Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Essent Group Ltd. Announces Fourth Quarter & Full Year 2022 Results and Increases Quarterly Dividend By: Essent Group Ltd. via Business Wire February 10, 2023 at 06:30 AM EST Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2022 of $147.4 million or $1.37 per diluted share, compared to $181.0 million or $1.64 per diluted share for the quarter ended December 31, 2021. For the full year 2022, net income was $831.4 million or $7.72 per diluted share, compared to $681.8 million or $6.11 per diluted share for 2021. Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on March 20, 2023, to shareholders of record on March 10, 2023. “We are pleased with our fourth quarter and full year 2022 financial results, which reflect our continued focus on generating high-quality earnings and solid returns,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results reflect our focus on optimizing unit economics along with continued favorable credit performance. We remain committed to taking a measured approach to capital management. In connection with this, we are pleased to announce that our Board has approved an increase in our quarterly dividend to $0.25 per share.” Financial Highlights: New insurance written for the fourth quarter of 2022 was $13.0 billion, compared to $17.1 billion in the third quarter of 2022 and $16.4 billion in the fourth quarter of 2021. Insurance in force as of December 31, 2022 was $227.1 billion, compared to $222.5 billion as of September 30, 2022 and $207.2 billion as of December 31, 2021. The combined ratio for the fourth quarter was 24.6%, compared to 22.3% in the third quarter of 2022 and 17.4% in the fourth quarter of 2021. During the fourth quarter of 2022, we entered into a quota share reinsurance transaction with a panel of highly rated third-party reinsurers. The quota share agreement covers 17.5% of all eligible policies written by Essent Guaranty, Inc. in the calendar year 2023. Last week, Essent US Holdings entered into an agreement to acquire the title insurance operations from a subsidiary of Finance of America Companies for $100 million. Conference Call: Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent. A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537. In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx. Forward-Looking Statements: This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: the impact of COVID-19 and related economic conditions; 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; lenders or investors seeking alternatives to private mortgage insurance; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; decline in new insurance written and franchise value due to loss of a significant customer; decline in the volume of low down payment mortgage originations; the definition of "Qualified Mortgage" reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs; the definition of "Qualified Residential Mortgage" reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance; the implementation of the Basel III Capital Accord discouraging the use of private mortgage insurance; a decrease in the length of time that insurance policies are in force; uncertainty of loss reserve estimates; our non-U.S. operations becoming subject to U.S. Federal income taxation; becoming considered a passive foreign investment company for U.S. Federal income tax purposes; 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, 2021 filed with the Securities and Exchange Commission on February 16, 2022, 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”) which, through its wholly-owned subsidiary, Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Essent is committed to supporting environmental, social and governance (“ESG”) initiatives that are relevant to the company and align with the companywide dedication to responsible corporate citizenship that positively impacts the community and people served. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us. Source: Essent Group Ltd. Essent Group Ltd. and Subsidiaries Financial Results and Supplemental Information (Unaudited) Quarter and Year Ended December 31, 2022 Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited) Exhibit B Condensed Consolidated Balance Sheets (Unaudited) Exhibit C Historical Quarterly Data Exhibit D New Insurance Written Exhibit E Insurance in Force and Risk in Force Exhibit F Other Risk in Force Exhibit G Portfolio Vintage Data Exhibit H Reinsurance Vintage Data Exhibit I Portfolio Geographic Data Exhibit J Rollforward of Defaults and Reserve for Losses and LAE Exhibit K Detail of Reserves by Default Delinquency Exhibit L Investments Available for Sale Exhibit M Insurance Company Capital 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) 2022 2021 2022 2021 Revenues: Direct premiums written $ 235,015 $ 224,972 $ 927,702 $ 918,406 Ceded premiums (34,289 ) (26,476 ) (107,673 ) (110,914 ) Net premiums written 200,726 198,496 820,029 807,492 Decrease in unearned premiums 6,526 18,825 22,498 65,051 Net premiums earned 207,252 217,321 842,527 872,543 Net investment income 37,796 23,661 124,409 88,765 Realized investment (losses) gains, net (5,524 ) (191 ) (13,172 ) 418 Income (loss) from other invested assets (7,599 ) 14,997 28,676 56,386 Other income (1,888 ) 1,128 18,384 10,398 Total revenues 230,037 256,916 1,000,824 1,028,510 Losses and expenses: (Benefit) provision for losses and LAE 4,101 (3,433 ) (174,704 ) 31,057 Other underwriting and operating expenses 46,895 41,232 171,733 166,857 Interest expense 6,045 2,095 15,608 8,282 Total losses and expenses 57,041 39,894 12,637 206,196 Income before income taxes 172,996 217,022 988,187 822,314 Income tax expense 25,630 36,035 156,834 140,531 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Earnings per share: Basic $ 1.38 $ 1.65 $ 7.75 $ 6.13 Diluted 1.37 1.64 7.72 6.11 Weighted average shares outstanding: Basic 106,881 109,550 107,205 111,164 Diluted 107,419 110,028 107,653 111,555 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Other comprehensive (loss) income: Change in unrealized (depreciation) appreciation of investments 40,787 (27,807 ) (433,497 ) (87,567 ) Total other comprehensive (loss) income 40,787 (27,807 ) (433,497 ) (87,567 ) Comprehensive income $ 188,153 $ 153,180 $ 397,856 $ 594,216 Loss ratio 2.0 % (1.6 %) (20.7 %) 3.6 % Expense ratio 22.6 19.0 20.4 19.1 Combined ratio 24.6 % 17.4 % (0.4 %) 22.7 % Exhibit B Essent Group Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, December 31, (In thousands, except per share amounts) 2022 2021 Assets Investments Fixed maturities available for sale, at fair value $ 4,489,598 $ 4,649,800 Short-term investments available for sale, at fair value 252,027 313,087 Total investments available for sale 4,741,625 4,962,887 Other invested assets 257,941 170,472 Total investments 4,999,566 5,133,359 Cash 81,240 81,491 Accrued investment income 33,162 26,546 Accounts receivable 57,399 46,157 Deferred policy acquisition costs 9,910 12,178 Property and equipment 19,571 11,921 Prepaid federal income tax 418,460 360,810 Other assets 104,489 49,712 Total assets $ 5,723,797 $ 5,722,174 Liabilities and Stockholders' Equity Liabilities Reserve for losses and LAE $ 216,464 $ 407,445 Unearned premium reserve 162,887 185,385 Net deferred tax liability 356,810 373,654 Credit facility borrowings, net of deferred costs 420,864 419,823 Other accrued liabilities 104,463 99,753 Total liabilities 1,261,488 1,486,060 Commitments and contingencies Stockholders' Equity Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 107,683 shares in 2022 and 109,377 shares in 2021 1,615 1,641 Additional paid-in capital 1,350,377 1,428,952 Accumulated other comprehensive income (loss) (382,790 ) 50,707 Retained earnings 3,493,107 2,754,814 Total stockholders' equity 4,462,309 4,236,114 Total liabilities and stockholders' equity $ 5,723,797 $ 5,722,174 Return on average equity 19.1 % 16.8 % Exhibit C Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 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 $ 192,670 $ 194,272 $ 198,891 $ 203,312 $ 205,877 GSE and other risk share 14,582 13,662 13,120 12,018 11,444 Net premiums earned 207,252 207,934 212,011 215,330 217,321 Net investment income 37,796 32,594 29,339 24,680 23,661 Realized investment (losses) gains, net (5,524 ) 175 (471 ) (7,352 ) (191 ) Income (loss) from other invested assets (7,599 ) 9,617 1,953 24,705 14,997 Other income (loss) (1) (1,888 ) 11,447 1,577 7,248 1,128 Total revenues 230,037 261,767 244,409 264,611 256,916 Losses and expenses: (Benefit) provision for losses and LAE 4,101 4,252 (76,199 ) (106,858 ) (3,433 ) Other underwriting and operating expenses 46,895 42,144 41,898 40,796 41,232 Interest expense 6,045 4,450 2,887 2,226 2,095 Total losses and expenses 57,041 50,846 (31,414 ) (63,836 ) 39,894 Income before income taxes 172,996 210,921 275,823 328,447 217,022 Income tax expense (2) 25,630 32,870 44,054 54,280 36,035 Net income $ 147,366 $ 178,051 $ 231,769 $ 274,167 $ 180,987 Earnings per share: Basic $ 1.38 $ 1.67 $ 2.17 $ 2.53 $ 1.65 Diluted 1.37 1.66 2.16 2.52 1.64 Weighted average shares outstanding: Basic 106,881 106,870 106,921 108,166 109,550 Diluted 107,419 107,337 107,283 108,590 110,028 Book value per share $ 41.44 $ 39.87 $ 39.67 $ 38.98 $ 38.73 Return on average equity (annualized) 13.5 % 16.6 % 21.8 % 26.0 % 17.2 % Other Data: Loss ratio (3) 2.0 % 2.0 % (35.9 %) (49.6 %) (1.6 %) Expense ratio (4) 22.6 20.3 19.8 18.9 19.0 Combined ratio 24.6 % 22.3 % (16.2 %) (30.7 %) 17.4 % Credit Facility Borrowings outstanding $ 425,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000 Undrawn committed capacity $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 Weighted average interest rate (end of period) 6.02 % 4.39 % 2.92 % 1.99 % 1.79 % Debt-to-capital 8.70 % 9.01 % 9.05 % 9.16 % 9.12 % (1) For each of the three month periods noted, Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements as follows: December 31, 2022: ($6,515); September 30, 2022: $5,177; June 30, 2022: ($5,549); March 31, 2022: $4,365; December 31, 2021: ($2,931). (2) Income tax expense for the quarter ended December 31, 2021 includes $2,473 of discrete tax expense associated with an increase in the estimate of our beginning of the year deferred state income tax liability. Income tax expense for the quarters ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 includes ($4,122), $2,925, ($299), $7,002 and $1,759, respectively, of discrete tax (benefit) expense