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

2/14/25 6:30:00 AM ET

Property-Casualty Insurers

Finance

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

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on March 24, 2025, to shareholders of record on March 14, 2025.

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

Financial Highlights:

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

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

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

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

During the first quarter of 2025, Essent entered into two forward quota share transactions with highly rated third-party reinsurers. These quota share agreements cover 25% of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026.

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

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

Conference Call:

Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent.

A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.

In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.

Forward-Looking Statements:

This press release may include "forward-looking statements" which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the "GSEs"), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; and other risks and factors described in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 16, 2024, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About the Company:

Essent Group Ltd. (NYSE:ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, "Essent") offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.



Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2024

Exhibit A		Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B		Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C		Consolidated Historical Quarterly Data
Exhibit D		U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E		New Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit F		Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit G		Other Risk in Force
Exhibit H		U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I		U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J		U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K		Rollforward of Defaults and Reserve for Losses and LAE
Exhibit L		Detail of Reserves by Default Delinquency
Exhibit M		Investments Available for Sale
Exhibit N		U.S. Mortgage Insurance Company Capital
Exhibit O		Ratios and Reconciliation of Non-GAAP Financial Measures


										Exhibit A

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended December 31,						Year Ended December 31,
(In thousands, except per share amounts)		2024			2023			2024			2023
Revenues:
Direct premiums written	$	279,008		$	269,255		$	1,098,603		$	1,028,781
Ceded premiums		(39,499	)		(31,068	)		(132,023	)		(134,499	)
Net premiums written		239,509			238,187			966,580			894,282
Decrease in unearned premiums		4,956			7,427			24,302			22,624
Net premiums earned		244,465			245,614			990,882			916,906
Net investment income		56,559			50,581			222,070			186,139
Realized investment gains (losses), net		(114	)		(4,892	)		(2,350	)		(7,204	)
Income (loss) from other invested assets		6,889			(421	)		7,375			(11,118	)
Other income		7,228			6,395			24,927			25,036
Total revenues		315,027			297,277			1,242,904			1,109,759

Losses and expenses:
Provision for losses and LAE		40,975			19,640			81,220			31,542
Other underwriting and operating expenses		70,951			66,723			270,874			225,081
Interest expense		8,151			7,953			35,319			30,137
Total losses and expenses		120,077			94,316			387,413			286,760

Income before income taxes		194,950			202,961			855,491			822,999
Income tax expense		27,050			27,594			126,088			126,613
Net income	$	167,900		$	175,367		$	729,403		$	696,386


Earnings per share:
Basic	$	1.60		$	1.66		$	6.92		$	6.56
Diluted		1.58			1.64			6.85			6.50

Weighted average shares outstanding:
Basic		104,963			105,733			105,394			106,222
Diluted		106,104			106,823			106,550			107,129

Net income	$	167,900		$	175,367		$	729,403		$	696,386

Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments		(113,705	)		155,887			(23,488	)		102,294
Total other comprehensive income (loss)		(113,705	)		155,887			(23,488	)		102,294
Comprehensive income	$	54,195		$	331,254		$	705,915		$	798,680

				Exhibit B

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)


	December 31,			December 31,
(In thousands, except per share amounts)		2024			2023
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	5,112,697		$	4,335,008
Short-term investments available for sale, at fair value		764,024			928,731
Total investments available for sale		5,876,721			5,263,739
Other invested assets		303,900			277,226
Total investments		6,180,621			5,540,965
Cash		131,480			141,787
Accrued investment income		43,732			35,689
Accounts receivable		55,564			63,266
Deferred policy acquisition costs		9,653			9,139
Property and equipment		41,871			41,304
Prepaid federal income tax		489,600			470,646
Goodwill and acquired intangible assets, net		79,556			72,826
Other assets		79,572			51,051
Total assets	$	7,111,649		$	6,426,673

*Liabilities and Stockholders' Equity*
Liabilities
Reserve for losses and LAE	$	328,866		$	260,095
Unearned premium reserve		115,983			140,285
Net deferred tax liability		392,428			362,753
Senior notes due 2029, net of deferred costs		493,959			—
Credit facility borrowings, net of deferred costs		—			421,920
Other accrued liabilities		176,755			139,070
Total liabilities		1,507,991			1,324,123

