Business Wire | Aug 6, 2021 06:31AM EDT

Essent Group Ltd. Announces Second Quarter 2021 Results & Increases Quarterly Dividend

Aug. 06, 2021

HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 06, 2021--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended June 30, 2021 of $159.8 million or $1.42 per diluted share, compared to $15.4 million or $0.15 per diluted share for the quarter ended June 30, 2020.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.18 per common share. The dividend is payable on September 10, 2021, to shareholders of record on September 1, 2021.

"We are pleased with our financial performance for the second quarter as we produced strong earnings and generated excess capital," said Mark A. Casale, Chairman and Chief Executive Officer. "Our results reflect a favorable operating environment as credit continues to normalize and housing demand remains elevated. Our buy, manage and distribute model is operating on all cylinders and confidence in our economic engine remains high."

Second Quarter 2021 Financial Highlights:

* Insurance in force as of June 30, 2021 was $203.6 billion, compared to $197.1 billion as of March 31, 2021 and $174.6 billion as of June 30, 2020.

* New insurance written for the second quarter was $25.0 billion, compared to $19.3 billion in the first quarter of 2021 and $28.2 billion in the second quarter of 2020.

* Net premiums earned for the second quarter were $217.4 million, compared to $219.1 million in the first quarter of 2021 and $211.5 million in the second quarter of 2020.

* The expense ratio for the second quarter was 18.9%, compared to 19.3% in the first quarter of 2021 and 18.4% in the second quarter of 2020.

* The provision for losses and LAE for the second quarter was $9.7 million, compared to a provision of $32.3 million in the first quarter of 2021 and a provision of $175.9 million in the second quarter of 2020.

* The percentage of loans in default as of June 30, 2021 was 2.96%, compared to 3.70% as of March 31, 2021 and 5.19% as of June 30, 2020.

* The combined ratio for the second quarter was 23.3%, compared to 34.0% in the first quarter of 2021 and 101.5% in the second quarter of 2020.

* The consolidated balance of cash and investments at June 30, 2021 was $5.0 billion, including cash and investment balances at Essent Group Ltd. of $509.8 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 10.6:1 as of June 30, 2021.

* On June 23, 2021, Essent Guaranty, Inc. obtained $557.9 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in August 2020 through March 2021 from Radnor Re 2021-1 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2021-1 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

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 833-921-1656 inside the U.S., or 236-389-2661 for international callers, using passcode 2073556 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 2073556.

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, 2020 filed with the Securities and Exchange Commission on February 26, 2021, 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 Ended June 30, 2021





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 Rollforward of Defaults and Reserve for Losses and LAEJ

Exhibit Detail of Reserves by Default DelinquencyK

Exhibit Investments Available for SaleL

Exhibit Insurance Company CapitalM

Exhibit A

Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except per share amounts)

2021

2020

2021

2020

Revenues:

Direct premiums written

$

228,949

$

228,044

$

464,206

$

434,024

Ceded premiums

(26,662

)

(22,140

)

(57,558

)

(36,377

)

Net premiums written

202,287

205,904

406,648

397,647

Decrease in unearned premiums

15,150

5,567

29,856

20,320

Net premiums earned

217,437

211,471

436,504

417,967

Net investment income

21,743

19,866

43,531

40,499

Realized investment (losses) gains, net

(253

)

(1,269

)

388

1,866

Other income

4,334

6,009

7,635

4,585

Total revenues

243,261

236,077

488,058

464,917

Losses and expenses:

Provision for losses and LAE

9,651

175,877

41,973

183,940

Other underwriting and operating expenses

41,114

38,819

83,353

80,766

Interest expense

2,073

2,566

4,124

4,698

Total losses and expenses

52,838

217,262

129,450

269,404

Income before income taxes

190,423

18,815

358,608

195,513

Income tax expense

30,628

3,435

63,165

30,610

Net income

$

159,795

$

15,380

$

295,443

$

164,903

Earnings per share:

Basic

$

1.43

$

0.15

$

2.64

$

1.65

Diluted

1.42

0.15

2.63

1.64

Weighted average shares outstanding:

Basic

112,118

102,500

112,067

100,224

Diluted

112,454

102,605

112,416

100,466

Net income

$

159,795

$

15,380

$

295,443

$

164,903

Other comprehensive income (loss):

Change in unrealized appreciation (depreciation) of investments

36,360

74,285

(22,843

)

64,211

Total other comprehensive income (loss)

36,360

74,285

(22,843

)

64,211

Comprehensive income

$

196,155

$

89,665

$

272,600

$

229,114

Loss ratio

4.4

%

83.2

%

9.6

%

44.0

%

Expense ratio

18.9

18.4

19.1

19.3

Combined ratio

23.3

%

101.5

%

28.7

%

63.3

%

Exhibit A



Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)





Three Months Ended June Six Months Ended June 30, 30,

(In thousands, except per 2021 2020 2021 2020share amounts)

Revenues:

Direct premiums written $ 228,949 $ 228,044 $ 464,206 $ 434,024

Ceded premiums (26,662 ) (22,140 ) (57,558 ) (36,377 )

Net premiums written 202,287 205,904 406,648 397,647

Decrease in unearned 15,150 5,567 29,856 20,320 premiums

Net premiums earned 217,437 211,471 436,504 417,967

Net investment income 21,743 19,866 43,531 40,499

Realized investment (253 ) (1,269 ) 388 1,866 (losses) gains, net

Other income 4,334 6,009 7,635 4,585

Total revenues 243,261 236,077 488,058 464,917



Losses and expenses:

Provision for losses and 9,651 175,877 41,973 183,940 LAE

Other underwriting and 41,114 38,819 83,353 80,766 operating expenses

Interest expense 2,073 2,566 4,124 4,698

Total losses and expenses 52,838 217,262 129,450 269,404



Income before income 190,423 18,815 358,608 195,513 taxes

Income tax expense 30,628 3,435 63,165 30,610

Net income $ 159,795 $ 15,380 $ 295,443 $ 164,903





Earnings per share:

Basic $ 1.43 $ 0.15 $ 2.64 $ 1.65

Diluted 1.42 0.15 2.63 1.64



Weighted average shares outstanding:

Basic 112,118 102,500 112,067 100,224

Diluted 112,454 102,605 112,416 100,466



Net income $ 159,795 $ 15,380 $ 295,443 $ 164,903



Other comprehensive income (loss):

Change in unrealizedappreciation 36,360 74,285 (22,843 ) 64,211 (depreciation) ofinvestments

Total other comprehensive 36,360 74,285 (22,843 ) 64,211 income (loss)

Comprehensive income $ 196,155 $ 89,665 $ 272,600 $ 229,114





Loss ratio 4.4 % 83.2 % 9.6 % 44.0 %

Expense ratio 18.9 18.4 19.1 19.3

Combined ratio 23.3 % 101.5 % 28.7 % 63.3 %

Exhibit B

Essent Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

June 30,

December 31,

(In thousands, except per share amounts)

