Essent Group Ltd. Announces Third Quarter 2025 Results and Declares Quarterly Dividend

(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.

November 07, 2025

HAMILTON, Bermuda, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Essent Group Ltd . (NYSE: ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024.

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

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

Financial Highlights:

New insurance written for the third quarter of 2025 was $12.2 billion, compared to $12.5 billion in the second quarter of 2025 and $12.5 billion in the third quarter of 2024.
Insurance in force as of September 30, 2025 was $248.8 billion, compared to $246.8 billion as of June 30, 2025 and $243.0 billion as of September 30, 2024.
Net investment income for the nine months ended September 30, 2025 was $177.3 million, up 7% from the comparable period in 2024.
On August 6, 2025, Moody's Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd . to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.
Year-to-date through October 31st, Essent has repurchased 8.7 million common shares for $501 million.
In November 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2027.

Conference Call:

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

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

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

Forward-Looking Statements:

This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 19, 2025, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About the Company:

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

Source: Essent Group Ltd .

Media Contact

610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com



Essent Group Ltd . and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2025


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

										Exhibit A

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Direct premiums written	$	280,796		$	277,754		$	828,062		$	819,595
Ceded premiums		(38,968	)		(34,789	)		(106,475	)		(92,524	)
Net premiums written		241,828			242,965			721,587			727,071
Decrease in unearned premiums		4,504			5,971			19,402			19,346
Net premiums earned		246,332			248,936			740,989			746,417
Net investment income		59,795			57,340			177,294			165,511
Realized investment gains (losses), net		(425	)		68			(735	)		(2,236	)
Income from other invested assets		1,770			2,820			13,644			486
Other income		4,358			7,414			17,339			17,699
Total revenues		311,830			316,578			948,531			927,877

Losses and expenses:
Provision for losses and LAE		44,922			30,666			93,264			40,245
Other underwriting and operating expenses		59,498			66,881			193,387			199,923
Interest expense		8,251			11,457			24,547			27,168
Total losses and expenses		112,671			109,004			311,198			267,336

Income before income taxes		199,159			207,574			637,333			660,541
Income tax expense		34,944			31,399			102,346			99,038
Net income	$	164,215		$	176,175		$	534,987		$	561,503


Earnings per share:
Basic	$	1.69		$	1.67		$	5.35		$	5.32
Diluted		1.67			1.65			5.29			5.26

Weighted average shares outstanding:
Basic		97,400			105,266			100,086			105,539
Diluted		98,519			106,554			101,155			106,700

Net income	$	164,215		$	176,175		$	534,987		$	561,503

Other comprehensive income:
Change in unrealized appreciation of investments		50,241			117,358			138,559			90,217
Total other comprehensive income		50,241			117,358			138,559			90,217
Comprehensive income	$	214,456		$	293,533		$	673,546		$	651,720

				Exhibit B

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


	September 30,			December 31,
(In thousands, except per share amounts)		2025			2024
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	5,449,789		$	5,112,697
Short-term investments available for sale, at fair value		640,076			764,024
Total investments available for sale		6,089,865			5,876,721
Other invested assets		370,072			303,900
Total investments		6,459,937			6,180,621
Cash		91,411			131,480
Accrued investment income		43,004			43,732
Accounts receivable		53,674			55,564
Deferred policy acquisition costs		9,191			9,653
Property and equipment		49,956			41,871
Prepaid federal income tax		490,456			489,600
Goodwill and acquired intangible assets, net		78,504			79,556
Other assets		75,866			79,572
Total assets	$	7,351,999		$	7,111,649

*Liabilities and Stockholders' Equity*
Liabilities
Reserve for losses and LAE	$	397,138		$	328,866
Unearned premium reserve		96,581			115,983
Net deferred tax liability		438,187			392,428
Senior notes due 2029, net		494,965			493,959
Other accrued liabilities		186,154			176,755
Total liabilities		1,613,025			1,507,991

Commitments and contingencies

Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 97,497 shares in 2025 and 105,015 shares in 2024		1,462			1,575
Additional paid-in capital		770,561			1,214,956
Accumulated other comprehensive loss		(165,425	)		(303,984	)
Retained earnings		5,132,376			4,691,111
Total stockholders' equity		5,738,974			5,603,658

Total liabilities and stockholders' equity	$	7,351,999		$	7,111,649

Return on average equity (1)		12.6	%		13.6	%

(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity.