associated with realized and unrealized gains and losses. (3) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. (4) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned. Exhibit C, continued Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 Other Data, continued: December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Portfolio Flow: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,135 $ 12,841,482 $ 16,379,082 New risk written 3,522,726 4,570,699 5,442,115 3,438,016 4,331,531 Bulk: New insurance written $ — $ — $ 196 $ — $ 416 New risk written — — 29 — 41 Total: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,331 $ 12,841,482 $ 16,379,498 New risk written $ 3,522,726 $ 4,570,669 $ 5,442,144 $ 3,438,016 $ 4,331,572 Average insurance in force $ 224,840,675 $ 219,280,350 $ 210,896,297 $ 206,631,135 $ 207,388,906 Insurance in force (end of period) $ 227,062,055 $ 222,542,569 $ 215,896,531 $ 206,842,996 $ 207,190,544 Gross risk in force (end of period) (5) $ 59,276,489 $ 57,743,091 $ 55,678,063 $ 52,847,985 $ 52,554,246 Risk in force (end of period) $ 49,903,626 $ 48,690,571 $ 47,289,910 $ 45,261,164 $ 45,273,383 Policies in force 808,596 800,745 789,652 774,002 785,119 Weighted average coverage (6) 26.1 % 25.9 % 25.8 % 25.5 % 25.4 % Annual persistency 82.1 % 77.9 % 73.4 % 69.1 % 65.4 % Loans in default (count) 13,433 12,435 12,707 14,923 16,963 Percentage of loans in default 1.66 % 1.55 % 1.61 % 1.93 % 2.16 % U.S. Mortgage Insurance Portfolio premium rate: Base average premium rate (7) 0.40 % 0.40 % 0.41 % 0.41 % 0.42 % Single premium cancellations (8) — % 0.01 % 0.01 % 0.02 % 0.03 % Gross average premium rate 0.40 % 0.41 % 0.42 % 0.43 % 0.45 % Ceded premiums (0.06 %) (0.06 %) (0.04 %) (0.04 %) (0.05 %) Net average premium rate 0.34 % 0.35 % 0.38 % 0.39 % 0.40 % (5) Gross risk in force includes risk ceded under third-party reinsurance. (6) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force. (7) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period. (8) 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 D Essent Group Ltd. and Subsidiaries Supplemental Information New Insurance Written: Flow NIW by Credit Score Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) >=760 $ 4,761,917 36.6 % $ 6,643,740 40.6 % $ 25,704,025 40.8 % $ 34,422,627 40.9 % 740-759 2,428,164 18.7 2,833,379 17.3 10,927,903 17.3 13,691,394 16.3 720-739 2,301,392 17.7 2,472,738 15.1 10,186,558 16.2 12,789,715 15.2 700-719 1,919,146 14.6 2,170,829 13.2 8,371,867 13.2 11,499,406 13.6 680-699 1,138,743 8.8 1,504,268 9.2 5,548,687 8.8 7,359,569 8.7 <=679 462,070 3.6 754,128 4.6 2,322,026 3.7 4,455,123 5.3 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average credit score 744 745 746 745 NIW by LTV Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 1,121,853 8.6 % $ 1,799,336 11.0 % $ 5,678,058 9.0 % $ 11,460,273 13.6 % 85.01% to 90.00% 3,075,304 23.6 4,372,552 26.7 16,732,649 26.5 23,565,227 28.0 90.01% to 95.00% 7,464,333 57.4 7,722,842 47.1 33,925,998 53.8 37,813,167 44.9 95.01% and above 1,349,942 10.4 2,484,352 15.2 6,724,361 10.7 11,379,167 13.5 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average LTV 93 % 92 % 93 % 92 % NIW by Product Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Single Premium policies 4.3 % 2.7 % 5.6 % 3.8 % Monthly Premium policies 95.7 97.3 94.4 96.2 100.0 % 100.0 % 100.0 % 100.0 % NIW by Purchase vs. Refinance Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Purchase 98.9 % 92.1 % 97.6 % 82.1 % Refinance 1.1 7.9 2.4 17.9 100.0 % 100.0 % 100.0 % 100.0 % Exhibit E Essent Group Ltd. and Subsidiaries Supplemental Information Insurance in Force and Risk in Force Portfolio by Credit Score IIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 93,389,066 41.1 % $ 92,309,692 41.5 % $ 85,501,113 41.3 % 740-759 38,842,311 17.2 37,821,201 17.0 35,111,019 17.0 720-739 34,981,632 15.4 33,910,646 15.2 31,158,325 15.0 700-719 29,146,543 12.8 28,263,518 12.7 26,105,790 12.6 680-699 18,859,824 8.3 18,351,570 8.2 16,819,629 8.1 <=679 11,842,679 5.2 11,885,942 5.4 12,494,668 6.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average credit score 746 746 745 Gross RIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 24,152,726 40.8 % $ 23,743,335 41.1 % $ 21,488,011 40.9 % 740-759 10,255,195 17.3 9,920,331 17.2 8,992,181 17.1 720-739 9,276,750 15.6 8,934,327 15.5 8,029,952 15.3 700-719 7,696,965 13.0 7,412,542 12.8 6,693,045 12.7 680-699 4,963,470 8.4 4,801,986 8.3 4,299,245 8.2 <=679 2,931,383 4.9 2,930,570 5.1 3,051,812 5.8 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by LTV IIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 24,454,468 10.8 % $ 25,121,995 11.3 % $ 27,362,267 13.2 % 85.01% to 90.00% 63,436,445 27.8 62,963,331 28.3 59,567,378 28.7 90.01% to 95.00% 107,932,064 47.6 103,794,020 46.6 91,350,909 44.1 95.01% and above 31,239,078 13.8 30,663,223 13.8 28,909,990 14.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average LTV 92 % 92 % 92 % Gross RIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 2,903,877 4.9 % $ 2,975,898 5.2 % $ 3,200,124 6.1 % 85.01% to 90.00% 15,477,031 26.1 15,317,449 26.5 14,366,450 27.3 90.01% to 95.00% 31,642,669 53.4 30,388,328 52.6 26,592,162 50.6 95.01% and above 9,252,912 15.6 9,061,416 15.7 8,395,510 16.0 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by Loan Amortization Period IIF by Loan Amortization Period December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) FRM 30 years and higher $ 219,416,408 96.7 % $ 214,688,363 96.5 % $ 198,243,758 95.7 % FRM 20-25 years 2,601,108 1.1 2,859,734 1.3 3,658,366 1.8 FRM 15 years 2,552,931 1.1 2,903,355 1.3 3,996,684 1.9 ARM 5 years and higher 2,491,608 1.1 2,091,117 0.9 1,291,736 0.6 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Exhibit F Essent Group Ltd. and Subsidiaries Supplemental Information Other Risk in Force 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 GSE and other risk share (1): Risk in Force $ 2,030,571 $ 2,026,895 $ 1,898,364 $ 1,888,437 $ 1,788,918 Reserve for losses and LAE $ 74 $ 102 $ 144 $ 254 $ 1,349 Weighted average credit score 749 748 748 748 748 Weighted average LTV 83 % 84 % 84 % 84 % 84 % (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 G Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Vintage Data December 31, 2022 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 $ 2,121,713 3.5 % 13,410 4.33 % 77.6 % 69.1 % 5.9 % 15.1 % 43.1 % 2.6 % 523 3.90 % 2015 26,193,656 1,917,056 7.3 11,486 4.18 85.5 76.1 4.3 17.6 39.3 2.7 425 3.70 2016 34,949,319 4,241,287 12.1 24,006 3.87 88.6 72.2 10.3 15.8 43.1 2.8 758 3.16 2017 43,858,322 5,953,785 13.6 34,592 4.26 91.1 68.9 19.9 20.1 38.2 4.0 1,432 4.14 2018 47,508,525 6,714,277 14.1 36,913 4.78 94.4 69.0 24.9 21.5 32.9 5.3 1,748 4.74 2019 63,569,183 14,742,465 23.2 68,798 4.22 87.3 66.7 23.8 18.7 35.7 5.8 2,158 3.14 2020 107,944,065 59,228,334 54.9 220,705 3.18 65.8 54.0 12.1 10.8 45.5 4.4 2,856 1.29 2021 84,218,250 71,533,600 84.9 228,943 3.07 84.4 60.6 14.6 13.9 40.4 7.9 2,750 1.20 2022 63,061,262 60,609,538 96.1 169,743 5.07 97.7 64.8 10.9 12.6 40.0 14.4 783 0.46 Total $ 531,971,433 $ 227,062,055 42.7 808,596 3.83 83.8 61.3 13.8 13.5 41.1 4.3 13,433 1.66 (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 H Essent Group Ltd. and Subsidiaries Supplemental Information Reinsurance Vintage Data December 31, 2022 ($ in thousands) Excess of Loss Reinsurance Original Reinsurance in Force Remaining Reinsurance in Force Earned Premiums Ceded Year Remaining Insurance in Force Remaining Risk in Force ILN (1) Other Reinsurance (2) Total ILN Other Reinsurance Total Losses Ceded to Date Original First Layer Retention Remaining First Layer Retention Quarter-to- Date Year-to- Date Reduction in PMIERs Minimum Required Assets (9) 2015 & 2016 $ 5,931,479 $ 1,610,997 $ 333,844 $ — $ 333,844 $ 41,764 $ — $ 41,764 $ — $ 208,111 $ 206,843 $ 389 $ 2,852 $ — 2017 5,810,456 1,527,469 424,412 165,167 589,579 225,562 85,627 311,189 — 224,689 216,143 2,429 11,060 — 2018 6,620,816 1,708,129 473,184 118,650 591,834 325,537 76,144 401,681 — 253,643 248,675 3,873 14,425 — 2019 (3) 8,185,651 2,108,121 495,889 55,102 550,991 418,006 46,448 464,454 — 215,605 214,708 3,233 12,751 — 2019 & 2020 (4) — — 399,159 — 399,159 — — — — 465,690 — — 5,222 — 2020 & 2021 (5) 40,676,403 10,206,068 557,911 — 557,911 451,093 — 451,093 — 278,956 278,919 3,498 14,528 376,024 2021 (6) 41,455,845 11,027,751 439,407 — 439,407 410,778 — 410,778 — 279,415 279,400 4,250 17,080 368,047 2021 & 2022 (10) 75,406,975 20,284,551 — 141,992 141,992 — 141,992 141,992 — 507,114 507,114 1,610 3,295 138,300 2021 & 2022 (11) 33,815,842 9,079,729 237,868 — 237,868 237,868 — 237,868 — 303,761 303,761 4,563 5,131 218,839 Total $ 217,903,467 $ 57,552,815 $ 3,361,674 $ 480,911 $ 3,842,585 $ 2,110,608 $ 350,211 $ 2,460,819 $ — $ 2,736,984 $ 2,028,750 (12) $ 23,845 $ 86,344 $ 1,101,210 Quota Share Reinsurance Losses Ceded Ceding Commission Earned Premiums Ceded Year 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 (9) 2019 & 2020 (7 ) $ 65,434,808 $ 16,603,792 $ 14,520,550 $ 3,645,733 $ (703 ) $ (14,360 ) $ 3,099 $ 13,580 $ 5,031 $ 10,763 $ 220,812 2022 (8 ) 60,546,185 16,331,557 12,109,237 3,266,311 2,089 3,087 1,749 3,936 5,413 10,566 228,185 Total $ 125,980,993 $ 32,935,349 $ 26,629,787 $ 6,912,044 $ 1,386 $ (11,273 ) $ 4,848 $ 17,516 $ 10,444 $ 21,329 $ 448,997 (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) Reinsurance coverage on new insurance written from January 1, 2019 through August 31, 2019. (4) Reinsurance coverage on new insurance written from September 1, 2019 through July 31, 2020. This ILN was called during the third quarter of 2022. (5) Reinsurance coverage on new insurance written from August 1, 2020 through March 31, 2021. (6) Reinsurance coverage on new insurance written from April 1, 2021 through September 30, 2021. (7) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies written from September 1, 2019 through December 31, 2020. (8) Reinsurance coverage on 20% of all eligible policies written from January 1, 2022 through December 31, 2022. (9) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs. (10) Reinsurance coverage on 20% of all eligible policies written from October 1, 2021 through December 31, 2022. (11) Reinsurance coverage on new insurance written from October 1, 2021 through July 31, 2022. (12) The total remaining first layer retention differs from the sum of the individual reinsurance transactions as a result of overlapping coverage between