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

HAMILTON, Bermuda–(BUSINESS WIRE)–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 A

?

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Exhibit B

?

Condensed Consolidated Balance Sheets (Unaudited)

Exhibit C

?

Historical Quarterly Data

Exhibit D

?

New Insurance Written

Exhibit E

?

Insurance in Force and Risk in Force

Exhibit F

?

Other Risk in Force

Exhibit G

?

Portfolio Vintage Data

Exhibit H

?

Reinsurance Vintage Data

Exhibit I

?

Portfolio Geographic Data

Exhibit J

?

Defaults, Reserve for Losses and LAE, and Claims

Exhibit K

?

Investments Available for Sale

Exhibit L

?

Insurance Company Capital

Exhibit M

?

Reconciliation of Non-GAAP Financial Measure – Adjusted Book Value 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 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 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, 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 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 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

%

Contacts

Media
610.230.0556

[email protected]

Investor Relations
Christopher G. Curran

Senior Vice President – Investor Relations

855-809-ESNT

[email protected]

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