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

		2025									2024
Selected Income Statement Data	September 30			June 30			March 31			December 31			September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio	$	215,683		$	220,261		$	218,125		$	211,683		$	214,119
GSE and other mortgage risk share		15,945			13,646			15,505			16,180			17,130
Title insurance and other		14,704			14,902			12,218			16,602			17,687
Net premiums earned		246,332			248,809			245,848			244,465			248,936
Net investment income		59,795			59,289			58,210			56,559			57,340
Realized investment gains (losses), net		(425	)		(129	)		(181	)		(114	)		68
Income from other invested assets		1,770			4,466			7,408			6,889			2,820
Other income (1)		4,358			6,708			6,273			7,228			7,414
Total revenues		311,830			319,143			317,558			315,027			316,578

Losses and expenses:
Provision for losses and LAE		44,922			17,055			31,287			40,975			30,666
Other underwriting and operating expenses		59,498			62,765			71,124			70,951			66,881
Interest expense		8,251			8,148			8,148			8,151			11,457
Total losses and expenses		112,671			87,968			110,559			120,077			109,004

Income before income taxes		199,159			231,175			206,999			194,950			207,574
Income tax expense (2)		34,944			35,836			31,566			27,050			31,399
Net income	$	164,215		$	195,339		$	175,433		$	167,900		$	176,175

Earnings per share:
Basic	$	1.69		$	1.95		$	1.71		$	1.60		$	1.67
Diluted		1.67			1.93			1.69			1.58			1.65

Weighted average shares outstanding:
Basic		97,400			100,037			102,881			104,963			105,266
Diluted		98,519			101,059			103,946			106,104			106,554

Book value per share	$	58.86		$	56.98		$	55.22		$	53.36		$	53.11
Return on average equity (annualized)		11.5	%		13.8	%		12.5	%		11.9	%		12.8	%

Borrowings
Borrowings outstanding	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Undrawn committed capacity	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Weighted average interest rate (end of period)		6.25	%		6.25	%		6.25	%		6.25	%		6.25	%
Debt-to-capital		8.01	%		8.10	%		8.12	%		8.19	%		8.14	%

(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were ($858), ($29), ($150), $204, and ($1,173), respectively.
(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes $493, $1,112, $1,561, $1,591, and $475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes ($828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.

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


		2025									2024
Other Data:	September 30			June 30			March 31			December 31			September 30
($ in thousands)

U.S. mortgage insurance portfolio
New insurance written	$	12,233,252		$	12,544,731		$	9,945,336		$	12,220,968		$	12,513,695
New risk written	$	3,239,497		$	3,357,820		$	2,698,639		$	3,297,296		$	3,437,465

Average insurance in force	$	247,821,046		$	245,747,813		$	244,005,459		$	243,236,830		$	242,065,632
Insurance in force (end of period)	$	248,808,341		$	246,797,619		$	244,692,492		$	243,645,423		$	242,976,043
Gross risk in force (end of period) (1)	$	68,262,577		$	67,683,239		$	67,026,626		$	66,613,517		$	66,237,992
Risk in force (end of period)	$	56,940,929		$	56,811,096		$	56,565,811		$	56,477,150		$	55,915,640
Policies in force		812,856			812,182			811,342			813,013			815,507
Weighted average coverage (2)		27.4	%		27.4	%		27.4	%		27.3	%		27.3	%
Annual persistency		86.0	%		85.8	%		85.7	%		85.7	%		86.6	%

Loans in default (count)		18,583			17,255			17,759			18,439			15,906
Percentage of loans in default		2.29	%		2.12	%		2.19	%		2.27	%		1.95	%

U.S. mortgage insurance portfolio premium rate:
Base average premium rate (3)		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Single premium cancellations (4)		—	%		—	%		—	%		—	%		—	%
Gross average premium rate		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Ceded premiums		(0.06	%)		(0.05	%)		(0.05	%)		(0.06	%)		(0.06	%)
Net average premium rate		0.35	%		0.36	%		0.36	%		0.35	%		0.35	%