certain transactions. Exhibit I Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Geographic Data IIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.2 % 13.2 % 13.1 % TX 10.4 10.3 9.9 FL 10.2 10.1 9.7 CO 4.2 4.1 4.1 AZ 3.5 3.5 3.3 WA 3.4 3.4 3.7 GA 3.2 3.1 3.1 IL 3.1 3.1 3.3 VA 3.0 3.1 3.1 NJ 3.0 3.0 3.1 All Others 42.8 43.1 43.6 Total 100.0 % 100.0 % 100.0 % Gross RIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.0 % 13.0 % 13.0 % TX 10.7 10.6 10.2 FL 10.5 10.5 10.0 CO 4.1 4.1 4.0 AZ 3.6 3.5 3.3 WA 3.3 3.3 3.6 GA 3.2 3.2 3.1 IL 3.0 3.1 3.2 VA 3.0 3.0 3.0 NJ 2.9 2.9 3.0 All Others 42.7 42.8 43.6 Total 100.0 % 100.0 % 100.0 % Exhibit J 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 2022 2021 December 31 September 30 June 30 March 31 December 31 Beginning default inventory 12,435 12,707 14,923 16,963 19,721 Plus: new defaults (A) 7,505 6,448 5,495 6,188 5,809 Less: cures (6,425 ) (6,642 ) (7,639 ) (8,167 ) (8,514 ) Less: claims paid (73 ) (68 ) (65 ) (55 ) (47 ) Less: rescissions and denials, net (9 ) (10 ) (7 ) (6 ) (6 ) Ending default inventory 13,433 12,435 12,707 14,923 16,963 (A) New defaults remaining as of December 31, 2022 5,744 2,541 1,489 981 514 Cure rate (1) 23 % 61 % 73 % 84 % 91 % Total amount paid for claims (in thousands) $ 1,441 $ 1,261 $ 1,137 $ 826 $ 992 Average amount paid per claim (in thousands) $ 20 $ 19 $ 17 $ 15 $ 21 Severity 46 % 47 % 50 % 35 % 45 % Rollforward of Reserve for Losses and LAE Three Months Ended 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 Reserve for losses and LAE at beginning of period $ 212,392 $ 209,829 $ 292,818 $ 406,096 $ 411,567 Less: Reinsurance recoverables 13,244 13,657 19,335 25,940 26,970 Net reserve for losses and LAE at beginning of period 199,148 196,172 273,483 380,156 384,597 Add provision for losses and LAE occurring in: Current period 36,141 20,144 18,720 24,346 13,231 Prior years (32,012 ) (15,850 ) (94,809 ) (130,114 ) (16,624 ) Incurred losses and LAE during the period 4,129 4,294 (76,089 ) (105,768 ) (3,393 ) Deduct payments for losses and LAE occurring in: Current period 113 30 80 1 157 Prior years 1,392 1,288 1,142 904 891 Loss and LAE payments during the period 1,505 1,318 1,222 905 1,048 Net reserve for losses and LAE at end of period 201,772 199,148 196,172 273,483 380,156 Plus: Reinsurance recoverables 14,618 13,244 13,657 19,335 25,940 Reserve for losses and LAE at end of period $ 216,390 $ 212,392 $ 209,829 $ 292,818 $ 406,096 (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 K Essent Group Ltd. and Subsidiaries Supplemental Information Detail of Reserves by Default Delinquency U.S. Mortgage Insurance Portfolio December 31, 2022 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: Three payments or less 6,154 46 % $ 32,242 16 % $ 411,624 8 % Four to eleven payments 4,684 35 65,071 33 317,417 21 Twelve or more payments 2,474 18 98,291 49 147,247 67 Pending claims 121 1 3,815 2 4,860 78 Total case reserves 13,433 100 % 199,419 100 % $ 881,148 23 IBNR 14,956 LAE 2,015 Total reserves for losses and LAE $ 216,390 Average reserve per default: Case $ 14.8 Total $ 16.1 Default Rate 1.66 % December 31, 2021 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: Three payments or less 4,113 24 % $ 20,712 5 % $ 243,511 9 % Four to eleven payments 5,459 32 77,822 21 349,494 22 Twelve or more payments 7,331 43 274,465 73 470,859 58 Pending claims 60 1 2,397 1 2,852 84 Total case reserves 16,963 100 % 375,396 100 % $ 1,066,716 35 IBNR 28,155 LAE 2,545 Total reserves for losses and LAE $ 406,096 Average reserve per default: Case $ 22.1 Total $ 23.9 Default Rate 2.16 % Exhibit L Essent Group Ltd. and Subsidiaries Supplemental Information Investments Available for Sale Investments Available for Sale by Asset Class Asset Class December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent U.S. Treasury securities $ 556,438 11.7 % $ 448,793 9.1 % U.S. agency securities 49,058 1.0 5,504 0.1 U.S. agency mortgage-backed securities 783,743 16.5 1,008,863 20.3 Municipal debt securities 602,690 12.8 627,599 12.7 Non-U.S. government securities 62,399 1.3 79,743 1.6 Corporate debt securities 1,414,321 29.8 1,455,247 29.3 Residential and commercial mortgage securities 511,824 10.8 545,423 11.0 Asset-backed securities 624,561 13.2 581,703 11.7 Money market funds 136,591 2.9 210,012 4.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Investments Available for Sale by Credit Rating Rating (1) December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent Aaa $ 2,226,951 46.9 % $ 2,412,273 48.6 % Aa1 111,342 2.3 96,331 1.9 Aa2 327,742 6.9 354,951 7.2 Aa3 234,994 5.0 221,914 4.5 A1 421,752 8.9 263,820 5.3 A2 411,670 8.7 427,282 8.6 A3 268,928 5.7 274,525 5.5 Baa1 236,793 5.0 305,204 6.1 Baa2 221,308 4.7 274,011 5.5 Baa3 187,117 3.9 240,755 4.9 Below Baa3 93,028 2.0 91,821 1.9 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % (1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available. Investments Available for Sale by Duration and Book Yield Effective Duration December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent < 1 Year $ 1,245,839 26.3 % $ 1,104,397 22.2 % 1 to < 2 Years 534,038 11.3 561,297 11.3 2 to < 3 Years 511,701 10.8 539,174 10.9 3 to < 4 Years 525,683 11.1 593,663 12.0 4 to < 5 Years 400,540 8.4 663,127 13.4 5 or more Years 1,523,824 32.1 1,501,229 30.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Pre-tax investment income yield: Three months ended December 31, 2022 3.03 % Year ended December 31, 2022 2.59 % Holding company net cash and investments available for sale: ($ in thousands) As of December 31, 2022 $ 685,178 As of December 31, 2021 $ 618,306 Exhibit M Essent Group Ltd. and Subsidiaries Supplemental Information Insurance Company Capital 2022 2021 December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Subsidiaries: Combined statutory capital (1) $ 3,175,889 $ 3,128,681 $ 3,062,438 $ 3,058,880 $ 2,950,107 Combined net risk in force (2) $ 32,265,701 $ 31,736,095 $ 31,221,406 $ 30,331,197 $ 30,660,272 Risk-to-capital ratios: (3) Essent Guaranty, Inc. 10.5:1 10.5:1 10.6:1 10.3:1 10.8:1 Essent Guaranty of PA, Inc. 0.6:1 0.6:1 0.6:1 0.7:1 0.8:1 Combined (4) 10.2:1 10.1:1 10.2:1 9.9:1 10.4:1 Essent Guaranty, Inc. PMIERs Data (5): Available Assets $ 3,191,047 $ 3,147,545 $ 3,120,098 $ 3,194,939 $ 3,170,881 Minimum Required Assets 1,832,363 1,759,182 1,869,524 1,840,069 1,791,551 PMIERs excess Available Assets $ 1,358,684 $ 1,388,363 $ 1,250,574 $ 1,354,870 $ 1,379,330 PMIERs sufficiency ratio (6) 174 % 179 % 167 % 174 % 177 % Essent Reinsurance Ltd.: Stockholder's equity (GAAP basis) $ 1,478,772 $ 1,397,287 $ 1,380,067 $ 1,330,840 $ 1,301,937 Net risk in force (2) $ 19,454,046 $ 18,694,500 $ 17,758,801 $ 16,527,587 $ 15,997,129 (1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005032/en/Contacts Media 610.230.0556 media@essentgroup.com Investor Relations Philip Stefano Vice President, Investor Relations 855-809-ESNT ir@essentgroup.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Essent Group Ltd. Announces Fourth Quarter & Full Year 2022 Results and Increases Quarterly Dividend By: Essent Group Ltd. via Business Wire February 10, 2023 at 06:30 AM EST Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2022 of $147.4 million or $1.37 per diluted share, compared to $181.0 million or $1.64 per diluted share for the quarter ended December 31, 2021. For the full year 2022, net income was $831.4 million or $7.72 per diluted share, compared to $681.8 million or $6.11 per diluted share for 2021. Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on March 20, 2023, to shareholders of record on March 10, 2023. “We are pleased with our fourth quarter and full year 2022 financial results, which reflect our continued focus on generating high-quality earnings and solid returns,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results reflect our focus on optimizing unit economics along with continued favorable credit performance. We remain committed to taking a measured approach to capital management. In connection with this, we are pleased to announce that our Board has approved an increase in our quarterly dividend to $0.25 per share.” Financial Highlights: New insurance written for the fourth quarter of 2022 was $13.0 billion, compared to $17.1 billion in the third quarter of 2022 and $16.4 billion in the fourth quarter of 2021. Insurance in force as of December 31, 2022 was $227.1 billion, compared to $222.5 billion as of September 30, 2022 and $207.2 billion as of December 31, 2021. The combined ratio for the fourth quarter was 24.6%, compared to 22.3% in the third quarter of 2022 and 17.4% in the fourth quarter of 2021. During the fourth quarter of 2022, we entered into a quota share reinsurance transaction with a panel of highly rated third-party reinsurers. The quota share agreement covers 17.5% of all eligible policies written by Essent Guaranty, Inc. in the calendar year 2023. Last week, Essent US Holdings entered into an agreement to acquire the title insurance operations from a subsidiary of Finance of America Companies for $100 million. Conference Call: Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent. A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537. In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx. Forward-Looking Statements: This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: the impact of COVID-19 and related economic conditions; 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; lenders or investors seeking alternatives to private mortgage insurance; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; decline in new insurance written and franchise value due to loss of a significant customer; decline in the volume of low down payment mortgage originations; the definition of "Qualified Mortgage" reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs; the definition of "Qualified Residential Mortgage" reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance; the implementation of the Basel III Capital Accord discouraging the use of private mortgage insurance; a decrease in the length of time that insurance policies are in force; uncertainty of loss reserve estimates; our non-U.S. operations becoming subject to U.S. Federal income taxation; becoming considered a passive foreign investment company for U.S. Federal income tax purposes; 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, 2021 filed with the Securities and Exchange Commission on February 16, 2022, 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”) which, through its wholly-owned subsidiary, Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Essent is committed to supporting environmental, social and governance (“ESG”) initiatives that are relevant to the company and align with the companywide dedication to responsible corporate citizenship that positively impacts the community and people served. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us. Source: Essent Group Ltd. Essent Group Ltd. and Subsidiaries Financial Results and Supplemental Information (Unaudited) Quarter and Year Ended December 31, 2022 Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited) Exhibit B Condensed Consolidated Balance Sheets (Unaudited) Exhibit C Historical Quarterly Data Exhibit D New Insurance Written Exhibit E Insurance in Force and Risk in Force Exhibit F Other Risk in Force Exhibit G Portfolio Vintage Data Exhibit H Reinsurance Vintage Data Exhibit I Portfolio Geographic Data Exhibit J Rollforward of Defaults and Reserve for Losses and LAE Exhibit K Detail of Reserves by Default Delinquency Exhibit L Investments Available for Sale Exhibit M Insurance Company Capital 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) 2022 2021 2022 2021 Revenues: Direct premiums written $ 235,015 $ 224,972 $ 927,702 $ 918,406 Ceded premiums (34,289 ) (26,476 ) (107,673 ) (110,914 ) Net premiums written 200,726 198,496 820,029 807,492 Decrease in unearned premiums 6,526 18,825 22,498 65,051 Net premiums earned 207,252 217,321 842,527 872,543 Net investment income 37,796 23,661 124,409 88,765 Realized investment (losses) gains, net (5,524 ) (191 ) (13,172 ) 418 Income (loss) from other invested assets (7,599 ) 14,997 28,676 56,386 Other income (1,888 ) 1,128 18,384 10,398 Total revenues 230,037 256,916 1,000,824 1,028,510 Losses and expenses: (Benefit) provision for losses and LAE 4,101 (3,433 ) (174,704 ) 31,057 Other underwriting and operating expenses 46,895 41,232 171,733 166,857 Interest expense 6,045 2,095 15,608 8,282 Total losses and expenses 57,041 39,894 12,637 206,196 Income before income taxes 172,996 217,022 988,187 822,314 Income tax expense 25,630 36,035 156,834 140,531 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Earnings per share: Basic $ 1.38 $ 1.65 $ 7.75 $ 6.13 Diluted 1.37 1.64 7.72 6.11 Weighted average shares outstanding: Basic 106,881 109,550 107,205 111,164 Diluted 107,419 110,028 107,653 111,555 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Other comprehensive (loss) income: Change in unrealized (depreciation) appreciation of investments 40,787 (27,807 ) (433,497 ) (87,567 ) Total other comprehensive (loss) income 40,787 (27,807 ) (433,497 ) (87,567 ) Comprehensive income $ 188,153 $ 153,180 $ 397,856 $ 594,216 Loss ratio 2.0 % (1.6 %) (20.7 %) 3.6 % Expense ratio 22.6 19.0 20.4 19.1 Combined ratio 24.6 % 17.4 % (0.4 %) 22.7 % Exhibit B Essent Group Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, December 31, (In thousands, except per share amounts) 2022 2021 Assets Investments Fixed maturities available for sale, at fair value $ 4,489,598 $ 4,649,800 Short-term investments available for sale, at fair value 252,027 313,087 Total investments available for sale 4,741,625 4,962,887 Other invested assets 257,941 170,472 Total investments 4,999,566 5,133,359 Cash 81,240 81,491 Accrued investment income 33,162 26,546 Accounts receivable 57,399 46,157 Deferred policy acquisition costs 9,910 12,178 Property and equipment 19,571 11,921 Prepaid federal income tax 418,460 360,810 Other assets 104,489 49,712 Total assets $ 5,723,797 $ 5,722,174 Liabilities and Stockholders' Equity Liabilities Reserve for losses and LAE $ 216,464 $ 407,445 Unearned premium reserve 162,887 185,385 Net deferred tax liability 356,810 373,654 Credit facility borrowings, net of deferred costs 420,864 419,823 Other accrued liabilities 104,463 99,753 Total liabilities 1,261,488 1,486,060 Commitments and contingencies Stockholders' Equity Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 107,683 shares in 2022 and 109,377 shares in 2021 1,615 1,641 Additional paid-in capital 1,350,377 1,428,952 Accumulated other comprehensive income (loss) (382,790 ) 50,707 Retained earnings 3,493,107 2,754,814 Total stockholders' equity 4,462,309 4,236,114 Total liabilities and stockholders' equity $ 5,723,797 $ 5,722,174 Return on average equity 19.1 % 16.8 % Exhibit C Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 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 $ 192,670 $ 194,272 $ 198,891 $ 203,312 $ 205,877 GSE and other risk share 14,582 13,662 13,120 12,018 11,444 Net premiums earned 207,252 207,934 212,011 215,330 217,321 Net investment income 37,796 32,594 29,339 24,680 23,661 Realized investment (losses) gains, net (5,524 ) 175 (471 ) (7,352 ) (191 ) Income (loss) from other invested assets (7,599 ) 9,617 1,953 24,705 14,997 Other income (loss) (1) (1,888 ) 11,447 1,577 7,248 1,128 Total revenues 230,037 261,767 244,409 264,611 256,916 Losses and expenses: (Benefit) provision for losses and LAE 4,101 4,252 (76,199 ) (106,858 ) (3,433 ) Other underwriting and operating expenses 46,895 42,144 41,898 40,796 41,232 Interest expense 6,045 4,450 2,887 2,226 2,095 Total losses and expenses 57,041 50,846 (31,414 ) (63,836 ) 39,894 Income before income taxes 172,996 210,921 275,823 328,447 217,022 Income tax expense (2) 25,630 32,870 44,054 54,280 36,035 Net income $ 147,366 $ 178,051 $ 231,769 $ 274,167 $ 180,987 Earnings per share: Basic $ 1.38 $ 1.67 $ 2.17 $ 2.53 $ 1.65 Diluted 1.37 1.66 2.16 2.52 1.64 Weighted average shares outstanding: Basic 106,881 106,870 106,921 108,166 109,550 Diluted 107,419 107,337 107,283 108,590 110,028 Book value per share $ 41.44 $ 39.87 $ 39.67 $ 38.98 $ 38.73 Return on average equity (annualized) 13.5 % 16.6 % 21.8 % 26.0 % 17.2 % Other Data: Loss ratio (3) 2.0 % 2.0 % (35.9 %) (49.6 %) (1.6 %) Expense ratio (4) 22.6 20.3 19.8 18.9 19.0 Combined ratio 24.6 % 22.3 % (16.2 %) (30.7 %) 17.4 % Credit Facility Borrowings outstanding $ 425,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000 Undrawn committed capacity $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 Weighted average interest rate (end of period) 6.02 % 4.39 % 2.92 % 1.99 % 1.79 % Debt-to-capital 8.70 % 9.01 % 9.05 % 9.16 % 9.12 % (1) For each of the three month periods noted, Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements as follows: December 31, 2022: ($6,515); September 30, 2022: $5,177; June 30, 2022: ($5,549); March 31, 2022: $4,365; December 31, 2021: ($2,931). (2) Income tax expense for the quarter ended December 31, 2021 includes $2,473 of discrete tax expense associated with an increase in the estimate of our beginning of the year deferred state income tax liability. Income tax expense for the quarters ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 includes ($4,122), $2,925, ($299), $7,002 and $1,759, respectively, of discrete tax (benefit) expense associated with realized and unrealized gains and losses. (3) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. (4) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned. Exhibit C, continued Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 Other Data, continued: December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Portfolio Flow: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,135 $ 12,841,482 $ 16,379,082 New risk written 3,522,726 4,570,699 5,442,115 3,438,016 4,331,531 Bulk: New insurance written $ — $ — $ 196 $ — $ 416 New risk written — — 29 — 41 Total: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,331 $ 12,841,482 $ 16,379,498 New risk written $ 3,522,726 $ 4,570,669 $ 5,442,144 $ 3,438,016 $ 4,331,572 Average insurance in force $ 224,840,675 $ 219,280,350 $ 210,896,297 $ 206,631,135 $ 207,388,906 Insurance in force (end of period) $ 227,062,055 $ 222,542,569 $ 215,896,531 $ 206,842,996 $ 207,190,544 Gross risk in force (end of period) (5) $ 59,276,489 $ 57,743,091 $ 55,678,063 $ 52,847,985 $ 52,554,246 Risk in force (end of period) $ 49,903,626 $ 48,690,571 $ 47,289,910 $ 45,261,164 $ 45,273,383 Policies in force 808,596 800,745 789,652 774,002 785,119 Weighted average coverage (6) 26.1 % 25.9 % 25.8 % 25.5 % 25.4 % Annual persistency 82.1 % 77.9 % 73.4 % 69.1 % 65.4 % Loans in default (count) 13,433 12,435 12,707 14,923 16,963 Percentage of loans in default 1.66 % 1.55 % 1.61 % 1.93 % 2.16 % U.S. Mortgage Insurance Portfolio premium rate: Base average premium rate (7) 0.40 % 0.40 % 0.41 % 0.41 % 0.42 % Single premium cancellations (8) — % 0.01 % 0.01 % 0.02 % 0.03 % Gross average premium rate 0.40 % 0.41 % 0.42 % 0.43 % 0.45 % Ceded premiums (0.06 %) (0.06 %) (0.04 %) (0.04 %) (0.05 %) Net average premium rate 0.34 % 0.35 % 0.38 % 0.39 % 0.40 % (5) Gross risk in force includes risk ceded under third-party reinsurance. (6) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force. (7) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period. (8) 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 D Essent Group Ltd. and Subsidiaries Supplemental Information New Insurance Written: Flow NIW by Credit Score Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) >=760 $ 4,761,917 36.6 % $ 6,643,740 40.6 % $ 25,704,025 40.8 % $ 34,422,627 40.9 % 740-759 2,428,164 18.7 2,833,379 17.3 10,927,903 17.3 13,691,394 16.3 720-739 2,301,392 17.7 2,472,738 15.1 10,186,558 16.2 12,789,715 15.2 700-719 1,919,146 14.6 2,170,829 13.2 8,371,867 13.2 11,499,406 13.6 680-699 1,138,743 8.8 1,504,268 9.2 5,548,687 8.8 7,359,569 8.7 <=679 462,070 3.6 754,128 4.6 2,322,026 3.7 4,455,123 5.3 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average credit score 744 745 746 745 NIW by LTV Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 1,121,853 8.6 % $ 1,799,336 11.0 % $ 5,678,058 9.0 % $ 11,460,273 13.6 % 85.01% to 90.00% 3,075,304 23.6 4,372,552 26.7 16,732,649 26.5 23,565,227 28.0 90.01% to 95.00% 7,464,333 57.4 7,722,842 47.1 33,925,998 53.8 37,813,167 44.9 95.01% and above 1,349,942 10.4 2,484,352 15.2 6,724,361 10.7 11,379,167 13.5 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average LTV 93 % 92 % 93 % 92 % NIW by Product Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Single Premium policies 4.3 % 2.7 % 5.6 % 3.8 % Monthly Premium policies 95.7 97.3 94.4 96.2 100.0 % 100.0 % 100.0 % 100.0 % NIW by Purchase vs. Refinance Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Purchase 98.9 % 92.1 % 97.6 % 82.1 % Refinance 1.1 7.9 2.4 17.9 100.0 % 100.0 % 100.0 % 100.0 % Exhibit E Essent Group Ltd. and Subsidiaries Supplemental Information Insurance in Force and Risk in Force Portfolio by Credit Score IIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 93,389,066 41.1 % $ 92,309,692 41.5 % $ 85,501,113 41.3 % 740-759 38,842,311 17.2 37,821,201 17.0 35,111,019 17.0 720-739 34,981,632 15.4 33,910,646 15.2 31,158,325 15.0 700-719 29,146,543 12.8 28,263,518 12.7 26,105,790 12.6 680-699 18,859,824 8.3 18,351,570 8.2 16,819,629 8.1 <=679 11,842,679 5.2 11,885,942 5.4 12,494,668 6.