Business Wire | Feb 19, 2021 06:30AM EST

Essent Group Ltd. Announces Fourth Quarter & Full Year 2020 Results; Declares Quarterly Dividend

Feb. 19, 2021

HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 19, 2021--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2020 of $123.6 million or $1.10 per diluted share, compared to $147.0 million or $1.49 per diluted share for the quarter ended December 31, 2019. For the full year 2020, net income was $413.0 million, or $3.88 per diluted share, compared to $555.7 million, or $5.66 per diluted share for 2019.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on March 19, 2021, to shareholders of record on March 10, 2021.

"2020 was a challenging year for our country and economy, however, we were pleased with the confidence that our buy, manage and distribute operating model provides our stakeholders in navigating the COVID-19 environment," said Mark A. Casale, Chairman and Chief Executive Officer. "During 2020, we were also pleased with housing's resilience, which remains the bright spot in the economy entering 2021 as supply-demand imbalances and favorable first-time home buying trends persist which are positive for our franchise."

Fourth Quarter & Full Year 2020 Financial Highlights:

* Insurance in force as of December 31, 2020 was $198.9 billion, compared to $190.8 billion as of September 30, 2020 and $164.0 billion as of December 31, 2019.

* New insurance written for the fourth quarter was $29.6 billion, compared to $36.7 billion in the third quarter of 2020 and $15.8 billion in the fourth quarter of 2019.

* Net premiums earned for the fourth quarter were $222.3 million, compared to $222.3 million in the third quarter of 2020 and $207.7 million in the fourth quarter of 2019.

* The expense ratio for the fourth quarter was 16.6%, compared to 16.7% in the third quarter of 2020 and 19.9% in the fourth quarter of 2019.

* The provision for losses and LAE for the fourth quarter was $62.1 million, compared to a provision of $55.3 million in the third quarter of 2020 and a provision of $10.9 million in the fourth quarter of 2019.

* The percentage of loans in default as of December 31, 2020 was 3.93%, compared to 4.54% as of September 30, 2020 and 0.85% as of December 31, 2019. As of January 31, 2021, the percentage of loans in default was 3.89%.

* The combined ratio for the fourth quarter was 44.5%, compared to 41.6% in the third quarter of 2020 and 25.1% in the fourth quarter of 2019.

* The consolidated balance of cash and investments at December 31, 2020 was $4.8 billion, including cash and investment balances at Essent Group Ltd. of $562.7 million.

* The combined risk-to-capital ratio of the U.S. mortgage insurance business, which includes statutory capital for both Essent Guaranty, Inc. and Essent Guaranty of PA, Inc., was 11.1:1 as of December 31, 2020.

* On October 8, 2020, Essent Guaranty, Inc. obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

* On October 14, 2020, Essent Group Ltd. entered into an amended and restated credit facility, increasing to $625 million the committed capacity and extending the contractual maturity to October 16, 2023.

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 833-287-0797 inside the U.S., or 647-689-4456 for international callers, using passcode 4848097 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: 800-585-8367 inside the U.S., or 416-621-4642 for international callers, passcode 4848097.

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; 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; deteriorating economic conditions; 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, 2019 filed with the Securities and Exchange Commission on February 18, 2020, 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, 2020





Exhibit Condensed Consolidated Statements of Comprehensive IncomeA (Unaudited)

Exhibit Condensed Consolidated Balance Sheets (Unaudited)B

Exhibit Historical Quarterly DataC

Exhibit New Insurance WrittenD

Exhibit Insurance in Force and Risk in ForceE

Exhibit Other Risk in ForceF

Exhibit Portfolio Vintage DataG

Exhibit Reinsurance Vintage DataH

Exhibit Portfolio Geographic DataI

Exhibit Defaults, Reserve for Losses and LAE, and ClaimsJ

Exhibit Investments Available for SaleK

Exhibit Insurance Company CapitalL

Exhibit Reconciliation of Non-GAAP Financial Measure - Adjusted Book ValueM per Share

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)

2020

2019

2020

2019

Revenues:

Direct premiums written

$

245,437

$

207,263

$

922,851

$

796,344

Ceded premiums

(31,194

)

(10,770

)

(88,738

)

(35,499

)

Net premiums written

214,243

196,493

834,113

760,845

Decrease in unearned premiums

8,096

11,178

28,451

16,580

Net premiums earned

222,339

207,671

862,564

777,425

Net investment income

20,949

21,977

80,087

83,542

Realized investment gains, net

564

833

2,697

3,229

Other income (loss)

3,347

(1,719

)

9,806

3,371

Total revenues

247,199

228,762

955,154

867,567

Losses and expenses:

Provision for losses and LAE

62,073

10,929

301,293

32,986

Other underwriting and operating expenses

36,825

41,231

154,691

165,369

Interest expense

2,149

2,218

9,074

10,151

Total losses and expenses

101,047

54,378

465,058

208,506

Income before income taxes

146,152

174,384

490,096

659,061

Income tax expense

22,550

27,426

77,055

103,348

Net income

$

123,602

$

146,958

$

413,041

$

555,713

Earnings per share:

Basic

$

1.10

$

1.50

$

3.89

$

5.68

Diluted

1.10

1.49

3.88

5.66

Weighted average shares outstanding:

Basic

111,908

97,830

106,098

97,762

Diluted

112,310

98,376

106,376

98,227

Net income

$

123,602

$

146,958

$

413,041

$

555,713

Other comprehensive income (loss):

Change in unrealized appreciation (depreciation) of investments

5,840

(6,540

)

82,087

85,180

Total other comprehensive income (loss)

5,840

(6,540

)

82,087

85,180

Comprehensive income

$

129,442

$

140,418

$

495,128

$

640,893

Loss ratio

27.9

%

5.3

%

34.9

%

4.2

%

Expense ratio

16.6

19.9

17.9

21.3

Combined ratio

44.5

%

25.1

%

52.9

%

25.5

%

Exhibit A



Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)





Three Months Ended Year Ended December 31, December 31,

(In thousands, except 2020 2019 2020 2019per share amounts)

Revenues:

Direct premiums written $ 245,437 $ 207,263 $ 922,851 $ 796,344

Ceded premiums (31,194 ) (10,770 ) (88,738 ) (35,499 )

Net premiums written 214,243 196,493 834,113 760,845

Decrease in unearned 8,096 11,178 28,451 16,580 premiums

Net premiums earned 222,339 207,671 862,564 777,425

Net investment income 20,949 21,977 80,087 83,542

Realized investment 564 833 2,697 3,229 gains, net

Other income (loss) 3,347 (1,719 ) 9,806 3,371

Total revenues 247,199 228,762 955,154 867,567



Losses and expenses:

Provision for losses and 62,073 10,929 301,293 32,986 LAE

Other underwriting and 36,825 41,231 154,691 165,369 operating expenses

Interest expense 2,149 2,218 9,074 10,151

Total losses and 101,047 54,378 465,058 208,506 expenses



Income before income 146,152 174,384 490,096 659,061 taxes

Income tax expense 22,550 27,426 77,055 103,348

Net income $ 123,602 $ 146,958 $ 413,041 $ 555,713





Earnings per share:

Basic $ 1.10 $ 1.50 $ 3.89 $ 5.68

Diluted 1.10 1.49 3.88 5.66



Weighted average shares outstanding:

Basic 111,908 97,830 106,098 97,762

Diluted 112,310 98,376 106,376 98,227



Net income $ 123,602 $ 146,958 $ 413,041 $ 555,713



Other comprehensive income (loss):

Change in unrealizedappreciation 5,840 (6,540 ) 82,087 85,180 (depreciation) ofinvestments

Total othercomprehensive income 5,840 (6,540 ) 82,087 85,180 (loss)

Comprehensive income $ 129,442 $ 140,418 $ 495,128 $ 640,893





Loss ratio 27.9 % 5.3 % 34.9 % 4.2 %

Expense ratio 16.6 19.9 17.9 21.3

Combined ratio 44.5 % 25.1 % 52.9 % 25.5 %

Exhibit B

Essent Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

December 31,

December 31,

(In thousands, except per share amounts)

2020

2019

Assets

Investments

Fixed maturities available for sale, at fair value

$

3,838,513

$

3,035,385

Short-term investments available for sale, at fair value

726,860

315,362

Total investments available for sale

4,565,373

3,350,747

Other invested assets

88,904

78,873

Total investments

4,654,277

3,429,620

Cash

102,830

71,350

Accrued investment income

19,948

18,535

Accounts receivable

50,140

40,655

Deferred policy acquisition costs

17,005

15,705

Property and equipment

15,095

17,308

Prepaid federal income tax

302,636

261,885

Other assets

40,793

18,367

Total assets

$

5,202,724

$

3,873,425

Liabilities and Stockholders' Equity

Liabilities

Reserve for losses and LAE

$

374,941

$

69,362

Unearned premium reserve

250,436

278,887

Net deferred tax liability

305,109

249,620

Credit facility borrowings, net of deferred costs

321,720

224,237

Other accrued liabilities

87,885

66,474

Total liabilities

1,340,091

888,580

Commitments and contingencies

Stockholders' Equity

Common shares, $0.015 par value:

