Essent Group Ltd. Announces First Quarter 2024 Results and Declares Quarterly Dividend
“We are pleased with our financial results in the first quarter, as our high-quality portfolio and consumer resilience have translated to favorable credit performance, and the current rate environment has benefited investment income and persistency,” said
Financial Highlights:
-
New insurance written for the first quarter of 2024 was
$8.3 billion , compared to$8.8 billion in the fourth quarter of 2023 and$12.9 billion in the first quarter of 2023. -
Insurance in force as of
March 31, 2024 was$238.5 billion , compared to$239.1 billion as ofDecember 31, 2023 and$231.5 billion as ofMarch 31, 2023 . -
Net investment income for the first quarter of 2024 was
$52.1 million , up 20% from the first quarter of 2023. -
During the first quarter of 2024, we entered into a quota share reinsurance transaction with a panel of highly rated third-party reinsurers. The quota share agreement covers 15% of all eligible policies written by
Essent Guaranty, Inc. in the calendar year 2024. -
On
January 8, 2024 ,S&P Global Ratings raised its long-term financial strength and issuer credit ratings onEssent Guaranty, Inc. andEssent Reinsurance Ltd. to ‘A-’ from ‘BBB+’, with a stable outlook. -
On
March 27, 2024 , Moody’s Ratings affirmed the A3 insurance financial strength rating ofEssent Guaranty, Inc. and raised the outlook to positive from stable.
Conference Call:
A replay of the webcast will be available on the
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
Forward-Looking Statements:
This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); the impact of COVID-19 and related economic conditions; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the
About the Company:
Source:
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Financial Results and Supplemental Information (Unaudited) |
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Quarter Ended |
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Exhibit A |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
Exhibit B |
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Condensed Consolidated Balance Sheets (Unaudited) |
Exhibit C |
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Consolidated Historical Quarterly Data |
Exhibit D |
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Exhibit E |
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New Insurance Written - |
Exhibit F |
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Insurance in Force and Risk in Force - |
Exhibit G |
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Other Risk in Force |
Exhibit H |
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Exhibit I |
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Exhibit J |
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Exhibit K |
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Rollforward of Defaults and Reserve for Losses and LAE - |
Exhibit L |
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Detail of Reserves by Default Delinquency - |
Exhibit M |
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Investments Available for Sale |
Exhibit N |
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Exhibit O |
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Ratios and Reconciliation of Non-GAAP Financial Measures |
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Exhibit A |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) |
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Three Months Ended |
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(In thousands, except per share amounts) |
2024 |
|
2023 |
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Revenues: |
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|
|
||||
Direct premiums written |
$ |
268,931 |
|
|
$ |
239,491 |
|
Ceded premiums |
|
(30,391 |
) |
|
|
(33,591 |
) |
Net premiums written |
|
238,540 |
|
|
|
205,900 |
|
Decrease in unearned premiums |
|
7,050 |
|
|
|
5,358 |
|
Net premiums earned |
|
245,590 |
|
|
|
211,258 |
|
Net investment income |
|
52,085 |
|
|
|
43,236 |
|
Realized investment gains (losses), net |
|
(1,140 |
) |
|
|
(488 |
) |
Income (loss) from other invested assets |
|
(1,915 |
) |
|
|
(2,702 |
) |
Other income |
|
3,737 |
|
|
|
4,942 |
|
Total revenues |
|
298,357 |
|
|
|
256,246 |
|
|
|
|
|
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Losses and expenses: |
|
|
|
||||
Provision (benefit) for losses and LAE |
|
9,913 |
|
|
|
(180 |
) |