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

																Exhibit E

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


NIW by Credit Score
	Three Months Ended										Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
($ in thousands)
>=760	$	6,356,576		52.0	%	$	5,339,574		42.7	%	$	17,372,805		50.0	%	$	14,387,356		43.2	%
740-759		1,889,181		15.4			2,141,817		17.1			5,623,462		16.2			5,717,289		17.1
720-739		1,485,477		12.2			1,764,319		14.1			4,384,395		12.6			4,828,718		14.5
700-719		1,257,054		10.3			1,622,450		13.0			3,742,854		10.8			4,348,047		13.0
680-699		691,114		5.6			918,116		7.3			1,997,765		5.8			2,351,589		7.1
<=679		553,850		4.5			727,419		5.8			1,602,038		4.6			1,707,365		5.1
Total	$	12,233,252		100.0	%	$	12,513,695		100.0	%	$	34,723,319		100.0	%	$	33,340,364		100.0	%

Weighted average credit score		754					747					753					747



NIW by LTV
	Three Months Ended										Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
($ in thousands)
85.00% and below	$	1,129,090		9.2	%	$	836,186		6.7	%	$	2,992,346		8.6	%	$	2,250,434		6.7	%
85.01% to 90.00%		3,099,275		25.3			2,415,504		19.3			8,335,451		24.0			6,571,300		19.7
90.01% to 95.00%		6,200,624		50.8			6,616,174		52.9			17,870,142		51.5			18,008,682		54.0
95.01% and above		1,804,263		14.7			2,645,831		21.1			5,525,380		15.9			6,509,948		19.6
Total	$	12,233,252		100.0	%	$	12,513,695		100.0	%	$	34,723,319		100.0	%	$	33,340,364		100.0	%

Weighted average LTV		93	%				93	%				93	%				93	%



NIW by Product
	Three Months Ended										Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
Single premium policies				1.3	%				1.4	%				1.3	%				1.5	%
Monthly premium policies				98.7					98.6					98.7					98.5
				100.0	%				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended										Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
Purchase				90.5	%				97.0	%				92.4	%				97.4	%
Refinance				9.5					3.0					7.6					2.6
				100.0	%				100.0	%				100.0	%				100.0	%

														Exhibit F

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


Portfolio by Credit Score
IIF by FICO score	September 30, 2025					June 30, 2025					September 30, 2024
($ in thousands)
>=760	$	103,261,791		41.5	%	$	101,554,517		41.1	%	$	98,553,455		40.6	%
740-759		43,372,715		17.4			43,146,312		17.5			42,377,559		17.4
720-739		38,113,923		15.3			38,115,925		15.4			37,947,254		15.6
700-719		32,834,985		13.2			32,789,773		13.3			32,685,044		13.5
680-699		19,625,586		7.9			19,666,338		8.0			19,890,335		8.2
<=679		11,599,341		4.7			11,524,754		4.7			11,522,396		4.7
Total	$	248,808,341		100.0	%	$	246,797,619		100.0	%	$	242,976,043		100.0	%

Weighted average credit score		746					746					746

Gross RIF by FICO score	September 30, 2025					June 30, 2025					September 30, 2024
($ in thousands)
>=760	$	28,056,444		41.0	%	$	27,578,860		40.8	%	$	26,614,399		40.2	%
740-759		12,054,702		17.7			11,989,491		17.7			11,715,485		17.7
720-739		10,587,116		15.5			10,584,541		15.6			10,485,311		15.8
700-719		9,155,794		13.4			9,136,075		13.5			9,044,551		13.7
680-699		5,429,039		8.0			5,434,287		8.0			5,451,406		8.2
<=679		2,979,482		4.4			2,959,985		4.4			2,926,840		4.4
Total	$	68,262,577		100.0	%	$	67,683,239		100.0	%	$	66,237,992		100.0	%