Authorized - 233,333; issued and outstanding - 112,423 shares in 2020 and 98,394 shares in 2019

1,686

1,476

Additional paid-in capital

1,571,163

1,118,655

Accumulated other comprehensive income

138,274

56,187

Retained earnings

2,151,510

1,808,527

Total stockholders' equity

3,862,633

2,984,845

Total liabilities and stockholders' equity

$

5,202,724

$

3,873,425

Return on average equity

12.1

%

20.8

%

Exhibit B



Essent Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)





December 31, December 31,

(In thousands, except per share amounts) 2020 2019

Assets

Investments

Fixed maturities available for sale, at fair $ 3,838,513 $ 3,035,385 value

Short-term investments available for sale, at 726,860 315,362 fair value

Total investments available for sale 4,565,373 3,350,747

Other invested assets 88,904 78,873

Total investments 4,654,277 3,429,620

Cash 102,830 71,350

Accrued investment income 19,948 18,535

Accounts receivable 50,140 40,655

Deferred policy acquisition costs 17,005 15,705

Property and equipment 15,095 17,308

Prepaid federal income tax 302,636 261,885

Other assets 40,793 18,367



Total assets $ 5,202,724 $ 3,873,425



Liabilities and Stockholders' Equity

Liabilities

Reserve for losses and LAE $ 374,941 $ 69,362

Unearned premium reserve 250,436 278,887

Net deferred tax liability 305,109 249,620

Credit facility borrowings, net of deferred 321,720 224,237 costs

Other accrued liabilities 87,885 66,474

Total liabilities 1,340,091 888,580



Commitments and contingencies



Stockholders' Equity

Common shares, $0.015 par value:

Authorized - 233,333; issued and outstanding - 1,686 1,476 112,423 shares in 2020 and 98,394 shares in 2019

Additional paid-in capital 1,571,163 1,118,655

Accumulated other comprehensive income 138,274 56,187

Retained earnings 2,151,510 1,808,527

Total stockholders' equity 3,862,633 2,984,845



Total liabilities and stockholders' equity $ 5,202,724 $ 3,873,425



Return on average equity 12.1 % 20.8 %

Exhibit C

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data

2020

2019

Selected Income Statement Data

December 31

September 30

June 30

March 31

December 31

September 30

June 30

March 31

(In thousands, except per share amounts)

Revenues:

Net premiums written

$

214,243

$

222,223

$

205,904

$

191,743

$

196,493

$

198,304

$

188,404

$

177,644

Net premiums earned (1)

222,339

222,258

211,471

206,496

207,671

203,473

188,490

177,791

Other revenues (2)

24,860

20,780

24,606

22,344

21,091

22,914

23,402

22,735

Total revenues

247,199

243,038

236,077

228,840

228,762

226,387

211,892

200,526

Losses and expenses:

Provision for losses and LAE

62,073

55,280

175,877

8,063

10,929

9,990

4,960

7,107

Other underwriting and operating expenses

36,825

37,100

38,819

41,947

41,231

41,588

41,520

41,030

Interest expense

2,149

2,227

2,566

2,132

2,218

2,584

2,679

2,670

Total losses and expenses

101,047

94,607

217,262

52,142

54,378

54,162

49,159

50,807

Income before income taxes

146,152

148,431

18,815

176,698

174,384

172,225

162,733

149,719

Income tax expense (3)

22,550

23,895

3,435

27,175

27,426

27,595

26,328

21,999

Net income

$

123,602

$

124,536

$

15,380

$

149,523

$

146,958

$

144,630

$

136,405

$

127,720

Earnings per share:

Basic

$

1.10

$

1.11

$

0.15

$

1.53

$

1.50

$

1.48

$

1.39

$

1.31

Diluted

1.10

1.11

0.15

1.52

1.49

1.47

1.39

1.30

Weighted average shares outstanding:

Basic

111,908

111,908

102,500

97,949

97,830

97,822

97,798

97,595

Diluted

112,310

112,134

102,605

98,326

98,376

98,257

98,170

98,104

Other Data:

Loss ratio (4)

27.9

%

24.9

%

83.2

%

3.9

%

5.3

%

4.9

%

2.6

%

4.0

%

Expense ratio (5)

16.6

16.7

18.4

20.3

19.9

20.4

22.0

23.1

Combined ratio

44.5

%

41.6

%

101.5

%

24.2

%

25.1

%

25.3

%

24.7

%

27.1

%

Return on average equity (annualized)

13.0

%

13.5

%

1.8

%

19.6

%

20.1

%

20.8

%

20.9

%

20.9

%

(1) Net premiums earned also includes premiums earned on GSE and other risk share. See Exhibit F.

(2) Certain of our third-party reinsurance agreements contain an embedded derivative as the premium ceded under those agreements will vary based on changes in interest rates. For each of the three month periods noted, Other revenues include net favorable (unfavorable) changes in the fair value of these embedded derivatives as follows: December 31, 2020: ($209); September 30, 2020: ($677); June 30, 2020: $2,502; March 31, 2020: ($4,200); December 31, 2019: ($3,585); September 30, 2019: ($760); June 30, 2019: $1,160 and March 31, 2019: $1,424.

(3) Income tax expense for the three months ended March 31, 2020 and 2019 was reduced by $620 and $1,956, respectively, of excess tax benefits associated with the vesting of common shares and common share units during each period.

(4) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.

(5) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.

Exhibit C

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data





2020 2019

SelectedIncome December 31 September June 30 March 31 December 31 September June 30 March 31Statement 30 30Data

(Inthousands,except per shareamounts)

Revenues:

Net premiums $ 214,243 $ 222,223 $ 205,904 $ 191,743 $ 196,493 $ 198,304 $ 188,404 $ 177,644 written



Net premiums 222,339 222,258 211,471 206,496 207,671 203,473 188,490 177,791 earned (1)

Other 24,860 20,780 24,606 22,344 21,091 22,914 23,402 22,735 revenues (2)

Total 247,199 243,038 236,077 228,840 228,762 226,387 211,892 200,526 revenues



Losses and expenses:

Provisionfor losses 62,073 55,280 175,877 8,063 10,929 9,990 4,960 7,107 and LAE

Otherunderwritingand 36,825 37,100 38,819 41,947 41,231 41,588 41,520 41,030 operatingexpenses

Interest 2,149 2,227 2,566 2,132 2,218 2,584 2,679 2,670 expense

Total losses 101,047 94,607 217,262 52,142 54,378 54,162 49,159 50,807 and expenses



Incomebefore 146,152 148,431 18,815 176,698 174,384 172,225 162,733 149,719 income taxes

Income tax 22,550 23,895 3,435 27,175 27,426 27,595 26,328 21,999 expense (3)

Net income $ 123,602 $ 124,536 $ 15,380 $ 149,523 $ 146,958 $ 144,630 $ 136,405 $ 127,720



Earnings per share:

Basic $ 1.10 $ 1.11 $ 0.15 $ 1.53 $ 1.50 $ 1.48 $ 1.39 $ 1.31

Diluted 1.10 1.11 0.15 1.52 1.49 1.47 1.39 1.30



Weightedaverage sharesoutstanding:

Basic 111,908 111,908 102,500 97,949 97,830 97,822 97,798 97,595

Diluted 112,310 112,134 102,605 98,326 98,376 98,257 98,170 98,104



Other Data:

Loss ratio 27.9 % 24.9 % 83.2 % 3.9 % 5.3 % 4.9 % 2.6 % 4.0 %(4)

Expense 16.6 16.7 18.4 20.3 19.9 20.4 22.0 23.1 ratio (5)

Combined 44.5 % 41.6 % 101.5 % 24.2 % 25.1 % 25.3 % 24.7 % 27.1 %ratio



Return onaverage 13.0 % 13.5 % 1.8 % 19.6 % 20.1 % 20.8 % 20.9 % 20.9 %equity(annualized)



(1) Net premiums earned also includes premiums earned on GSE and other riskshare. See Exhibit F.

(2) Certain of our third-party reinsurance agreements contain an embeddedderivative as the premium ceded under those agreements will vary based onchanges in interest rates. For each of the three month periods noted, Otherrevenues include net favorable (unfavorable) changes in the fair value of theseembedded derivatives as follows: December 31, 2020: ($209); September 30, 2020:($677); June 30, 2020: $2,502; March 31, 2020: ($4,200); December 31, 2019:($3,585); September 30, 2019: ($760); June 30, 2019: $1,160 and March 31, 2019:$1,424.