Commitments and contingencies

Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 105,015 shares in 2024 and 106,597 shares in 2023		1,575			1,599
Additional paid-in capital		1,214,956			1,299,869
Accumulated other comprehensive income (loss)		(303,984	)		(280,496	)
Retained earnings		4,691,111			4,081,578
Total stockholders' equity		5,603,658			5,102,550

Total liabilities and stockholders' equity	$	7,111,649		$	6,426,673

Return on average equity		13.6	%		14.6	%


													Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data

	2024												2023
Selected Income Statement Data	December 31			September 30			June 30			March 31			December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio	$	211,683		$	214,119		$	217,513		$	212,479		$	211,083
GSE and other risk share		16,180			17,130			17,745			17,826			17,166
Title insurance		16,602			17,687			16,633			15,285			17,365
Net premiums earned		244,465			248,936			251,891			245,590			245,614
Net investment income		56,559			57,340			56,086			52,085			50,581
Realized investment gains (losses), net		(114	)		68			(1,164	)		(1,140	)		(4,892	)
Income (loss) from other invested assets		6,889			2,820			(419	)		(1,915	)		(421	)
Other income (loss) (1)		7,228			7,414			6,548			3,737			6,395
Total revenues		315,027			316,578			312,942			298,357			297,277

Losses and expenses:
Provision (benefit) for losses and LAE		40,975			30,666			(334	)		9,913			19,640
Other underwriting and operating expenses		70,951			66,881			66,202			66,840			66,723
Interest expense		8,151			11,457			7,849			7,862			7,953
Total losses and expenses		120,077			109,004			73,717			84,615			94,316

Income before income taxes		194,950			207,574			239,225			213,742			202,961
Income tax expense (2)		27,050			31,399			35,616			32,023			27,594
Net income	$	167,900		$	176,175		$	203,609		$	181,719		$	175,367

Earnings per share:
Basic	$	1.60		$	1.67		$	1.93		$	1.72		$	1.66
Diluted		1.58			1.65			1.91			1.70			1.64

Weighted average shares outstanding:
Basic		104,963			105,266			105,657			105,697			105,733
Diluted		106,104			106,554			106,778			106,770			106,823

Book value per share	$	53.36		$	53.11		$	50.58		$	48.96		$	47.87
Return on average equity (annualized)		11.9	%		12.8	%		15.4	%		14.1	%		14.2	%


Senior Debt & Credit Facility
Borrowings outstanding	$	500,000		$	500,000		$	425,000		$	425,000		$	425,000
Undrawn committed capacity	$	500,000		$	500,000		$	400,000		$	400,000		$	400,000
Weighted average interest rate (end of period)		6.25	%		6.25	%		7.07	%		7.06	%		7.11	%
Debt-to-capital		8.19	%		8.14	%		7.32	%		7.52	%		7.69	%

(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 was $204, ($1,173), $732, ($1,902), and $412, respectively.
(2) Income tax expense for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 includes $1,591, $475, $556, ($1,041), and ($1,132), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. Income tax expense for the quarter ended December 31, 2024 also includes $1,252 of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2024 also includes ($616) of excess tax benefits associated with the vesting of common shares and common share units. Income tax expense for the quarter ended December 31, 2023 also includes a $2,731 net benefit associated with the recognition of a deferred tax asset for unrealized losses on the investment portfolios of Essent Group and Essent Re upon the enactment of the Bermuda Corporate Income Tax.


										Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data


	2024												2023
Other Data, continued:	December 31			September 30			June 30			March 31			December 31
($ in thousands)

U.S. Mortgage Insurance Portfolio
New insurance written	$	12,220,968		$	12,513,695		$	12,503,125		$	8,323,544		$	8,769,160
New risk written		3,297,296			3,437,465			3,449,623			2,289,508			2,409,340

Average insurance in force	$	243,236,830		$	242,065,632		$	239,538,571		$	238,595,268		$	239,005,961
Insurance in force (end of period)	$	243,645,423		$	242,976,043		$	240,669,165		$	238,477,402		$	239,078,262
Gross risk in force (end of period) (1)	$	66,613,517		$	66,237,992		$	65,269,064		$	64,247,810		$	64,061,374
Risk in force (end of period)	$	56,477,150		$	55,915,640		$	55,521,538		$	54,686,533		$	54,591,590
Policies in force		813,013			815,507			814,237			815,752			822,012
Weighted average coverage (2)		27.3	%		27.3	%		27.1	%		26.9	%		26.8	%
Annual persistency		85.7	%		86.6	%		86.7	%		86.9	%		86.9	%