Portfolio by LTV
IIF by LTV	September 30, 2025					June 30, 2025					September 30, 2024
($ in thousands)
85.00% and below	$	14,398,904		5.8	%	$	14,309,342		5.8	%	$	15,555,555		6.4	%
85.01% to 90.00%		58,982,107		23.7			59,432,276		24.1			61,262,960		25.2
90.01% to 95.00%		131,889,655		53.0			130,210,803		52.7			125,919,529		51.8
95.01% and above		43,537,675		17.5			42,845,198		17.4			40,237,999		16.6
Total	$	248,808,341		100.0	%	$	246,797,619		100.0	%	$	242,976,043		100.0	%

Weighted average LTV		93	%				93	%				93	%

Gross RIF by LTV	September 30, 2025					June 30, 2025					September 30, 2024
($ in thousands)
85.00% and below	$	1,696,592		2.5	%	$	1,689,437		2.5	%	$	1,845,584		2.8	%
85.01% to 90.00%		14,526,528		21.3			14,653,527		21.7			15,120,025		22.8
90.01% to 95.00%		38,895,352		57.0			38,402,295		56.7			37,149,222		56.1
95.01% and above		13,144,105		19.2			12,937,980		19.1			12,123,161		18.3
Total	$	68,262,577		100.0	%	$	67,683,239		100.0	%	$	66,237,992		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	September 30, 2025					June 30, 2025					September 30, 2024
($ in thousands)
FRM 30 years and higher	$	242,770,621		97.6	%	$	241,225,436		97.8	%	$	237,628,900		97.8	%
FRM 20-25 years		1,070,635		0.4			1,024,884		0.4			1,199,947		0.5
FRM 15 years		1,664,866		0.7			1,465,011		0.6			1,191,749		0.5
ARM 5 years and higher		3,302,219		1.3			3,082,288		1.2			2,955,447		1.2
Total	$	248,808,341		100.0	%	$	246,797,619		100.0	%	$	242,976,043		100.0	%

													Exhibit G

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

		2025									2024
($ in thousands)	September 30			June 30			March 31			December 31			September 30
GSE and other mortgage risk share (1):
Risk in Force	$	2,184,981		$	2,290,008		$	2,189,477		$	2,209,284		$	2,228,376
Reserve for losses and LAE	$	94		$	88		$	52		$	51		$	37

Weighted average credit score		751			751			751			751			750
Weighted average LTV		83	%		83	%		82	%		82	%		82	%

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

																							Exhibit H

Essent Group Ltd . and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 30, 2025


								Insurance in Force
Year	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	$	1,547,043	1.8	%	8,541	4.28	%	68.5	%	50.5	%	1.7	%	11.6	%	47.4	%	2.3	%	342	4.00	%
2016		34,949,319		1,224,277	3.5		7,032	4.04		78.7		62.5		16.5		16.8		41.3		2.0		339	4.82
2017		43,858,322		2,941,973	6.7		18,638	4.32		90.4		82.4		26.3		21.3		36.1		2.9		861	4.62
2018		47,508,525		3,956,282	8.3		23,387	4.83		95.1		78.9		29.3		22.6		31.2		3.8		1,095	4.68
2019		63,569,183		8,869,146	14.0		44,858	4.25		90.1		75.0		27.0		19.4		34.2		3.5		1,564	3.49
2020		107,944,065		29,520,352	27.3		121,596	3.22		76.0		68.4		16.1		10.9		44.9		2.7		2,417	1.99
2021		84,218,250		42,983,766	51.0		148,389	3.11		91.8		71.2		18.2		13.7		40.1		6.4		3,599	2.43
2022		63,061,262		46,918,955	74.4		138,053	5.09		98.4		67.3		11.9		12.5		39.5		19.3		3,670	2.66
2023		47,666,852		37,383,517	78.4		107,924	6.61		98.8		73.4		19.3		11.1		38.2		21.4		2,834	2.63
2024		45,561,332		40,106,430	88.0		108,554	6.70		94.9		73.2		20.3		12.3		42.3		20.3		1,669	1.54
2025 (through September 30)		34,723,319		33,356,600	96.1		85,884	6.70		92.3		67.5		16.4		10.6		49.2		8.4		193	0.22
Total	$	659,922,936	$	248,808,341	37.7		812,856	5.17		92.6		70.5		17.5		12.6		41.5		5.7		18,583	2.29