(3) Income tax expense for the three months ended March 31, 2020 and 2019 wasreduced by $620 and $1,956, respectively, of excess tax benefits associatedwith the vesting of common shares and common share units during each period.

(4) Loss ratio is calculated by dividing the provision for losses and LAE bynet premiums earned.

(5) Expense ratio is calculated by dividing other underwriting and operatingexpenses by net premiums earned.

Exhibit C, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data

2020

2019

Other Data, continued:

December 31

September 30

June 30

March 31

December 31

September 30

June 30

March 31

($ in thousands)

U.S. Mortgage Insurance Portfolio

Flow:

New insurance written

$

29,566,820

$

36,664,583

$

28,163,212

$

13,549,299

$

15,839,836

$

18,719,876

$

17,973,505

$

10,945,307

New risk written

7,051,173

8,938,544

6,875,250

3,384,171

3,966,363

4,695,611

4,485,217

2,713,389

Bulk:

New insurance written

$

-

$

-

$

-

$

151

$

-

$

6,133

$

29,524

$

55,002

New risk written

-

-

-

24

-

842

2,129

6,542

Total:

Average gross premium rate (6)

0.49

%

0.51

%

0.53

%

0.51

%

0.51

%

0.52

%

0.51

%

0.50

%

Average net premium rate (7)

0.43

%

0.46

%

0.48

%

0.48

%

0.49

%

0.49

%

0.49

%

0.48

%

New insurance written

$

29,566,820

$

36,664,583

$

28,163,212

$

13,549,450

$

15,839,836

$

18,726,009

$

18,003,029

$

11,000,309

New risk written

$

7,051,173

$

8,938,544

$

6,875,250

$

3,384,195

$

3,966,363

$

4,696,453

$

4,487,346

$

2,719,931

Insurance in force (end of period)

$

198,882,352

$

190,811,292

$

174,646,273

$

165,615,503

$

164,005,853

$

160,962,192

$

153,317,157

$

143,181,641

Gross risk in force (end of period) (8)

$

49,565,150

$

47,838,668

$

43,993,989

$

41,865,977

$

41,402,950

$

40,540,289

$

38,531,090

$

35,925,830

Risk in force (end of period)

$

41,339,262

$

41,219,216

$

39,113,879

$

38,290,022

$

38,947,857

$

38,784,584

$

37,034,687

$

34,744,417

Policies in force

799,893

781,836

733,651

706,714

702,925

693,085

666,705

629,808

Weighted average coverage (9)

24.9

%

25.1

%

25.2

%

25.3

%

25.2

%

25.2

%

25.1

%

25.1

%

Annual persistency

60.1

%

64.2

%

67.9

%

73.9

%

77.5

%

82.1

%

84.8

%

85.1

%

Loans in default (count)

31,469

35,464

38,068

5,841

5,947

5,232

4,405

4,096

Percentage of loans in default

3.93

%

4.54

%

5.19

%

0.83

%

0.85

%

0.75

%

0.66

%

0.65

%

Other Risk in Force

GSE and other risk share (10)

$

1,416,719

$

1,216,353

$

1,031,699

$

1,100,966

$

895,374

$

849,184

$

802,530

$

771,175

Credit Facility

Borrowings outstanding

$

325,000

$

425,000

$

425,000

$

425,000

$

225,000

$

225,000

$

225,000

$

225,000

Undrawn committed capacity

$

300,000

$

75,000

$

75,000

$

75,000

$

275,000

$

275,000

$

275,000

$

275,000

Weighted average interest rate (end of period)

2.19

%

(6) Average gross premium rate is calculated by dividing annualized premiums earned for the U.S. mortgage insurance portfolio, before reductions for premiums ceded under third-party reinsurance, by average insurance in force for the period.

(7) Average net premium rate is calculated by dividing annualized net premiums earned for the U.S. mortgage insurance portfolio by average insurance in force for the period.

(8) Gross risk in force includes risk ceded under third-party reinsurance.

(9) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.

(10) GSE and other risk share includes GSE risk share and other reinsurance transactions. 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 C, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data





2020 2019

Other Data, December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31continued:

($ in thousands)



U.S. Mortgage Insurance Portfolio

Flow:

New insurance $ 29,566,820 $ 36,664,583 $ 28,163,212 $ 13,549,299 $ 15,839,836 $ 18,719,876 $ 17,973,505 $ 10,945,307 written

New risk 7,051,173 8,938,544 6,875,250 3,384,171 3,966,363 4,695,611 4,485,217 2,713,389 written



Bulk:

New insurance $ - $ - $ - $ 151 $ - $ 6,133 $ 29,524 $ 55,002 written

New risk - - - 24 - 842 2,129 6,542 written



Total:

Average grosspremium rate 0.49 % 0.51 % 0.53 % 0.51 % 0.51 % 0.52 % 0.51 % 0.50 %(6)

Average netpremium rate 0.43 % 0.46 % 0.48 % 0.48 % 0.49 % 0.49 % 0.49 % 0.48 %(7)

New insurance $ 29,566,820 $ 36,664,583 $ 28,163,212 $ 13,549,450 $ 15,839,836 $ 18,726,009 $ 18,003,029 $ 11,000,309 written

New risk $ 7,051,173 $ 8,938,544 $ 6,875,250 $ 3,384,195 $ 3,966,363 $ 4,696,453 $ 4,487,346 $ 2,719,931 written

Insurance inforce (end of $ 198,882,352 $ 190,811,292 $ 174,646,273 $ 165,615,503 $ 164,005,853 $ 160,962,192 $ 153,317,157 $ 143,181,641 period)

Gross risk inforce (end of $ 49,565,150 $ 47,838,668 $ 43,993,989 $ 41,865,977 $ 41,402,950 $ 40,540,289 $ 38,531,090 $ 35,925,830 period) (8)

Risk in force(end of $ 41,339,262 $ 41,219,216 $ 39,113,879 $ 38,290,022 $ 38,947,857 $ 38,784,584 $ 37,034,687 $ 34,744,417 period)

Policies in 799,893 781,836 733,651 706,714 702,925 693,085 666,705 629,808 force

Weightedaverage 24.9 % 25.1 % 25.2 % 25.3 % 25.2 % 25.2 % 25.1 % 25.1 %coverage (9)

Annual 60.1 % 64.2 % 67.9 % 73.9 % 77.5 % 82.1 % 84.8 % 85.1 %persistency



Loans indefault 31,469 35,464 38,068 5,841 5,947 5,232 4,405 4,096 (count)

Percentage ofloans in 3.93 % 4.54 % 5.19 % 0.83 % 0.85 % 0.75 % 0.66 % 0.65 %default



Other Risk in Force

GSE and otherrisk share $ 1,416,719 $ 1,216,353 $ 1,031,699 $ 1,100,966 $ 895,374 $ 849,184 $ 802,530 $ 771,175 (10)



Credit Facility

Borrowings $ 325,000 $ 425,000 $ 425,000 $ 425,000 $ 225,000 $ 225,000 $ 225,000 $ 225,000 outstanding

Undrawncommitted $ 300,000 $ 75,000 $ 75,000 $ 75,000 $ 275,000 $ 275,000 $ 275,000 $ 275,000 capacity

Weightedaverageinterest rate 2.19 % (end ofperiod)



(6) Average gross premium rate is calculated by dividing annualized premiumsearned for the U.S. mortgage insurance portfolio, before reductions forpremiums ceded under third-party reinsurance, by average insurance in force forthe period.

(7) Average net premium rate is calculated by dividing annualized net premiumsearned for the U.S. mortgage insurance portfolio by average insurance in forcefor the period.

(8) Gross risk in force includes risk ceded under third-party reinsurance.

(9) Weighted average coverage is calculated by dividing end of period grossrisk in force by end of period insurance in force.

(10) GSE and other risk share includes GSE risk share and other reinsurancetransactions. Essent Re provides insurance or reinsurance relating to the riskin force on loans in reference pools acquired by Freddie Mac and Fannie Mae.