2021

2020

Assets

Investments

Fixed maturities available for sale, at fair value

$

4,374,008

$

3,838,513

Short-term investments available for sale, at fair value

372,320

726,860

Total investments available for sale

4,746,328

4,565,373

Other invested assets

145,310

88,904

Total investments

4,891,638

4,654,277

Cash

142,140

102,830

Accrued investment income

24,468

19,948

Accounts receivable

53,127

50,140

Deferred policy acquisition costs

14,070

17,005

Property and equipment

12,989

15,095

Prepaid federal income tax

332,886

302,636

Other assets

50,471

40,793

Total assets

$

5,521,789

$

5,202,724

Liabilities and Stockholders' Equity

Liabilities

Reserve for losses and LAE

$

421,872

$

374,941

Unearned premium reserve

220,580

250,436

Net deferred tax liability

343,098

305,109

Credit facility borrowings, net of deferred costs

322,316

321,720

Other accrued liabilities

129,095

87,885

Total liabilities

1,436,961

1,340,091

Commitments and contingencies

Stockholders' Equity

Common shares, $0.015 par value:

Authorized - 233,333; issued and outstanding - 112,481 shares in 2021 and 112,423 shares in 2020

1,687

1,686

Additional paid-in capital

1,558,142

1,571,163

Accumulated other comprehensive income

115,431

138,274

Retained earnings

2,409,568

2,151,510

Total stockholders' equity

4,084,828

3,862,633

Total liabilities and stockholders' equity

$

5,521,789

$

5,202,724

Return on average equity (1)

14.9

%

12.1

%

(1) The 2021 return on average equity is calculated by dividing annualized year-to-date 2021 net income by average equity. The 2020 return on average equity is calculated by dividing full year 2020 net income by average equity.

Exhibit B



Essent Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)





June 30, December 31,

(In thousands, except per share amounts) 2021 2020

Assets

Investments

Fixed maturities available for sale, at fair $ 4,374,008 $ 3,838,513 value

Short-term investments available for sale, at 372,320 726,860 fair value

Total investments available for sale 4,746,328 4,565,373

Other invested assets 145,310 88,904

Total investments 4,891,638 4,654,277

Cash 142,140 102,830

Accrued investment income 24,468 19,948

Accounts receivable 53,127 50,140

Deferred policy acquisition costs 14,070 17,005

Property and equipment 12,989 15,095

Prepaid federal income tax 332,886 302,636

Other assets 50,471 40,793



Total assets $ 5,521,789 $ 5,202,724



Liabilities and Stockholders' Equity

Liabilities

Reserve for losses and LAE $ 421,872 $ 374,941

Unearned premium reserve 220,580 250,436

Net deferred tax liability 343,098 305,109

Credit facility borrowings, net of deferred costs 322,316 321,720

Other accrued liabilities 129,095 87,885

Total liabilities 1,436,961 1,340,091



Commitments and contingencies



Stockholders' Equity

Common shares, $0.015 par value:

Authorized - 233,333; issued and outstanding - 1,687 1,686 112,481 shares in 2021 and 112,423 shares in 2020

Additional paid-in capital 1,558,142 1,571,163

Accumulated other comprehensive income 115,431 138,274

Retained earnings 2,409,568 2,151,510

Total stockholders' equity 4,084,828 3,862,633



Total liabilities and stockholders' equity $ 5,521,789 $ 5,202,724



Return on average equity (1) 14.9 % 12.1 %



(1) The 2021 return on average equity is calculated by dividing annualizedyear-to-date 2021 net income by average equity. The 2020 return on averageequity is calculated by dividing full year 2020 net income by average equity.

Exhibit C

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data

2021

2020

Selected Income Statement Data

June 30

March 31

December 31

September 30

June 30

(In thousands, except per share amounts)

Revenues:

Net premiums earned:

U.S. Mortgage Insurance Portfolio

$

204,149

$

207,840

$

208,715

$

211,126

$

200,816

GSE and other risk share

13,288

11,227

13,624

11,132

10,655

Net premiums earned

217,437

219,067

222,339

222,258

211,471

Other revenues (1)

25,824

25,730

24,860

20,780

24,606

Total revenues

243,261

244,797

247,199

243,038

236,077

Losses and expenses:

Provision for losses and LAE

9,651

32,322

62,073

55,280

175,877

Other underwriting and operating expenses

41,114

42,239

36,825

37,100

38,819

Interest expense

2,073

2,051

2,149

2,227

2,566

Total losses and expenses

52,838

76,612

101,047

94,607

217,262

Income before income taxes

190,423

168,185

146,152

148,431

18,815

Income tax expense (2)

30,628

32,537

22,550

23,895

3,435

Net income

$

159,795

$

135,648

$

123,602

$

124,536

$

15,380

Earnings per share:

Basic

$

1.43

$

1.21

$

1.10

$

1.11

$

0.15

Diluted

1.42

1.21

1.10

1.11

0.15

Weighted average shares outstanding:

Basic

112,118

112,016

111,908

111,908

102,500

Diluted

112,454

112,378

112,310

112,134

102,605

Book value per share

$

36.32

$

34.75

$

34.36

$

33.33

$

32.23

Return on average equity (annualized)

16.0

%

13.9

%

13.0

%

13.5

%

1.8

%

Other Data:

Loss ratio (3)

4.4

%

14.8

%

27.9

%

24.9

%

83.2

%

Expense ratio (4)

18.9

19.3

16.6

16.7

18.4

Combined ratio

23.3

%

34.0

%

44.5

%

41.6

%

101.5

%

Credit Facility

Borrowings outstanding

$

325,000

$

325,000

$

325,000

$

425,000

$

425,000

Undrawn committed capacity

$

300,000

$

300,000

$

300,000

$

75,000

$

75,000

Weighted average interest rate (end of period)

2.13

%

2.13

%

2.19

%

1.90

%

1.93

%

Debt-to-capital

7.37

%

7.65

%

7.76

%

10.19

%

10.50

%

(1) 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: June 30, 2021: $950; March 31, 2021: ($606); December 31, 2020: ($209); September 30, 2020: ($677); June 30, 2020: $2,502.

(2) Income tax expense for the quarter ended March 31, 2021 includes $5,718 of discrete tax expense associated with an increase in the estimate of our beginning of the year deferred state income tax liability.