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

	Essent Group Ltd . and Subsidiaries	Exhibit I
	Supplemental Information
	U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
	September 30, 2025

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


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	$	3,917,343	$	1,034,525	$	118,650	$	76,144	$	—	$	253,643	$	241,999	$	627	$	1,861	$	—
XOL 2020-1	Jan. 2019 - Aug. 2019		5,062,931		1,340,666		55,102		29,152		—		215,605		210,860		252		747		—
XOL 2022-1	Oct. 2021 - Dec. 2022		57,047,820		15,687,589		141,992		141,992		—		507,114		480,893		1,611		4,779		137,144
XOL 2023-1	Jan. 2023 - Dec. 2023		33,592,906		9,329,166		36,627		36,627		—		366,270		361,520		439		1,301		35,221
XOL 2024-1	Jan. 2024 - Dec. 2024		37,239,040		10,243,450		58,005		58,005		—		331,456		330,808		657		1,953		55,989
XOL 2025-1	Jan. 2025 - Dec. 2025		33,292,085		8,918,226		62,428		62,428		—		265,700		265,700		566		566		60,035
Total		$	170,152,125	$	46,553,622	$	472,804	$	404,348	$	—	$	1,939,788	$	1,891,780	$	4,152	$	11,207	$	288,389


Quota Share Reinsurance (2)
										Losses Ceded					Ceding Commission				Earned Premiums Ceded
Year	Ceding Percentage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Ceded Insurance in Force		Remaining Ceded Risk in Force		Quarter-to-Date		Year-to-Date			Quarter-to-Date		Year-to-Date		Quarter-to-Date		Year-to-Date		Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020	(4)	$	33,267,853	$	9,170,377	$	6,888,445	$	1,872,081	$	187	$	(428	)	$	2,013	$	6,406	$	3,090	$	8,812	$	115,851
Jan. 2022 - Dec. 2022	20%		46,871,227		12,846,313		9,374,245		2,569,263		2,941		5,460			1,675		5,168		5,872		15,029		189,789
Jan. 2023 - Dec. 2023	17.5%		33,484,914		9,302,064		5,859,860		1,627,861		2,350		4,992			1,205		3,706		4,879		12,774		127,884
Jan. 2024 - Dec. 2024	15%		39,879,085		10,951,466		5,981,863		1,642,720		2,310		5,159			1,241		3,792		4,978		13,311		128,046
Jan. 2025 - Dec. 2025	25%		33,319,488		8,925,838		8,329,872		2,231,460		690		962			1,195		2,072		2,902		4,795		146,367
Total		$	186,822,567	$	51,196,058	$	36,434,285	$	9,943,385	$	8,478	$	16,145		$	7,329	$	21,144	$	21,721	$	54,721	$	707,937

					Exhibit J

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


IIF by State
	September 30, 2025		June 30, 2025		September 30, 2024
CA	12.2	%	12.3	%	12.5	%
FL	12.0		12.0		11.8
TX	11.3		11.3		10.9
CO	4.0		4.0		4.1
AZ	4.0		3.9		3.8
GA	3.8		3.8		3.7
WA	3.4		3.4		3.4
NC	3.1		3.1		3.0
MI	2.6		2.6		2.5
NY	2.6		2.6		2.6
All Others	41.0		41.0		41.7
Total	100.0	%	100.0	%	100.0	%



Gross RIF by State
	September 30, 2025		June 30, 2025		September 30, 2024
CA	12.2	%	12.3	%	12.5	%
FL	12.2		12.2		12.0
TX	11.6		11.5		11.2
AZ	4.0		4.0		3.9
CO	3.9		4.0		4.0
GA	3.9		3.9		3.8
WA	3.4		3.4		3.4
NC	3.1		3.1		3.0
MI	2.6		2.6		2.5
UT	2.6		2.6		2.4
All Others	40.5		40.4		41.3
Total	100.0	%	100.0	%	100.0	%

