HAMILTON, Bermuda, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2026 of $163.4 million or $1.82 per diluted share, compared to $164.2 million or $1.67 per diluted share for the quarter ended September 30, 2025.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on December 10, 2026 to shareholders of record on December 1, 2026.
“Our third quarter results reflect the earnings power of our mortgage insurance and reinsurance franchise,” said Mark A. Casale, Chairman and Chief Executive Officer. “With the solid credit quality of our insurance in force and our strong capital position, we are well positioned to deliver high-quality earnings with continued flexibility to invest in the business and return capital to shareholders.”
Financial Highlights:
- Mortgage new insurance written for the third quarter of 2026 was $12.1 billion, compared to $14.1 billion in the second quarter of 2026 and $12.2 billion in the third quarter of 2025.
- Mortgage insurance in force as of September 30, 2026 was $250.1 billion, compared to $249.7 billion as of June 30, 2026 and $248.8 billion as of September 30, 2025.
- Reinsurance net premiums written for the nine months ended September 30, 2026 were $330.3 million, compared to $49.3 million in the same period of 2025.
- Net investment income for the nine months ended September 30, 2026 was $183.8 million, up 4% from the comparable period in 2025.
- Year-to-date through October 31, 2026, Essent repurchased 7.7 million common shares for $474 million.
- In November 2026, our Board approved a $500 million share repurchase authorization that runs through year-end 2028.
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.
Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain a dial-in number and unique PIN. It is recommended that participants join 15 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call.
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.
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, 2025 filed with the Securities and Exchange Commission on February 18, 2026, 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
[email protected]
Investor Relations Contact
Frank Fanto
Manager, Investor Relations
855-809-ESNT
[email protected]
| Essent Group Ltd. and Subsidiaries | ||
| Financial Results and Supplemental Information (Unaudited) | ||
| Quarter Ended September 30, 2026 | ||
| Exhibit A | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |
| Exhibit B | Condensed Consolidated Balance Sheets (Unaudited) | |
| Exhibit C | Consolidated Historical Quarterly Data (Unaudited) | |
| Exhibit D | Year-to-Date Segment Results (Unaudited) | |
| Exhibit E | Historical Quarterly Segment Information (Unaudited) | |
| Exhibit F | Mortgage Insurance - Historical Quarterly Data | |
| Exhibit G | Mortgage Insurance - New Insurance Written | |
| Exhibit H | Mortgage Insurance - Insurance in Force and Risk in Force | |
| Exhibit I | Mortgage Insurance - Vintage Data | |
| Exhibit J | Mortgage Insurance - Outward Reinsurance Vintage Data | |
| Exhibit K | Mortgage Insurance - Geographic Data | |
| Exhibit L | Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE | |
| Exhibit M | Mortgage Insurance - Detail of Reserves by Default Delinquency | |
| Exhibit N | U.S. Mortgage Insurance Company Capital | |
| Exhibit O | Reinsurance | |
| Exhibit P | Cash & Investments | |
| Exhibit Q | Book Value Per Share Inclusive of Common Dividends & Reconciliation of Non-GAAP Financial Measures | |
| 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) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenues: | |||||||||||||||
| Gross premiums written | $ | 342,429 | $ | 280,796 | $ | 1,116,059 | $ | 828,062 | |||||||
| Ceded premiums | (39,555 | ) | (38,968 | ) | (111,231 | ) | (106,475 | ) | |||||||
| Net premiums written | 302,874 | 241,828 | 1,004,828 | 721,587 | |||||||||||
| (Increase) decrease in unearned premiums | (12,202 | ) | 4,504 | (177,299 | ) | 19,402 | |||||||||
| Net premiums earned | 290,672 | 246,332 | 827,529 | 740,989 | |||||||||||
| Net investment income | 62,952 | 59,795 | 183,819 | 177,294 | |||||||||||
| Realized investment gains (losses), net | (1,626 | ) | (425 | ) | (1,884 | ) | (735 | ) | |||||||
| Income from other invested assets | 10,724 | 1,770 | 40,288 | 13,644 | |||||||||||
| Other income | 11,461 | 4,358 | 23,189 | 17,339 | |||||||||||
| Total revenues | 374,183 | 311,830 | 1,072,941 | 948,531 | |||||||||||
| Losses and expenses: | |||||||||||||||
| Provision for losses and LAE | 83,489 | 44,922 | 180,666 | 93,264 | |||||||||||
| Other underwriting and operating expenses | 83,490 | 59,498 | 231,731 | 193,387 | |||||||||||
| Interest expense | 8,162 | 8,251 | 24,458 | 24,547 | |||||||||||
| Total losses and expenses | 175,141 | 112,671 | 436,855 | 311,198 | |||||||||||
| Income before income taxes | 199,042 | 199,159 | 636,086 | 637,333 | |||||||||||
| Income tax expense | 35,666 | 34,944 | 111,197 | 102,346 | |||||||||||
| Net income | $ | 163,376 | $ | 164,215 | $ | 524,889 | $ | 534,987 | |||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 1.84 | $ | 1.69 | $ | 5.76 | $ | 5.35 | |||||||
| Diluted | 1.82 | 1.67 | 5.71 | 5.29 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 88,964 | 97,400 | 91,156 | 100,086 | |||||||||||
| Diluted | 89,774 | 98,519 | 91,894 | 101,155 | |||||||||||
| Net income | $ | 163,376 | $ | 164,215 | $ | 524,889 | $ | 534,987 | |||||||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized appreciation (depreciation) of investments | (168,983 | ) | 50,241 | (207,660 | ) | 138,559 | |||||||||
| Comprehensive income (loss) | $ | (5,607 | ) | $ | 214,456 | $ | 317,229 | $ | 673,546 | ||||||
| Exhibit B | |||||||
| Essent Group Ltd. and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| September 30, | December 31, | ||||||
| (In thousands, except per share amounts) | 2026 | 2025 | |||||
| Assets | |||||||
| Investments | |||||||
| Fixed maturities available for sale, at fair value | $ | 5,367,841 | $ | 5,455,593 | |||
| Short-term investments available for sale, at fair value | 504,142 | 648,492 | |||||
| Total investments available for sale | 5,871,983 | 6,104,085 | |||||
| Other invested assets | 451,948 | 382,513 | |||||
| Total investments | 6,323,931 | 6,486,598 | |||||
| Cash | 160,670 | 123,049 | |||||
| Accrued investment income | 46,662 | 47,371 | |||||
| Accounts receivable | 186,991 | 51,267 | |||||
| Deferred policy acquisition costs | 74,010 | 9,547 | |||||