Loans in default (count)		18,439			15,906			13,954			13,992			14,819
Percentage of loans in default		2.27	%		1.95	%		1.71	%		1.72	%		1.80	%

U.S. Mortgage Insurance Portfolio Premium Rate:
Base average premium rate (3)		0.41	%		0.41	%		0.41	%		0.41	%		0.40	%
Single premium cancellations (4)		—	%		—	%		—	%		—	%		—	%
Gross average premium rate		0.41	%		0.41	%		0.41	%		0.41	%		0.40	%
Ceded premiums		(0.06	%)		(0.06	%)		(0.05	%)		(0.05	%)		(0.05	%)
Net average premium rate		0.35	%		0.35	%		0.36	%		0.36	%		0.35	%


(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.


																Exhibit E

Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: U.S. Mortgage Insurance Portfolio


NIW by Credit Score
	Three Months Ended										Year Ended
	December 31, 2024					December 31, 2023					December 31, 2024					December 31, 2023
($ in thousands)
>=760	$	5,754,605		47.1	%	$	3,708,316		42.3	%	$	20,141,961		44.2	%	$	19,181,507		40.2	%
740-759		2,131,356		17.4			1,531,800		17.5			7,848,645		17.2			8,563,621		18.0
720-739		1,640,275		13.4			1,333,537		15.2			6,468,993		14.2			7,644,101		16.0
700-719		1,390,278		11.4			1,256,250		14.3			5,738,325		12.6			7,148,954		15.0
680-699		743,789		6.1			581,913		6.6			3,095,378		6.8			3,606,260		7.6
<=679		560,665		4.6			357,344		4.1			2,268,030		5.0			1,522,409		3.2
Total	$	12,220,968		100.0	%	$	8,769,160		100.0	%	$	45,561,332		100.0	%	$	47,666,852		100.0	%

Weighted average credit score		751					747					748					746



NIW by LTV
	Three Months Ended										Year Ended
	December 31, 2024					December 31, 2023					December 31, 2024					December 31, 2023
($ in thousands)
85.00% and below	$	977,154		8.0	%	$	642,636		7.3	%	$	3,227,588		7.1	%	$	3,443,647		7.2	%
85.01% to 90.00%		2,821,683		23.1			1,871,854		21.3			9,392,983		20.6			9,822,916		20.6
90.01% to 95.00%		6,348,777		51.9			4,660,032		53.1			24,357,459		53.5			26,043,728		54.6
95.01% and above		2,073,354		17.0			1,594,638		18.3			8,583,302		18.8			8,356,561		17.6
Total	$	12,220,968		100.0	%	$	8,769,160		100.0	%	$	45,561,332		100.0	%	$	47,666,852		100.0	%

Weighted average LTV		93	%				93	%				93	%				93	%



NIW by Product
	Three Months Ended										Year Ended
	December 31, 2024					December 31, 2023					December 31, 2024					December 31, 2023
Single Premium policies				1.2	%				2.5	%				1.4	%				3.5	%
Monthly Premium policies				98.8					97.5					98.6					96.5
				100.0	%				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended										Year Ended
	December 31, 2024					December 31, 2023					December 31, 2024					December 31, 2023
Purchase				88.3	%				98.7	%				95.0	%				98.8	%
Refinance				11.7					1.3					5.0					1.2
				100.0	%				100.0	%				100.0	%				100.0	%


														Exhibit F

Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio


Portfolio by Credit Score
IIF by FICO score	December 31, 2024					September 30, 2024					December 31, 2023
($ in thousands)
>=760	$	99,221,741		40.7	%	$	98,553,455		40.6	%	$	97,085,244		40.6	%
740-759		42,574,390		17.5			42,377,559		17.4			41,490,720		17.4
720-739		37,953,625		15.6			37,947,254		15.6			37,435,781		15.7
700-719		32,657,660		13.4			32,685,044		13.5			31,932,469		13.4
680-699		19,772,912		8.1			19,890,335		8.2			19,780,944		8.3
<=679		11,465,095		4.7			11,522,396		4.7			11,353,104		4.6
Total	$	243,645,423		100.0	%	$	242,976,043		100.0	%	$	239,078,262		100.0	%