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

Rollforward of Insured Loans in Default
	Three Months Ended
		2025									2024
	September 30			June 30			March 31			December 31			September 30
Beginning default inventory		17,255			17,759			18,439			15,906			13,954
Plus: new defaults (A)		10,357			8,810			9,664			11,136			9,984
Less: cures		(8,713	)		(9,078	)		(10,173	)		(8,408	)		(7,819	)
Less: claims paid		(296	)		(215	)		(153	)		(183	)		(182	)
Less: rescissions and denials, net		(20	)		(21	)		(18	)		(12	)		(31	)
Ending default inventory		18,583			17,255			17,759			18,439			15,906

(A) New defaults remaining as of September 30, 2025		7,693			3,556			2,221			1,696			1,164
Cure rate (1)		26	%		60	%		77	%		85	%		88	%

Total amount paid for claims (in thousands)	$	16,456		$	9,007		$	6,330		$	7,740		$	5,749
Average amount paid per claim (in thousands)	$	56		$	42		$	41		$	42		$	32
Severity		78	%		67	%		70	%		68	%		58	%

Rollforward of Reserve for Losses and LAE
	Three Months Ended
		2025									2024
($ in thousands)	September 30			June 30			March 31			December 31			September 30
Reserve for losses and LAE at beginning of period	$	345,952		$	338,128		$	310,156		$	274,926		$	246,107
Less: Reinsurance recoverables		41,966			40,351			36,655			30,867			26,022
Net reserve for losses and LAE at beginning of period		303,986			297,777			273,501			244,059			220,085
Add provision for losses and LAE occurring in:
Current period		62,349			45,119			48,928			50,212			51,649
Prior years		(18,179	)		(29,796	)		(18,208	)		(12,976	)		(21,836	)
Incurred losses and LAE during the period		44,170			15,323			30,720			37,236			29,813
Deduct payments for losses and LAE occurring in:
Current period		552			315			51			1,569			637
Prior years		16,013			8,799			6,393			6,225			5,202
Loss and LAE payments during the period		16,565			9,114			6,444			7,794			5,839
Net reserve for losses and LAE at end of period		331,591			303,986			297,777			273,501			244,059
Plus: Reinsurance recoverables		47,957			41,966			40,351			36,655			30,867
Reserve for losses and LAE at end of period	$	379,548		$	345,952		$	338,128		$	310,156		$	274,926



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

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

	September 30, 2025
	Number of Policies in Default		Percentage of Policies in Default		Amount of Reserves		Percentage of Reserves		Defaulted RIF		Reserves as a Percentage of Defaulted RIF
($ in thousands)
Missed Payments:
Two payments	6,444		35	%	$	36,672	10	%	$	503,842	7	%
Three payments	2,658		14			27,789	8			215,321	13
Four to eleven payments	6,683		36			143,173	41			559,663	26
Twelve or more payments	2,551		14			125,475	36			206,735	61
Pending claims	247		1			17,365	5			19,537	89
Total case reserves	18,583		100	%		350,474	100	%	$	1,505,098	23	%
IBNR						26,287
LAE						2,787
Total reserves for losses and LAE					$	379,548

Average reserve per default:
Case					$	18.9
Total					$	20.4

Default Rate	2.29	%
3+ Month Default Rate	1.49	%

	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	%

	September 30, 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	5,704		36	%	$	29,187	11	%	$	425,367	7	%
Three payments	2,589		16			24,662	10			202,138	12
Four to eleven payments	5,498		35			104,223	41			437,515	24
Twelve or more payments	1,980		12			86,821	35			144,396	60
Pending claims	135		1			8,620	3			9,692	89
Total case reserves	15,906		100	%		253,513	100	%	$	1,219,108	21	%
IBNR						19,013
LAE						2,400
Total reserves for losses and LAE					$	274,926