| Property, equipment and software, net | 46,556 | 49,189 | |||||
| Prepaid federal income tax | 488,825 | 513,425 | |||||
| Goodwill and acquired intangible assets, net | 77,101 | 78,153 | |||||
| Other assets | 153,463 | 82,404 | |||||
| Total assets | $ | 7,558,209 | $ | 7,441,003 | |||
| Liabilities and Stockholders' Equity | |||||||
| Liabilities | |||||||
| Reserve for losses and LAE | $ | 585,478 | $ | 446,822 | |||
| Unearned premium reserve | 269,029 | 91,730 | |||||
| Net deferred tax liability | 422,475 | 465,351 | |||||
| Senior notes due 2029, net | 496,308 | 495,301 | |||||
| Other accrued liabilities | 229,854 | 185,072 | |||||
| Total liabilities | 2,003,144 | 1,684,276 | |||||
| Commitments and contingencies | |||||||
| Stockholders' Equity | |||||||
| Common shares, $0.015 par value: | |||||||
| Authorized - 233,333; issued and outstanding - 88,769 shares in 2026 and 95,456 shares in 2025 | 1,332 | 1,432 | |||||
| Additional paid-in capital | 227,604 | 649,895 | |||||
| Accumulated other comprehensive loss | (359,645 | ) | (151,985 | ) | |||
| Retained earnings | 5,685,774 | 5,257,385 | |||||
| Total stockholders' equity | 5,555,065 | 5,756,727 | |||||
| Total liabilities and stockholders' equity | $ | 7,558,209 | $ | 7,441,003 | |||
| Return on average equity (1) | 12.4 | % | 12.1 | % | |||
| (1) The 2026 return on average equity is calculated by dividing annualized year-to-date 2026 net income by average equity. The 2025 return on average equity is calculated by dividing full year 2025 net income by average equity. | |||||||
| Exhibit C | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Consolidated Historical Quarterly Data (Unaudited) | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net premiums earned | $ | 290,672 | $ | 276,764 | $ | 260,093 | $ | 242,729 | $ | 246,332 | ||||||||||
| Net investment income | 62,952 | 61,612 | 59,255 | 59,223 | 59,795 | |||||||||||||||
| Realized investment gains (losses), net | (1,626 | ) | (111 | ) | (147 | ) | (188 | ) | (425 | ) | ||||||||||
| Income from other invested assets | 10,724 | 19,385 | 10,179 | 3,942 | 1,770 | |||||||||||||||
| Other income (1) | 11,461 | 5,036 | 6,692 | 6,698 | 4,358 | |||||||||||||||
| Total revenues | 374,183 | 362,686 | 336,072 | 312,404 | 311,830 | |||||||||||||||
| Losses and expenses: | ||||||||||||||||||||
| Provision for losses and LAE | 83,489 | 48,961 | 48,216 | 56,073 | 44,922 | |||||||||||||||
| Other underwriting and operating expenses | 83,490 | 75,258 | 72,983 | 63,653 | 59,498 | |||||||||||||||
| Interest expense | 8,162 | 8,148 | 8,148 | 8,149 | 8,251 | |||||||||||||||
| Total losses and expenses | 175,141 | 132,367 | 129,347 | 127,875 | 112,671 | |||||||||||||||
| Income before income taxes | 199,042 | 230,319 | 206,725 | 184,529 | 199,159 | |||||||||||||||
| Income tax expense (2) | 35,666 | 40,605 | 34,926 | 29,547 | 34,944 | |||||||||||||||
| Net income | $ | 163,376 | $ | 189,714 | $ | 171,799 | $ | 154,982 | $ | 164,215 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 1.84 | $ | 2.09 | $ | 1.83 | $ | 1.62 | $ | 1.69 | ||||||||||
| Diluted | 1.82 | 2.08 | 1.82 | 1.60 | 1.67 | |||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 88,964 | 90,740 | 93,818 | 95,772 | 97,400 | |||||||||||||||
| Diluted | 89,774 | 91,389 | 94,572 | 96,664 | 98,519 | |||||||||||||||
| Book value per share | $ | 62.58 | $ | 63.01 | $ | 61.20 | $ | 60.31 | $ | 58.86 | ||||||||||
| Return on average equity (annualized) | 11.7 | % | 13.4 | % | 12.0 | % | 10.8 | % | 11.5 | % | ||||||||||
| Senior debt & credit facility: | ||||||||||||||||||||
| Borrowings outstanding | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||||||
| Undrawn committed capacity | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||||||
| Weighted average interest rate (end of period) | 6.25 | % | 6.25 | % | 6.25 | % | 6.25 | % | 6.25 | % | ||||||||||
| Debt-to-capital | 8.26 | % | 8.11 | % | 8.07 | % | 7.99 | % | 8.01 | % | ||||||||||
| Cash and investments available for sale at the holding companies | $ | 959,062 | $ | 1,108,667 | $ | 1,144,112 | $ | 1,268,579 | $ | 1,038,747 | ||||||||||
| (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, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, were $5,693, ($323), $37, ($526), and ($858), respectively. | ||||||||||||||||||||
| (2) Income tax expense for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025 includes $3,440, $3,954, $2,407, $366, and $493, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarters ended December 31, 2025 and September 30, 2025 also includes ($396) and ($828), respectively, of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2026 also includes ($1,067) of excess tax benefits associated with the vesting of common shares and common share units. | ||||||||||||||||||||
| Exhibit D | ||||||||||||||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||||||||
| Year-to-Date Segment Results (Unaudited) | ||||||||||||||||||||||||||||||||
| The following tables set forth comparative financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the nine months ended September 30, 2026 and 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments. | ||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||
| (In thousands) | Mortgage Insurance | Reinsurance | Corporate & Other | Consolidated | Mortgage Insurance | Reinsurance | Corporate & Other | Consolidated | ||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 642,283 | $ | 136,993 | $ | 48,253 | $ | 827,529 | $ | 654,069 | $ | 45,913 | $ | 41,007 | $ | 740,989 | ||||||||||||||||
| Net investment income | 132,540 | 16,299 | 34,980 | 183,819 | 130,731 | 15,358 | 31,205 | 177,294 | ||||||||||||||||||||||||
| Realized investment gains (losses), net | (1,893 | ) | — | 9 | (1,884 | ) | (652 | ) | — | (83 | ) | (735 | ) | |||||||||||||||||||
| Income from other invested assets | 24,690 | — | 15,598 | 40,288 | 6,223 | — | 7,421 | 13,644 | ||||||||||||||||||||||||
| Other income | 10,551 | 5,487 | 7,151 | 23,189 | 3,962 | 6,453 | 6,924 | 17,339 | ||||||||||||||||||||||||
| Total revenues | 808,171 | 158,779 | 105,991 | 1,072,941 | 794,333 | 67,724 | 86,474 | 948,531 | ||||||||||||||||||||||||
| Losses and expenses: | ||||||||||||||||||||||||||||||||
| Provision for losses and LAE | 118,720 | 59,684 | 2,262 | 180,666 | 90,213 | 105 | 2,946 | 93,264 | ||||||||||||||||||||||||