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average credit score 746 746 745 Gross RIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 24,152,726 40.8 % $ 23,743,335 41.1 % $ 21,488,011 40.9 % 740-759 10,255,195 17.3 9,920,331 17.2 8,992,181 17.1 720-739 9,276,750 15.6 8,934,327 15.5 8,029,952 15.3 700-719 7,696,965 13.0 7,412,542 12.8 6,693,045 12.7 680-699 4,963,470 8.4 4,801,986 8.3 4,299,245 8.2 <=679 2,931,383 4.9 2,930,570 5.1 3,051,812 5.8 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by LTV IIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 24,454,468 10.8 % $ 25,121,995 11.3 % $ 27,362,267 13.2 % 85.01% to 90.00% 63,436,445 27.8 62,963,331 28.3 59,567,378 28.7 90.01% to 95.00% 107,932,064 47.6 103,794,020 46.6 91,350,909 44.1 95.01% and above 31,239,078 13.8 30,663,223 13.8 28,909,990 14.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average LTV 92 % 92 % 92 % Gross RIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 2,903,877 4.9 % $ 2,975,898 5.2 % $ 3,200,124 6.1 % 85.01% to 90.00% 15,477,031 26.1 15,317,449 26.5 14,366,450 27.3 90.01% to 95.00% 31,642,669 53.4 30,388,328 52.6 26,592,162 50.6 95.01% and above 9,252,912 15.6 9,061,416 15.7 8,395,510 16.0 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by Loan Amortization Period IIF by Loan Amortization Period December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) FRM 30 years and higher $ 219,416,408 96.7 % $ 214,688,363 96.5 % $ 198,243,758 95.7 % FRM 20-25 years 2,601,108 1.1 2,859,734 1.3 3,658,366 1.8 FRM 15 years 2,552,931 1.1 2,903,355 1.3 3,996,684 1.9 ARM 5 years and higher 2,491,608 1.1 2,091,117 0.9 1,291,736 0.6 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Exhibit F Essent Group Ltd. and Subsidiaries Supplemental Information Other Risk in Force 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 GSE and other risk share (1): Risk in Force $ 2,030,571 $ 2,026,895 $ 1,898,364 $ 1,888,437 $ 1,788,918 Reserve for losses and LAE $ 74 $ 102 $ 144 $ 254 $ 1,349 Weighted average credit score 749 748 748 748 748 Weighted average LTV 83 % 84 % 84 % 84 % 84 % (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 G Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Vintage Data December 31, 2022 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 $ 2,121,713 3.5 % 13,410 4.33 % 77.6 % 69.1 % 5.9 % 15.1 % 43.1 % 2.6 % 523 3.90 % 2015 26,193,656 1,917,056 7.3 11,486 4.18 85.5 76.1 4.3 17.6 39.3 2.7 425 3.70 2016 34,949,319 4,241,287 12.1 24,006 3.87 88.6 72.2 10.3 15.8 43.1 2.8 758 3.16 2017 43,858,322 5,953,785 13.6 34,592 4.26 91.1 68.9 19.9 20.1 38.2 4.0 1,432 4.14 2018 47,508,525 6,714,277 14.1 36,913 4.78 94.4 69.0 24.9 21.5 32.9 5.3 1,748 4.74 2019 63,569,183 14,742,465 23.2 68,798 4.22 87.3 66.7 23.8 18.7 35.7 5.8 2,158 3.14 2020 107,944,065 59,228,334 54.9 220,705 3.18 65.8 54.0 12.1 10.8 45.5 4.4 2,856 1.29 2021 84,218,250 71,533,600 84.9 228,943 3.07 84.4 60.6 14.6 13.9 40.4 7.9 2,750 1.20 2022 63,061,262 60,609,538 96.1 169,743 5.07 97.7 64.8 10.9 12.6 40.0 14.4 783 0.46 Total $ 531,971,433 $ 227,062,055 42.7 808,596 3.83 83.8 61.3 13.8 13.5 41.1 4.3 13,433 1.66 (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 H Essent Group Ltd. and Subsidiaries Supplemental Information Reinsurance Vintage Data December 31, 2022 ($ in thousands) Excess of Loss Reinsurance Original Reinsurance in Force Remaining Reinsurance in Force Earned Premiums Ceded Year Remaining Insurance in Force Remaining Risk in Force ILN (1) Other Reinsurance (2) Total ILN Other Reinsurance Total Losses Ceded to Date Original First Layer Retention Remaining First Layer Retention Quarter-to- Date Year-to- Date Reduction in PMIERs Minimum Required Assets (9) 2015 & 2016 $ 5,931,479 $ 1,610,997 $ 333,844 $ — $ 333,844 $ 41,764 $ — $ 41,764 $ — $ 208,111 $ 206,843 $ 389 $ 2,852 $ — 2017 5,810,456 1,527,469 424,412 165,167 589,579 225,562 85,627 311,189 — 224,689 216,143 2,429 11,060 — 2018 6,620,816 1,708,129 473,184 118,650 591,834 325,537 76,144 401,681 — 253,643 248,675 3,873 14,425 — 2019 (3) 8,185,651 2,108,121 495,889 55,102 550,991 418,006 46,448 464,454 — 215,605 214,708 3,233 12,751 — 2019 & 2020 (4) — — 399,159 — 399,159 — — — — 465,690 — — 5,222 — 2020 & 2021 (5) 40,676,403 10,206,068 557,911 — 557,911 451,093 — 451,093 — 278,956 278,919 3,498 14,528 376,024 2021 (6) 41,455,845 11,027,751 439,407 — 439,407 410,778 — 410,778 — 279,415 279,400 4,250 17,080 368,047 2021 & 2022 (10) 75,406,975 20,284,551 — 141,992 141,992 — 141,992 141,992 — 507,114 507,114 1,610 3,295 138,300 2021 & 2022 (11) 33,815,842 9,079,729 237,868 — 237,868 237,868 — 237,868 — 303,761 303,761 4,563 5,131 218,839 Total $ 217,903,467 $ 57,552,815 $ 3,361,674 $ 480,911 $ 3,842,585 $ 2,110,608 $ 350,211 $ 2,460,819 $ — $ 2,736,984 $ 2,028,750 (12) $ 23,845 $ 86,344 $ 1,101,210 Quota Share Reinsurance Losses Ceded Ceding Commission Earned Premiums Ceded Year 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 (9) 2019 & 2020 (7 ) $ 65,434,808 $ 16,603,792 $ 14,520,550 $ 3,645,733 $ (703 ) $ (14,360 ) $ 3,099 $ 13,580 $ 5,031 $ 10,763 $ 220,812 2022 (8 ) 60,546,185 16,331,557 12,109,237 3,266,311 2,089 3,087 1,749 3,936 5,413 10,566 228,185 Total $ 125,980,993 $ 32,935,349 $ 26,629,787 $ 6,912,044 $ 1,386 $ (11,273 ) $ 4,848 $ 17,516 $ 10,444 $ 21,329 $ 448,997 (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) Reinsurance coverage on new insurance written from January 1, 2019 through August 31, 2019. (4) Reinsurance coverage on new insurance written from September 1, 2019 through July 31, 2020. This ILN was called during the third quarter of 2022. (5) Reinsurance coverage on new insurance written from August 1, 2020 through March 31, 2021. (6) Reinsurance coverage on new insurance written from April 1, 2021 through September 30, 2021. (7) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies written from September 1, 2019 through December 31, 2020. (8) Reinsurance coverage on 20% of all eligible policies written from January 1, 2022 through December 31, 2022. (9) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs. (10) Reinsurance coverage on 20% of all eligible policies written from October 1, 2021 through December 31, 2022. (11) Reinsurance coverage on new insurance written from October 1, 2021 through July 31, 2022. (12) The total remaining first layer retention differs from the sum of the individual reinsurance transactions as a result of overlapping coverage between certain transactions. Exhibit I Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Geographic Data IIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.2 % 13.2 % 13.1 % TX 10.4 10.3 9.9 FL 10.2 10.1 9.7 CO 4.2 4.1 4.1 AZ 3.5 3.5 3.3 WA 3.4 3.4 3.7 GA 3.2 3.1 3.1 IL 3.1 3.1 3.3 VA 3.0 3.1 3.1 NJ 3.0 3.0 3.1 All Others 42.8 43.1 43.6 Total 100.0 % 100.0 % 100.0 % Gross RIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.0 % 13.0 % 13.0 % TX 10.7 10.6 10.2 FL 10.5 10.5 10.0 CO 4.1 4.1 4.0 AZ 3.6 3.5 3.3 WA 3.3 3.3 3.6 GA 3.2 3.2 3.1 IL 3.0 3.1 3.2 VA 3.0 3.0 3.0 NJ 2.9 2.9 3.0 All Others 42.7 42.8 43.6 Total 100.0 % 100.0 % 100.0 % Exhibit J 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 2022 2021 December 31 September 30 June 30 March 31 December 31 Beginning default inventory 12,435 12,707 14,923 16,963 19,721 Plus: new defaults (A) 7,505 6,448 5,495 6,188 5,809 Less: cures (6,425 ) (6,642 ) (7,639 ) (8,167 ) (8,514 ) Less: claims paid (73 ) (68 ) (65 ) (55 ) (47 ) Less: rescissions and denials, net (9 ) (10 ) (7 ) (6 ) (6 ) Ending default inventory 13,433 12,435 12,707 14,923 16,963 (A) New defaults remaining as of December 31, 2022 5,744 2,541 1,489 981 514 Cure rate (1) 23 % 61 % 73 % 84 % 91 % Total amount paid for claims (in thousands) $ 1,441 $ 1,261 $ 1,137 $ 826 $ 992 Average amount paid per claim (in thousands) $ 20 $ 19 $ 17 $ 15 $ 21 Severity 46 % 47 % 50 % 35 % 45 % Rollforward of Reserve for Losses and LAE Three Months Ended 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 Reserve for losses and LAE at beginning of period $ 212,392 $ 209,829 $ 292,818 $ 406,096 $ 411,567 Less: Reinsurance recoverables 13,244 13,657 19,335 25,940 26,970 Net reserve for losses and LAE at beginning of period 199,148 196,172 273,483 380,156 384,597 Add provision for losses and LAE occurring in: Current period 36,141 20,144 18,720 24,346 13,231 Prior years (32,012 ) (15,850 ) (94,809 ) (130,114 ) (16,624 ) Incurred losses and LAE during the period 4,129 4,294 (76,089 ) (105,768 ) (3,393 ) Deduct payments for losses and LAE occurring in: Current period 113 30 80 1 157 Prior years 1,392 1,288 1,142 904 891 Loss and LAE payments during the period 1,505 1,318 1,222 905 1,048 Net reserve for losses and LAE at end of period 201,772 199,148 196,172 273,483 380,156 Plus: Reinsurance recoverables 14,618 13,244 13,657 19,335 25,940 Reserve for losses and LAE at end of period $ 216,390 $ 212,392 $ 209,829 $ 292,818 $ 406,096 (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 K Essent Group Ltd. and Subsidiaries Supplemental Information Detail of Reserves by Default Delinquency U.S. Mortgage Insurance Portfolio December 31, 2022 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: Three payments or less 6,154 46 % $ 32,242 16 % $ 411,624 8 % Four to eleven payments 4,684 35 65,071 33 317,417 21 Twelve or more payments 2,474 18 98,291 49 147,247 67 Pending claims 121 1 3,815 2 4,860 78 Total case reserves 13,433 100 % 199,419 100 % $ 881,148 23 IBNR 14,956 LAE 2,015 Total reserves for losses and LAE $ 216,390 Average reserve per default: Case $ 14.8 Total $ 16.1 Default Rate 1.66 % December 31, 2021 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: Three payments or less 4,113 24 % $ 20,712 5 % $ 243,511 9 % Four to eleven payments 5,459 32 77,822 21 349,494 22 Twelve or more payments 7,331 43 274,465 73 470,859 58 Pending claims 60 1 2,397 1 2,852 84 Total case reserves 16,963 100 % 375,396 100 % $ 1,066,716 35 IBNR 28,155 LAE 2,545 Total reserves for losses and LAE $ 406,096 Average reserve per default: Case $ 22.1 Total $ 23.9 Default Rate 2.16 % Exhibit L Essent Group Ltd. and Subsidiaries Supplemental Information Investments Available for Sale Investments Available for Sale by Asset Class Asset Class December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent U.S. Treasury securities $ 556,438 11.7 % $ 448,793 9.1 % U.S. agency securities 49,058 1.0 5,504 0.1 U.S. agency mortgage-backed securities 783,743 16.5 1,008,863 20.3 Municipal debt securities 602,690 12.8 627,599 12.7 Non-U.S. government securities 62,399 1.3 79,743 1.6 Corporate debt securities 1,414,321 29.8 1,455,247 29.3 Residential and commercial mortgage securities 511,824 10.8 545,423 11.0 Asset-backed securities 624,561 13.2 581,703 11.7 Money market funds 136,591 2.9 210,012 4.