Exhibit D

Essent Group Ltd. and Subsidiaries

Supplemental Information

New Insurance Written: Flow

NIW by Credit Score

Three Months Ended

Year Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

($ in thousands)

>=760

$

13,330,379

45.1

%

$

6,486,486

40.9

%

$

48,037,084

44.5

%

$

25,738,423

40.5

%

740-759

5,069,530

17.1

2,880,429

18.2

19,385,541

17.9

11,152,853

17.6

720-739

4,134,782

14.0

2,401,806

15.2

15,744,485

14.6

9,340,180

14.7

700-719

3,385,670

11.5

1,860,120

11.7

12,409,936

11.5

7,555,687

11.9

680-699

1,743,694

5.9

1,235,223

7.8

6,871,511

6.4

5,248,330

8.3

<=679

1,902,765

6.4

975,772

6.2

5,495,357

5.1

4,443,051

7.0

Total

$

29,566,820

100.0

%

$

15,839,836

100.0

%

$

107,943,914

100.0

%

$

63,478,524

100.0

%

Weighted average credit score

748

745

749

744

NIW by LTV

Three Months Ended

Year Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

($ in thousands)

85.00% and below

$

6,317,550

21.4

%

$

2,084,932

13.2

%

$

20,124,987

18.6

%

$

7,874,266

12.4

%

85.01% to 90.00%

9,629,373

32.6

4,757,915

30.0

34,020,882

31.5

17,847,603

28.1

90.01% to 95.00%

11,134,923

37.6

6,771,196

42.7

42,517,221

39.4

26,852,903

42.3

95.01% and above

2,484,974

8.4

2,225,793

14.1

11,280,824

10.5

10,903,752

17.2

Total

$

29,566,820

100.0

%

$

15,839,836

100.0

%

$

107,943,914

100.0

%

$

63,478,524

100.0

%

Weighted average LTV

91

%

92

%

91

%

92

%

NIW by Product

Three Months Ended

Year Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

Single Premium policies

7.7

%

10.4

%

9.0

%

11.1

%

Monthly Premium policies

92.3

89.6

91.0

88.9

100.0

%

100.0

%

100.0

%

100.0

%

NIW by Purchase vs. Refinance

Three Months Ended

Year Ended

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

Purchase

61.6

%

71.8

%

60.4

%

80.4

%

Refinance

38.4

28.2

39.6

19.6

100.0

%

100.0

%

100.0

%

100.0

%

Exhibit D



Essent Group Ltd. and Subsidiaries

Supplemental Information

New Insurance Written: Flow





NIW by Credit Score

Three Months Ended Year Ended

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

($ in thousands)

>=760 $ 13,330,379 45.1 % $ 6,486,486 40.9 % $ 48,037,084 44.5 % $ 25,738,423 40.5 %

740-759 5,069,530 17.1 2,880,429 18.2 19,385,541 17.9 11,152,853 17.6

720-739 4,134,782 14.0 2,401,806 15.2 15,744,485 14.6 9,340,180 14.7

700-719 3,385,670 11.5 1,860,120 11.7 12,409,936 11.5 7,555,687 11.9

680-699 1,743,694 5.9 1,235,223 7.8 6,871,511 6.4 5,248,330 8.3

<=679 1,902,765 6.4 975,772 6.2 5,495,357 5.1 4,443,051 7.0

Total $ 29,566,820 100.0 % $ 15,839,836 100.0 % $ 107,943,914 100.0 % $ 63,478,524 100.0 %



Weightedaverage 748 745 749 744 creditscore







NIW by LTV

Three Months Ended Year Ended

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

($ in thousands)

85.00% and $ 6,317,550 21.4 % $ 2,084,932 13.2 % $ 20,124,987 18.6 % $ 7,874,266 12.4 %below

85.01% to 9,629,373 32.6 4,757,915 30.0 34,020,882 31.5 17,847,603 28.1 90.00%

90.01% to 11,134,923 37.6 6,771,196 42.7 42,517,221 39.4 26,852,903 42.3 95.00%

95.01% and 2,484,974 8.4 2,225,793 14.1 11,280,824 10.5 10,903,752 17.2 above

Total $ 29,566,820 100.0 % $ 15,839,836 100.0 % $ 107,943,914 100.0 % $ 63,478,524 100.0 %



Weightedaverage 91 % 92 % 91 % 92 % LTV







NIW by Product

Three Months Ended Year Ended

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

SinglePremium 7.7 % 10.4 % 9.0 % 11.1 %policies

MonthlyPremium 92.3 89.6 91.0 88.9 policies

100.0 % 100.0 % 100.0 % 100.0 %







NIW by Purchase vs. Refinance

Three Months Ended Year Ended

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

Purchase 61.6 % 71.8 % 60.4 % 80.4 %

Refinance 38.4 28.2 39.6 19.6

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, 2020

September 30, 2020

December 31, 2019

($ in thousands)

>=760

$

82,452,139

41.5

%

$

78,923,142

41.4

%

$

68,123,523

41.5

%

740-759

34,538,761

17.3

33,229,396

17.4

27,886,603

17.0

720-739

29,599,646

14.9

28,496,228

15.0

24,069,139

14.7

700-719

23,807,982

12.0

22,748,385

11.9

19,183,219

11.7

680-699

15,538,235

7.8

15,302,772

8.0

13,713,164

8.4

<=679

12,945,589

6.5

12,111,369

6.3

11,030,205

6.7

Total

$

198,882,352

100.0

%

$

190,811,292

100.0

%

$

164,005,853

100.0

%

Weighted average credit score

745

745

745

Gross RIF by FICO score

December 31, 2020

September 30, 2020

December 31, 2019

($ in thousands)

>=760

$

20,336,799

41.0

%

$

19,606,502

41.0

%

$

17,082,683

41.3

%

740-759

8,682,265

17.5

8,395,009

17.5

7,056,654

17.0

720-739

7,504,065

15.1

7,251,499

15.2

6,150,334

14.9

700-719

5,970,851

12.1

5,738,412

12.0

4,873,597

11.8

680-699

3,887,059

7.9

3,853,734

8.0

3,491,755

8.4

<=679

3,184,111

6.4

2,993,512

6.3

2,747,927

6.6

Total

$

49,565,150

100.0

%

$

47,838,668

100.0

%

$

41,402,950

100.0

%

Portfolio by LTV

IIF by LTV

December 31, 2020

September 30, 2020

December 31, 2019

($ in thousands)

85.00% and below

$

27,308,296

13.7

%

$

23,979,065

12.6

%

$

17,128,008

10.5

%

85.01% to 90.00%

58,606,394

29.5

55,453,633

29.1

46,771,386

28.5

90.01% to 95.00%

86,169,485

43.3

84,573,433

44.3

76,611,494

46.7

95.01% and above

26,798,177

13.5

26,805,161

14.0

23,494,965

14.3

Total

$

198,882,352

100.0

%

$

190,811,292

100.0

%

$

164,005,853

100.0

%

Weighted average LTV

92

%

92

%

92

%

Gross RIF by LTV

December 31, 2020

September 30, 2020

December 31, 2019

($ in thousands)

85.00% and below

$

3,142,034

6.3

%

$

2,759,320

5.8

%

$

1,977,361

4.8

%

85.01% to 90.00%

14,061,553

28.4

13,307,205

27.8

11,249,383

27.2

90.01% to 95.00%

24,895,471

50.2

24,391,376

51.0

21,981,598

53.1

95.01% and above

7,466,092

15.1

7,380,767

15.4

6,194,608

14.9

Total

$

49,565,150

100.0

%

$

47,838,668

100.0

%

$

41,402,950

100.0

%

Portfolio by Loan Amortization Period

IIF by Loan Amortization Period

December 31, 2020

September 30, 2020

December 31, 2019

($ in thousands)

FRM 30 years and higher

$

187,704,000

94.4

%

$

180,135,430

94.4

%

$

154,905,519

94.5

%

FRM 20-25 years

4,365,585

2.2

3,945,019

2.1

2,854,560

1.7

FRM 15 years

4,776,068

2.4

4,417,092

2.3

3,300,715

2.0

ARM 5 years and higher

2,036,699

1.0

2,313,751

1.2

2,945,059

1.8

Total

$

198,882,352

100.0

%

$

190,811,292

100.0

%

$

164,005,853

100.0

%

Exhibit E



Essent Group Ltd. and Subsidiaries

Supplemental Information

Insurance in Force and Risk in Force





Portfolio by Credit Score

IIF by December 31, 2020 September 30, 2020 December 31, 2019FICO score

($ in thousands)

>=760 $ 82,452,139 41.5 % $ 78,923,142 41.4 % $ 68,123,523 41.5 %

740-759 34,538,761 17.3 33,229,396 17.4 27,886,603 17.0

720-739 29,599,646 14.9 28,496,228 15.0 24,069,139 14.7

700-719 23,807,982 12.0 22,748,385 11.9 19,183,219 11.7

680-699 15,538,235 7.8 15,302,772 8.0 13,713,164 8.4

<=679 12,945,589 6.5 12,111,369 6.3 11,030,205 6.7

Total $ 198,882,352 100.0 % $ 190,811,292 100.0 % $ 164,005,853 100.0 %



Weightedaverage 745 745 745 creditscore



Gross RIFby FICO December 31, 2020 September 30, 2020 December 31, 2019score

($ in thousands)