| Compensation and benefits | 46,651 | 5,668 | 46,035 | 98,354 | 49,665 | 3,586 | 46,336 | 99,587 | ||||||||||||||||||||||||
| Premium and other taxes | 17,981 | 44 | 1,442 | 19,467 | 17,558 | 35 | 1,735 | 19,328 | ||||||||||||||||||||||||
| Acquisition costs, net (3) | (23,142 | ) | 38,382 | — | 15,240 | (20,257 | ) | 1,129 | — | (19,128 | ) | |||||||||||||||||||||
| Other underwriting and operating expenses | 32,272 | 2,916 | 63,482 | 98,670 | 29,868 | 2,658 | 61,074 | 93,600 | ||||||||||||||||||||||||
| Net operating expenses before allocations | 73,762 | 47,010 | 110,959 | 231,731 | 76,834 | 7,408 | 109,145 | 193,387 | ||||||||||||||||||||||||
| Corporate expense allocations | 27,645 | 1,962 | (29,607 | ) | — | 28,864 | 975 | (29,839 | ) | — | ||||||||||||||||||||||
| Operating expenses after allocations | 101,407 | 48,972 | 81,352 | 231,731 | 105,698 | 8,383 | 79,306 | 193,387 | ||||||||||||||||||||||||
| Interest expense | — | — | 24,458 | 24,458 | — | — | 24,547 | 24,547 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 588,044 | $ | 50,123 | $ | (2,081 | ) | $ | 636,086 | $ | 598,422 | $ | 59,236 | $ | (20,325 | ) | $ | 637,333 | ||||||||||||||
| Loss ratio (1) | 18.5 | % | 43.6 | % | 13.8 | % | 0.2 | % | ||||||||||||||||||||||||
| Expense ratio (2) | 15.8 | % | 35.7 | % | 16.2 | % | 18.3 | % | ||||||||||||||||||||||||
| Combined ratio | 34.3 | % | 79.3 | % | 30.0 | % | 18.5 | % | ||||||||||||||||||||||||
| (1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | ||||||||||||||||||||||||||||||||
| (2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | ||||||||||||||||||||||||||||||||
| (3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. | ||||||||||||||||||||||||||||||||
| Exhibit E | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Historical Quarterly Segment Information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Mortgage Insurance | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net premiums earned | $ | 210,958 | $ | 215,662 | $ | 215,663 | $ | 212,674 | $ | 215,683 | ||||||||||
| Net investment income | 46,218 | 43,965 | 42,357 | 43,627 | 44,265 | |||||||||||||||
| Realized investment gains (losses), net | (1,611 | ) | (94 | ) | (188 | ) | (218 | ) | (427 | ) | ||||||||||
| Income (loss) from other invested assets | 5,953 | 12,975 | 5,762 | 2,044 | (605 | ) | ||||||||||||||
| Other income | 7,412 | 1,396 | 1,743 | 1,149 | 800 | |||||||||||||||
| Total revenues | 268,930 | 273,904 | 265,337 | 259,276 | 259,716 | |||||||||||||||
| Losses and expenses: | ||||||||||||||||||||
| Provision for losses and LAE | 51,709 | 29,391 | 37,620 | 55,160 | 44,170 | |||||||||||||||
| Compensation and benefits | 15,136 | 14,898 | 16,617 | 14,727 | 15,388 | |||||||||||||||
| Premium and other taxes | 5,993 | 5,996 | 5,992 | 6,038 | 6,010 | |||||||||||||||
| Acquisition costs, net (3) | (7,994 | ) | (7,770 | ) | (7,378 | ) | (7,234 | ) | (7,057 | ) | ||||||||||
| Other underwriting and operating expenses | 10,743 | 10,695 | 10,834 | 11,523 | 9,735 | |||||||||||||||
| Net operating expenses before allocations | 23,878 | 23,819 | 26,065 | 25,054 | 24,076 | |||||||||||||||
| Corporate expense allocations | 8,017 | 8,086 | 11,542 | 9,213 | 7,081 | |||||||||||||||
| Operating expenses after allocations | 31,895 | 31,905 | 37,607 | 34,267 | 31,157 | |||||||||||||||
| Income before income taxes | $ | 185,326 | $ | 212,608 | $ | 190,110 | $ | 169,849 | $ | 184,389 | ||||||||||
| Loss ratio (1) | 24.5 | % | 13.6 | % | 17.4 | % | 25.9 | % | 20.5 | % | ||||||||||
| Expense ratio (2) | 15.1 | % | 14.8 | % | 17.4 | % | 16.1 | % | 14.4 | % | ||||||||||
| Combined ratio | 39.6 | % | 28.4 | % | 34.8 | % | 42.0 | % | 34.9 | % | ||||||||||
| (1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | ||||||||||||||||||||
| (2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | ||||||||||||||||||||
| (3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. | ||||||||||||||||||||
| Exhibit E, continued | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Historical Quarterly Segment Information (Unaudited) | ||||||||||||||||||||
| Reinsurance | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net premiums earned | $ | 64,044 | $ | 43,639 | $ | 29,310 | $ | 14,696 | $ | 16,304 | ||||||||||
| Net investment income | 5,541 | 6,088 | 4,670 | 4,913 | 5,302 | |||||||||||||||
| Realized investment gains, net | — | — | — | 6 | — | |||||||||||||||
| Other income | 2,171 | 1,345 | 1,971 | 2,255 | 1,591 | |||||||||||||||
| Total revenues | 71,756 | 51,072 | 35,951 | 21,870 | 23,197 | |||||||||||||||
| Losses and expenses: | ||||||||||||||||||||
| Provision for losses and LAE | 31,032 | 18,723 | 9,929 | 206 | 65 | |||||||||||||||
| Compensation and benefits | 1,702 | 1,781 | 2,185 | 961 | 1,180 | |||||||||||||||
| Premium and other taxes | 12 | 14 | 18 | 17 | 8 | |||||||||||||||
| Acquisition costs, net (3) | 19,791 | 11,849 | 6,742 | 763 | 487 | |||||||||||||||
| Other underwriting and operating expenses | 949 | 987 | 980 | 996 | 890 | |||||||||||||||
| Net operating expenses before allocations | 22,454 | 14,631 | 9,925 | 2,737 | 2,565 | |||||||||||||||
| Corporate expense allocations | 758 | 653 | 551 | 516 | 502 | |||||||||||||||
| Operating expenses after allocations | 23,212 | 15,284 | 10,476 | 3,253 | 3,067 | |||||||||||||||
| Income before income taxes | $ | 17,512 | $ | 17,065 | $ | 15,546 | $ | 18,411 | $ | 20,065 | ||||||||||
| Loss ratio (1) | 48.5 | % | 42.9 | % | 33.9 | % | 1.4 | % | 0.4 | % | ||||||||||
| Expense ratio (2) | 36.2 | % | 35.0 | % | 35.7 | % | 22.1 | % | 18.8 | % | ||||||||||
| Combined ratio | 84.7 | % | 77.9 | % | 69.6 | % | 23.5 | % | 19.2 | % | ||||||||||
| (1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. | ||||||||||||||||||||
| (2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. | ||||||||||||||||||||
| (3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. | ||||||||||||||||||||
| Exhibit E, continued | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Historical Quarterly Segment Information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Corporate & Other | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net premiums earned | $ | 15,670 | $ | 17,463 | $ | 15,120 | $ | 15,359 | $ | 14,345 | ||||||||||
| Net investment income | 11,193 | 11,559 | 12,228 | 10,683 | 10,228 | |||||||||||||||
| Realized investment gains (losses), net | (15 | ) | (17 | ) | 41 | 24 | 2 | |||||||||||||
| Income from other invested assets | 4,771 | 6,410 | 4,417 | 1,898 | 2,375 | |||||||||||||||
