100.0		%				$	6,312,101					100.0		%
Investments Available for Sale by Credit Rating
Rating (1)						December 31, 2025												December 31, 2024
($ in thousands)						Fair Value						Percent						Fair Value						Percent
Aaa						$	846,230					15.5		%				$	2,513,014					48.1		%
Aa1						1,799,508						32.9						101,809						2.0
Aa2						300,026						5.5						301,080						5.8
Aa3						319,848						5.9						271,069						5.2
A1						545,918						10.0						511,076						9.8
A2						511,146						9.4						411,999						7.9
A3						494,434						9.1						463,616						8.8
Baa1						244,424						4.5						218,454						4.2
Baa2						208,247						3.8						198,193						3.8
Baa3						122,596						2.2						151,729						2.9
Below Baa3						63,216						1.2						77,077						1.5
Total (2)						$	5,455,593					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 $648,492 and $657,605 of money market funds at December 31, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration						December 31, 2025												December 31, 2024
($ in thousands)						Fair Value						Percent						Fair Value						Percent
< 1 year						$	1,549,327					25.4		%				$	1,587,022					26.9		%
1 to < 2 years						527,914						8.6						544,630						9.3
2 to < 3 years						532,211						8.7						473,301						8.1
3 to < 4 years						571,255						9.4						445,614						7.6
4 to < 5 years						536,135						8.8						546,414						9.3
5 or more years						2,387,243						39.1						2,279,740						38.8
Total investments available for sale						$	6,104,085					100.0		%				$	5,876,721					100.0		%
Pre-tax investment yield (3)						Three months ended December 31, 2025						Year ended December 31, 2025
Yield on cash and investments available for sale						3.84		%				3.83		%
Return on other invested assets						4.15		%				5.06		%
Aggregate yield on total cash and investments						3.85		%				3.90		%
(3) Yield on investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above.