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Investments Available for Sale by Credit Rating Rating (1) December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent Aaa $ 2,226,951 46.9 % $ 2,412,273 48.6 % Aa1 111,342 2.3 96,331 1.9 Aa2 327,742 6.9 354,951 7.2 Aa3 234,994 5.0 221,914 4.5 A1 421,752 8.9 263,820 5.3 A2 411,670 8.7 427,282 8.6 A3 268,928 5.7 274,525 5.5 Baa1 236,793 5.0 305,204 6.1 Baa2 221,308 4.7 274,011 5.5 Baa3 187,117 3.9 240,755 4.9 Below Baa3 93,028 2.0 91,821 1.9 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % (1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available. Investments Available for Sale by Duration and Book Yield Effective Duration December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent < 1 Year $ 1,245,839 26.3 % $ 1,104,397 22.2 % 1 to < 2 Years 534,038 11.3 561,297 11.3 2 to < 3 Years 511,701 10.8 539,174 10.9 3 to < 4 Years 525,683 11.1 593,663 12.0 4 to < 5 Years 400,540 8.4 663,127 13.4 5 or more Years 1,523,824 32.1 1,501,229 30.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Pre-tax investment income yield: Three months ended December 31, 2022 3.03 % Year ended December 31, 2022 2.59 % Holding company net cash and investments available for sale: ($ in thousands) As of December 31, 2022 $ 685,178 As of December 31, 2021 $ 618,306 Exhibit M Essent Group Ltd. and Subsidiaries Supplemental Information Insurance Company Capital 2022 2021 December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Subsidiaries: Combined statutory capital (1) $ 3,175,889 $ 3,128,681 $ 3,062,438 $ 3,058,880 $ 2,950,107 Combined net risk in force (2) $ 32,265,701 $ 31,736,095 $ 31,221,406 $ 30,331,197 $ 30,660,272 Risk-to-capital ratios: (3) Essent Guaranty, Inc. 10.5:1 10.5:1 10.6:1 10.3:1 10.8:1 Essent Guaranty of PA, Inc. 0.6:1 0.6:1 0.6:1 0.7:1 0.8:1 Combined (4) 10.2:1 10.1:1 10.2:1 9.9:1 10.4:1 Essent Guaranty, Inc. PMIERs Data (5): Available Assets $ 3,191,047 $ 3,147,545 $ 3,120,098 $ 3,194,939 $ 3,170,881 Minimum Required Assets 1,832,363 1,759,182 1,869,524 1,840,069 1,791,551 PMIERs excess Available Assets $ 1,358,684 $ 1,388,363 $ 1,250,574 $ 1,354,870 $ 1,379,330 PMIERs sufficiency ratio (6) 174 % 179 % 167 % 174 % 177 % Essent Reinsurance Ltd.: Stockholder's equity (GAAP basis) $ 1,478,772 $ 1,397,287 $ 1,380,067 $ 1,330,840 $ 1,301,937 Net risk in force (2) $ 19,454,046 $ 18,694,500 $ 17,758,801 $ 16,527,587 $ 15,997,129 (1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005032/en/Contacts Media 610.230.0556 media@essentgroup.com Investor Relations Philip Stefano Vice President, Investor Relations 855-809-ESNT ir@essentgroup.com
Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2022 of $147.4 million or $1.37 per diluted share, compared to $181.0 million or $1.64 per diluted share for the quarter ended December 31, 2021. For the full year 2022, net income was $831.4 million or $7.72 per diluted share, compared to $681.8 million or $6.11 per diluted share for 2021. Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on March 20, 2023, to shareholders of record on March 10, 2023. “We are pleased with our fourth quarter and full year 2022 financial results, which reflect our continued focus on generating high-quality earnings and solid returns,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results reflect our focus on optimizing unit economics along with continued favorable credit performance. We remain committed to taking a measured approach to capital management. In connection with this, we are pleased to announce that our Board has approved an increase in our quarterly dividend to $0.25 per share.” Financial Highlights: New insurance written for the fourth quarter of 2022 was $13.0 billion, compared to $17.1 billion in the third quarter of 2022 and $16.4 billion in the fourth quarter of 2021. Insurance in force as of December 31, 2022 was $227.1 billion, compared to $222.5 billion as of September 30, 2022 and $207.2 billion as of December 31, 2021. The combined ratio for the fourth quarter was 24.6%, compared to 22.3% in the third quarter of 2022 and 17.4% in the fourth quarter of 2021. During the fourth quarter of 2022, we entered into a quota share reinsurance transaction with a panel of highly rated third-party reinsurers. The quota share agreement covers 17.5% of all eligible policies written by Essent Guaranty, Inc. in the calendar year 2023. Last week, Essent US Holdings entered into an agreement to acquire the title insurance operations from a subsidiary of Finance of America Companies for $100 million. Conference Call: Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent. A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537. In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx. Forward-Looking Statements: This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: the impact of COVID-19 and related economic conditions; 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; lenders or investors seeking alternatives to private mortgage insurance; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; decline in new insurance written and franchise value due to loss of a significant customer; decline in the volume of low down payment mortgage originations; the definition of "Qualified Mortgage" reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs; the definition of "Qualified Residential Mortgage" reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance; the implementation of the Basel III Capital Accord discouraging the use of private mortgage insurance; a decrease in the length of time that insurance policies are in force; uncertainty of loss reserve estimates; our non-U.S. operations becoming subject to U.S. Federal income taxation; becoming considered a passive foreign investment company for U.S. Federal income tax purposes; 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, 2021 filed with the Securities and Exchange Commission on February 16, 2022, 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”) which, through its wholly-owned subsidiary, Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Essent is committed to supporting environmental, social and governance (“ESG”) initiatives that are relevant to the company and align with the companywide dedication to responsible corporate citizenship that positively impacts the community and people served. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us. Source: Essent Group Ltd. Essent Group Ltd. and Subsidiaries Financial Results and Supplemental Information (Unaudited) Quarter and Year Ended December 31, 2022 Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited) Exhibit B Condensed Consolidated Balance Sheets (Unaudited) Exhibit C Historical Quarterly Data Exhibit D New Insurance Written Exhibit E Insurance in Force and Risk in Force Exhibit F Other Risk in Force Exhibit G Portfolio Vintage Data Exhibit H Reinsurance Vintage Data Exhibit I Portfolio Geographic Data Exhibit J Rollforward of Defaults and Reserve for Losses and LAE Exhibit K Detail of Reserves by Default Delinquency Exhibit L Investments Available for Sale Exhibit M Insurance Company Capital 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) 2022 2021 2022 2021 Revenues: Direct premiums written $ 235,015 $ 224,972 $ 927,702 $ 918,406 Ceded premiums (34,289 ) (26,476 ) (107,673 ) (110,914 ) Net premiums written 200,726 198,496 820,029 807,492 Decrease in unearned premiums 6,526 18,825 22,498 65,051 Net premiums earned 207,252 217,321 842,527 872,543 Net investment income 37,796 23,661 124,409 88,765 Realized investment (losses) gains, net (5,524 ) (191 ) (13,172 ) 418 Income (loss) from other invested assets (7,599 ) 14,997 28,676 56,386 Other income (1,888 ) 1,128 18,384 10,398 Total revenues 230,037 256,916 1,000,824 1,028,510 Losses and expenses: (Benefit) provision for losses and LAE 4,101 (3,433 ) (174,704 ) 31,057 Other underwriting and operating expenses 46,895 41,232 171,733 166,857 Interest expense 6,045 2,095 15,608 8,282 Total losses and expenses 57,041 39,894 12,637 206,196 Income before income taxes 172,996 217,022 988,187 822,314 Income tax expense 25,630 36,035 156,834 140,531 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Earnings per share: Basic $ 1.38 $ 1.65 $ 7.75 $ 6.13 Diluted 1.37 1.64 7.72 6.11 Weighted average shares outstanding: Basic 106,881 109,550 107,205 111,164 Diluted 107,419 110,028 107,653 111,555 Net income $ 147,366 $ 180,987 $ 831,353 $ 681,783 Other comprehensive (loss) income: Change in unrealized (depreciation) appreciation of investments 40,787 (27,807 ) (433,497 ) (87,567 ) Total other comprehensive (loss) income 40,787 (27,807 ) (433,497 ) (87,567 ) Comprehensive income $ 188,153 $ 153,180 $ 397,856 $ 594,216 Loss ratio 2.0 % (1.6 %) (20.7 %) 3.6 % Expense ratio 22.6 19.0 20.4 19.1 Combined ratio 24.6 % 17.4 % (0.4 %) 22.7 % Exhibit B Essent Group Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, December 31, (In thousands, except per share amounts) 2022 2021 Assets Investments Fixed maturities available for sale, at fair value $ 4,489,598 $ 4,649,800 Short-term investments available for sale, at fair value 252,027 313,087 Total investments available for sale 4,741,625 4,962,887 Other invested assets 257,941 170,472 Total investments 4,999,566 5,133,359 Cash 81,240 81,491 Accrued investment income 33,162 26,546 Accounts receivable 57,399 46,157 Deferred policy acquisition costs 9,910 12,178 Property and equipment 19,571 11,921 Prepaid federal income tax 418,460 360,810 Other assets 104,489 49,712 Total assets $ 5,723,797 $ 5,722,174 Liabilities and Stockholders' Equity Liabilities Reserve for losses and LAE $ 216,464 $ 407,445 Unearned premium reserve 162,887 185,385 Net deferred tax liability 356,810 373,654 Credit