| Other income | 1,878 | 2,295 | 2,978 | 3,294 | 1,967 | |||||||||||||||
| Total revenues | 33,497 | 37,710 | 34,784 | 31,258 | 28,917 | |||||||||||||||
| Losses and expenses: | ||||||||||||||||||||
| Provision for losses and LAE | 748 | 847 | 667 | 707 | 687 | |||||||||||||||
| Compensation and benefits | 14,357 | 13,825 | 17,853 | 14,675 | 12,608 | |||||||||||||||
| Premium and other taxes | 461 | 545 | 436 | 446 | (88 | ) | ||||||||||||||
| Other underwriting and operating expenses | 22,340 | 22,438 | 18,704 | 20,741 | 20,337 | |||||||||||||||
| Net operating expenses before allocations | 37,158 | 36,808 | 36,993 | 35,862 | 32,857 | |||||||||||||||
| Corporate expense allocations | (8,775 | ) | (8,739 | ) | (12,093 | ) | (9,729 | ) | (7,583 | ) | ||||||||||
| Operating expenses after allocations | 28,383 | 28,069 | 24,900 | 26,133 | 25,274 | |||||||||||||||
| Interest expense | 8,162 | 8,148 | 8,148 | 8,149 | 8,251 | |||||||||||||||
| Income (loss) before income taxes | $ | (3,796 | ) | $ | 646 | $ | 1,069 | $ | (3,731 | ) | $ | (5,295 | ) | |||||||
| Consolidated | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net premiums earned | $ | 290,672 | $ | 276,764 | $ | 260,093 | $ | 242,729 | $ | 246,332 | ||||||||||
| Net investment income | 62,952 | 61,612 | 59,255 | 59,223 | 59,795 | |||||||||||||||
| Realized investment gains (losses), net | (1,626 | ) | (111 | ) | (147 | ) | (188 | ) | (425 | ) | ||||||||||
| Income from other invested assets | 10,724 | 19,385 | 10,179 | 3,942 | 1,770 | |||||||||||||||
| Other income | 11,461 | 5,036 | 6,692 | 6,698 | 4,358 | |||||||||||||||
| Total revenues | 374,183 | 362,686 | 336,072 | 312,404 | 311,830 | |||||||||||||||
| Losses and expenses: | ||||||||||||||||||||
| Provision for losses and LAE | 83,489 | 48,961 | 48,216 | 56,073 | 44,922 | |||||||||||||||
| Compensation and benefits | 31,195 | 30,504 | 36,655 | 30,363 | 29,176 | |||||||||||||||
| Premium and other taxes | 6,466 | 6,555 | 6,446 | 6,501 | 5,930 | |||||||||||||||
| Acquisition costs, net (1) | 11,797 | 4,079 | (636 | ) | (6,471 | ) | (6,570 | ) | ||||||||||||
| Other underwriting and operating expenses | 34,032 | 34,120 | 30,518 | 33,260 | 30,962 | |||||||||||||||
| Total other underwriting and operating expenses | 83,490 | 75,258 | 72,983 | 63,653 | 59,498 | |||||||||||||||
| Interest expense | 8,162 | 8,148 | 8,148 | 8,149 | 8,251 | |||||||||||||||
| Income before income taxes | $ | 199,042 | $ | 230,319 | $ | 206,725 | $ | 184,529 | $ | 199,159 | ||||||||||
| (1) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. | ||||||||||||||||||||
| Exhibit F | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Mortgage Insurance - Historical Quarterly Data | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| New insurance written | $ | 12,129,030 | $ | 14,144,104 | $ | 11,076,190 | $ | 11,840,227 | $ | 12,233,252 | ||||||||||
| New risk written | $ | 3,325,569 | $ | 3,822,560 | $ | 2,893,697 | $ | 3,030,169 | $ | 3,239,497 | ||||||||||
| Average insurance in force | $ | 249,915,876 | $ | 248,468,781 | $ | 247,838,392 | $ | 248,695,560 | $ | 247,821,046 | ||||||||||
| Insurance in force (end of period) | $ | 250,062,714 | $ | 249,720,234 | $ | 247,909,417 | $ | 248,356,397 | $ | 248,808,341 | ||||||||||
| Gross risk in force (end of period) (1) | $ | 68,680,150 | $ | 68,465,872 | $ | 67,916,263 | $ | 68,053,447 | $ | 68,262,577 | ||||||||||
| Risk in force (end of period) | $ | 56,307,106 | $ | 56,435,078 | $ | 56,271,605 | $ | 56,519,839 | $ | 56,940,929 | ||||||||||
| Policies in force | 795,678 | 801,140 | 801,394 | 807,230 | 812,856 | |||||||||||||||
| Weighted average coverage (2) | 27.5 | % | 27.4 | % | 27.4 | % | 27.4 | % | 27.4 | % | ||||||||||
| Annual persistency | 83.3 | % | 84.0 | % | 84.7 | % | 85.7 | % | 86.0 | % | ||||||||||
| Loans in default (count) | 21,919 | 20,278 | 20,332 | 20,210 | 18,583 | |||||||||||||||
| Percentage of loans in default | 2.75 | % | 2.53 | % | 2.54 | % | 2.50 | % | 2.29 | % | ||||||||||
| Base average premium rate (3) | 0.40 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||
| Single premium cancellation (4) | — | % | — | % | — | % | — | % | — | % | ||||||||||
| Gross average premium rate | 0.40 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||
| Ceded premiums | (0.06 | %) | (0.05 | %) | (0.06 | %) | (0.07 | %) | (0.06 | %) | ||||||||||
| Net average premium rate | 0.34 | % | 0.35 | % | 0.35 | % | 0.34 | % | 0.35 | % | ||||||||||
| (1) Gross risk in force includes risk ceded under third-party outward 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 cancellation is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period. | ||||||||||||||||||||
| Exhibit G | |||||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | |||||||||||||||||||||||
| Supplemental Information | |||||||||||||||||||||||
| Mortgage Insurance - New Insurance Written | |||||||||||||||||||||||
| NIW by Credit Score (1) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| >=760 | $ | 5,799,145 | 47.8 | % | $ | 6,356,576 | 52.0 | % | $ | 18,935,483 | 50.7 | % | $ | 17,372,805 | 50.0 | % | |||||||
| 740-759 | 1,685,866 | 13.9 | 1,889,181 | 15.4 | 5,363,112 | 14.4 | 5,623,462 | 16.2 | |||||||||||||||
| 720-739 | 1,608,936 | 13.3 | 1,485,477 | 12.2 | 4,618,620 | 12.4 | 4,384,395 | 12.6 | |||||||||||||||
| 700-719 | 1,525,854 | 12.6 | 1,257,054 | 10.3 | 4,269,770 | 11.4 | 3,742,854 | 10.8 | |||||||||||||||
| 680-699 | 850,205 | 7.0 | 691,114 | 5.6 | 2,335,128 | 6.2 | 1,997,765 | 5.8 | |||||||||||||||
| <=679 | 659,024 | 5.4 | 553,850 | 4.5 | 1,827,211 | 4.9 | 1,602,038 | 4.6 | |||||||||||||||
| Total | $ | 12,129,030 | 100.0 | % | $ | 12,233,252 | 100.0 | % | $ | 37,349,324 | 100.0 | % | $ | 34,723,319 | 100.0 | % | |||||||
| Weighted average credit score | 750 | 754 | 752 | 753 | |||||||||||||||||||
| NIW by LTV | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| 85.00% and below | $ | 819,368 | 6.8 | % | $ | 1,129,090 | 9.2 | % | $ | 3,206,238 | 8.6 | % | $ | 2,992,346 | 8.6 | % | |||||||
| 85.01% to 90.00% | 2,977,826 | 24.6 | 3,099,275 | 25.3 | 9,617,572 | 25.7 | 8,335,451 | 24.0 | |||||||||||||||
| 90.01% to 95.00% | 6,355,555 | 52.3 | 6,200,624 | 50.8 | 18,706,492 | 50.1 | 17,870,142 | 51.5 | |||||||||||||||
| 95.01% and above | 1,976,281 | 16.3 | 1,804,263 | 14.7 | 5,819,022 | 15.6 | 5,525,380 | 15.9 | |||||||||||||||