>=760 $ 20,336,799 41.0 % $ 19,606,502 41.0 % $ 17,082,683 41.3 %

740-759 8,682,265 17.5 8,395,009 17.5 7,056,654 17.0

720-739 7,504,065 15.1 7,251,499 15.2 6,150,334 14.9

700-719 5,970,851 12.1 5,738,412 12.0 4,873,597 11.8

680-699 3,887,059 7.9 3,853,734 8.0 3,491,755 8.4

<=679 3,184,111 6.4 2,993,512 6.3 2,747,927 6.6

Total $ 49,565,150 100.0 % $ 47,838,668 100.0 % $ 41,402,950 100.0 %



Portfolio by LTV

IIF by LTV December 31, 2020 September 30, 2020 December 31, 2019

($ in thousands)

85.00% and $ 27,308,296 13.7 % $ 23,979,065 12.6 % $ 17,128,008 10.5 %below

85.01% to 58,606,394 29.5 55,453,633 29.1 46,771,386 28.5 90.00%

90.01% to 86,169,485 43.3 84,573,433 44.3 76,611,494 46.7 95.00%

95.01% and 26,798,177 13.5 26,805,161 14.0 23,494,965 14.3 above

Total $ 198,882,352 100.0 % $ 190,811,292 100.0 % $ 164,005,853 100.0 %



Weightedaverage 92 % 92 % 92 % LTV



Gross RIF December 31, 2020 September 30, 2020 December 31, 2019by LTV

($ in thousands)

85.00% and $ 3,142,034 6.3 % $ 2,759,320 5.8 % $ 1,977,361 4.8 %below

85.01% to 14,061,553 28.4 13,307,205 27.8 11,249,383 27.2 90.00%

90.01% to 24,895,471 50.2 24,391,376 51.0 21,981,598 53.1 95.00%

95.01% and 7,466,092 15.1 7,380,767 15.4 6,194,608 14.9 above

Total $ 49,565,150 100.0 % $ 47,838,668 100.0 % $ 41,402,950 100.0 %



Portfolio by Loan Amortization Period

IIF by LoanAmortization December 31, 2020 September 30, 2020 December 31, 2019Period

($ in thousands)

FRM 30years and $ 187,704,000 94.4 % $ 180,135,430 94.4 % $ 154,905,519 94.5 %higher

FRM 20-25 4,365,585 2.2 3,945,019 2.1 2,854,560 1.7 years

FRM 15 4,776,068 2.4 4,417,092 2.3 3,300,715 2.0 years

ARM 5years and 2,036,699 1.0 2,313,751 1.2 2,945,059 1.8 higher

Total $ 198,882,352 100.0 % $ 190,811,292 100.0 % $ 164,005,853 100.0 %

Exhibit F

Essent Group Ltd. and Subsidiaries

Supplemental Information

Other Risk in Force

2020

2019

($ in thousands)

December 31

September 30

June 30

March 31

December 31

September 30

June 30

March 31

GSE and other risk share (1):

Premiums earned

$

13,624

$

11,132

$

10,655

$

10,778

$

9,867

$

9,284

$

8,622

$

7,894

Risk in Force

$

1,416,719

$

1,216,353

$

1,031,699

$

1,100,966

$

895,374

$

849,184

$

802,530

$

771,175

Weighted average credit score

746

747

746

746

745

746

748

747

Weighted average LTV

84

%

84

%

85

%

85

%

85

%

85

%

85

%

85

%

(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 F



Essent Group Ltd. and Subsidiaries

Supplemental Information

Other Risk in Force



2020 2019

($ in December 31 September 30 June 30 March 31 December 31 September June 30 March 31thousands) 30

GSE andother risk share (1):

Premiums $ 13,624 $ 11,132 $ 10,655 $ 10,778 $ 9,867 $ 9,284 $ 8,622 $ 7,894 earned



Risk in $ 1,416,719 $ 1,216,353 $ 1,031,699 $ 1,100,966 $ 895,374 $ 849,184 $ 802,530 $ 771,175 Force



Weightedaverage 746 747 746 746 745 746 748 747 creditscore

Weightedaverage 84 % 84 % 85 % 85 % 85 % 85 % 85 % 85 %LTV



(1) GSE and other risk share includes GSE risk share and other reinsurancetransactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance orreinsurance relating to the risk in force on loans in reference pools acquiredby Freddie Mac and Fannie Mae.

Exhibit G

Essent Group Ltd. and Subsidiaries

Supplemental Information

Portfolio Vintage Data

December 31, 2020

Insurance in Force

Year

OriginalInsuranceWritten($ in thousands)

RemainingInsurancein Force($ in thousands)

% Remaining of OriginalInsurance

Number of Policies in

Force

% 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

$

6,135,672

10.1

%

35,975

83.2

%

69.9

%

4.2

%

13.5

%

43.8

%

3.3

%

1,985

5.52

%

2015

26,193,656

5,674,591

21.7

30,252

86.2

63.4

3.1

16.5

41.4

4.6

1,615

5.34

2016

34,949,319

11,314,546

32.4

55,969

86.8

62.6

7.9

14.4

44.7

6.4

3,154

5.64

2017

43,858,322

16,268,294

37.1

82,036

89.2

63.0

16.5

18.2

39.5

9.7

5,614

6.84

2018

47,508,525

18,677,363

39.3

89,550

93.0

65.4

21.3

18.7

35.8

16.4

6,903

7.71

2019

63,569,183

38,688,532

60.9

156,164

82.9

63.0

20.4

17.6

36.7

31.2

9,230

5.91

2020

107,944,065

102,123,354

94.6

349,947

60.5

50.1

10.7

11.6

44.1

24.5

2,968

0.85

Total

$

384,691,921

$

198,882,352

51.7

799,893

73.2

56.8

13.5

14.3

41.5

10.0

31,469

3.93

(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 G



Essent Group Ltd. and Subsidiaries

Supplemental Information

Portfolio Vintage Data

December 31, 2020





Insurance in Force

Original Remaining % Number of Incurred Insurance Insurance Remaining Policies Loss Number PercentageYear Written in Force of in % >90% >95% FICO < FICO > Ratio of of ($ in ($ in Original Purchase LTV LTV 700 = 760 (Inception Loans in Loans in thousands) thousands) Insurance Force to Default Default Date) (1)



2010- $ 60,668,851 $ 6,135,672 10.1 % 35,975 83.2 % 69.9 % 4.2 % 13.5 % 43.8 % 3.3 % 1,985 5.52 %2014

2015 26,193,656 5,674,591 21.7 30,252 86.2 63.4 3.1 16.5 41.4 4.6 1,615 5.34

2016 34,949,319 11,314,546 32.4 55,969 86.8 62.6 7.9 14.4 44.7 6.4 3,154 5.64

2017 43,858,322 16,268,294 37.1 82,036 89.2 63.0 16.5 18.2 39.5 9.7 5,614 6.84

2018 47,508,525 18,677,363 39.3 89,550 93.0 65.4 21.3 18.7 35.8 16.4 6,903 7.71

2019 63,569,183 38,688,532 60.9 156,164 82.9 63.0 20.4 17.6 36.7 31.2 9,230 5.91

2020 107,944,065 102,123,354 94.6 349,947 60.5 50.1 10.7 11.6 44.1 24.5 2,968 0.85

Total $ 384,691,921 $ 198,882,352 51.7 799,893 73.2 56.8 13.5 14.3 41.5 10.0 31,469 3.93



(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, 2020

($ in thousands)

Excess of Loss Reinsurance

OriginalReinsurance in Force

RemainingReinsurance in Force

Earned Premiums Ceded

Year

RemainingInsurancein Force

RemainingRiskin Force

ILN (1)

Other Reinsurance (2)

Total

ILN

Other Reinsurance

Total

LossesCededto Date

OriginalFirst LayerRetention

RemainingFirst LayerRetention

Quarter-to-Date

Year-to-Date

Reduction in PMIERs Minimum RequiredAssets (6)

2015 & 2016

$

16,329,165

$

4,411,094

$

333,844

$

-

$

333,844

$

216,480

$

-

$

216,480

$

-

$

208,111

$

207,787

$

1,246

$

5,778

$

88,169

2017

15,856,384

4,052,481

424,412

165,167

589,579

242,123

165,167

407,290

-

224,689

218,838

2,714

11,576

97,119

2018

18,295,450

4,646,734

473,184

118,650

591,834

325,537

76,144

401,681

-

253,643

251,262

3,268

14,203

158,139

2019 (3)

22,137,416

5,643,954

495,889

55,102

550,991

495,889

55,102

550,991

-

215,605

215,509

2,852

11,351

304,954

2019 & 2020 (4)

48,570,459

12,141,563

399,159

-

399,159

399,159

-

399,159

-

465,690

465,690

4,744

4,744

362,497

Total

$

121,188,874

$

30,895,826

$

2,126,488

$

338,919

$

2,465,407

$

1,679,188

$

296,413

$

1,975,601

$

-

$

1,367,738

$

1,359,086

$

14,824

$

47,652

$

1,010,878

Exhibit H



Essent Group Ltd. and Subsidiaries

Supplemental Information

Reinsurance Vintage Data

December 31, 2020

($ in thousands)