Average reserve per default:
Case					$	15.9
Total					$	17.3

Default Rate	1.95	%
3+ Month Default Rate	1.25	%

								Exhibit M

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

Investments Available for Sale by Asset Class
Asset Class	September 30, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
U.S. Treasury securities	$	382,791		6.3	%	$	547,290	9.3	%
U.S. agency mortgage-backed securities		1,178,691		19.4			1,125,436	19.2
Municipal debt securities		613,089		10.0			583,501	9.9
Non-U.S. government securities		63,142		1.0			69,798	1.2
Corporate debt securities		1,930,920		31.7			1,783,046	30.3
Residential and commercial mortgage securities		463,344		7.6			478,086	8.1
Asset-backed securities		817,812		13.5			631,959	10.8
Money market funds		640,076		10.5			657,605	11.2
Total investments available for sale	$	6,089,865		100.0	%	$	5,876,721	100.0	%

Investments Available for Sale by Credit Rating
Rating(1)	September 30, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
Aaa	$	841,702		15.4	%	$	2,513,014	48.1	%
Aa1		1,817,913		33.4			101,809	2.0
Aa2		296,607		5.4			301,080	5.8
Aa3		307,657		5.6			271,069	5.2
A1		569,589		10.5			511,076	9.8
A2		458,648		8.4			411,999	7.9
A3		503,779		9.2			463,616	8.8
Baa1		222,589		4.1			218,454	4.2
Baa2		212,197		3.9			198,193	3.8
Baa3		147,026		2.7			151,729	2.9
Below Baa3		72,082		1.4			77,077	1.5
Total(2)	$	5,449,789		100.0	%	$	5,219,116	100.0	%

(1) Based on ratings issued by Moody's , if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $640,076 and $657,605 of money market funds at September 30, 2025 and December 31, 2024, respectively.

Investments Available for Sale by Duration and Book Yield
Effective Duration	September 30, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
< 1 Year	$	1,511,803		24.8	%	$	1,587,022	26.9	%
1 to < 2 Years		567,580		9.3			544,630	9.3
2 to < 3 Years		515,475		8.5			473,301	8.1
3 to < 4 Years		628,295		10.3			445,614	7.6
4 to < 5 Years		528,981		8.7			546,414	9.3
5 or more Years		2,337,731		38.4			2,279,740	38.8
Total investments available for sale	$	6,089,865		100.0	%	$	5,876,721	100.0	%

Pre-tax investment income yield:
Three months ended		3.89	%
Nine months ended September 30, 2025		3.83	%

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

													Exhibit N

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

		2025									2024
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
U.S. Mortgage Insurance Subsidiaries (7):
Combined statutory capital (1)	$	3,732,465		$	3,714,146		$	3,642,374		$	3,594,381		$	3,584,580

Combined net risk in force (2)	$	33,367,706		$	33,986,508		$	34,968,089		$	35,159,976		$	34,893,957

Risk-to-capital ratios (3):
Essent Guaranty, Inc.	8.9:1			9.2:1			9.6:1			9.8:1			10.0:1
Essent Guaranty of PA, Inc.	N/A			N/A			N/A			N/A			0.3:1
Combined (4)	N/A			N/A			N/A			N/A			9.7:1

Essent Guaranty, Inc. PMIERs Data (5):
Available Assets	$	3,666,883		$	3,654,460		$	3,628,675		$	3,612,993		$	3,598,725
Minimum Required Assets		2,065,890			2,075,409			2,107,620			2,029,738			1,903,473
PMIERs excess Available Assets	$	1,600,993		$	1,579,051		$	1,521,055		$	1,583,255		$	1,695,252
PMIERs sufficiency ratio (6)		177	%		176	%		172	%		178	%		189	%

Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)	$	1,722,135		$	1,751,720		$	1,780,924		$	1,773,044		$	1,826,901

Net risk in force (2)	$	25,453,510		$	24,802,145		$	23,482,726		$	23,250,018		$	23,003,846


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

Exhibit O
Essent Group Ltd . and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)

The following tables set forth quarterly financial information for our reportable business segment, Mortgage Insurance, our Corporate & Other category and our consolidated results for the five quarters ending September 30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.