| Total | $ | 12,129,030 | 100.0 | % | $ | 12,233,252 | 100.0 | % | $ | 37,349,324 | 100.0 | % | $ | 34,723,319 | 100.0 | % | |||||||
| Weighted average LTV | 93 | % | 93 | % | 93 | % | 93 | % | |||||||||||||||
| NIW by Product | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Single premium policies | 1.1 | % | 1.3 | % | 1.4 | % | 1.3 | % | |||||||||||||||
| Monthly premium policies | 98.9 | 98.7 | 98.6 | 98.7 | |||||||||||||||||||
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
| NIW by Purchase vs. Refinance | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Purchase | 94.3 | % | 90.5 | % | 85.2 | % | 92.4 | % | |||||||||||||||
| Refinance | 5.7 | 9.5 | 14.8 | 7.6 | |||||||||||||||||||
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
| (1) Beginning in the second quarter of 2026, a de minimis amount of NIW was submitted with a VantageScore credit score rather than a FICO credit score. | |||||||||||||||||||||||
| Exhibit H | |||||||||||||||||
| Essent Group Ltd. and Subsidiaries | |||||||||||||||||
| Supplemental Information | |||||||||||||||||
| Mortgage Insurance - Insurance in Force and Risk in Force | |||||||||||||||||
| Portfolio by Credit Score (1) | |||||||||||||||||
| Insurance in Force | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| ($ in thousands) | |||||||||||||||||
| >=760 | $ | 106,260,390 | 42.5 | % | $ | 105,982,606 | 42.4 | % | $ | 103,261,791 | 41.5 | % | |||||
| 740-759 | 42,594,167 | 17.0 | 42,848,263 | 17.2 | 43,372,715 | 17.4 | |||||||||||
| 720-739 | 37,316,885 | 14.9 | 37,328,645 | 14.9 | 38,113,923 | 15.3 | |||||||||||
| 700-719 | 32,675,313 | 13.1 | 32,515,464 | 13.1 | 32,834,985 | 13.2 | |||||||||||
| 680-699 | 19,306,409 | 7.7 | 19,282,243 | 7.7 | 19,625,586 | 7.9 | |||||||||||
| <=679 | 11,909,550 | 4.8 | 11,763,013 | 4.7 | 11,599,341 | 4.7 | |||||||||||
| Total | $ | 250,062,714 | 100.0 | % | $ | 249,720,234 | 100.0 | % | $ | 248,808,341 | 100.0 | % | |||||
| Weighted average credit score | 747 | 747 | 746 | ||||||||||||||
| Risk in Force | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| ($ in thousands) | |||||||||||||||||
| >=760 | $ | 28,898,331 | 42.1 | % | $ | 28,763,509 | 42.1 | % | $ | 28,056,444 | 41.0 | % | |||||
| 740-759 | 11,849,960 | 17.3 | 11,895,196 | 17.4 | 12,054,702 | 17.7 | |||||||||||
| 720-739 | 10,389,729 | 15.1 | 10,371,860 | 15.1 | 10,587,116 | 15.5 | |||||||||||
| 700-719 | 9,125,308 | 13.3 | 9,068,601 | 13.2 | 9,155,794 | 13.4 | |||||||||||
| 680-699 | 5,363,366 | 7.8 | 5,347,877 | 7.8 | 5,429,039 | 8.0 | |||||||||||
| <=679 | 3,053,456 | 4.4 | 3,018,829 | 4.4 | 2,979,482 | 4.4 | |||||||||||
| Total | $ | 68,680,150 | 100.0 | % | $ | 68,465,872 | 100.0 | % | $ | 68,262,577 | 100.0 | % | |||||
| Portfolio by LTV | |||||||||||||||||
| Insurance in Force | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| ($ in thousands) | |||||||||||||||||
| 85.00% and below | $ | 15,375,886 | 6.1 | % | $ | 15,285,556 | 6.1 | % | $ | 14,398,904 | 5.8 | % | |||||
| 85.01% to 90.00% | 54,278,721 | 21.7 | 56,279,141 | 22.5 | 58,982,107 | 23.7 | |||||||||||
| 90.01% to 95.00% | 134,922,918 | 54.0 | 133,466,114 | 53.5 | 131,889,655 | 53.0 | |||||||||||
| 95.01% and above | 45,485,189 | 18.2 | 44,689,423 | 17.9 | 43,537,675 | 17.5 | |||||||||||
| Total | $ | 250,062,714 | 100.0 | % | $ | 249,720,234 | 100.0 | % | $ | 248,808,341 | 100.0 | % | |||||
| Weighted average LTV | 93 | % | 93 | % | 93 | % | |||||||||||
| Risk in Force | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| ($ in thousands) | |||||||||||||||||
| 85.00% and below | $ | 1,801,180 | 2.6 | % | $ | 1,788,794 | 2.6 | % | $ | 1,696,592 | 2.5 | % | |||||
| 85.01% to 90.00% | 13,278,285 | 19.3 | 13,776,656 | 20.1 | 14,526,528 | 21.3 | |||||||||||
| 90.01% to 95.00% | 39,792,077 | 58.0 | 39,355,100 | 57.5 | 38,895,352 | 57.0 | |||||||||||
| 95.01% and above | 13,808,608 | 20.1 | 13,545,322 | 19.8 | 13,144,105 | 19.2 | |||||||||||
| Total | $ | 68,680,150 | 100.0 | % | $ | 68,465,872 | 100.0 | % | $ | 68,262,577 | 100.0 | % | |||||
| Portfolio by Loan Amortization Period | |||||||||||||||||
| Insurance in Force | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| ($ in thousands) | |||||||||||||||||
| FRM 30 years and higher | $ | 241,446,072 | 96.5 | % | $ | 241,429,013 | 96.7 | % | $ | 242,770,621 | 97.6 | % | |||||
| FRM 20-25 years | 1,792,255 | 0.7 | 1,733,836 | 0.6 | 1,070,635 | 0.4 | |||||||||||
| FRM 15 years | 2,403,233 | 1.0 | 2,385,701 | 1.0 | 1,664,866 | 0.7 | |||||||||||
| ARM 5 years and higher | 4,421,154 | 1.8 | 4,171,684 | 1.7 | 3,302,219 | 1.3 | |||||||||||
| Total | $ | 250,062,714 | 100.0 | % | $ | 249,720,234 | 100.0 | % | $ | 248,808,341 | 100.0 | % | |||||
| (1) Beginning in the second quarter of 2026, a de minimis amount of active policies were submitted with a VantageScore credit score rather than a FICO credit score. | |||||||||||||||||
| Exhibit I | ||||||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||
| Mortgage Insurance - Vintage Data | ||||||||||||||||||||||||
| September 30, 2026 | ||||||||||||||||||||||||
| 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 | Credit Score < 700 | Credit Score >= 760 | Incurred Loss Ratio (Inception to Date) (1) | Number of Loans in Default | Percentage of Loans in Default | |||||||||||
| 2010 - 2016 | $ | 121,811,826 | $ | 2,295,990 | 1.9 | % | 12,647 | 4.19 | % | 71.3 | % | 52.4 | % | 3.3 | % | 12.8 | % | 45.9 | % | 2.1 | % | 531 | 4.20 | % |
| 2017 | 43,858,322 | 1,846,233 | 4.2 | 12,005 | 4.39 | 87.8 | 75.5 | 33.3 | 24.5 | 33.3 | 2.7 | 711 | 5.92 | |||||||||||
| 2018 | 47,508,525 | 3,105,809 | 6.5 | 18,723 | 4.85 | 95.0 | 85.4 | 33.2 | 23.3 | 30.3 | 3.6 | 1,035 | 5.53 | |||||||||||
| 2019 | 63,569,183 | 6,767,027 | 10.6 | 35,531 | 4.29 | 91.1 | 85.2 | 31.5 | 20.8 | 32.3 | 3.3 | 1,471 | 4.14 | |||||||||||
| 2020 | 107,944,065 | 20,915,074 | 19.4 | 90,422 | 3.25 | 80.7 | 82.0 | 19.7 | 11.8 | 42.8 | 2.6 | 2,322 | 2.57 | |||||||||||
| 2021 | 84,218,250 | 34,888,102 | 41.4 | 124,463 | 3.12 | 94.2 | 77.0 | 20.1 | 13.8 | 39.4 | 6.3 | 3,697 | 2.97 | |||||||||||
| 2022 | 63,061,262 | 40,794,863 | 64.7 | 122,277 | 5.09 | 98.6 | 69.1 | 12.3 | 12.5 | 39.3 | 21.3 | 4,024 | 3.29 | |||||||||||
| 2023 | 47,666,852 | 30,664,387 | 64.3 | 91,165 | 6.56 | 98.9 | 74.4 | 20.1 | 11.3 | 37.7 | 25.9 | 3,526 | 3.87 | |||||||||||
| 2024 | 45,561,332 | 33,606,078 | 73.8 | 94,086 | 6.66 | 95.2 | 74.2 | 21.6 | 12.7 | 41.4 | 26.9 | 2,965 | 3.15 | |||||||||||