Other underwriting and operating expenses |
|
57,349 |
|
|
|
48,195 |
|
Premiums retained by agents |
|
9,491 |
|
|
|
— |
|
Interest expense |
|
7,862 |
|
|
|
6,936 |
|
Total losses and expenses |
|
84,615 |
|
|
|
54,951 |
|
|
|
|
|
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Income before income taxes |
|
213,742 |
|
|
|
201,295 |
|
Income tax expense |
|
32,023 |
|
|
|
30,468 |
|
Net income |
$ |
181,719 |
|
|
$ |
170,827 |
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Earnings per share: |
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Basic |
$ |
1.72 |
|
|
$ |
1.60 |
|
Diluted |
|
1.70 |
|
|
|
1.59 |
|
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|
|
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Weighted average shares outstanding: |
|
|
|
||||
Basic |
|
105,697 |
|
|
|
106,943 |
|
Diluted |
|
106,770 |
|
|
|
107,585 |
|
|
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|
|
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Net income |
$ |
181,719 |
|
|
$ |
170,827 |
|
|
|
|
|
||||
Other comprehensive income (loss): |
|
|
|
||||
Change in unrealized appreciation (depreciation) of investments |
|
(21,766 |
) |
|
|
58,753 |
|
Total other comprehensive income (loss) |
|
(21,766 |
) |
|
|
58,753 |
|
Comprehensive income |
$ |
159,953 |
|
|
$ |
229,580 |
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Exhibit B |
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Condensed Consolidated Balance Sheets (Unaudited) |
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(In thousands, except per share amounts) |
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Investments |
|
|
|
||||
Fixed maturities available for sale, at fair value |
$ |
4,172,237 |
|
|
$ |
4,335,008 |
|
Short-term investments available for sale, at fair value |
|
1,196,837 |
|
|
|
928,731 |
|
Total investments available for sale |
|
5,369,074 |
|
|
|
5,263,739 |
|
Other invested assets |
|
279,625 |
|
|
|
277,226 |
|
Total investments |
|
5,648,699 |
|
|
|
5,540,965 |
|
Cash |
|
164,255 |
|
|
|
141,787 |
|
Accrued investment income |
|
35,817 |
|
|
|
35,689 |
|
Accounts receivable |
|
68,932 |
|
|
|
63,266 |
|
Deferred policy acquisition costs |
|
8,980 |
|
|
|
9,139 |
|
Property and equipment |
|
43,751 |
|
|
|
41,304 |
|
Prepaid federal income tax |
|
467,183 |
|
|
|
470,646 |
|
|
|
72,271 |
|
|
|
72,826 |
|
Other assets |
|
55,095 |
|
|
|
51,051 |
|
Total assets |
$ |
6,564,983 |
|
|
$ |
6,426,673 |
|
|
|
|
|
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Liabilities and Stockholders' Equity |
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|
||||
Liabilities |
|
|
|
||||
Reserve for losses and LAE |
$ |
267,324 |
|
|
$ |
260,095 |
|
Unearned premium reserve |
|
133,235 |
|
|
|
140,285 |
|
Net deferred tax liability |
|
368,955 |
|
|
|
362,753 |
|
Credit facility borrowings, net of deferred costs |
|
422,184 |
|
|
|
421,920 |
|
Other accrued liabilities |
|
147,131 |
|
|
|
139,070 |
|
Total liabilities |
|
1,338,829 |
|
|
|
1,324,123 |
|
|
|
|
|
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Commitments and contingencies |
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|
||||
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|
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Stockholders' Equity |
|
|
|
||||
Common shares, |
|
|
|
||||
Authorized - 233,333; issued and outstanding - 106,742 shares in 2024 and 106,597 shares in 2023 |
|
1,601 |
|
|
|
1,599 |
|
Additional paid-in capital |
|
1,293,424 |
|
|
|
1,299,869 |
|
Accumulated other comprehensive loss |
|
(302,262 |
) |
|
|
(280,496 |
) |
Retained earnings |
|
4,233,391 |
|
|
|
4,081,578 |
|
Total stockholders' equity |
|
5,226,154 |
|
|
|
5,102,550 |
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
6,564,983 |
|
|
$ |
6,426,673 |
|
|
|
|
|
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Return on average equity (1) |
|
14.1 |
% |
|
|
14.6 |
% |
|
|
|
|
||||
(1) The 2024 return on average equity is calculated by dividing annualized year-to-date 2024 net income by average equity. The 2023 return on average equity is calculated by dividing full year 2023 net income by average equity. |
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Exhibit C |
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Supplemental Information |
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Consolidated Historical Quarterly Data |
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||||||||||
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|
2024 |
|
2023 |