Excess of Loss Reinsurance

Original Remaining Earned Premiums Ceded Reinsurance in Force Reinsurance in Force

Losses Reduction in Remaining Remaining Other Other Ceded Original Remaining PMIERsYear Insurance Risk ILN (1) Reinsurance Total ILN Reinsurance Total to First Layer First Layer Quarter-to-Date Year-to-Date Minimum in Force in Force (2) Date Retention Retention Required Assets (6)

2015 & 2016 $ 16,329,165 $ 4,411,094 $ 333,844 $ - $ 333,844 $ 216,480 $ - $ 216,480 $ - $ 208,111 $ 207,787 $ 1,246 $ 5,778 $ 88,169

2017 15,856,384 4,052,481 424,412 165,167 589,579 242,123 165,167 407,290 - 224,689 218,838 2,714 11,576 97,119

2018 18,295,450 4,646,734 473,184 118,650 591,834 325,537 76,144 401,681 - 253,643 251,262 3,268 14,203 158,139

2019 (3) 22,137,416 5,643,954 495,889 55,102 550,991 495,889 55,102 550,991 - 215,605 215,509 2,852 11,351 304,954

2019 & 2020 48,570,459 12,141,563 399,159 - 399,159 399,159 - 399,159 - 465,690 465,690 4,744 4,744 362,497 (4)

Total $ 121,188,874 $ 30,895,826 $ 2,126,488 $ 338,919 $ 2,465,407 $ 1,679,188 $ 296,413 $ 1,975,601 $ - $ 1,367,738 $ 1,359,086 $ 14,824 $ 47,652 $ 1,010,878

Quota Share Reinsurance

Losses Ceded

Ceding Commission

Earned Premiums Ceded

Year

RemainingInsurancein Force

RemainingRiskin 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 RequiredAssets (6)

2019 & 2020

(5)

$

117,856,260

$

28,865,874

$

25,756,347

$

6,250,287

$

7,188

$

19,038

$

4,598

$

11,024

$

16,370

$

41,086

$

411,948

(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.

(5) 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.

(6) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.

Quota Share Reinsurance

Losses Ceded Ceding Commission Earned Premiums Ceded

Remaining Reduction Remaining Remaining Ceded Remaining in PMIERsYear Insurance Risk Insurance in Ceded Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Minimum in Force in Force Force Risk in Force Required Assets (6)

2019& (5) $ 117,856,260 $ 28,865,874 $ 25,756,347 $ 6,250,287 $ 7,188 $ 19,038 $ 4,598 $ 11,024 $ 16,370 $ 41,086 $ 411,948 2020





(1) Reinsurance provided by unaffiliated special purpose insurers through theissuance of mortgage insurance-linked notes ("ILNs").

(2) Reinsurance provided by panels of reinsurers.

(3) Reinsurance coverage on new insurance written from January 1, 2019 throughAugust 31, 2019.

(4) Reinsurance coverage on new insurance written from September 1, 2019through July 31, 2020.

(5) Reinsurance coverage on 40% of eligible single premium policies and 20% ofall other eligible policies written from September 1, 2019 through December 31,2020.

(6) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assetsbased on our interpretation of the PMIERs.

Exhibit I

Essent Group Ltd. and Subsidiaries

Supplemental Information

Portfolio Geographic Data

IIF by State

December 31, 2020

September 30, 2020

December 31, 2019

CA

12.0

%

11.2

%

10.0

%

TX

9.7

9.6

8.6

FL

8.7

8.5

7.9

CO

4.1

4.1

3.7

WA

3.8

3.9

4.4

AZ

3.6

3.5

3.3

IL

3.4

3.5

3.7

NJ

3.3

3.4

3.6

VA

3.1

3.2

3.2

MD

3.0

3.0

2.8

All Others

45.3

46.1

48.8

Total

100.0

%

100.0

%

100.0

%

Gross RIF by State

December 31, 2020

September 30, 2020

December 31, 2019

CA

11.8

%

11.0

%

9.8

%

TX

10.0

9.9

8.9

FL

9.0

8.7

8.0

CO

4.1

4.0

3.6

WA

3.8

3.9

4.4

AZ

3.5

3.4

3.2

IL

3.3

3.4

3.5

NJ

3.2

3.3

3.6

GA

3.1

3.1

3.3

VA

3.1

3.1

3.1

All Others

45.1

46.2

48.6

Total

100.0

%

100.0

%

100.0

%

Exhibit I



Essent Group Ltd. and Subsidiaries

Supplemental Information

Portfolio Geographic Data





IIF by State

December 31, 2020 September 30, 2020 December 31, 2019

CA 12.0 % 11.2 % 10.0 %

TX 9.7 9.6 8.6

FL 8.7 8.5 7.9

CO 4.1 4.1 3.7

WA 3.8 3.9 4.4

AZ 3.6 3.5 3.3

IL 3.4 3.5 3.7

NJ 3.3 3.4 3.6

VA 3.1 3.2 3.2

MD 3.0 3.0 2.8

All Others 45.3 46.1 48.8

Total 100.0 % 100.0 % 100.0 %







Gross RIF by State

December 31, 2020 September 30, 2020 December 31, 2019

CA 11.8 % 11.0 % 9.8 %

TX 10.0 9.9 8.9

FL 9.0 8.7 8.0

CO 4.1 4.0 3.6

WA 3.8 3.9 4.4

AZ 3.5 3.4 3.2

IL 3.3 3.4 3.5

NJ 3.2 3.3 3.6

GA 3.1 3.1 3.3

VA 3.1 3.1 3.1

All Others 45.1 46.2 48.6

Total 100.0 % 100.0 % 100.0 %



Exhibit J

Essent Group Ltd. and Subsidiaries

Supplemental Information

Defaults, Reserve for Losses and LAE, and Claims

Rollforward of Insured Loans in Default

Three Months Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

Beginning default inventory

35,464

5,232

5,947

4,024

Plus: new defaults

8,745

3,826

62,649

13,304

Less: cures

(12,679

)

(3,027

)

(36,711

)

(10,985

)

Less: claims paid

(49

)

(80

)

(378

)

(377

)

Less: rescissions and denials, net

(12

)

(4

)

(38

)

(19

)

Ending default inventory

31,469

5,947

31,469

5,947

Rollforward of Reserve for Losses and LAE

Three Months Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

($ in thousands)

2020

2019

2020

2019

Reserve for losses and LAE at beginning of period

$

307,737

$

61,436

$

69,362

$

49,464

Less: Reinsurance recoverables

11,898

-

71

-

Net reserve for losses and LAE at beginning of period

295,839

61,436

69,291

49,464

Add provision for losses and LAE occurring in:

Current period

63,949

12,658

317,516

50,562

Prior years

(1,876

)

(1,729

)

(16,223

)

(17,576

)

Incurred losses and LAE during the period

62,073

10,929

301,293

32,986

Deduct payments for losses and LAE occurring in:

Current period

524

631

1,018

1,288

Prior years

1,508

2,443

13,686

11,871

Loss and LAE payments during the period

2,032

3,074

14,704

13,159

Net reserve for losses and LAE at end of period

355,880

69,291

355,880

69,291

Plus: Reinsurance recoverables

19,061

71

19,061

71

Reserve for losses and LAE at end of period

$

374,941

$

69,362

$

374,941

$

69,362

Claims

Three Months Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2020

2019

2020

2019

Number of claims paid

49

80

378

377

Total amount paid for claims (in thousands)

$

1,922

$

2,922

$

14,354

$

12,613

Average amount paid per claim (in thousands)

$

39

$

37

$

38

$

33

Severity

62

%

76

%

75

%

74

%

Exhibit J



Essent Group Ltd. and Subsidiaries

Supplemental Information

Defaults, Reserve for Losses and LAE, and Claims





Rollforward of Insured Loans in Default

Three Months Ended Year Ended

December December December December 31, 31, 31, 31,

2020 2019 2020 2019

Beginning default 35,464 5,232 5,947 4,024 inventory

Plus: new defaults 8,745 3,826 62,649 13,304

Less: cures (12,679 ) (3,027 ) (36,711 ) (10,985 )

Less: claims paid (49 ) (80 ) (378 ) (377 )

Less: rescissions and (12 ) (4 ) (38 ) (19 )denials, net

Ending default inventory 31,469 5,947 31,469 5,947







Rollforward of Reserve for Losses and LAE

Three Months Ended Year Ended

December December December December 31, 31, 31, 31,

($ in thousands) 2020 2019 2020 2019

Reserve for losses and LAE $ 307,737 $ 61,436 $ 69,362 $ 49,464 at beginning of period