| 2025 | 46,563,546 | 39,119,720 | 84.0 | 102,753 | 6.54 | 87.3 | 65.8 | 16.0 | 10.5 | 49.3 | 21.4 | 1,427 | 1.39 | |||||||||||
| 2026 (through September 30) | 37,349,324 | 36,059,431 | 96.5 | 91,606 | 6.29 | 85.0 | 65.7 | 16.0 | 11.4 | 49.8 | 10.0 | 210 | 0.23 | |||||||||||
| Total | $ | 709,112,487 | $ | 250,062,714 | 35.3 | 795,678 | 5.41 | 91.8 | 72.1 | 18.2 | 12.5 | 42.5 | 7.2 | 21,919 | 2.75 | |||||||||
| (1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative premiums earned, excluding the impact of any outward reinsurance. | ||||||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | Exhibit J | |
| Supplemental Information | ||
| Mortgage Insurance - Outward Reinsurance Vintage Data | ||
| September 30, 2026 |
| ($ in thousands) | |||||||||||||||||||||||||||
| Insurance Linked Notes (1) | |||||||||||||||||||||||||||
| Earned Premiums Ceded (3) | |||||||||||||||||||||||||||
| 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 (4) | ||||||||||||||||
| Radnor Re 2021-2 | Apr. 2021 - Sep. 2021 | $ | 20,877,708 | $ | 5,977,329 | $ | 439,407 | $ | 148,357 | $ | — | $ | 279,415 | $ | 266,363 | $ | 2,150 | $ | 6,856 | $ | 126,021 | ||||||
| Radnor Re 2022-1 | Oct. 2021 - Jul. 2022 | 21,630,695 | 6,069,846 | 237,868 | 103,940 | — | 303,761 | 281,216 | 2,343 | 7,430 | 103,940 | ||||||||||||||||
| Radnor Re 2023-1 | Aug. 2022 - Jun. 2023 | 22,010,726 | 6,079,835 | 281,462 | 171,531 | — | 281,463 | 258,439 | 2,543 | 7,892 | 171,531 | ||||||||||||||||
| Radnor Re 2024-1 | Jul. 2023 - Jul. 2024 | 21,023,421 | 5,835,276 | 363,366 | 179,151 | — | 256,495 | 248,378 | 2,022 | 6,581 | 132,572 | ||||||||||||||||
| Total | $ | 85,542,550 | $ | 23,962,286 | $ | 1,322,103 | $ | 602,979 | $ | — | $ | 1,121,134 | $ | 1,054,396 | $ | 9,058 | $ | 28,759 | $ | 534,064 | |||||||
| Excess of Loss Reinsurance (2) | |||||||||||||||||||||||||||
| Earned Premiums Ceded (3) | |||||||||||||||||||||||||||
| 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 (4) | ||||||||||||||||
| XOL 2020-1 | Jan. 2019 - Aug. 2019 | $ | 3,931,249 | $ | 1,049,217 | $ | 55,102 | $ | 29,152 | $ | — | $ | 215,605 | $ | 209,436 | $ | 252 | $ | 747 | $ | — | ||||||
| XOL 2022-1 | Oct. 2021 - Dec. 2022 | 49,283,081 | 13,714,841 | 141,992 | 125,560 | — | 507,114 | 446,220 | 1,255 | 4,187 | 121,074 | ||||||||||||||||
| XOL 2023-1 | Jan. 2023 - Dec. 2023 | 27,740,342 | 7,730,197 | 36,627 | 29,762 | — | 366,270 | 343,895 | 322 | 1,099 | 28,617 | ||||||||||||||||
| XOL 2024-1 | Jan. 2024 - Dec. 2024 | 31,121,953 | 8,588,331 | 58,005 | 58,005 | — | 331,456 | 324,933 | 630 | 1,925 | 55,883 | ||||||||||||||||
| XOL 2025-1 | Jan. 2025 - Dec. 2025 | 39,061,433 | 10,378,090 | 80,821 | 80,821 | — | 343,234 | 342,687 | 725 | 2,168 | 77,925 | ||||||||||||||||
| XOL 2026-1 | Jan. 2026 - Dec. 2026 | 35,992,643 | 9,683,655 | 67,786 | 67,786 | — | 292,776 | 292,776 | 658 | 658 | 65,194 | ||||||||||||||||
| Total | $ | 187,130,701 | $ | 51,144,331 | $ | 440,333 | $ | 391,086 | $ | — | $ | 2,056,455 | $ | 1,959,947 | $ | 3,842 | $ | 10,784 | $ | 348,693 | |||||||
| 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 (4) | |||||||||||||||||||
| Sep. 2019 - Dec. 2020 | (5 | ) | $ | 23,723,294 | $ | 6,666,375 | $ | 4,964,996 | $ | 1,371,811 | $ | 30 | $ | (131 | ) | $ | 1,523 | $ | 4,998 | $ | 2,467 | $ | 7,318 | $ | 91,704 | ||||||
| Jan. 2022 - Dec. 2022 | 20 | % | 40,751,991 | 11,289,862 | 8,150,398 | 2,257,972 | 2,918 | 6,683 | 1,480 | 4,606 | 5,360 | 14,596 | 171,255 | ||||||||||||||||||
| Jan. 2023 - Dec. 2023 | 17.5 | % | 27,665,432 | 7,711,596 | 4,841,451 | 1,349,529 | 1,545 | 5,665 | 1,015 | 3,179 | 3,676 | 12,340 | 110,238 | ||||||||||||||||||
| Jan. 2024 - Dec. 2024 | 15 | % | 33,409,852 | 9,203,928 | 5,011,478 | 1,380,589 | 2,624 | 5,982 | 1,069 | 3,329 | 4,923 | 13,139 | 115,158 | ||||||||||||||||||
| Jan. 2025 - Dec. 2025 | 25 | % | 39,085,883 | 10,384,805 | 9,771,471 | 2,596,201 | 3,759 | 7,591 | 1,722 | 5,321 | 6,944 | 17,434 | 185,801 | ||||||||||||||||||
| Jan. 2026 - Dec. 2026 | 25 | % | 36,022,283 | 9,691,505 | 9,005,571 | 2,422,876 | 886 | 1,141 | 1,254 | 2,089 | 3,206 | 5,006 | 161,268 | ||||||||||||||||||
| Total | $ | 200,658,735 | $ | 54,948,071 | $ | 41,745,365 | $ | 11,378,978 | $ | 11,762 | $ | 26,931 | $ | 8,063 | $ | 23,522 | $ | 26,576 | $ | 69,833 | $ | 835,424 | |||||||||
| (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) Excludes $79 and $1,855 of ceded premium for the three and nine months ended September 30, 2026, respectively, related to terminated transactions Radnor Re 2021-1 and XOL 2019-1. | ||||||
| (4) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs. | ||||||
| (5) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies. |
| Exhibit K | ||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||
| Supplemental Information | ||||||||
| Mortgage Insurance - Geographic Data | ||||||||
| IIF by State | ||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||
| FL | 12.1 | % | 12.1 | % | 12.0 | % | ||
| CA | 11.8 | 11.9 | 12.2 | |||||
| TX | 11.5 | 11.5 | 11.3 | |||||
| AZ | 4.3 | 4.2 | 4.0 | |||||
| GA | 4.0 | 3.9 | 3.8 | |||||
| CO | 3.9 | 3.9 | 4.0 | |||||
| WA | 3.3 | 3.4 | 3.4 | |||||
| NC | 3.3 | 3.3 | 3.1 | |||||
| MI | 2.7 | 2.6 | 2.6 | |||||
| OH | 2.7 | 2.6 | 2.6 | |||||
| All Others | 40.4 | 40.6 | 41.0 | |||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
| Gross RIF by State | ||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||
| FL | 12.4 | % | 12.4 | % | 12.2 | % | ||
| CA | 11.8 | 12.0 | 12.2 | |||||
| TX | 11.7 | 11.7 | 11.6 | |||||
| AZ | 4.3 | 4.3 | 4.0 | |||||
| GA | 4.0 | 4.0 | 3.9 | |||||
| CO | 3.8 | 3.9 | 3.9 | |||||
| WA | 3.3 | 3.4 | 3.4 | |||||
| NC | 3.3 | 3.3 | 3.1 | |||||
| MI | 2.7 | 2.6 | 2.6 | |||||
| UT | 2.6 | 2.6 | 2.6 | |||||
| All Others | 40.1 | 39.8 | 40.5 | |||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | ||
| Exhibit L | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| Mortgage Insurance | ||||||||||||||||||||
| Rollforward of Defaults and Reserve for Losses and LAE | ||||||||||||||||||||
| Rollforward of Insured Loans in Default | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| Beginning default inventory | 20,278 | 20,332 | 20,210 | 18,583 | 17,255 | |||||||||||||||
| Plus: new defaults (A) | 12,034 | 9,846 | 11,100 | 11,245 | 10,357 | |||||||||||||||
| Less: cures | (9,869 | ) | (9,559 | ) | (10,708 | ) | (9,357 | ) | (8,713 | ) | ||||||||||
| Less: claims paid | (494 | ) | (316 | ) | (239 | ) | (235 | ) | (296 | ) | ||||||||||