facility borrowings, net of deferred costs 420,864 419,823 Other accrued liabilities 104,463 99,753 Total liabilities 1,261,488 1,486,060 Commitments and contingencies Stockholders' Equity Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 107,683 shares in 2022 and 109,377 shares in 2021 1,615 1,641 Additional paid-in capital 1,350,377 1,428,952 Accumulated other comprehensive income (loss) (382,790 ) 50,707 Retained earnings 3,493,107 2,754,814 Total stockholders' equity 4,462,309 4,236,114 Total liabilities and stockholders' equity $ 5,723,797 $ 5,722,174 Return on average equity 19.1 % 16.8 % Exhibit C Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 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 $ 192,670 $ 194,272 $ 198,891 $ 203,312 $ 205,877 GSE and other risk share 14,582 13,662 13,120 12,018 11,444 Net premiums earned 207,252 207,934 212,011 215,330 217,321 Net investment income 37,796 32,594 29,339 24,680 23,661 Realized investment (losses) gains, net (5,524 ) 175 (471 ) (7,352 ) (191 ) Income (loss) from other invested assets (7,599 ) 9,617 1,953 24,705 14,997 Other income (loss) (1) (1,888 ) 11,447 1,577 7,248 1,128 Total revenues 230,037 261,767 244,409 264,611 256,916 Losses and expenses: (Benefit) provision for losses and LAE 4,101 4,252 (76,199 ) (106,858 ) (3,433 ) Other underwriting and operating expenses 46,895 42,144 41,898 40,796 41,232 Interest expense 6,045 4,450 2,887 2,226 2,095 Total losses and expenses 57,041 50,846 (31,414 ) (63,836 ) 39,894 Income before income taxes 172,996 210,921 275,823 328,447 217,022 Income tax expense (2) 25,630 32,870 44,054 54,280 36,035 Net income $ 147,366 $ 178,051 $ 231,769 $ 274,167 $ 180,987 Earnings per share: Basic $ 1.38 $ 1.67 $ 2.17 $ 2.53 $ 1.65 Diluted 1.37 1.66 2.16 2.52 1.64 Weighted average shares outstanding: Basic 106,881 106,870 106,921 108,166 109,550 Diluted 107,419 107,337 107,283 108,590 110,028 Book value per share $ 41.44 $ 39.87 $ 39.67 $ 38.98 $ 38.73 Return on average equity (annualized) 13.5 % 16.6 % 21.8 % 26.0 % 17.2 % Other Data: Loss ratio (3) 2.0 % 2.0 % (35.9 %) (49.6 %) (1.6 %) Expense ratio (4) 22.6 20.3 19.8 18.9 19.0 Combined ratio 24.6 % 22.3 % (16.2 %) (30.7 %) 17.4 % Credit Facility Borrowings outstanding $ 425,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000 Undrawn committed capacity $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 Weighted average interest rate (end of period) 6.02 % 4.39 % 2.92 % 1.99 % 1.79 % Debt-to-capital 8.70 % 9.01 % 9.05 % 9.16 % 9.12 % (1) For each of the three month periods noted, Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements as follows: December 31, 2022: ($6,515); September 30, 2022: $5,177; June 30, 2022: ($5,549); March 31, 2022: $4,365; December 31, 2021: ($2,931). (2) Income tax expense for the quarter ended December 31, 2021 includes $2,473 of discrete tax expense associated with an increase in the estimate of our beginning of the year deferred state income tax liability. Income tax expense for the quarters ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 includes ($4,122), $2,925, ($299), $7,002 and $1,759, respectively, of discrete tax (benefit) expense associated with realized and unrealized gains and losses. (3) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned. (4) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned. Exhibit C, continued Essent Group Ltd. and Subsidiaries Supplemental Information Historical Quarterly Data 2022 2021 Other Data, continued: December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Portfolio Flow: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,135 $ 12,841,482 $ 16,379,082 New risk written 3,522,726 4,570,699 5,442,115 3,438,016 4,331,531 Bulk: New insurance written $ — $ — $ 196 $ — $ 416 New risk written — — 29 — 41 Total: New insurance written $ 13,011,432 $ 17,112,017 $ 20,096,331 $ 12,841,482 $ 16,379,498 New risk written $ 3,522,726 $ 4,570,669 $ 5,442,144 $ 3,438,016 $ 4,331,572 Average insurance in force $ 224,840,675 $ 219,280,350 $ 210,896,297 $ 206,631,135 $ 207,388,906 Insurance in force (end of period) $ 227,062,055 $ 222,542,569 $ 215,896,531 $ 206,842,996 $ 207,190,544 Gross risk in force (end of period) (5) $ 59,276,489 $ 57,743,091 $ 55,678,063 $ 52,847,985 $ 52,554,246 Risk in force (end of period) $ 49,903,626 $ 48,690,571 $ 47,289,910 $ 45,261,164 $ 45,273,383 Policies in force 808,596 800,745 789,652 774,002 785,119 Weighted average coverage (6) 26.1 % 25.9 % 25.8 % 25.5 % 25.4 % Annual persistency 82.1 % 77.9 % 73.4 % 69.1 % 65.4 % Loans in default (count) 13,433 12,435 12,707 14,923 16,963 Percentage of loans in default 1.66 % 1.55 % 1.61 % 1.93 % 2.16 % U.S. Mortgage Insurance Portfolio premium rate: Base average premium rate (7) 0.40 % 0.40 % 0.41 % 0.41 % 0.42 % Single premium cancellations (8) — % 0.01 % 0.01 % 0.02 % 0.03 % Gross average premium rate 0.40 % 0.41 % 0.42 % 0.43 % 0.45 % Ceded premiums (0.06 %) (0.06 %) (0.04 %) (0.04 %) (0.05 %) Net average premium rate 0.34 % 0.35 % 0.38 % 0.39 % 0.40 % (5) Gross risk in force includes risk ceded under third-party reinsurance. (6) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force. (7) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period. (8) 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 D Essent Group Ltd. and Subsidiaries Supplemental Information New Insurance Written: Flow NIW by Credit Score Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) >=760 $ 4,761,917 36.6 % $ 6,643,740 40.6 % $ 25,704,025 40.8 % $ 34,422,627 40.9 % 740-759 2,428,164 18.7 2,833,379 17.3 10,927,903 17.3 13,691,394 16.3 720-739 2,301,392 17.7 2,472,738 15.1 10,186,558 16.2 12,789,715 15.2 700-719 1,919,146 14.6 2,170,829 13.2 8,371,867 13.2 11,499,406 13.6 680-699 1,138,743 8.8 1,504,268 9.2 5,548,687 8.8 7,359,569 8.7 <=679 462,070 3.6 754,128 4.6 2,322,026 3.7 4,455,123 5.3 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average credit score 744 745 746 745 NIW by LTV Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 1,121,853 8.6 % $ 1,799,336 11.0 % $ 5,678,058 9.0 % $ 11,460,273 13.6 % 85.01% to 90.00% 3,075,304 23.6 4,372,552 26.7 16,732,649 26.5 23,565,227 28.0 90.01% to 95.00% 7,464,333 57.4 7,722,842 47.1 33,925,998 53.8 37,813,167 44.9 95.01% and above 1,349,942 10.4 2,484,352 15.2 6,724,361 10.7 11,379,167 13.5 Total $ 13,011,432 100.0 % $ 16,379,082 100.0 % $ 63,061,066 100.0 % $ 84,217,834 100.0 % Weighted average LTV 93 % 92 % 93 % 92 % NIW by Product Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Single Premium policies 4.3 % 2.7 % 5.6 % 3.8 % Monthly Premium policies 95.7 97.3 94.4 96.2 100.0 % 100.0 % 100.0 % 100.0 % NIW by Purchase vs. Refinance Three Months Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Purchase 98.9 % 92.1 % 97.6 % 82.1 % Refinance 1.1 7.9 2.4 17.9 100.0 % 100.0 % 100.0 % 100.0 % Exhibit E Essent Group Ltd. and Subsidiaries Supplemental Information Insurance in Force and Risk in Force Portfolio by Credit Score IIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 93,389,066 41.1 % $ 92,309,692 41.5 % $ 85,501,113 41.3 % 740-759 38,842,311 17.2 37,821,201 17.0 35,111,019 17.0 720-739 34,981,632 15.4 33,910,646 15.2 31,158,325 15.0 700-719 29,146,543 12.8 28,263,518 12.7 26,105,790 12.6 680-699 18,859,824 8.3 18,351,570 8.2 16,819,629 8.1 <=679 11,842,679 5.2 11,885,942 5.4 12,494,668 6.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average credit score 746 746 745 Gross RIF by FICO score December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) >=760 $ 24,152,726 40.8 % $ 23,743,335 41.1 % $ 21,488,011 40.9 % 740-759 10,255,195 17.3 9,920,331 17.2 8,992,181 17.1 720-739 9,276,750 15.6 8,934,327 15.5 8,029,952 15.3 700-719 7,696,965 13.0 7,412,542 12.8 6,693,045 12.7 680-699 4,963,470 8.4 4,801,986 8.3 4,299,245 8.2 <=679 2,931,383 4.9 2,930,570 5.1 3,051,812 5.8 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by LTV IIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 24,454,468 10.8 % $ 25,121,995 11.3 % $ 27,362,267 13.2 % 85.01% to 90.00% 63,436,445 27.8 62,963,331 28.3 59,567,378 28.7 90.01% to 95.00% 107,932,064 47.6 103,794,020 46.6 91,350,909 44.1 95.01% and above 31,239,078 13.8 30,663,223 13.8 28,909,990 14.0 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Weighted average LTV 92 % 92 % 92 % Gross RIF by LTV December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) 85.00% and below $ 2,903,877 4.9 % $ 2,975,898 5.2 % $ 3,200,124 6.1 % 85.01% to 90.00% 15,477,031 26.1 15,317,449 26.5 14,366,450 27.3 90.01% to 95.00% 31,642,669 53.4 30,388,328 52.6 26,592,162 50.6 95.01% and above 9,252,912 15.6 9,061,416 15.7 8,395,510 16.0 Total $ 59,276,489 100.0 % $ 57,743,091 100.0 % $ 52,554,246 100.0 % Portfolio by Loan Amortization Period IIF by Loan Amortization Period December 31, 2022 September 30, 2022 December 31, 2021 ($ in thousands) FRM 30 years and higher $ 219,416,408 96.7 % $ 214,688,363 96.5 % $ 198,243,758 95.7 % FRM 20-25 years 2,601,108 1.1 2,859,734 1.3 3,658,366 1.8 FRM 15 years 2,552,931 1.1 2,903,355 1.3 3,996,684 1.9 ARM 5 years and higher 2,491,608 1.1 2,091,117 0.9 1,291,736 0.6 Total $ 227,062,055 100.0 % $ 222,542,569 100.0 % $ 207,190,544 100.0 % Exhibit F Essent Group Ltd. and Subsidiaries Supplemental Information Other Risk in Force 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 GSE and other risk share (1): Risk in Force $ 2,030,571 $ 2,026,895 $ 1,898,364 $ 1,888,437 $ 1,788,918 Reserve for losses and LAE $ 74 $ 102 $ 144 $ 254 $ 1,349 Weighted average credit score 749 748 748 748 748 Weighted average LTV 83 % 84 % 84 % 84 % 84 % (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 G Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Vintage Data December 31, 2022 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 $ 2,121,713 3.5 % 13,410 4.33 % 77.6 % 69.1 % 5.9 % 15.1 % 43.1 % 2.6 % 523 3.90 % 2015 26,193,656 1,917,056 7.3 11,486 4.18 85.5 76.1 4.3 17.6 39.3 2.7 425 3.70 2016 34,949,319 4,241,287 12.1 24,006 3.87 88.6 72.2 10.3 15.8 43.1 2.8 758 3.16 2017 43,858,322 5,953,785 13.6 34,592 4.26 91.1 68.9 19.9 20.1 38.2 4.0 1,432 4.14 2018 47,508,525 6,714,277 14.1 36,913 4.78 94.4 69.0 24.9 21.5 32.9 5.3 1,748 4.74 2019 63,569,183 14,742,465 23.2 68,798 4.22 87.3 66.7 23.8 18.7 35.7 5.8 2,158 3.14 2020 107,944,065 59,228,334 54.9 220,705 3.18 65.8 54.0 12.1 10.8 45.5 4.4 2,856 1.29 2021 84,218,250 71,533,600 84.9 228,943 3.07 84.4 60.6 14.6 13.9 40.4 7.9 2,750 1.20 2022 63,061,262 60,609,538 96.1 169,743 5.07 97.7 64.8 10.9 12.6 40.0 