(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

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data



2021 2020

Selected Income June 30 March 31 December 31 September June 30Statement Data 30

(In thousands,except per share amounts)

Revenues:

Net premiums earned:

U.S. MortgageInsurance $ 204,149 $ 207,840 $ 208,715 $ 211,126 $ 200,816 Portfolio

GSE and other 13,288 11,227 13,624 11,132 10,655 risk share

Net premiums 217,437 219,067 222,339 222,258 211,471 earned

Other revenues 25,824 25,730 24,860 20,780 24,606 (1)

Total revenues 243,261 244,797 247,199 243,038 236,077



Losses and expenses:

Provision for 9,651 32,322 62,073 55,280 175,877 losses and LAE

Otherunderwriting 41,114 42,239 36,825 37,100 38,819 and operatingexpenses

Interest 2,073 2,051 2,149 2,227 2,566 expense

Total losses 52,838 76,612 101,047 94,607 217,262 and expenses



Income before 190,423 168,185 146,152 148,431 18,815 income taxes

Income tax 30,628 32,537 22,550 23,895 3,435 expense (2)

Net income $ 159,795 $ 135,648 $ 123,602 $ 124,536 $ 15,380



Earnings per share:

Basic $ 1.43 $ 1.21 $ 1.10 $ 1.11 $ 0.15

Diluted 1.42 1.21 1.10 1.11 0.15



Weightedaverage shares outstanding:

Basic 112,118 112,016 111,908 111,908 102,500

Diluted 112,454 112,378 112,310 112,134 102,605



Book value per $ 36.32 $ 34.75 $ 34.36 $ 33.33 $ 32.23 share

Return onaverage equity 16.0 % 13.9 % 13.0 % 13.5 % 1.8 %(annualized)



Other Data:

Loss ratio (3) 4.4 % 14.8 % 27.9 % 24.9 % 83.2 %

Expense ratio 18.9 19.3 16.6 16.7 18.4 (4)

Combined ratio 23.3 % 34.0 % 44.5 % 41.6 % 101.5 %



Credit Facility

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

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

Weightedaverage 2.13 % 2.13 % 2.19 % 1.90 % 1.93 %interest rate(end of period)

Debt-to-capital 7.37 % 7.65 % 7.76 % 10.19 % 10.50 %



(1) 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: June 30, 2021: $950; March 31, 2021: ($606);December 31, 2020: ($209); September 30, 2020: ($677); June 30, 2020: $2,502.

(2) Income tax expense for the quarter ended March 31, 2021 includes $5,718 ofdiscrete tax expense associated with an increase in the estimate of ourbeginning of the year deferred state income tax liability.

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

(4) 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

2021

2020

Other Data, continued:

June 30

March 31

December 31

September 30

June 30

($ in thousands)

U.S. Mortgage Insurance Portfolio

Flow:

New insurance written

$

25,004,854

$

19,254,014

$

29,566,820

$

36,664,583

$

28,163,212

New risk written

6,445,864

4,616,450

7,051,173

8,938,544

6,875,250

Bulk:

New insurance written

$

-

$

-

$

-

$

-

$

-

New risk written

-

-

-

-

-

Total:

New insurance written

$

25,004,854

$

19,254,014

$

29,566,820

$

36,664,583

$

28,163,212

New risk written

$

6,445,864

$

4,616,450

$

7,051,173

$

8,938,544

$

6,875,250

Average insurance in force

$

199,739,297

$

197,749,668

$

195,670,925

$

183,135,315

$

168,635,275

Insurance in force (end of period)

$

203,559,859

$

197,091,191

$

198,882,352

$

190,811,292

$

174,646,273

Gross risk in force (end of period) (5)

$

50,835,835

$

48,951,602

$

49,565,150

$

47,838,668

$

43,993,989

Risk in force (end of period)

$

42,906,519

$

41,135,978

$

41,339,262

$

41,219,216

$

39,113,879

Policies in force

794,743

785,382

799,893

781,836

733,651

Weighted average coverage (6)

25.0

%

24.8

%

24.9

%

25.1

%

25.2

%

Annual persistency

58.3

%

56.1

%

60.1

%

64.2

%

67.9

%

Loans in default (count)

23,504

29,080

31,469

35,464

38,068

Percentage of loans in default

2.96

%

3.70

%

3.93

%

4.54

%

5.19

%

U.S. Mortgage Insurance Portfolio premium rate:

Base average premium rate (7)

0.43

%

0.44

%

0.44

%

0.45

%

0.47

%

Single premium cancellations (8)

0.03

%

0.04

%

0.05

%

0.06

%

0.06

%

Gross average premium rate

0.46

%

0.48

%

0.49

%

0.51

%

0.53

%

Ceded premiums

(0.05

%)

(0.06

%)

(0.06

%)

(0.05

%)

(0.05

%)

Net average premium rate

0.41

%

0.42

%

0.43

%

0.46

%

0.48

%

(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 C, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data





2021 2020

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

($ in thousands)



U.S. Mortgage Insurance Portfolio

Flow:

New insurance $ 25,004,854 $ 19,254,014 $ 29,566,820 $ 36,664,583 $ 28,163,212 written

New risk 6,445,864 4,616,450 7,051,173 8,938,544 6,875,250 written



Bulk:

New insurance $ - $ - $ - $ - $ - written

New risk - - - - - written



Total:

New insurance $ 25,004,854 $ 19,254,014 $ 29,566,820 $ 36,664,583 $ 28,163,212 written

New risk $ 6,445,864 $ 4,616,450 $ 7,051,173 $ 8,938,544 $ 6,875,250 written



Averageinsurance in $ 199,739,297 $ 197,749,668 $ 195,670,925 $ 183,135,315 $ 168,635,275 force

Insurance inforce (end of $ 203,559,859 $ 197,091,191 $ 198,882,352 $ 190,811,292 $ 174,646,273 period)

Gross risk inforce (end of $ 50,835,835 $ 48,951,602 $ 49,565,150 $ 47,838,668 $ 43,993,989 period) (5)

Risk in force(end of $ 42,906,519 $ 41,135,978 $ 41,339,262 $ 41,219,216 $ 39,113,879 period)

Policies in 794,743 785,382 799,893 781,836 733,651 force

Weightedaverage 25.0 % 24.8 % 24.9 % 25.1 % 25.2 %coverage (6)

Annual 58.3 % 56.1 % 60.1 % 64.2 % 67.9 %persistency



Loans indefault 23,504 29,080 31,469 35,464 38,068 (count)

Percentage ofloans in 2.96 % 3.70 % 3.93 % 4.54 % 5.19 %default



U.S. Mortgage Insurance Portfolio premium rate:

Base averagepremium rate 0.43 % 0.44 % 0.44 % 0.45 % 0.47 %(7)

Singlepremium 0.03 % 0.04 % 0.05 % 0.06 % 0.06 %cancellations(8)

Gross average 0.46 % 0.48 % 0.49 % 0.51 % 0.53 %premium rate

Ceded (0.05 %) (0.06 %) (0.06 %) (0.05 %) (0.05 %)premiums

Net average 0.41 % 0.42 % 0.43 % 0.46 % 0.48 %premium rate





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

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

(7) Base average premium rate is calculated by dividing annualized basepremiums earned by average insurance in force for the period.