Weighted average credit score		746					746					746

Gross RIF by FICO score	December 31, 2024					September 30, 2024					December 31, 2023
($ in thousands)
>=760	$	26,860,197		40.3	%	$	26,614,399		40.2	%	$	25,752,549		40.2	%
740-759		11,799,832		17.7			11,715,485		17.7			11,268,607		17.6
720-739		10,512,364		15.8			10,485,311		15.8			10,179,683		15.9
700-719		9,067,640		13.6			9,044,551		13.7			8,687,001		13.6
680-699		5,440,776		8.2			5,451,406		8.2			5,330,894		8.3
<=679		2,932,708		4.4			2,926,840		4.4			2,842,640		4.4
Total	$	66,613,517		100.0	%	$	66,237,992		100.0	%	$	64,061,374		100.0	%

Portfolio by LTV
IIF by LTV	December 31, 2024					September 30, 2024					December 31, 2023
($ in thousands)
85.00% and below	$	14,738,289		6.0	%	$	15,555,555		6.4	%	$	19,869,776		8.3	%
85.01% to 90.00%		60,636,883		24.9			61,262,960		25.2			62,973,580		26.3
90.01% to 95.00%		127,152,954		52.2			125,919,529		51.8			119,764,184		50.1
95.01% and above		41,117,297		16.9			40,237,999		16.6			36,470,722		15.3
Total	$	243,645,423		100.0	%	$	242,976,043		100.0	%	$	239,078,262		100.0	%

Weighted average LTV		93	%				93	%				93	%

Gross RIF by LTV	December 31, 2024					September 30, 2024					December 31, 2023
($ in thousands)
85.00% and below	$	1,745,933		2.6	%	$	1,845,584		2.8	%	$	2,364,232		3.7	%
85.01% to 90.00%		14,961,779		22.5			15,120,025		22.8			15,494,172		24.2
90.01% to 95.00%		37,510,076		56.3			37,149,222		56.1			35,260,761		55.0
95.01% and above		12,395,729		18.6			12,123,161		18.3			10,942,209		17.1
Total	$	66,613,517		100.0	%	$	66,237,992		100.0	%	$	64,061,374		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	December 31, 2024					September 30, 2024					December 31, 2023
($ in thousands)
FRM 30 years and higher	$	238,335,608		97.8	%	$	237,628,900		97.8	%	$	232,995,380		97.5	%
FRM 20-25 years		1,133,494		0.5			1,199,947		0.5			1,685,700		0.7
FRM 15 years		1,231,952		0.5			1,191,749		0.5			1,505,759		0.6
ARM 5 years and higher		2,944,369		1.2			2,955,447		1.2			2,891,423		1.2
Total	$	243,645,423		100.0	%	$	242,976,043		100.0	%	$	239,078,262		100.0	%


													Exhibit G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force

	2024													2023
($ in thousands)	December 31			September 30			June 30			March 31			December 31
GSE and other risk share (1):
Risk in Force	$	2,240,284		$	2,254,726		$	2,304,885		$	2,307,267		$	2,244,944
Reserve for losses and LAE	$	51		$	37		$	33		$	32		$	29

Weighted average credit score		751			750			750			750			749
Weighted average LTV		82	%		82	%		82	%		82	%		82	%

(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.

