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

Rhea-AI Summary

Essent Group (NYSE: ESNT) reported Q4 2024 net income of $167.9 million ($1.58 per diluted share), compared to $175.4 million ($1.64 per diluted share) in Q4 2023. Full-year 2024 net income reached $729.4 million ($6.85 per diluted share), up from $696.4 million ($6.50 per diluted share) in 2023.

The company announced a quarterly cash dividend increase to $0.31 per common share, payable March 24, 2025. Q4 2024 new insurance written was $12.2 billion, with insurance in force reaching $243.6 billion. Net investment income for 2024 grew 19% to $222.1 million.

Notable developments include two forward quota share transactions covering 25% of eligible policies for 2025-2026, share repurchases of over 2 million common shares ($118 million), and a new $500 million share repurchase authorization through 2026.

Positive

• Full-year net income increased to $729.4M from $696.4M YoY
• Net investment income grew 19% in 2024
• Insurance in force increased to $243.6B from $239.1B YoY
• New $500M share repurchase program authorized
• Quarterly dividend increased

Negative

• Q4 net income decreased to $167.9M from $175.4M YoY
• Q4 new insurance written declined to $12.2B from $12.5B QoQ
• $37.2M provision for losses in Q4, including $8M for hurricane-related defaults

Insights

Financial Analyst

The Q4 and full-year 2024 results demonstrate Essent Group's robust financial health and strategic positioning in the mortgage insurance market. The 19% increase in net investment income to $222.1 million for 2024 reflects successful portfolio management in a higher interest rate environment. The company's resilient credit performance, despite hurricane-related challenges, underscores strong risk management practices.

The implementation of two forward quota share transactions covering 25% of eligible policies for 2025-2026 represents a strategic move to optimize capital efficiency and risk management. This approach, combined with the $500 million share repurchase authorization and increased quarterly dividend, signals management's confidence in sustained cash flow generation and commitment to shareholder returns.

The marginal growth in insurance in force to $243.6 billion and quarterly new insurance written of $12.2 billion indicate stable market positioning, despite challenging mortgage market conditions. The provision for losses of $37.2 million in Q4, including $8 million for hurricane-related defaults, suggests prudent risk assessment while maintaining profitability.

The company's balanced approach to capital management, demonstrated through share repurchases of over 2 million shares and the dividend increase, reflects a mature business model capable of generating consistent returns while maintaining financial flexibility for growth opportunities.

HAMILTON, Bermuda--(BUSINESS WIRE)-- 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.

 

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Source: Essent Group Ltd.

FAQ

What was Essent Group's (ESNT) net income for Q4 2024?

Essent Group reported net income of $167.9 million ($1.58 per diluted share) for Q4 2024.

How much is ESNT's new quarterly dividend payment?

Essent Group increased its quarterly dividend to $0.31 per common share, payable on March 24, 2025.

What is the size of ESNT's new share repurchase authorization?

The Board approved a $500 million share repurchase authorization running through year-end 2026.

How much was Essent's insurance in force as of December 31, 2024?

Essent's insurance in force was $243.6 billion as of December 31, 2024.

What was ESNT's net investment income growth in 2024?

Net investment income grew 19% in 2024, reaching $222.1 million.