(8) Single premium cancellations is calculated by dividing annualized premiumson the cancellation of non-refundable single premium policies by averageinsurance 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

Six Months Ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

($ in thousands)

>=760

$

10,050,359

40.2

%

$

12,163,927

43.2

%

$

18,521,480

41.9

%

$

17,819,643

42.7

%

740-759

3,812,462

15.2

5,300,459

18.8

6,965,789

15.7

7,758,491

18.6

720-739

3,906,718

15.6

4,352,367

15.5

6,660,014

15.0

6,371,241

15.3

700-719

3,624,247

14.5

3,278,269

11.6

5,982,881

13.5

4,837,012

11.6

680-699

2,266,364

9.1

1,950,905

6.9

3,493,772

7.9

2,995,823

7.2

<=679

1,344,704

5.4

1,117,285

4.0

2,634,932

6.0

1,930,301

4.6

Total

$

25,004,854

100.0

%

$

28,163,212

100.0

%

$

44,258,868

100.0

%

$

41,712,511

100.0

%

Weighted average credit score

744

749

745

748

NIW by LTV

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

($ in thousands)

85.00% and below

$

3,355,412

13.4

%

$

5,028,803

17.9

%

$

7,323,988

16.6

%

$

6,992,279

16.8

%

85.01% to 90.00%

6,890,377

27.6

9,079,625

32.2

13,332,374

30.1

13,066,899

31.3

90.01% to 95.00%

11,463,713

45.8

10,914,874

38.8

18,516,235

41.8

16,600,754

39.8

95.01% and above

3,295,352

13.2

3,139,910

11.1

5,086,271

11.5

5,052,579

12.1

Total

$

25,004,854

100.0

%

$

28,163,212

100.0

%

$

44,258,868

100.0

%

$

41,712,511

100.0

%

Weighted average LTV

92

%

91

%

91

%

91

%

NIW by Product

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Single Premium policies

3.4

%

10.6

%

4.9

%

10.3

%

Monthly Premium policies

96.6

89.4

95.1

89.7

100.0

%

100.0

%

100.0

%

100.0

%

NIW by Purchase vs. Refinance

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Purchase

82.3

%

54.2

%

73.6

%

59.1

%

Refinance

17.7

45.8

26.4

40.9

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 Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

($ in thousands)

>=760 $ 10,050,359 40.2 % $ 12,163,927 43.2 % $ 18,521,480 41.9 % $ 17,819,643 42.7 %

740-759 3,812,462 15.2 5,300,459 18.8 6,965,789 15.7 7,758,491 18.6

720-739 3,906,718 15.6 4,352,367 15.5 6,660,014 15.0 6,371,241 15.3

700-719 3,624,247 14.5 3,278,269 11.6 5,982,881 13.5 4,837,012 11.6

680-699 2,266,364 9.1 1,950,905 6.9 3,493,772 7.9 2,995,823 7.2

<=679 1,344,704 5.4 1,117,285 4.0 2,634,932 6.0 1,930,301 4.6

Total $ 25,004,854 100.0 % $ 28,163,212 100.0 % $ 44,258,868 100.0 % $ 41,712,511 100.0 %



Weightedaverage 744 749 745 748 creditscore







NIW by LTV

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

($ in thousands)

85.00% and $ 3,355,412 13.4 % $ 5,028,803 17.9 % $ 7,323,988 16.6 % $ 6,992,279 16.8 %below

85.01% to 6,890,377 27.6 9,079,625 32.2 13,332,374 30.1 13,066,899 31.3 90.00%

90.01% to 11,463,713 45.8 10,914,874 38.8 18,516,235 41.8 16,600,754 39.8 95.00%

95.01% and 3,295,352 13.2 3,139,910 11.1 5,086,271 11.5 5,052,579 12.1 above

Total $ 25,004,854 100.0 % $ 28,163,212 100.0 % $ 44,258,868 100.0 % $ 41,712,511 100.0 %



Weightedaverage 92 % 91 % 91 % 91 % LTV







NIW by Product

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

SinglePremium 3.4 % 10.6 % 4.9 % 10.3 %policies

MonthlyPremium 96.6 89.4 95.1 89.7 policies

100.0 % 100.0 % 100.0 % 100.0 %







NIW by Purchase vs. Refinance

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

Purchase 82.3 % 54.2 % 73.6 % 59.1 %

Refinance 17.7 45.8 26.4 40.9

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

June 30, 2021

March 31, 2021

June 30, 2020

($ in thousands)

>=760

$

84,110,514

41.3

%

$

81,629,166

41.4

%

$

71,570,804

41.0

%

740-759

34,636,115

17.0

33,969,375

17.2

30,265,718

17.3

720-739

30,471,320

15.0

29,323,182

14.9

26,130,764

15.0

700-719

25,177,026

12.4

23,775,892

12.1

20,721,839

11.9

680-699

15,962,389

7.8

15,241,886

7.7

14,545,011

8.3

<=679

13,202,495

6.5

13,151,690

6.7

11,412,137

6.5

Total

$

203,559,859

100.0

%

$

197,091,191

100.0

%

$

174,646,273

100.0

%

Weighted average credit score

745

745

745

Gross RIF by FICO score

June 30, 2021

March 31, 2021

June 30, 2020

($ in thousands)

>=760

$

20,807,006

40.9

%

$

20,063,586

41.0

%

$

17,871,881

40.6

%

740-759

8,729,038

17.2

8,512,926

17.4

7,672,436

17.4

720-739

7,745,794

15.2

7,410,503

15.1

6,673,863

15.2

700-719

6,342,378

12.5

5,947,590

12.1

5,246,989

11.9

680-699

3,998,410

7.9

3,798,221

7.8

3,693,448

8.4

<=679

3,213,209

6.3

3,218,776

6.6

2,835,372

6.5

Total

$

50,835,835

100.0

%

$

48,951,602

100.0

%

$

43,993,989

100.0

%

Portfolio by LTV

IIF by LTV

June 30, 2021

March 31, 2021

June 30, 2020

($ in thousands)

85.00% and below

$

29,045,720

14.3

%

$

28,285,671

14.4

%

$

19,874,830

11.4

%

85.01% to 90.00%

60,027,287

29.5

58,587,812

29.7

50,446,645

28.9

90.01% to 95.00%

87,382,625

42.9

84,042,974

42.6

79,112,541

45.3

95.01% and above

27,104,227

13.3

26,174,734

13.3

25,212,257

14.4

Total

$

203,559,859

100.0

%

$

197,091,191

100.0

%

$

174,646,273

100.0

%

Weighted average LTV

92

%

92

%

92

%

Gross RIF by LTV

June 30, 2021

March 31, 2021

June 30, 2020

($ in thousands)

85.00% and below

$

3,360,970

6.6

%

$

3,260,280

6.7

%

$

2,292,935

5.2

%

85.01% to 90.00%

14,421,749

28.4

14,061,301

28.7

12,120,308

27.6

90.01% to 95.00%

25,329,870

49.8

24,287,268

49.6

22,760,884

51.7

95.01% and above

7,723,246

15.2

7,342,753

15.0

6,819,862

15.5

Total

$

50,835,835

100.0

%

$

48,951,602

100.0

%

$

43,993,989

100.0

%

Portfolio by Loan Amortization Period

IIF by Loan Amortization Period

June 30, 2021

March 31, 2021

June 30, 2020

($ in thousands)

FRM 30 years and higher

$

192,995,698

94.8

%

$

186,190,300

94.5

%

$

165,143,246

94.5

%

FRM 20-25 years

4,269,217

2.1

4,354,432

2.2

3,277,847

1.9

FRM 15 years

4,742,281

2.3

4,763,796

2.4

3,660,888

2.1

ARM 5 years and higher

1,552,663

0.8

1,782,663

0.9

2,564,292

1.5

Total

$

203,559,859

100.0

%

$

197,091,191

100.0

%

$

174,646,273

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 June 30, 2021 March 31, 2021 June 30, 2020score