																							Exhibit H


Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
December 31, 2024


								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 - 2014	$	60,668,851	$	975,931	1.6	%	5,373	4.28	%	65.9	%	49.1	%	1.0	%	9.8	%	49.8	%	2.4	%	232	4.32	%
2015		26,193,656		766,918	2.9		4,325	4.29		75.0		57.2		5.6		16.9		41.3		2.1		209	4.83
2016		34,949,319		1,981,674	5.7		11,869	3.97		84.9		74.9		15.3		17.5		40.0		2.0		459	3.87
2017		43,858,322		3,512,218	8.0		21,796	4.31		90.8		82.3		24.6		21.3		36.3		3.1		1,024	4.70
2018		47,508,525		4,579,054	9.6		26,580	4.81		95.1		75.2		27.6		22.1		31.9		4.0		1,280	4.82
2019		63,569,183		10,173,254	16.0		50,262	4.24		89.4		72.3		25.9		19.0		34.9		3.7		1,833	3.65
2020		107,944,065		35,499,947	32.9		142,347	3.21		73.1		64.1		15.0		10.7		45.4		2.8		2,623	1.84
2021		84,218,250		50,162,523	59.6		169,271	3.10		89.9		67.4		17.0		13.8		40.3		6.3		3,857	2.28
2022		63,061,262		51,504,293	81.7		149,358	5.08		98.2		66.3		11.5		12.6		39.6		19.0		3,862	2.59
2023		47,666,852		41,118,618	86.3		116,747	6.63		98.8		73.0		18.8		11.1		38.5		19.7		2,398	2.05
2024		45,561,332		43,370,993	95.2		115,085	6.71		94.9		72.6		19.5		12.0		43.2		12.8		662	0.58
Total	$	625,199,617	$	243,645,423	39.0		813,013	4.89		91.5		69.1		16.9		12.8		40.7		5.0		18,439	2.27

(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.


Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
December 31, 2024

($ in thousands)
Insurance Linked Notes (1)
																Earned Premiums Ceded
Deal Name	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	$	23,839,935	$	6,533,211	$	557,911	$	190,062	$	—	$	278,956	$	277,698	$	1,849	$	8,413		$	138,631
Radnor Re 2021-2	Apr. 2021 - Sep. 2021		29,757,565		8,243,653		439,407		265,134		—		279,415		276,141		3,533		14,485			203,328
Radnor Re 2022-1	Oct. 2021 - Jul. 2022		27,859,437		7,621,952		237,868		175,026		—		303,761		300,105		3,598		15,076			161,024
Radnor Re 2023-1	Aug. 2022 - Jun. 2023		28,058,061		7,690,718		281,462		268,320		—		281,463		280,559		3,583		14,240			254,368
Radnor Re 2024-1	Jul. 2023 - Jul. 2024		29,033,466		8,025,937		363,366		331,415		—		256,495		256,495		4,274		4,747			245,247
Total		$	138,548,464	$	38,115,471	$	1,880,014	$	1,229,957	$	—	$	1,400,090	$	1,390,998	$	16,837	$	56,961	⁽⁵⁾	$	1,002,598


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	$	4,535,941	$	1,195,244	$	118,650	$	76,144	$	—	$	253,643	$	243,704	$	627	$	2,495		$	—
XOL 2020-1	Jan. 2019 - Aug. 2019		5,760,682		1,522,699		55,102		29,152		—		215,605		211,678		263		1,072			—
XOL 2022-1	Oct. 2021 - Dec. 2022		63,001,325		17,184,107		141,992		141,992		—		507,114		496,864		1,611		6,407			137,827
XOL 2023-1	Jan. 2023 - Dec. 2023		36,841,903		10,211,722		36,627		36,627		—		366,270		366,028		439		1,745			35,212
XOL 2024-1	Jan. 2024 - Dec. 2024		40,244,132		11,048,540		46,537		58,005		—		331,456		331,456		658		1,186			55,795
Total		$	150,383,983	$	41,162,312	$	398,908	$	341,920	$	—	$	1,674,088	$	1,649,730	$	3,598	$	12,905		$	228,834

Quota Share Reinsurance (2)
										Losses Ceded				Ceding Commission				Earned Premiums Ceded
Year	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)	$	39,765,140	$	10,882,461	$	8,168,806	$	2,206,351	$	422	$	276	$	2,562	$	9,926	$	4,193	$	16,643	$	134,006
Jan. 2022 - Dec. 2022	20%		51,455,224		14,014,676		10,291,045		2,802,935		3,350		6,867		1,810		7,444		6,789		21,010		206,391
Jan. 2023 - Dec. 2023	17.5%		36,735,900		10,185,812		6,428,783		1,782,517		1,933		6,424		1,294		5,340		4,650		17,638		141,321
Jan. 2024 - Dec. 2024	15%		43,113,057		11,817,914		6,466,958		1,772,687		997		1,713		1,133		2,434		3,432		6,947		125,736
Total		$	171,069,321	$	46,900,863	$	31,355,592	$	8,564,490	$	6,702	$	15,280	$	6,799	$	25,144	$	19,064	$	62,238	$	607,454

(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.
(5) Excludes $81 of benefit in ceded premium on retired ILNs for the year ended December 31, 2024.