| Less: rescissions and denials, net | (30 | ) | (25 | ) | (31 | ) | (26 | ) | (20 | ) | ||||||||||
| Ending default inventory | 21,919 | 20,278 | 20,332 | 20,210 | 18,583 | |||||||||||||||
| (A) New defaults remaining as of September 30, 2026 | 9,027 | 4,081 | 2,648 | 1,999 | 1,288 | |||||||||||||||
| Cure rate (1) | 25 | % | 59 | % | 76 | % | 82 | % | 88 | % | ||||||||||
| Total amount paid for claims (in thousands) | $ | 23,560 | $ | 17,283 | $ | 13,671 | $ | 13,171 | $ | 16,456 | ||||||||||
| Average amount paid per claim (in thousands) | $ | 48 | $ | 55 | $ | 57 | $ | 56 | $ | 56 | ||||||||||
| Severity | 70 | % | 85 | % | 84 | % | 80 | % | 78 | % | ||||||||||
| Rollforward of Reserve for Losses and LAE | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| ($ in thousands) | September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||||
| Reserve for losses and LAE at beginning of period | $ | 475,011 | $ | 458,901 | $ | 429,610 | $ | 379,548 | $ | 345,952 | ||||||||||
| Less: Reinsurance recoverables | 65,718 | 61,591 | 56,120 | 47,957 | 41,966 | |||||||||||||||
| Net reserve for losses and LAE at beginning of period | 409,293 | 397,310 | 373,490 | 331,591 | 303,986 | |||||||||||||||
| Add provision for losses and LAE occurring in: | ||||||||||||||||||||
| Current period | 81,343 | 58,393 | 62,792 | 67,865 | 62,349 | |||||||||||||||
| Prior years | (29,634 | ) | (29,002 | ) | (25,172 | ) | (12,705 | ) | (18,179 | ) | ||||||||||
| Incurred losses and LAE during the period | 51,709 | 29,391 | 37,620 | 55,160 | 44,170 | |||||||||||||||
| Deduct payments for losses and LAE occurring in: | ||||||||||||||||||||
| Current period | 764 | 260 | 88 | 2,649 | 552 | |||||||||||||||
| Prior years | 22,938 | 17,148 | 13,712 | 10,612 | 16,013 | |||||||||||||||
| Loss and LAE payments during the period | 23,702 | 17,408 | 13,800 | 13,261 | 16,565 | |||||||||||||||
| Net reserve for losses and LAE at end of period | 437,300 | 409,293 | 397,310 | 373,490 | 331,591 | |||||||||||||||
| Plus: Reinsurance recoverables | 73,720 | 65,718 | 61,591 | 56,120 | 47,957 | |||||||||||||||
| Reserve for losses and LAE at end of period | $ | 511,020 | $ | 475,011 | $ | 458,901 | $ | 429,610 | $ | 379,548 | ||||||||||
| (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 M | |||||||||||||
| Essent Group Ltd. and Subsidiaries | |||||||||||||
| Supplemental Information | |||||||||||||
| Mortgage Insurance | |||||||||||||
| Detail of Reserves by Default Delinquency | |||||||||||||
| September 30, 2026 | |||||||||||||
| 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 | 7,346 | 33 | % | $ | 43,796 | 9 | % | $ | 588,252 | 7 | % | ||
| Three payments | 3,115 | 14 | 33,868 | 7 | 258,361 | 13 | |||||||
| Four to eleven payments | 7,826 | 36 | 194,284 | 41 | 696,836 | 28 | |||||||
| Twelve or more payments | 3,067 | 14 | 158,867 | 34 | 267,293 | 59 | |||||||
| Pending claims | 565 | 3 | 41,415 | 9 | 45,792 | 90 | |||||||
| Total case reserves | 21,919 | 100 | % | 472,230 | 100 | % | $ | 1,856,534 | 25 | % | |||
| IBNR | 35,417 | ||||||||||||
| LAE | 3,373 | ||||||||||||
| Total reserves for losses and LAE | $ | 511,020 | |||||||||||
| Average reserve per default: | |||||||||||||
| Case | $ | 21.5 | |||||||||||
| Total | $ | 23.3 | |||||||||||
| Default Rate | 2.75 | % | |||||||||||
| 3+ Month Default Rate | 1.83 | % | |||||||||||
| December 31, 2025 | |||||||||||||
| Number of Policies in Default | Percentage of Policies in Default | Amount of Reserves | Percentage of Reserves | Defaulted RIF | Reserves as a Percentage of Defaulted RIF | ||||||||
| ($ in thousands) | |||||||||||||
| Missed Payments: | |||||||||||||
| Two payments | 6,892 | 34 | % | $ | 40,876 | 10 | % | $ | 545,198 | 7 | % | ||
| Three payments | 3,002 | 15 | 32,458 | 8 | 246,194 | 13 | |||||||
| Four to eleven payments | 7,261 | 36 | 163,087 | 41 | 615,449 | 26 | |||||||
| Twelve or more payments | 2,742 | 13 | 139,036 | 35 | 224,248 | 62 | |||||||
| Pending claims | 313 | 2 | 21,360 | 6 | 23,797 | 90 | |||||||
| Total case reserves | 20,210 | 100 | % | 396,817 | 100 | % | $ | 1,654,886 | 24 | % | |||
| IBNR | 29,761 | ||||||||||||
| LAE | 3,032 | ||||||||||||
| Total reserves for losses and LAE | $ | 429,610 | |||||||||||
| Average reserve per default: | |||||||||||||
| Case | $ | 19.6 | |||||||||||
| Total | $ | 21.3 | |||||||||||
| Default Rate | 2.50 | % | |||||||||||
| 3+ Month Default Rate | 1.65 | % | |||||||||||
| 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 | % | |||||||||||
| Exhibit N | ||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| U.S. Mortgage Insurance Company Capital | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Essent Guaranty, Inc: | ||||||||||||||||||||
| Statutory capital | $ | 3,716,901 | $ | 3,678,202 | $ | 3,682,476 | $ | 3,572,887 | $ | 3,732,465 | ||||||||||
| Net risk in force (1) | $ | 30,369,106 | $ | 31,118,806 | $ | 31,785,517 | $ | 32,486,788 | $ | 33,367,706 | ||||||||||
| Risk-to-capital ratio (2) | 8.2:1 | 8.5:1 | 8.6:1 | 9.1:1 | 8.9:1 | |||||||||||||||
| Essent Guaranty, Inc. PMIERs Data (3): | ||||||||||||||||||||
| Available Assets | $ | 3,710,693 | $ | 3,599,092 | $ | 3,635,459 | $ | 3,520,454 | $ | 3,666,883 | ||||||||||
| Minimum Required Assets | 2,095,037 | 2,092,922 | 2,084,042 | 2,087,473 | 2,065,890 | |||||||||||||||
| PMIERs excess Available Assets | $ | 1,615,656 | $ | 1,506,170 | $ | 1,551,417 | $ | 1,432,981 | $ | 1,600,993 | ||||||||||
| PMIERs sufficiency ratio (4) | 177 | % | 172 | % | 174 | % | 169 | % | 177 | % | ||||||||||
| (1) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established. | ||||||||||||||||||||
| (2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital. | ||||||||||||||||||||
| (3) Data is based on our interpretation of the PMIERs as of the dates indicated. | ||||||||||||||||||||
| (4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets. | ||||||||||||||||||||
| Exhibit O | ||||||||||||||||||||||||||
| Essent Group Ltd. and Subsidiaries | ||||||||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||||||||
| Reinsurance | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| ($ in thousands) | September 30 | June 30 | March 31 | December 31 | September 30 | September 30 | September 30 | |||||||||||||||||||
| Net Premiums Written: | ||||||||||||||||||||||||||
| Mortgage | $ | 15,190 | $ | 13,700 | $ | 13,236 | $ | 15,117 | $ | 18,338 | $ | 42,126 | $ | 48,440 | ||||||||||||