($ in thousands)

>=760 $ 84,110,514 41.3 % $ 81,629,166 41.4 % $ 71,570,804 41.0 %

740-759 34,636,115 17.0 33,969,375 17.2 30,265,718 17.3

720-739 30,471,320 15.0 29,323,182 14.9 26,130,764 15.0

700-719 25,177,026 12.4 23,775,892 12.1 20,721,839 11.9

680-699 15,962,389 7.8 15,241,886 7.7 14,545,011 8.3

<=679 13,202,495 6.5 13,151,690 6.7 11,412,137 6.5

Total $ 203,559,859 100.0 % $ 197,091,191 100.0 % $ 174,646,273 100.0 %



Weightedaverage 745 745 745 credit score



Gross RIF by June 30, 2021 March 31, 2021 June 30, 2020FICO score

($ in thousands)

>=760 $ 20,807,006 40.9 % $ 20,063,586 41.0 % $ 17,871,881 40.6 %

740-759 8,729,038 17.2 8,512,926 17.4 7,672,436 17.4

720-739 7,745,794 15.2 7,410,503 15.1 6,673,863 15.2

700-719 6,342,378 12.5 5,947,590 12.1 5,246,989 11.9

680-699 3,998,410 7.9 3,798,221 7.8 3,693,448 8.4

<=679 3,213,209 6.3 3,218,776 6.6 2,835,372 6.5

Total $ 50,835,835 100.0 % $ 48,951,602 100.0 % $ 43,993,989 100.0 %



Portfolio by LTV

IIF by LTV June 30, 2021 March 31, 2021 June 30, 2020

($ in thousands)

85.00% and $ 29,045,720 14.3 % $ 28,285,671 14.4 % $ 19,874,830 11.4 %below

85.01% to 60,027,287 29.5 58,587,812 29.7 50,446,645 28.9 90.00%

90.01% to 87,382,625 42.9 84,042,974 42.6 79,112,541 45.3 95.00%

95.01% and 27,104,227 13.3 26,174,734 13.3 25,212,257 14.4 above

Total $ 203,559,859 100.0 % $ 197,091,191 100.0 % $ 174,646,273 100.0 %



Weighted 92 % 92 % 92 % average LTV



Gross RIF by June 30, 2021 March 31, 2021 June 30, 2020LTV

($ in thousands)

85.00% and $ 3,360,970 6.6 % $ 3,260,280 6.7 % $ 2,292,935 5.2 %below

85.01% to 14,421,749 28.4 14,061,301 28.7 12,120,308 27.6 90.00%

90.01% to 25,329,870 49.8 24,287,268 49.6 22,760,884 51.7 95.00%

95.01% and 7,723,246 15.2 7,342,753 15.0 6,819,862 15.5 above

Total $ 50,835,835 100.0 % $ 48,951,602 100.0 % $ 43,993,989 100.0 %



Portfolio by Loan Amortization Period

IIF by LoanAmortization June 30, 2021 March 31, 2021 June 30, 2020Period

($ in thousands)

FRM 30years and $ 192,995,698 94.8 % $ 186,190,300 94.5 % $ 165,143,246 94.5 %higher

FRM 20-25 4,269,217 2.1 4,354,432 2.2 3,277,847 1.9 years

FRM 15 4,742,281 2.3 4,763,796 2.4 3,660,888 2.1 years

ARM 5years and 1,552,663 0.8 1,782,663 0.9 2,564,292 1.5 higher

Total $ 203,559,859 100.0 % $ 197,091,191 100.0 % $ 174,646,273 100.0 %

Exhibit F

Essent Group Ltd. and Subsidiaries

Supplemental Information

Other Risk in Force

2021

2020

($ in thousands)

June 30

March 31

December 31

September 30

June 30

GSE and other risk share (1):

Risk in Force

$

1,496,247

$

1,534,174

$

1,416,719

$

1,216,353

$

1,031,699

Reserve for losses and LAE

$

1,390

$

1,312

$

1,073

$

718

$

28

Weighted average credit score

747

747

746

747

746

Weighted average LTV

84

%

84

%

84

%

84

%

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



2021 2020

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

GSE andother risk share (1):

Risk in $ 1,496,247 $ 1,534,174 $ 1,416,719 $ 1,216,353 $ 1,031,699 Force

Reservefor losses $ 1,390 $ 1,312 $ 1,073 $ 718 $ 28 and LAE



Weightedaverage 747 747 746 747 746 creditscore

Weightedaverage 84 % 84 % 84 % 84 % 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

June 30, 2021

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

$

4,330,210

7.1

%

26,195

4.30

%

82.3

%

70.2

%

4.7

%

14.6

%

42.9

%

3.3

%

1,363

5.20

%

2015

26,193,656

4,152,528

15.9

23,093

4.15

86.4

64.7

3.2

17.4

40.3

4.5

1,116

4.83

2016

34,949,319

8,275,662

23.7

42,914

3.85

87.6

64.3

8.5

15.1

43.9

6.0

2,118

4.94

2017

43,858,322

11,454,788

26.1

60,927

4.25

90.0

64.2

17.7

19.4

38.2

9.4

3,902

6.40

2018

47,508,525

12,993,723

27.4

65,716

4.77

93.4

66.4

22.7

20.2

34.2

15.3

4,740

7.21

2019

63,569,183

27,678,727

43.5

118,342

4.22

84.6

64.5

21.6

18.6

35.7

27.2

6,329

5.35

2020

107,944,065

91,202,454

84.5

320,176

3.20

61.4

50.8

11.0

11.5

44.0

20.3

3,758

1.17

2021 (through June 30)

44,258,868

43,471,767

98.2

137,380

3.02

73.7

53.5

11.6

13.9

41.7

7.0

178

0.13

Total

$

428,950,789

$

203,559,859

47.5

794,743

3.53

72.8

56.2

13.3

14.3

41.3

10.0

23,504

2.96

(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

June 30, 2021





Insurance in Force

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



2010 - $ 60,668,851 $ 4,330,210 7.1 % 26,195 4.30 % 82.3 % 70.2 % 4.7 % 14.6 % 42.9 % 3.3 % 1,363 5.20 %2014

2015 26,193,656 4,152,528 15.9 23,093 4.15 86.4 64.7 3.2 17.4 40.3 4.5 1,116 4.83

2016 34,949,319 8,275,662 23.7 42,914 3.85 87.6 64.3 8.5 15.1 43.9 6.0 2,118 4.94

2017 43,858,322 11,454,788 26.1 60,927 4.25 90.0 64.2 17.7 19.4 38.2 9.4 3,902 6.40

2018 47,508,525 12,993,723 27.4 65,716 4.77 93.4 66.4 22.7 20.2 34.2 15.3 4,740 7.21

2019 63,569,183 27,678,727 43.5 118,342 4.22 84.6 64.5 21.6 18.6 35.7 27.2 6,329 5.35