					Exhibit J

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data


IIF by State
	December 31, 2024		September 30, 2024		December 31, 2023
CA	12.5	%	12.5	%	13.0	%
FL	11.9		11.8		11.1
TX	11.1		10.9		10.5
CO	4.1		4.1		4.1
AZ	3.8		3.8		3.7
GA	3.7		3.7		3.4
WA	3.4		3.4		3.5
NC	3.0		3.0		2.9
NY	2.6		2.6		2.5
OH	2.6		2.6		2.6
All Others	41.3		41.6		42.7
Total	100.0	%	100.0	%	100.0	%



Gross RIF by State
	December 31, 2024		September 30, 2024		December 31, 2023
CA	12.4	%	12.5	%	12.8	%
FL	12.1		12.0		11.4
TX	11.4		11.2		10.9
CO	4.0		4.0		4.0
AZ	3.9		3.9		3.8
GA	3.8		3.8		3.4
WA	3.4		3.4		3.5
NC	3.0		3.0		2.9
OH	2.5		2.6		2.6
MI	2.5		2.5		2.5
All Others	41.0		41.1		42.2
Total	100.0	%	100.0	%	100.0	%

													Exhibit K

Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio

Rollforward of Insured Loans in Default
	Three Months Ended
	2024													2023
	December 31			September 30			June 30			March 31			December 31
Beginning default inventory		15,906			13,954			13,992			14,819			13,391
Plus: new defaults (A)		11,136			9,984			8,119			8,260			9,007
Less: cures		(8,408	)		(7,819	)		(7,956	)		(8,951	)		(7,418	)
Less: claims paid		(183	)		(182	)		(183	)		(123	)		(148	)
Less: rescissions and denials, net		(12	)		(31	)		(18	)		(13	)		(13	)
Ending default inventory		18,439			15,906			13,954			13,992			14,819

(A) New defaults remaining as of December 31, 2024		8,538			3,809			2,141			1,158			934
Cumulative cure rate (1)		23	%		62	%		74	%		86	%		90	%

Total amount paid for claims (in thousands)	$	7,740		$	5,749		$	5,566		$	3,605		$	3,411
Average amount paid per claim (in thousands)	$	42		$	32		$	30		$	29		$	23
Severity		68	%		58	%		60	%		65	%		54	%

Rollforward of Reserve for Losses and LAE
	Three Months Ended
	2024													2023
($ in thousands)	December 31			September 30			June 30			March 31			December 31
Reserve for losses and LAE at beginning of period	$	274,926		$	246,107		$	253,565		$	245,402		$	226,617
Less: Reinsurance recoverables		30,867			26,022			26,570			24,005			20,656
Net reserve for losses and LAE at beginning of period		244,059			220,085			226,995			221,397			205,961
Add provision for losses and LAE occurring in:
Current year		50,212			51,649			30,653			39,396			38,922
Prior years		(12,976	)		(21,836	)		(31,880	)		(30,062	)		(19,912	)
Incurred losses and LAE during the period		37,236			29,813			(1,227	)		9,334			19,010
Deduct payments for losses and LAE occurring in:
Current year		1,569			637			478			1			330
Prior years		6,225			5,202			5,205			3,735			3,244
Loss and LAE payments during the period		7,794			5,839			5,683			3,736			3,574
Net reserve for losses and LAE at end of period		273,501			244,059			220,085			226,995			221,397
Plus: Reinsurance recoverables		36,655			30,867			26,022			26,570			24,005
Reserve for losses and LAE at end of period	$	310,156		$	274,926		$	246,107		$	253,565		$	245,402