Less: Reinsurance 11,898 - 71 - recoverables

Net reserve for losses and 295,839 61,436 69,291 49,464 LAE at beginning of period

Add provision for losses and LAE occurring in:

Current period 63,949 12,658 317,516 50,562

Prior years (1,876 ) (1,729 ) (16,223 ) (17,576 )

Incurred losses and LAE 62,073 10,929 301,293 32,986 during the period

Deduct payments for losses and LAE occurring in:

Current period 524 631 1,018 1,288

Prior years 1,508 2,443 13,686 11,871

Loss and LAE payments 2,032 3,074 14,704 13,159 during the period

Net reserve for losses and 355,880 69,291 355,880 69,291 LAE at end of period

Plus: Reinsurance 19,061 71 19,061 71 recoverables

Reserve for losses and LAE $ 374,941 $ 69,362 $ 374,941 $ 69,362 at end of period







Claims

Three Months Ended Year Ended

December December December December 31, 31, 31, 31,

2020 2019 2020 2019

Number of claims paid 49 80 378 377

Total amount paid for $ 1,922 $ 2,922 $ 14,354 $ 12,613 claims (in thousands)

Average amount paid per $ 39 $ 37 $ 38 $ 33 claim (in thousands)

Severity 62 % 76 % 75 % 74 %

Exhibit J, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Defaults, Reserve for Losses and LAE, and Claims

U.S. Mortgage Insurance Portfolio

December 31, 2020

Number ofPolicies inDefault

Percentage ofPolicies inDefault

Amount of Reserves

Percentage of Reserves

Defaulted RIF

Reserves as a Percentage ofDefaulted RIF

($ in thousands)

Missed Payments:

Three payments or less

6,631

21

%

$

47,905

14

%

$

384,668

12

%

Four to eleven payments

23,543

75

260,593

76

1,553,593

17

Twelve or more payments

1,243

4

32,593

9

67,501

48

Pending claims

52

-

2,199

1

2,843

77

Total case reserves (1)

31,469

100

%

343,290

100

%

$

2,008,605

17

IBNR

25,747

LAE

4,831

Total reserves for losses and LAE (1)

$

373,868

Average reserve per default:

Case

$

10.9

Total

$

11.9

Default Rate

3.93%

(1) The U.S. Mortgage Insurance Portfolio reserves exclude reserves on GSE and other risk share at Essent Re of $1,073.

December 31, 2019

Number ofPolicies inDefault

Percentage ofPolicies inDefault

Amount of Reserves

Percentage of Reserves

Defaulted RIF

Reserves as a Percentage ofDefaulted RIF

($ in thousands)

Missed Payments:

Three payments or less

3,310

56

%

$

15,793

25

%

$

177,238

9

%

Four to eleven payments

2,035

34

28,006

44

108,743

26

Twelve or more payments

473

8

13,549

22

27,152

50

Pending claims

129

2

5,832

9

6,777

86

Total case reserves (2)

5,947

100

%

63,180

100

%

$

319,910

20

IBNR

4,738

LAE

1,265

Total reserves for losses and LAE (2)

$

69,183

Average reserve per default:

Case

$

10.6

Total

$

11.6

Default Rate

0.85%

(2) The U.S. Mortgage Insurance Portfolio reserves exclude reserves on GSE and other risk share at Essent Re of $179.

Exhibit J, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Defaults, Reserve for Losses and LAE, and Claims

U.S. Mortgage Insurance Portfolio



December 31, 2020

Number Percentage Reserves of of Percentage as a Policies Policies Amount of of Defaulted RIF Percentage in in Reserves Reserves of Default Default Defaulted RIF

($ in thousands)

Missed Payments:

Threepayments 6,631 21 % $ 47,905 14 % $ 384,668 12 %or less

Four toeleven 23,543 75 260,593 76 1,553,593 17 payments

Twelve ormore 1,243 4 32,593 9 67,501 48 payments

Pending 52 - 2,199 1 2,843 77 claims

Total casereserves 31,469 100 % 343,290 100 % $ 2,008,605 17 (1)

IBNR 25,747

LAE 4,831

Totalreservesfor losses $ 373,868 and LAE(1)



Averagereserve perdefault:

Case $ 10.9

Total $ 11.9



Default 3.93% Rate



(1) The U.S. Mortgage Insurance Portfolio reserves exclude reserves on GSE andother risk share at Essent Re of $1,073.



December 31, 2019

Number Percentage Reserves of of Percentage as a Policies Policies Amount of of Defaulted RIF Percentage in in Reserves Reserves of Default Default Defaulted RIF

($ in thousands)

Missed Payments:

Threepayments 3,310 56 % $ 15,793 25 % $ 177,238 9 %or less

Four toeleven 2,035 34 28,006 44 108,743 26 payments

Twelve ormore 473 8 13,549 22 27,152 50 payments

Pending 129 2 5,832 9 6,777 86 claims

Total casereserves 5,947 100 % 63,180 100 % $ 319,910 20 (2)

IBNR 4,738

LAE 1,265

Totalreservesfor losses $ 69,183 and LAE(2)



Averagereserve perdefault:

Case $ 10.6

Total $ 11.6



Default 0.85% Rate



(2) The U.S. Mortgage Insurance Portfolio reserves exclude reserves on GSE andother risk share at Essent Re of $179.

Exhibit K

Essent Group Ltd. and Subsidiaries

Supplemental Information

Investments Available for Sale

Investments Available for Sale by Asset Class

Asset Class

December 31, 2020

December 31, 2019

($ in thousands)

Fair Value

Percent

Fair Value

Percent

U.S. Treasury securities

$

268,444

5.9

%

$

242,206

7.2

%

U.S. agency securities

18,085

0.4

33,605

1.0

U.S. agency mortgage-backed securities

995,905

21.8

848,334

25.3

Municipal debt securities

551,517

12.1

361,638

10.8

Non-U.S. government securities

61,607

1.3

54,995

1.7

Corporate debt securities

1,126,512

24.7

880,301

26.3

Residential and commercial mortgage securities

409,282

9.0

288,281

8.6

Asset-backed securities

454,717

9.9

326,025

9.7

Money market funds

679,304

14.9

315,362

9.4

Total investments available for sale

$

4,565,373

100.0

%

$

3,350,747

100.0

%

Investments Available for Sale by Credit Rating

Rating (1)

December 31, 2020

December 31, 2019

($ in thousands)

Fair Value

Percent

Fair Value

Percent

Aaa

$

2,564,746

56.2

%

$

1,817,905

54.2

%

Aa1

133,100

2.9

109,122

3.3

Aa2

260,462

5.7

145,282

4.3

Aa3

204,917

4.5

159,599

4.8

A1

249,710

5.5

206,643

6.2

A2

401,175

8.8

183,780

5.5

A3

229,882

5.0

191,933

5.7

Baa1

260,602

5.7

232,490

6.9

Baa2

178,926

3.9

179,664

5.4

Baa3

48,199

1.1

65,119

1.9

Below Baa3

33,654

0.7

59,210

1.8

Total investments available for sale

$

4,565,373

100.0

%

$

3,350,747

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, 2020

December 31, 2019

($ in thousands)

Fair Value

Percent

Fair Value

Percent

< 1 Year

$

1,568,505

34.4

%

$

1,038,782

31.0

%

1 to < 2 Years

581,003

12.7

306,148

9.1

2 to < 3 Years

616,069

13.5

348,708

10.4

3 to < 4 Years

426,333

9.3

361,147

10.8

4 to < 5 Years

367,633

8.1

443,382

13.2

5 or more Years

1,005,830

22.0

852,580

25.5

Total investments available for sale

$

4,565,373

100.0

%

$

3,350,747

100.0

%

Pre-tax investment income yield:

Three months ended December 31, 2020

2.00

%

Year ended December 31, 2020

2.11

%

Net cash and investments at holding company, Essent Group Ltd.:

($ in thousands)

As of December 31, 2020

$

562,714

As of December 31, 2019

$

98,376

Exhibit K



Essent Group Ltd. and Subsidiaries

Supplemental Information

Investments Available for Sale





Investments Available for Sale by Asset Class

Asset Class December 31, 2020 December 31, 2019

($ in thousands) Fair Value Percent Fair Value Percent

U.S. Treasury securities $ 268,444 5.9 % $ 242,206 7.2 %

U.S. agency securities 18,085 0.4 33,605 1.0

U.S. agency mortgage-backed 995,905 21.8 848,334 25.3 securities

Municipal debt securities 551,517 12.1 361,638 10.8

Non-U.S. government 61,607 1.3 54,995 1.7 securities

Corporate debt securities 1,126,512 24.7 880,301 26.3

Residential and commercial 409,282 9.0 288,281 8.6 mortgage securities

Asset-backed securities 454,717 9.9 326,025 9.7

Money market funds 679,304 14.9 315,362 9.4

Total investments available $ 4,565,373 100.0 % $ 3,350,747 100.0 %for sale



Investments Available for Sale by Credit Rating

Rating (1) December 31, 2020 December 31, 2019

($ in thousands) Fair Value Percent Fair Value Percent

Aaa $ 2,564,746 56.2 % $ 1,817,905 54.2 %

Aa1 133,100 2.9 109,122 3.3

Aa2 260,462 5.7 145,282 4.3

Aa3 204,917 4.5 159,599 4.8

A1 249,710 5.5 206,643 6.2

A2 401,175 8.8 183,780 5.5

A3 229,882 5.0 191,933 5.7

Baa1 260,602 5.7 232,490 6.9

Baa2 178,926 3.9 179,664 5.4

Baa3 48,199 1.1 65,119 1.9

Below Baa3 33,654 0.7 59,210 1.8

Total investments available $ 4,565,373 100.0 % $ 3,350,747 100.0 %for sale



(1) Based on ratings issued by Moody's, if available. S&P or Fitch ratingutilized if Moody's not available.