2020 107,944,065 91,202,454 84.5 320,176 3.20 61.4 50.8 11.0 11.5 44.0 20.3 3,758 1.17

2021(through 44,258,868 43,471,767 98.2 137,380 3.02 73.7 53.5 11.6 13.9 41.7 7.0 178 0.13 June 30)

Total $ 428,950,789 $ 203,559,859 47.5 794,743 3.53 72.8 56.2 13.3 14.3 41.3 10.0 23,504 2.96



(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

June 30, 2021

($ 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 (7)

2015 & 2016

$

12,018,660

$

3,243,956

$

333,844

$

-

$

333,844

$

216,480

$

-

$

216,480

$

-

$

208,111

$

207,359

$

1,207

$

2,419

$

12,242

2017

11,155,879

2,865,141

424,412

165,167

589,579

242,123

165,167

407,290

-

224,689

217,930

2,651

5,295

15,146

2018

12,752,743

3,245,746

473,184

118,650

591,834

325,537

76,144

401,681

-

253,643

249,912

3,197

6,383

44,631

2019 (3)

15,581,172

3,979,796

495,889

55,102

550,991

495,889

55,102

550,991

-

215,605

215,282

2,749

5,512

147,849

2019 & 2020 (4)

39,400,549

9,903,301

399,159

-

399,159

313,772

-

313,772

-

465,690

465,690

4,811

9,913

225,548

2020 & 2021 (5)

56,303,818

13,658,801

557,911

-

557,911

557,911

-

557,911

-

278,956

278,956

266

266

557,911

Total

$

147,212,821

$

36,896,741

$

2,684,399

$

338,919

$

3,023,318

$

2,151,712

$

296,413

$

2,448,125

$

-

$

1,646,694

$

1,635,129

$

14,881

$

29,788

$

1,003,327

Exhibit H



Essent Group Ltd. and Subsidiaries

Supplemental Information

Reinsurance Vintage Data

June 30, 2021

($ 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 Quarter-to- Year-to- PMIERsYear Insurance Risk ILN (1) Reinsurance Total ILN Reinsurance Total to First Layer First Layer Date Date Minimum in Force in Force (2) Date Retention Retention Required Assets (7)

2015 & 2016 $ 12,018,660 $ 3,243,956 $ 333,844 $ - $ 333,844 $ 216,480 $ - $ 216,480 $ - $ 208,111 $ 207,359 $ 1,207 $ 2,419 $ 12,242

2017 11,155,879 2,865,141 424,412 165,167 589,579 242,123 165,167 407,290 - 224,689 217,930 2,651 5,295 15,146

2018 12,752,743 3,245,746 473,184 118,650 591,834 325,537 76,144 401,681 - 253,643 249,912 3,197 6,383 44,631

2019 (3) 15,581,172 3,979,796 495,889 55,102 550,991 495,889 55,102 550,991 - 215,605 215,282 2,749 5,512 147,849

2019 & 2020 39,400,549 9,903,301 399,159 - 399,159 313,772 - 313,772 - 465,690 465,690 4,811 9,913 225,548 (4)

2020 & 2021 56,303,818 13,658,801 557,911 - 557,911 557,911 - 557,911 - 278,956 278,956 266 266 557,911 (5)

Total $ 147,212,821 $ 36,896,741 $ 2,684,399 $ 338,919 $ 3,023,318 $ 2,151,712 $ 296,413 $ 2,448,125 $ - $ 1,646,694 $ 1,635,129 $ 14,881 $ 29,788 $ 1,003,327

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 (7)

2019 & 2020

(6)

$

102,624,392

$

25,254,668

$

22,482,650

$

5,481,191

$

2,387

$

8,256

$

4,697

$

9,757

$

11,781

$

27,770

$

366,706

(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 new insurance written from August 1, 2020 through March 31, 2021.

(6) 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.

(7) 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

Reduction in Remaining Remaining Remaining Ceded Remaining 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 (7)

2019 & (6) $ 102,624,392 $ 25,254,668 $ 22,482,650 $ 5,481,191 $ 2,387 $ 8,256 $ 4,697 $ 9,757 $ 11,781 $ 27,770 $ 366,706 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 new insurance written from August 1, 2020 throughMarch 31, 2021.

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

(7) 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

June 30, 2021

March 31, 2021

June 30, 2020

CA

12.9

%

12.5

%

10.6

%

TX

9.8

9.8

9.4

FL

9.3

9.0

8.2

CO

4.1

4.1

3.9

WA

3.7

3.7

4.0

AZ

3.5

3.5

3.5

IL

3.3

3.4

3.5

NJ

3.1

3.2

3.5

VA

3.1

3.1

3.2

GA

3.1

3.0

3.1

All Others

44.1

44.7

47.1

Total

100.0

%

100.0

%

100.0

%

Gross RIF by State

June 30, 2021

March 31, 2021

June 30, 2020

CA

12.7

%

12.2

%

10.3

%

TX

10.1

10.1

9.7

FL

9.6

9.3

8.4

CO

4.1

4.0

3.8

WA

3.6

3.6

4.0

AZ

3.4

3.5

3.4

IL

3.2

3.3

3.4

GA

3.1

3.1

3.2

VA

3.0

3.0

3.2

NJ

3.0

3.1

3.4

All Others

44.2

44.8

47.2

Total

100.0

%

100.0

%

100.0

%

Exhibit I



Essent Group Ltd. and Subsidiaries

Supplemental Information

Portfolio Geographic Data





IIF by State

June 30, 2021 March 31, 2021 June 30, 2020

CA 12.9 % 12.5 % 10.6 %

TX 9.8 9.8 9.4

FL 9.3 9.0 8.2

CO 4.1 4.1 3.9

WA 3.7 3.7 4.0

AZ 3.5 3.5 3.5

IL 3.3 3.4 3.5

NJ 3.1 3.2 3.5

VA 3.1 3.1 3.2

GA 3.1 3.0 3.1

All Others 44.1 44.7 47.1

Total 100.0 % 100.0 % 100.0 %







Gross RIF by State

June 30, 2021 March 31, 2021 June 30, 2020

CA 12.7 % 12.2 % 10.3 %

TX 10.1 10.1 9.7

FL 9.6 9.3 8.4

CO 4.1 4.0 3.8

WA 3.6 3.6 4.0

AZ 3.4 3.5 3.4

IL 3.2 3.3 3.4

GA 3.1 3.1 3.2

VA 3.0 3.0 3.2

NJ 3.0 3.1 3.4

All Others 44.2 44.8 47.2

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

2021

2020

June 30

March 31

December 31

September 30

June 30

Beginning default inventory

29,080

31,469

35,464

38,068

5,841

Plus: new defaults (A)

4,934

7,422

8,745

12,614

37,357

Less: cures

(10,453

)

(9,737

)

(12,679

)

(15,135

)

(4,983

)

Less: claims paid

(46

)

(61

)

(49

)

(67

)

(144

)

Less: rescissions and denials, net

(11

)

(13

)

(12

)

(16

)

(3

)

Ending default inventory

23,504

29,080

31,469

35,464

38,068

(A) New defaults remaining as of June 30, 2021

3,813

3,408

3,158

3,448

7,821

Cure rate (1)