(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


									Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio

	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	%


	December 31, 2023
	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	5,041		34	%	$	24,917	11	%	$	361,986	7	%
Three payments	2,247		15			19,690	9			165,433	12
Four to eleven payments	5,421		37			97,424	43			417,876	23
Twelve or more payments	1,984		13			78,540	35			132,257	59
Pending claims	126		1			5,550	2			6,302	88
Total case reserves	14,819		100	%		226,121	100	%	$	1,083,854	21	%
IBNR						16,959
LAE						2,322
Total reserves for losses and LAE					$	245,402

Average reserve per default:
Case					$	15.3
Total					$	16.6

Default Rate	1.80	%


								Exhibit M

Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale


Investments Available for Sale by Asset Class
Asset Class	December 31, 2024					December 31, 2023
($ in thousands)	Fair Value			Percent		Fair Value		Percent
U.S. Treasury securities	$	547,290		9.3	%	$	996,382	18.9	%
U.S. agency securities		—		—			7,195	0.1
U.S. agency mortgage-backed securities		1,125,436		19.2			821,346	15.6
Municipal debt securities		583,501		9.9			547,258	10.5
Non-U.S. government securities		69,798		1.2			67,447	1.3
Corporate debt securities		1,783,046		30.3			1,297,055	24.6
Residential and commercial mortgage securities		478,086		8.1			517,940	9.8
Asset-backed securities		631,959		10.8			564,995	10.8
Money market funds		657,605		11.2			444,121	8.4
Total investments available for sale	$	5,876,721		100.0	%	$	5,263,739	100.0	%

Investments Available for Sale by Credit Rating
Rating (1)	December 31, 2024					December 31, 2023
($ in thousands)	Fair Value			Percent		Fair Value		Percent
Aaa	$	2,513,014		48.1	%	$	2,561,363	53.2	%
Aa1		101,809		2.0			104,474	2.2
Aa2		301,080		5.8			291,501	6.0
Aa3		271,069		5.2			208,882	4.3
A1		511,076		9.8			377,188	7.8
A2		411,999		7.9			329,423	6.8
A3		463,616		8.8			253,081	5.3
Baa1		218,454		4.2			220,901	4.6
Baa2		198,193		3.8			226,449	4.7
Baa3		151,729		2.9			166,121	3.4
Below Baa3		77,077		1.5			80,235	1.7
Total (2)	$	5,219,116		100.0	%	$	4,819,618	100.0	%

(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $657,605 and $444,121 of money market funds at December 31, 2024 and December 31, 2023, respectively.

Investments Available for Sale by Duration and Book Yield
Effective Duration	December 31, 2024					December 31, 2023
($ in thousands)	Fair Value			Percent		Fair Value		Percent
< 1 year	$	1,587,022		26.9	%	$	1,892,074	35.9	%
1 to < 2 years		544,630		9.3			371,583	7.1
2 to < 3 years		473,301		8.1			538,775	10.2
3 to < 4 years		445,614		7.6			402,668	7.6
4 to < 5 years		546,414		9.3			376,722	7.2
5 or more years		2,279,740		38.8			1,681,917	32.0
Total investments available for sale	$	5,876,721		100.0	%	$	5,263,739	100.0	%

Pre-tax investment income yield:
Three months ended December 31, 2024		3.66	%
Year ended December 31, 2024		3.74	%

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


													Exhibit N

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital

	2024													2023
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1) (7)	$	3,594,381		$	3,584,580		$	3,530,462		$	3,453,553		$	3,376,117

Combined net risk in force (2) (7)	$	35,159,976		$	34,893,957		$	34,812,227		$	34,463,082		$	34,549,500

Risk-to-capital ratios: (3)
Essent Guaranty, Inc.	9.8:1			10.0:1			10.2:1			10.3:1			10.6:1
Essent Guaranty of PA, Inc. (7)		N/A		0.3:1			0.3:1			0.4:1			0.4:1
Combined (4) (7)		N/A		9.7:1			9.9:1			10.0:1			10.2:1

Essent Guaranty, Inc. PMIERs Data (5):
Available Assets	$	3,612,993		$	3,598,725		$	3,513,609		$	3,464,119		$	3,379,936
Minimum Required Assets		2,029,738			1,903,473			2,052,135			1,999,928			1,985,545
PMIERs excess Available Assets	$	1,583,255		$	1,695,252		$	1,461,474		$	1,464,191		$	1,394,391
PMIERs sufficiency ratio (6)		178	%		189	%		171	%		173	%		170	%

Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)	$	1,773,044		$	1,826,901		$	1,793,777		$	1,793,005		$	1,758,665

Net risk in force (2)	$	23,250,018		$	23,003,846		$	22,770,165		$	22,271,316		$	22,043,926


(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., prior to December 31, 2024, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) The combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of December 31, 2024 are for Essent Guaranty only.


													Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Ratios and Reconciliation of Non-GAAP Financial Measures

	2024													2023
	December 31			September 30			June 30			March 31			December 31
Loss Ratio (1)		16.6	%		12.2	%		(0.1	)%		4.0	%		7.9	%
Expense Ratio (2)		28.7	%		26.5	%		26.1	%		27.1	%		27.0	%
Combined Ratio		45.3	%		38.7	%		26.0	%		31.1	%		34.9	%

We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisitions of Essent Title Insurance (formerly Agents National Title) and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the three months and year ended December 31, 2024 lack comparability with historical periods. In order to provide investors with more comparative information to historical periods, Essent has prepared the table below to reconcile the Consolidated Ratios to Consolidated Ratios Excluding Title, as shown below. Consolidated Ratios Excluding Title are financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and are referred to as non-GAAP measures. Consolidated Ratios Excluding Title are measures used to monitor our results and should not be viewed as segment results in accordance with ASC 280 or as a substitute for those measures determined in accordance with GAAP. The following table sets forth the reconciliation of the loss, expense and combined Consolidated Ratios Excluding Title to the most comparable GAAP amount for the three months and year ended December 31, 2024, in accordance with Regulation G:

	Three Months Ended December 31, 2024									Year Ended December 31, 2024
	Consolidated			Acquired Title			Consolidated Excluding Title			Consolidated			Acquired Title			Consolidated Excluding Title
($ in thousands)
Revenues:
Net premiums earned	$	244,465		$	16,602		$	227,863		$	990,882		$	66,206		$	924,676
Net investment income		56,559			805			55,754			222,070			3,170			218,900
Realized investment losses, net		(114	)		—			(114	)		(2,350	)		—			(2,350	)
Loss from other invested assets		6,889			—			6,889			7,375			—			7,375
Settlement services (3)		2,954			2,954			—			9,028			9,028			—
Other income		4,274			389			3,885			15,899			1,743			14,156
Total revenues		315,027			20,750			294,277			1,242,904			80,147			1,162,757

Losses and expenses:
Provision (benefit) for losses and LAE		40,975			3,722			37,253			81,220			6,038			75,182
Other underwriting and operating expenses (4)		62,437			18,162			44,275			233,032			57,727			175,305
Premiums retained by agents (5)		8,514			8,514			—			37,842			37,842			—
Interest expense		8,151			—			8,151			35,319			—			35,319
Total losses and expenses		120,077			30,398			89,679			387,413			101,607			285,806

Loss ratio (1)		16.6	%		19.0	%		16.3	%		8.1	%		8.0	%		8.1	%
Expense ratio (2)		28.7	%		136.4	%		19.4	%		27.1	%		127.0	%		19.0	%
Combined ratio		45.3	%		155.4	%		35.7	%		35.2	%		135.0	%		27.1	%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable.
(3) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.
(4) Title expenses reflect only direct expenses of Title operations and do not include corporate or centralized support expense allocations.
(5) Premiums retained by agents are included in "Other underwriting and operating expenses" within Exhibit A and Exhibit C.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250214763651/en/

Media Contact

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Investor Relations Contact

Philip Stefano

Vice President, Investor Relations

855-809-ESNT

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Date	Price Target	Rating	Analyst
4/8/2025	$60.00	Neutral → Overweight	Analyst
1/6/2025	$69.00 → $58.00	Overweight → Equal Weight	Barclays
8/5/2024	$65.00 → $70.00	Mkt Perform → Outperform	Keefe Bruyette
4/3/2024	$58.00 → $61.00	Overweight → Neutral	JP Morgan
12/6/2023	$54.00	Neutral	UBS
11/15/2023	$60.00	Overweight	Barclays
6/13/2023	$50.00	Outperform → Mkt Perform	Keefe Bruyette
1/6/2023	$54.00 → $43.00	Overweight → Equal Weight	Barclays

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

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