14.4 783 0.46 Total $ 531,971,433 $ 227,062,055 42.7 808,596 3.83 83.8 61.3 13.8 13.5 41.1 4.3 13,433 1.66 (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 H Essent Group Ltd. and Subsidiaries Supplemental Information Reinsurance Vintage Data December 31, 2022 ($ in thousands) Excess of Loss Reinsurance Original Reinsurance in Force Remaining Reinsurance in Force Earned Premiums Ceded Year Remaining Insurance in Force Remaining Risk in Force ILN (1) Other Reinsurance (2) Total ILN Other Reinsurance Total Losses Ceded to Date Original First Layer Retention Remaining First Layer Retention Quarter-to- Date Year-to- Date Reduction in PMIERs Minimum Required Assets (9) 2015 & 2016 $ 5,931,479 $ 1,610,997 $ 333,844 $ — $ 333,844 $ 41,764 $ — $ 41,764 $ — $ 208,111 $ 206,843 $ 389 $ 2,852 $ — 2017 5,810,456 1,527,469 424,412 165,167 589,579 225,562 85,627 311,189 — 224,689 216,143 2,429 11,060 — 2018 6,620,816 1,708,129 473,184 118,650 591,834 325,537 76,144 401,681 — 253,643 248,675 3,873 14,425 — 2019 (3) 8,185,651 2,108,121 495,889 55,102 550,991 418,006 46,448 464,454 — 215,605 214,708 3,233 12,751 — 2019 & 2020 (4) — — 399,159 — 399,159 — — — — 465,690 — — 5,222 — 2020 & 2021 (5) 40,676,403 10,206,068 557,911 — 557,911 451,093 — 451,093 — 278,956 278,919 3,498 14,528 376,024 2021 (6) 41,455,845 11,027,751 439,407 — 439,407 410,778 — 410,778 — 279,415 279,400 4,250 17,080 368,047 2021 & 2022 (10) 75,406,975 20,284,551 — 141,992 141,992 — 141,992 141,992 — 507,114 507,114 1,610 3,295 138,300 2021 & 2022 (11) 33,815,842 9,079,729 237,868 — 237,868 237,868 — 237,868 — 303,761 303,761 4,563 5,131 218,839 Total $ 217,903,467 $ 57,552,815 $ 3,361,674 $ 480,911 $ 3,842,585 $ 2,110,608 $ 350,211 $ 2,460,819 $ — $ 2,736,984 $ 2,028,750 (12) $ 23,845 $ 86,344 $ 1,101,210 Quota Share Reinsurance Losses Ceded Ceding Commission Earned Premiums Ceded Year 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 (9) 2019 & 2020 (7 ) $ 65,434,808 $ 16,603,792 $ 14,520,550 $ 3,645,733 $ (703 ) $ (14,360 ) $ 3,099 $ 13,580 $ 5,031 $ 10,763 $ 220,812 2022 (8 ) 60,546,185 16,331,557 12,109,237 3,266,311 2,089 3,087 1,749 3,936 5,413 10,566 228,185 Total $ 125,980,993 $ 32,935,349 $ 26,629,787 $ 6,912,044 $ 1,386 $ (11,273 ) $ 4,848 $ 17,516 $ 10,444 $ 21,329 $ 448,997 (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) Reinsurance coverage on new insurance written from January 1, 2019 through August 31, 2019. (4) Reinsurance coverage on new insurance written from September 1, 2019 through July 31, 2020. This ILN was called during the third quarter of 2022. (5) Reinsurance coverage on new insurance written from August 1, 2020 through March 31, 2021. (6) Reinsurance coverage on new insurance written from April 1, 2021 through September 30, 2021. (7) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies written from September 1, 2019 through December 31, 2020. (8) Reinsurance coverage on 20% of all eligible policies written from January 1, 2022 through December 31, 2022. (9) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs. (10) Reinsurance coverage on 20% of all eligible policies written from October 1, 2021 through December 31, 2022. (11) Reinsurance coverage on new insurance written from October 1, 2021 through July 31, 2022. (12) The total remaining first layer retention differs from the sum of the individual reinsurance transactions as a result of overlapping coverage between certain transactions. Exhibit I Essent Group Ltd. and Subsidiaries Supplemental Information Portfolio Geographic Data IIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.2 % 13.2 % 13.1 % TX 10.4 10.3 9.9 FL 10.2 10.1 9.7 CO 4.2 4.1 4.1 AZ 3.5 3.5 3.3 WA 3.4 3.4 3.7 GA 3.2 3.1 3.1 IL 3.1 3.1 3.3 VA 3.0 3.1 3.1 NJ 3.0 3.0 3.1 All Others 42.8 43.1 43.6 Total 100.0 % 100.0 % 100.0 % Gross RIF by State December 31, 2022 September 30, 2022 December 31, 2021 CA 13.0 % 13.0 % 13.0 % TX 10.7 10.6 10.2 FL 10.5 10.5 10.0 CO 4.1 4.1 4.0 AZ 3.6 3.5 3.3 WA 3.3 3.3 3.6 GA 3.2 3.2 3.1 IL 3.0 3.1 3.2 VA 3.0 3.0 3.0 NJ 2.9 2.9 3.0 All Others 42.7 42.8 43.6 Total 100.0 % 100.0 % 100.0 % Exhibit J 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 2022 2021 December 31 September 30 June 30 March 31 December 31 Beginning default inventory 12,435 12,707 14,923 16,963 19,721 Plus: new defaults (A) 7,505 6,448 5,495 6,188 5,809 Less: cures (6,425 ) (6,642 ) (7,639 ) (8,167 ) (8,514 ) Less: claims paid (73 ) (68 ) (65 ) (55 ) (47 ) Less: rescissions and denials, net (9 ) (10 ) (7 ) (6 ) (6 ) Ending default inventory 13,433 12,435 12,707 14,923 16,963 (A) New defaults remaining as of December 31, 2022 5,744 2,541 1,489 981 514 Cure rate (1) 23 % 61 % 73 % 84 % 91 % Total amount paid for claims (in thousands) $ 1,441 $ 1,261 $ 1,137 $ 826 $ 992 Average amount paid per claim (in thousands) $ 20 $ 19 $ 17 $ 15 $ 21 Severity 46 % 47 % 50 % 35 % 45 % Rollforward of Reserve for Losses and LAE Three Months Ended 2022 2021 ($ in thousands) December 31 September 30 June 30 March 31 December 31 Reserve for losses and LAE at beginning of period $ 212,392 $ 209,829 $ 292,818 $ 406,096 $ 411,567 Less: Reinsurance recoverables 13,244 13,657 19,335 25,940 26,970 Net reserve for losses and LAE at beginning of period 199,148 196,172 273,483 380,156 384,597 Add provision for losses and LAE occurring in: Current period 36,141 20,144 18,720 24,346 13,231 Prior years (32,012 ) (15,850 ) (94,809 ) (130,114 ) (16,624 ) Incurred losses and LAE during the period 4,129 4,294 (76,089 ) (105,768 ) (3,393 ) Deduct payments for losses and LAE occurring in: Current period 113 30 80 1 157 Prior years 1,392 1,288 1,142 904 891 Loss and LAE payments during the period 1,505 1,318 1,222 905 1,048 Net reserve for losses and LAE at end of period 201,772 199,148 196,172 273,483 380,156 Plus: Reinsurance recoverables 14,618 13,244 13,657 19,335 25,940 Reserve for losses and LAE at end of period $ 216,390 $ 212,392 $ 209,829 $ 292,818 $ 406,096 (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 K Essent Group Ltd. and Subsidiaries Supplemental Information Detail of Reserves by Default Delinquency U.S. Mortgage Insurance Portfolio December 31, 2022 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: Three payments or less 6,154 46 % $ 32,242 16 % $ 411,624 8 % Four to eleven payments 4,684 35 65,071 33 317,417 21 Twelve or more payments 2,474 18 98,291 49 147,247 67 Pending claims 121 1 3,815 2 4,860 78 Total case reserves 13,433 100 % 199,419 100 % $ 881,148 23 IBNR 14,956 LAE 2,015 Total reserves for losses and LAE $ 216,390 Average reserve per default: Case $ 14.8 Total $ 16.1 Default Rate 1.66 % December 31, 2021 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: Three payments or less 4,113 24 % $ 20,712 5 % $ 243,511 9 % Four to eleven payments 5,459 32 77,822 21 349,494 22 Twelve or more payments 7,331 43 274,465 73 470,859 58 Pending claims 60 1 2,397 1 2,852 84 Total case reserves 16,963 100 % 375,396 100 % $ 1,066,716 35 IBNR 28,155 LAE 2,545 Total reserves for losses and LAE $ 406,096 Average reserve per default: Case $ 22.1 Total $ 23.9 Default Rate 2.16 % Exhibit L Essent Group Ltd. and Subsidiaries Supplemental Information Investments Available for Sale Investments Available for Sale by Asset Class Asset Class December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent U.S. Treasury securities $ 556,438 11.7 % $ 448,793 9.1 % U.S. agency securities 49,058 1.0 5,504 0.1 U.S. agency mortgage-backed securities 783,743 16.5 1,008,863 20.3 Municipal debt securities 602,690 12.8 627,599 12.7 Non-U.S. government securities 62,399 1.3 79,743 1.6 Corporate debt securities 1,414,321 29.8 1,455,247 29.3 Residential and commercial mortgage securities 511,824 10.8 545,423 11.0 Asset-backed securities 624,561 13.2 581,703 11.7 Money market funds 136,591 2.9 210,012 4.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Investments Available for Sale by Credit Rating Rating (1) December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent Aaa $ 2,226,951 46.9 % $ 2,412,273 48.6 % Aa1 111,342 2.3 96,331 1.9 Aa2 327,742 6.9 354,951 7.2 Aa3 234,994 5.0 221,914 4.5 A1 421,752 8.9 263,820 5.3 A2 411,670 8.7 427,282 8.6 A3 268,928 5.7 274,525 5.5 Baa1 236,793 5.0 305,204 6.1 Baa2 221,308 4.7 274,011 5.5 Baa3 187,117 3.9 240,755 4.9 Below Baa3 93,028 2.0 91,821 1.9 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % (1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available. Investments Available for Sale by Duration and Book Yield Effective Duration December 31, 2022 December 31, 2021 ($ in thousands) Fair Value Percent Fair Value Percent < 1 Year $ 1,245,839 26.3 % $ 1,104,397 22.2 % 1 to < 2 Years 534,038 11.3 561,297 11.3 2 to < 3 Years 511,701 10.8 539,174 10.9 3 to < 4 Years 525,683 11.1 593,663 12.0 4 to < 5 Years 400,540 8.4 663,127 13.4 5 or more Years 1,523,824 32.1 1,501,229 30.2 Total investments available for sale $ 4,741,625 100.0 % $ 4,962,887 100.0 % Pre-tax investment income yield: Three months ended December 31, 2022 3.03 % Year ended December 31, 2022 2.59 % Holding company net cash and investments available for sale: ($ in thousands) As of December 31, 2022 $ 685,178 As of December 31, 2021 $ 618,306 Exhibit M Essent Group Ltd. and Subsidiaries Supplemental Information Insurance Company Capital 2022 2021 December 31 September 30 June 30 March 31 December 31 ($ in thousands) U.S. Mortgage Insurance Subsidiaries: Combined statutory capital (1) $ 3,175,889 $ 3,128,681 $ 3,062,438 $ 3,058,880 $ 2,950,107 Combined net risk in force (2) $ 32,265,701 $ 31,736,095 $ 31,221,406 $ 30,331,197 $ 30,660,272 Risk-to-capital ratios: (3) Essent Guaranty, Inc. 10.5:1 10.5:1 10.6:1 10.3:1 10.8:1 Essent Guaranty of PA, Inc. 0.6:1 0.6:1 0.6:1 0.7:1 0.8:1 Combined (4) 10.2:1 10.1:1 10.2:1 9.9:1 10.4:1 Essent Guaranty, Inc. PMIERs Data (5): Available Assets $ 3,191,047 $ 3,147,545 $ 3,120,098 $ 3,194,939 $ 3,170,881 Minimum Required Assets 1,832,363 1,759,182 1,869,524 1,840,069 1,791,551 PMIERs excess Available Assets $ 1,358,684 $ 1,388,363 $ 1,250,574 $ 1,354,870 $ 1,379,330 PMIERs sufficiency ratio (6) 174 % 179 % 167 % 174 % 177 % Essent Reinsurance Ltd.: Stockholder's equity (GAAP basis) $ 1,478,772 $ 1,397,287 $ 1,380,067 $ 1,330,840 $ 1,301,937 Net risk in force (2) $ 19,454,046 $ 18,694,500 $ 17,758,801 $ 16,527,587 $ 15,997,129 (1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005032/en/
Media 610.230.0556 media@essentgroup.com Investor Relations Philip Stefano Vice President, Investor Relations 855-809-ESNT ir@essentgroup.com