23

%

54

%

64

%

73

%

79

%

Total amount paid for claims (in thousands)

$

1,154

$

1,989

$

1,922

$

2,557

$

5,718

Average amount paid per claim (in thousands)

$

25

$

33

$

39

$

38

$

40

Severity

57

%

70

%

62

%

77

%

78

%

Rollforward of Reserve for Losses and LAE

Three Months Ended

2021

2020

($ in thousands)

June 30

March 31

December 31

September 30

June 30

Reserve for losses and LAE at beginning of period

$

409,811

$

373,868

$

307,019

$

250,862

$

73,325

Less: Reinsurance recoverables

24,907

19,061

11,898

7,761

98

Net reserve for losses and LAE at beginning of period

384,904

354,807

295,121

243,101

73,227

Add provision for losses and LAE occurring in:

Current period

24,534

47,763

63,597

55,660

181,776

Prior years

(14,961

)

(15,680

)

(1,879

)

(1,070

)

(5,911

)

Incurred losses and LAE during the period

9,573

32,083

61,718

54,590

175,865

Deduct payments for losses and LAE occurring in:

Current period

14

114

524

205

288

Prior years

1,267

1,872

1,508

2,365

5,703

Loss and LAE payments during the period

1,281

1,986

2,032

2,570

5,991

Net reserve for losses and LAE at end of period

393,196

384,904

354,807

295,121

243,101

Plus: Reinsurance recoverables

27,286

24,907

19,061

11,898

7,761

Reserve for losses and LAE at end of period

$

420,482

$

409,811

$

373,868

$

307,019

$

250,862

(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 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

2021 2020

June 30 March 31 December 31 September June 30 30

Beginningdefault 29,080 31,469 35,464 38,068 5,841 inventory

Plus: new 4,934 7,422 8,745 12,614 37,357 defaults (A)

Less: cures (10,453 ) (9,737 ) (12,679 ) (15,135 ) (4,983 )

Less: claims (46 ) (61 ) (49 ) (67 ) (144 )paid

Less:rescissions (11 ) (13 ) (12 ) (16 ) (3 )and denials,net

Endingdefault 23,504 29,080 31,469 35,464 38,068 inventory



(A) Newdefaultsremaining as 3,813 3,408 3,158 3,448 7,821 of June 30,2021

Cure rate 23 % 54 % 64 % 73 % 79 %(1)



Total amountpaid for $ 1,154 $ 1,989 $ 1,922 $ 2,557 $ 5,718 claims (inthousands)

Averageamount paidper claim $ 25 $ 33 $ 39 $ 38 $ 40 (inthousands)

Severity 57 % 70 % 62 % 77 % 78 %



Rollforward of Reserve for Losses and LAE

Three Months Ended

2021 2020

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

Reserve forlosses andLAE at $ 409,811 $ 373,868 $ 307,019 $ 250,862 $ 73,325 beginning ofperiod

Less:Reinsurance 24,907 19,061 11,898 7,761 98 recoverables

Net reservefor lossesand LAE at 384,904 354,807 295,121 243,101 73,227 beginning ofperiod

Addprovisionfor losses and LAEoccurringin:

Current 24,534 47,763 63,597 55,660 181,776 period

Prior years (14,961 ) (15,680 ) (1,879 ) (1,070 ) (5,911 )

Incurredlosses and 9,573 32,083 61,718 54,590 175,865 LAE duringthe period

Deductpayments forlosses and LAEoccurringin:

Current 14 114 524 205 288 period

Prior years 1,267 1,872 1,508 2,365 5,703

Loss and LAEpayments 1,281 1,986 2,032 2,570 5,991 during theperiod

Net reservefor lossesand LAE at 393,196 384,904 354,807 295,121 243,101 end ofperiod

Plus:Reinsurance 27,286 24,907 19,061 11,898 7,761 recoverables

Reserve forlosses and $ 420,482 $ 409,811 $ 373,868 $ 307,019 $ 250,862 LAE at endof period







(1) The cure rate is calculated by dividing new defaults remaining as of thereporting date by the original number of new defaults reported in the quarterlyperiod 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

June 30, 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

3,926

17

%

$

25,915

7

%

$

234,604

11

%

Four to eleven payments

9,316

40

147,383

38

585,390

25

Twelve or more payments

10,217

43

212,634

55

680,733

31

Pending claims

45

-

1,758

-

2,139

82

Total case reserves

23,504

100

%

387,690

100

%

$

1,502,866

26

IBNR

29,077

LAE

3,715

Total reserves for losses and LAE

$

420,482

Average reserve per default:

Case

$

16.5

Total

$

17.9

Default Rate

2.96%

December 31, 2020

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

6,631

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

31,469

100

%

343,290

100

%

$

2,008,605

17

IBNR

25,747

LAE

4,831

Total reserves for losses and LAE

$

373,868

Average reserve per default:

Case

$

10.9

Total

$

11.9

Default Rate

3.93%

June 30, 2020

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

33,514

88

%

$

166,897

73

%

$

2,233,678

7

%

Four to eleven payments

3,813

10

39,028

17

234,152

17

Twelve or more payments

664

2

18,590

8

36,694

51

Pending claims

77

-

3,271

2

3,846

85

Total case reserves

38,068

100

%

227,786

100

%

$

2,508,370

9

IBNR

17,084

LAE

5,992

Total reserves for losses and LAE

$

250,862

Average reserve per default:

Case

$

6.0

Total

$

6.6

Default Rate

5.19%

Exhibit K

Essent Group Ltd. and Subsidiaries

Supplemental Information

Detail of Reserves by Default Delinquency

U.S. Mortgage Insurance Portfolio



June 30, 2021

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 3,926 17 % $ 25,915 7 % $ 234,604 11 %or less

Four toeleven 9,316 40 147,383 38 585,390 25 payments

Twelve ormore 10,217 43 212,634 55 680,733 31 payments

Pending 45 - 1,758 - 2,139 82 claims

Totalcase 23,504 100 % 387,690 100 % $ 1,502,866 26 reserves

IBNR 29,077

LAE 3,715

Totalreservesfor $ 420,482 lossesand LAE



Averagereserve per default:

Case $ 16.5

Total $ 17.9



Default 2.96% Rate





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

Totalcase 31,469 100 % 343,290 100 % $ 2,008,605 17 reserves

IBNR 25,747

LAE 4,831

Totalreservesfor $ 373,868 lossesand LAE



Averagereserve per default:

Case $ 10.9

Total $ 11.9



Default 3.93% Rate





June 30, 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 33,514 88 % $ 166,897 73 % $ 2,233,678 7 %or less

Four toeleven 3,813 10 39,028 17 234,152 17 payments

Twelve ormore 664 2 18,590 8 36,694 51 payments

Pending 77 - 3,271 2 3,846 85 claims

Totalcase 38,068 100 % 227,786 100 % $ 2,508,370 9 reserves

IBNR 17,084

LAE 5,992

Totalreservesfor $ 250,862 lossesand LAE



Averagereserve per default:

Case $ 6.0

Total $ 6.6



Default 5.19% Rate



Exhibit L

Essent Group Ltd. and Subsidiaries

Supplemental Information

Investments Available for Sale

Investments Available for Sale by Asset Class

Asset Class

June 30, 2021

December 31, 2020

($ in thousands)

Fair Value

Percent

Fair Value

Percent

U.S. Treasury securities

$

289,961

6.1

%

$

268,444

5.9

%

U.S. agency securities

16,088

0.4

18,085

0.4

U.S. agency mortgage-backed securities

1,006,655

21.2

995,905

21.8

Municipal debt securities

580,894

12.2

551,517

12.1

Non-U.S. government securities

81,528

1.7

61,607

1.3

Corporate debt securities

1,551,712

32.7

1,126,512

24.7

Residential and commercial mortgage securities

461,985

9.7

409,282

9.0

Asset-backed securities

456,069

9.6

454,717

9.9

Money market funds

301,436

6.4

679,304

14.9

Total investments available for sale

$

4,746,328

100.0

%

$

4,565,373

100.0

%

Investments Available for Sale by Credit Rating

Rating (1)

June 30, 2021

December 31, 2020

($ in thousands)

Fair Value

Percent

Fair Value

Percent

Aaa

$

2,251,468

47.4

%

$

2,564,746

56.2

%

Aa1

105,851

2.2

133,100

2.9

Aa2

291,517

6.1

260,462

5.7

Aa3

226,011

4.8

204,917

4.5

A1

306,340

6.5

249,710

5.5

A2

477,726

10.1

401,175

8.8

A3

283,669

6.0

229,882

5.0

Baa1

314,072

6.6

260,602

5.7

Baa2

272,914

5.7

178,926

3.9

Baa3

150,425

3.2

48,199

1.1

Below Baa3

66,335

1.4

33,654

0.7

Total investments available for sale

$

4,746,328

100.0

%

$

4,565,373

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

June 30, 2021

December 31, 2020

($ in thousands)

Fair Value

Percent

Fair Value

Percent

< 1 Year

$

1,094,953

23.0

%

$

1,568,505

34.4

%

1 to < 2 Years

549,219

11.6

581,003

12.7

2 to < 3 Years

682,585

14.4

616,069

13.5

3 to < 4 Years

601,629

12.7

426,333

9.3

4 to < 5 Years

446,775

9.4

367,633

8.1

5 or more Years

1,371,167

28.9

1,005,830

22.0

Total investments available for sale

$

4,746,328

100.0

%

$

4,565,373

100.0

%

Pre-tax investment income yield:

Three months ended June 30, 2021

1.96

%

Six months ended June 30, 2021

1.99

%

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

($ in thousands)

As of June 30, 2021

$

509,775

As of December 31, 2020

$

562,714

Exhibit L



Essent Group Ltd. and Subsidiaries

Supplemental Information

Investments Available for Sale





Investments Available for Sale by Asset Class

Asset Class June 30, 2021 December 31, 2020

($ in thousands) Fair Value Percent Fair Value Percent

U.S. Treasury securities $ 289,961 6.1 % $ 268,444 5.9 %

U.S. agency securities 16,088 0.4 18,085 0.4

U.S. agency mortgage-backed 1,006,655 21.2 995,905 21.8 securities

Municipal debt securities 580,894 12.2 551,517 12.1

Non-U.S. government 81,528 1.7 61,607 1.3 securities

Corporate debt securities 1,551,712 32.7 1,126,512 24.7

Residential and commercial 461,985 9.7 409,282 9.0 mortgage securities

Asset-backed securities 456,069 9.6 454,717 9.9

Money market funds 301,436 6.4 679,304 14.9

Total investments available $ 4,746,328 100.0 % $ 4,565,373 100.0 %for sale



Investments Available for Sale by Credit Rating

Rating (1) June 30, 2021 December 31, 2020

($ in thousands) Fair Value Percent Fair Value Percent

Aaa $ 2,251,468 47.4 % $ 2,564,746 56.2 %

Aa1 105,851 2.2 133,100 2.9

Aa2 291,517 6.1 260,462 5.7

Aa3 226,011 4.8 204,917 4.5

A1 306,340 6.5 249,710 5.5

A2 477,726 10.1 401,175 8.8

A3 283,669 6.0 229,882 5.0

Baa1 314,072 6.6 260,602 5.7

Baa2 272,914 5.7 178,926 3.9

Baa3 150,425 3.2 48,199 1.1

Below Baa3 66,335 1.4 33,654 0.7

Total investments available $ 4,746,328 100.0 % $ 4,565,373 100.0 %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 June 30, 2021 December 31, 2020

($ in thousands) Fair Value Percent Fair Value Percent

< 1 Year $ 1,094,953 23.0 % $ 1,568,505 34.4 %

1 to < 2 Years 549,219 11.6 581,003 12.7

2 to < 3 Years 682,585 14.4 616,069 13.5

3 to < 4 Years 601,629 12.7 426,333 9.3

4 to < 5 Years 446,775 9.4 367,633 8.1

5 or more Years 1,371,167 28.9 1,005,830 22.0

Total investments available $ 4,746,328 100.0 % $ 4,565,373 100.0 %for sale



Pre-tax investment income yield:

Three months ended June 30, 1.96 % 2021

Six months ended June 30, 1.99 % 2021



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

($ in thousands)

As of June 30, 2021 $ 509,775

As of December 31, 2020 $ 562,714

Exhibit M

Essent Group Ltd. and Subsidiaries

Supplemental Information

Insurance Company Capital

2021

2020

June 30

March 31

December 31

September 30

June 30

($ in thousands)

U.S. Mortgage Insurance Subsidiaries:

Combined statutory capital (1)

$

2,809,087

$

2,778,131

$

2,659,161

$

2,581,136

$

2,457,368

Combined net risk in force (2)

$

29,646,042

$

29,358,191

$

29,493,572

$

29,821,246

$

28,787,600

Risk-to-capital ratios: (3)

Essent Guaranty, Inc.

10.9:1

11.0:1

11.5:1

12.0:1

12.1:1

Essent Guaranty of PA, Inc.

1.1:1

1.4:1

1.7:1

2.0:1

2.3:1

Combined (4)

10.6:1

10.6:1

11.1:1

11.6:1

11.7:1

Essent Guaranty, Inc. PMIERs Data (5):

Available Assets

$

3,016,050

$

2,996,651

$

2,855,923

$

2,720,432

$

2,586,394

Minimum Required Assets

1,731,843

1,864,262

1,671,011

1,739,479

1,458,273

PMIERs excess Available Assets

$

1,284,207

$

1,132,389

$

1,184,912

$

980,953

$

1,128,121

PMIERs sufficiency ratio (6)

174

%

161

%

171

%

156

%

177

%

Essent Reinsurance Ltd.:

Stockholder's equity (GAAP basis)

$

1,192,077

$

1,136,504

$

1,101,003

$

1,061,546

$

1,022,689

Net risk in force (2)

$

14,338,567

$

12,905,289

$

12,892,300

$

12,312,124

$

11,113,079

(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/20210806005033/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