Investments Available for Sale by Duration and Book Yield

Effective Duration December 31, 2020 December 31, 2019

($ in thousands) Fair Value Percent Fair Value Percent

< 1 Year $ 1,568,505 34.4 % $ 1,038,782 31.0 %

1 to < 2 Years 581,003 12.7 306,148 9.1

2 to < 3 Years 616,069 13.5 348,708 10.4

3 to < 4 Years 426,333 9.3 361,147 10.8

4 to < 5 Years 367,633 8.1 443,382 13.2

5 or more Years 1,005,830 22.0 852,580 25.5

Total investments available $ 4,565,373 100.0 % $ 3,350,747 100.0 %for sale



Pre-tax investment income yield:

Three months ended December 2.00 % 31, 2020

Year ended December 31, 2020 2.11 %



Net cash and investments at holding company, Essent Group Ltd.:

($ in thousands)

As of December 31, 2020 $ 562,714

As of December 31, 2019 $ 98,376

Exhibit L

Essent Group Ltd. and Subsidiaries

Supplemental Information

Insurance Company Capital

December 31, 2020

December 31, 2019

($ in thousands)

U.S. Mortgage Insurance Subsidiaries:

Combined statutory capital (1)

$

2,659,161

$

2,335,828

Combined net risk in force (2)

$

29,493,572

$

29,460,191

Risk-to-capital ratios: (3)

Essent Guaranty, Inc.

11.5:1

13.1:1

Essent Guaranty of PA, Inc.

1.7:1

2.9:1

Combined (4)

11.1:1

12.6:1

Essent Guaranty, Inc. PMIERs Data (5):

Available Assets

$

2,855,923

$

2,337,086

Minimum Required Assets

1,647,225

1,499,369

PMIERs excess Available Assets

$

1,208,698

$

837,717

Essent Reinsurance Ltd.:

Stockholder's equity (GAAP basis)

$

1,101,003

$

939,360

Net risk in force (2)

$

12,892,300

$

10,314,942

(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.

Exhibit L



Essent Group Ltd. and Subsidiaries

Supplemental Information

Insurance Company Capital





December 31, 2020 December 31, 2019

($ in thousands)

U.S. Mortgage Insurance Subsidiaries:

Combined statutory capital (1) $ 2,659,161 $ 2,335,828



Combined net risk in force (2) $ 29,493,572 $ 29,460,191



Risk-to-capital ratios: (3)

Essent Guaranty, Inc. 11.5:1 13.1:1

Essent Guaranty of PA, Inc. 1.7:1 2.9:1

Combined (4) 11.1:1 12.6:1



Essent Guaranty, Inc. PMIERs Data (5):

Available Assets $ 2,855,923 $ 2,337,086

Minimum Required Assets 1,647,225 1,499,369

PMIERs excess Available Assets $ 1,208,698 $ 837,717



Essent Reinsurance Ltd.:

Stockholder's equity (GAAP basis) $ 1,101,003 $ 939,360



Net risk in force (2) $ 12,892,300 $ 10,314,942





(1) Combined statutory capital equals the sum of statutory capital of EssentGuaranty, Inc. plus Essent Guaranty of PA, Inc., after eliminating the impactof intercompany transactions. Statutory capital is computed based on accountingpractices prescribed or permitted by the Pennsylvania Insurance Department andthe National Association of Insurance Commissioners Accounting Practices andProcedures Manual.

(2) Net risk in force represents total risk in force, net of reinsurance cededand 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 forceto statutory capital.

(4) The combined risk-to-capital ratio equals the sum of the net risk in forceof Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by thecombined statutory capital.

(5) Data is based on our interpretation of the PMIERs as of the datesindicated.

Exhibit M

Essent Group Ltd. and Subsidiaries

Supplemental Information

Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share

We believe that long-term growth in Adjusted Book Value per Share is an important measure of our financial performance and is the basis for measures used to determine vesting on certain restricted stock granted to senior management under the Company's long-term incentive plan. Adjusted Book Value per Share is a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and is referred to as a non-GAAP measure. Adjusted Book Value per Share may be defined or calculated differently by other companies. Adjusted Book Value per Share is one measure used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.

Adjusted Book Value per Share is calculated by dividing Adjusted Book Value by Common Shares and Share Units Outstanding. Adjusted Book Value is defined as consolidated stockholders' equity of the Company, excluding accumulated other comprehensive income (loss) plus the proceeds, if any, from the assumed exercise of all "in-the-money" options, warrants and similar instruments. Common Shares and Share Units Outstanding is defined as total common shares outstanding plus all equity instruments (including restricted share units and dividend equivalent units) issued to management and the Board of Directors and any "in-the-money" options, warrants and similar instruments. Accumulated other comprehensive income (loss) includes unrealized gains and losses that arise from changes in the market value of the Company's investments. The Company does not view these unrealized gains and losses to be indicative of our fundamental operating performance. As of December 31, 2020 and December 31, 2019, the Company does not have any options, warrants and similar instruments outstanding.

The following table sets forth the reconciliation of Adjusted Book Value to the most comparable GAAP amount as of December 31, 2020 and December 31, 2019 in accordance with Regulation G:

Exhibit M

Essent Group Ltd. and Subsidiaries

Supplemental Information

Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share

We believe that long-term growth in Adjusted Book Value per Share is animportant measure of our financial performance and is the basis for measuresused to determine vesting on certain restricted stock granted to seniormanagement under the Company's long-term incentive plan. Adjusted Book Valueper Share is a financial measure that is not calculated under standards orrules that comprise accounting principles generally accepted in the UnitedStates (GAAP) and is referred to as a non-GAAP measure. Adjusted Book Valueper Share may be defined or calculated differently by other companies.Adjusted Book Value per Share is one measure used to monitor our results andshould not be viewed as a substitute for those measures determined inaccordance with GAAP.

Adjusted Book Value per Share is calculated by dividing Adjusted Book Valueby Common Shares and Share Units Outstanding. Adjusted Book Value is definedas consolidated stockholders' equity of the Company, excluding accumulatedother comprehensive income (loss) plus the proceeds, if any, from the assumedexercise of all "in-the-money" options, warrants and similar instruments.Common Shares and Share Units Outstanding is defined as total common sharesoutstanding plus all equity instruments (including restricted share units anddividend equivalent units) issued to management and the Board of Directorsand any "in-the-money" options, warrants and similar instruments. Accumulatedother comprehensive income (loss) includes unrealized gains and losses thatarise from changes in the market value of the Company's investments. TheCompany does not view these unrealized gains and losses to be indicative ofour fundamental operating performance. As of December 31, 2020 and December31, 2019, the Company does not have any options, warrants and similarinstruments outstanding.

The following table sets forth the reconciliation of Adjusted Book Value tothe most comparable GAAP amount as of December 31, 2020 and December 31, 2019in accordance with Regulation G:

(In thousands, except per share amounts)

December 31, 2020

December 31, 2019

Numerator:

Total Stockholders' Equity (Book Value)

$

3,862,633

$

2,984,845

Subtract: Accumulated Other Comprehensive Income

138,274

56,187

Adjusted Book Value

$

3,724,359

$

2,928,658

Denominator:

Total Common Shares Outstanding

112,423

98,394

Add: Restricted Share Units and Dividend Equivalent Units Outstanding

513

356

Total Common Shares and Share Units Outstanding

112,936

98,750

Adjusted Book Value per Share

$

32.98

$

29.66

View source version on businesswire.com: https://www.businesswire.com/news/home/20210219005054/en/

CONTACT: Media 610.230.0556 media@essentgroup.com

CONTACT: Investor Relations Christopher G. Curran Senior Vice President - Investor Relations 855-809-ESNT ir@essentgroup.com