| Non-mortgage | 66,378 | 65,475 | 156,365 | 633 | 359 | 288,218 | 817 | |||||||||||||||||||
| Total | $ | 81,568 | $ | 79,175 | $ | 169,601 | $ | 15,750 | $ | 18,697 | $ | 330,344 | $ | 49,257 | ||||||||||||
| Net Premiums Earned: | ||||||||||||||||||||||||||
| Mortgage | $ | 13,388 | $ | 12,716 | $ | 12,264 | $ | 14,063 | $ | 15,945 | $ | 38,368 | $ | 45,096 | ||||||||||||
| Non-mortgage | 50,656 | 30,923 | 17,046 | 633 | 359 | 98,625 | 817 | |||||||||||||||||||
| Total | $ | 64,044 | $ | 43,639 | $ | 29,310 | $ | 14,696 | $ | 16,304 | $ | 136,993 | $ | 45,913 | ||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||||
| Reserve for losses and LAE | $ | 57,533 | $ | 27,739 | $ | 10,076 | $ | 359 | $ | 153 | ||||||||||||||||
| Mortgage Reinsurance Statistics: | ||||||||||||||||||||||||||
| Reinsured risk in force | $ | 1,969,364 | $ | 2,051,720 | $ | 2,084,380 | $ | 2,166,605 | $ | 2,184,981 | ||||||||||||||||
| Weighted average credit score | 751 | 751 | 751 | 751 | 751 | |||||||||||||||||||||
| Weighted average LTV | 83 | % | 83 | % | 83 | % | 83 | % | 83 | % | ||||||||||||||||
| Essent Reinsurance Ltd. Capital: | ||||||||||||||||||||||||||
| Stockholder's equity (GAAP basis) | $ | 1,650,165 | $ | 1,634,429 | $ | 1,660,416 | $ | 1,695,390 | $ | 1,722,135 | ||||||||||||||||
| Exhibit P | |||||||||||||
| Essent Group Ltd. and Subsidiaries | |||||||||||||
| Supplemental Information | |||||||||||||
| Cash & Investments | |||||||||||||
| Cash & Investments by Asset Class | |||||||||||||
| Asset Class | September 30, 2026 | December 31, 2025 | |||||||||||
| ($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
| U.S. Treasury securities | $ | 317,844 | 4.9 | % | $ | 369,712 | 5.6 | % | |||||
| U.S. agency mortgage-backed securities | 1,125,165 | 17.3 | 1,174,895 | 17.8 | |||||||||
| Municipal debt securities | 563,350 | 8.7 | 610,411 | 9.2 | |||||||||
| Non-U.S. government securities | 42,169 | 0.7 | 56,024 | 0.8 | |||||||||
| Corporate debt securities | 1,933,530 | 29.7 | 1,980,080 | 30.0 | |||||||||
| Residential and commercial mortgage securities | 457,485 | 7.1 | 464,105 | 7.0 | |||||||||
| Asset-backed securities | 928,298 | 14.3 | 800,366 | 12.1 | |||||||||
| Money market funds | 504,142 | 7.8 | 648,492 | 9.8 | |||||||||
| Total investments available for sale | $ | 5,871,983 | 90.5 | % | $ | 6,104,085 | 92.3 | % | |||||
| Other invested assets | 451,948 | 7.0 | 382,513 | 5.8 | |||||||||
| Cash | 160,670 | 2.5 | 123,049 | 1.9 | |||||||||
| Total cash and investments | $ | 6,484,601 | 100.0 | % | $ | 6,609,647 | 100.0 | % | |||||
| Investments Available for Sale by Credit Rating | |||||||||||||
| Rating (1) | September 30, 2026 | December 31, 2025 | |||||||||||
| ($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
| Aaa | $ | 885,775 | 16.5 | % | $ | 846,230 | 15.5 | % | |||||
| Aa1 | 1,688,499 | 31.5 | 1,799,508 | 32.9 | |||||||||
| Aa2 | 344,479 | 6.4 | 300,026 | 5.5 | |||||||||
| Aa3 | 310,745 | 5.8 | 319,848 | 5.9 | |||||||||
| A1 | 518,103 | 9.6 | 545,918 | 10.0 | |||||||||
| A2 | 500,477 | 9.3 | 511,146 | 9.4 | |||||||||
| A3 | 470,541 | 8.8 | 494,434 | 9.1 | |||||||||
| Baa1 | 249,968 | 4.7 | 244,424 | 4.5 | |||||||||
| Baa2 | 211,681 | 3.9 | 208,247 | 3.8 | |||||||||
| Baa3 | 125,643 | 2.3 | 122,596 | 2.2 | |||||||||
| Below Baa3 | 61,930 | 1.2 | 63,216 | 1.2 | |||||||||
| Total (2) | $ | 5,367,841 | 100.0 | % | $ | 5,455,593 | 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 $504,142 and $648,492 of money market funds at September 30, 2026 and December 31, 2025, respectively. | |||||||||||||
| Investments Available for Sale by Duration and Book Yield | |||||||||||||
| Effective Duration | September 30, 2026 | December 31, 2025 | |||||||||||
| ($ in thousands) | Fair Value | Percent | Fair Value | Percent | |||||||||
| < 1 Year | $ | 1,473,942 | 25.1 | % | $ | 1,549,327 | 25.4 | % | |||||
| 1 to < 2 Years | 450,967 | 7.7 | 527,914 | 8.6 | |||||||||
| 2 to < 3 Years | 455,107 | 7.7 | 532,211 | 8.7 | |||||||||
| 3 to < 4 Years | 505,434 | 8.6 | 571,255 | 9.4 | |||||||||
| 4 to < 5 Years | 662,994 | 11.3 | 536,135 | 8.8 | |||||||||
| 5 or more Years | 2,323,539 | 39.6 | 2,387,243 | 39.1 | |||||||||
| Total investments available for sale | $ | 5,871,983 | 100.0 | % | $ | 6,104,085 | 100.0 | % | |||||
| Pre-tax investment yield (3) | Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||||||||
| Yield on cash and investments available for sale | 4.06 | % | 3.94 | % | |||||||||
| Return on other invested assets | 9.65 | % | 13.01 | % | |||||||||
| Aggregate yield on total cash and investments | 4.42 | % | 4.49 | % | |||||||||
| (3) Yield on cash and investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above. | |||||||||||||
| Exhibit Q | |||||
| Essent Group Ltd. and Subsidiaries | |||||
| Supplemental Information | |||||
| Book Value Per Share Inclusive of Common Dividends & Reconciliation of Non-GAAP Financial Measures | |||||
Management believes Book Value Per Share Inclusive of Common Dividends provides investors with useful supplemental information because it reflects both changes in GAAP book value per share and cash dividends distributed to common shareholders. Management uses this measure as an additional indicator of per-share capital generation and capital return. Because dividends paid to common shareholders reduce GAAP book value per share, management believes this measure helps investors evaluate the combined effect of retained capital growth and capital distributed to shareholders during the period.
The following table sets forth the reconciliation of Book Value per Share Inclusive of Common Dividends to the most comparable GAAP amount as of September 30, 2026, as well as the 12-month growth in Book Value per Share Inclusive of Common Dividends in accordance with Regulation G.
| (In thousands, except per share amounts) | September 30, 2026 | September 30, 2025 | |||||
| Total Stockholders' Equity (Book Value) | $ | 5,555,065 | $ | 5,738,974 | |||
| Total Common Shares Outstanding | 88,769 | 97,497 | |||||
| Book Value per Share | $ | 62.58 | $ | 58.86 | |||
| 12-Month Growth in Book Value per Share | 6.3 | % | |||||
| Book Value per Share | $ | 62.58 | $ | 58.86 | |||
| Common Dividends Paid per Share 12-Months Ended September 30, 2026 | 1.36 | ||||||
| Book Value Per Share Inclusive of Common Dividends | $ | 63.94 | |||||
| 12-Month Growth in Book Value Per Share Inclusive of Common Dividends | 8.6 | % | |||||