	Mortgage Insurance
		2025									2024
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
Revenues:
Net premiums earned	$	231,628		$	233,907		$	233,630		$	227,863		$	231,249
Net investment income		49,568			48,892			47,630			46,191			46,241
Realized investment gains (losses), net		(427	)		(124	)		(101	)		(120	)		73
Income (loss) from other invested assets		(605	)		3,619			3,209			2,925			3,132
Other income		2,391			3,523			4,501			3,884			3,706
Total revenues		282,555			289,817			288,869			280,743			284,401

Losses and expenses:
Provision for losses and LAE		44,177			15,359			30,722			37,254			29,816

Compensation and benefits		16,568			16,793			19,890			18,037			17,656
Premium and other taxes		6,018			6,000			5,574			5,968			5,863
Ceding commission		(6,942	)		(6,910	)		(6,508	)		(6,547	)		(6,433	)
Other underwriting and operating expenses		10,949			11,128			11,637			11,779			10,798
Net operating expenses before allocations		26,593			27,011			30,593			29,237			27,884
Corporate expense allocations		7,583			9,241			13,014			10,657			10,672
Operating expenses after allocations		34,176			36,252			43,607			39,894			38,556
Income before income tax expense	$	204,202		$	238,206		$	214,540		$	203,595		$	216,029

Loss Ratio (1)		19.1	%		6.6	%		13.1	%		16.3	%		12.9	%
Expense Ratio (2)		14.8	%		15.5	%		18.7	%		17.5	%		16.7	%
Combined Ratio		33.9	%		22.1	%		31.8	%		33.8	%		29.6	%

(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

Exhibit O, continued
Essent Group Ltd . and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)

	Corporate & Other
		2025									2024
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
Revenues:
Net premiums earned	$	14,704		$	14,902		$	12,218		$	16,602		$	17,687
Net investment income		10,227			10,397			10,580			10,368			11,099
Realized investment gains (losses), net		2			(5	)		(80	)		6			(5	)
Income (loss) from other invested assets		2,375			847			4,199			3,964			(312	)
Other income		1,967			3,185			1,772			3,344			3,708
Total revenues		29,275			29,326			28,689			34,284			32,177

Losses and expenses:
Provision for losses and LAE		745			1,696			565			3,721			850

Compensation and benefits		12,608			13,926			19,802			16,490			16,136
Premium and other taxes		(88	)		495			1,329			569			432
Ceding commission		47			—			—			—			—
Other underwriting and operating expenses		20,338			21,333			19,400			24,655			22,429
Net operating expenses before allocations		32,905			35,754			40,531			41,714			38,997
Corporate expense allocations		(7,583	)		(9,241	)		(13,014	)		(10,657	)		(10,672	)
Operating expenses after allocations		25,322			26,513			27,517			31,057			28,325
Interest expense		8,251			8,148			8,148			8,151			11,457
Loss before income tax expense	$	(5,043	)	$	(7,031	)	$	(7,541	)	$	(8,645	)	$	(8,455	)

	Consolidated
		2025									2024
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
Revenues:
Net premiums earned	$	246,332		$	248,809		$	245,848		$	244,465		$	248,936
Net investment income		59,795			59,289			58,210			56,559			57,340
Realized investment gains (losses), net		(425	)		(129	)		(181	)		(114	)		68
Income from other invested assets		1,770			4,466			7,408			6,889			2,820
Other income		4,358			6,708			6,273			7,228			7,414
Total revenues		311,830			319,143			317,558			315,027			316,578

Losses and expenses:
Provision for losses and LAE		44,922			17,055			31,287			40,975			30,666

Compensation and benefits		29,176			30,719			39,692			34,527			33,792
Premium and other taxes		5,930			6,495			6,903			6,537			6,295
Ceding commission		(6,895	)		(6,910	)		(6,508	)		(6,547	)		(6,433	)
Other underwriting and operating expenses		31,287			32,461			31,037			36,434			33,227
Total other underwriting and operating expenses		59,498			62,765			71,124			70,951			66,881
Interest expense		8,251			8,148			8,148			8,151			11,457
Income before income tax expense	$	199,159		$	231,175		$	206,999		$	194,950		$	207,574

About us	Network	Partners
Fpgroup.nlinfo@analist.nlRSS feedContactIntellectual Property Photos	Analist.nlLinksISIN Glossary	MorningstarPrudena.comAAII.comNASDAQvwd GroupEuronextBATS Chi-x