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Selected Income Statement Data |
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||||||||||
(In thousands, except per share amounts) |
|
|
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|
|
|
|
|
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net premiums earned: |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
$ |
212,479 |
|
|
$ |
211,083 |
|
|
$ |
209,351 |
|
|
$ |
195,502 |
|
|
$ |
196,565 |
|
GSE and other risk share |
|
|
17,826 |
|
|
|
17,166 |
|
|
|
16,850 |
|
|
|
17,727 |
|
|
|
14,693 |
|
Title insurance |
|
|
15,285 |
|
|
|
17,365 |
|
|
|
20,604 |
|
|
|
— |
|
|
|
— |
|
Net premiums earned |
|
|
245,590 |
|
|
|
245,614 |
|
|
|
246,805 |
|
|
|
213,229 |
|
|
|
211,258 |
|
Net investment income |
|
|
52,085 |
|
|
|
50,581 |
|
|
|
47,072 |
|
|
|
45,250 |
|
|
|
43,236 |
|
Realized investment (losses) gains, net |
|
|
(1,140 |
) |
|
|
(4,892 |
) |
|
|
(235 |
) |
|
|
(1,589 |
) |
|
|
(488 |
) |
(Loss) income from other invested assets |
|
|
(1,915 |
) |
|
|
(421 |
) |
|
|
(3,143 |
) |
|
|
(4,852 |
) |
|
|
(2,702 |
) |
Other income (loss) (1) |
|
|
3,737 |
|
|
|
6,395 |
|
|
|
5,609 |
|
|
|
8,090 |
|
|
|
4,942 |
|
Total revenues |
|
|
298,357 |
|
|
|
297,277 |
|
|
|
296,108 |
|
|
|
260,128 |
|
|
|
256,246 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Losses and expenses: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision (benefit) for losses and LAE |
|
|
9,913 |
|
|
|
19,640 |
|
|
|
10,822 |
|
|
|
1,260 |
|
|
|
(180 |
) |
Other underwriting and operating expenses |
|
|
57,349 |
|
|
|
55,248 |
|
|
|
54,814 |
|
|
|
42,174 |
|
|
|
48,195 |
|
Premiums retained by agents |
|
|
9,491 |
|
|
|
11,475 |
|
|
|
13,175 |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
|
7,862 |
|
|
|
7,953 |
|
|
|
7,854 |
|
|
|
7,394 |
|
|
|
6,936 |
|
Total losses and expenses |
|
|
84,615 |
|
|
|
94,316 |
|
|
|
86,665 |
|
|
|
50,828 |
|
|
|
54,951 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes |
|
|
213,742 |
|
|
|
202,961 |
|
|
|
209,443 |
|
|
|
209,300 |
|
|
|
201,295 |
|
Income tax expense (2) |
|
|
32,023 |
|
|
|
27,594 |
|
|
|
31,484 |
|
|
|
37,067 |
|
|
|
30,468 |
|
Net income |
|
$ |
181,719 |
|
|
$ |
175,367 |
|
|
$ |
177,959 |
|
|
$ |
172,233 |
|
|
$ |
170,827 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
1.72 |
|
|
$ |
1.66 |
|
|
$ |
1.68 |
|
|
$ |
1.62 |
|
|
$ |
1.60 |
|
Diluted |
|
|
1.70 |
|
|
|
1.64 |
|
|
|
1.66 |
|
|
|
1.61 |
|
|
|
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
105,697 |
|
|
|
105,733 |
|
|
|
105,979 |
|
|
|
106,249 |
|
|
|
106,943 |
|
Diluted |
|
|
106,770 |
|
|
|
106,823 |
|
|
|
107,025 |
|
|
|
107,093 |
|
|
|
107,585 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share |
|
$ |
48.96 |
|
|
$ |
47.87 |
|
|
$ |
44.98 |
|
|
$ |
44.24 |
|
|
$ |
43.18 |
|
Return on average equity (annualized) |
|
|
14.1 |
% |
|
|
14.2 |
% |
|
|
14.9 |
% |
|
|
14.7 |
% |
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Facility |
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings outstanding |
|
$ |
425,000 |
|
|
$ |
425,000 |
|
|
$ |
425,000 |
|
|
$ |
425,000 |
|
|
$ |
425,000 |
|
Undrawn committed capacity |
|
$ |
400,000 |
|
|
$ |
400,000 |
|
|
$ |
400,000 |
|
|
$ |
400,000 |
|
|
$ |
400,000 |
|
Weighted average interest rate (end of period) |
|
|
7.06 |
% |
|
|
7.11 |
% |
|
|
7.07 |
% |
|
|
6.87 |
% |
|
|
6.52 |
% |
Debt-to-capital |
|
|
7.52 |
% |
|
|
7.69 |
% |
|
|
8.12 |
% |
|
|
8.24 |
% |
|
|
8.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended |
||||||||||||||||||||
(2) Income tax expense for the quarters ended |
|
|
|
Exhibit D |
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Supplemental Information |
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|
|
|
|
|
|
|
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|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
2023 |
||||||||||||||||
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
New insurance written |
|
|
$ |
8,323,544 |
|
|
$ |
8,769,160 |
|
|
$ |
12,505,823 |
|
|
$ |
13,498,080 |
|
|
$ |
12,893,789 |
|
New risk written |
|
|
|
2,289,508 |
|
|
|
2,409,340 |
|
|
|
3,458,467 |
|
|
|
3,726,513 |
|
|
|
3,548,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average insurance in force |
|
|
$ |
238,595,268 |
|
|
$ |
239,005,961 |
|
|
$ |
237,270,093 |
|
|
$ |
233,484,941 |
|
|
$ |
228,885,174 |
|
Insurance in force (end of period) |
|
|
$ |
238,477,402 |
|
|
$ |
239,078,262 |
|
|
$ |
238,661,612 |
|
|
$ |
235,649,884 |
|
|
$ |
231,537,417 |
|
Gross risk in force (end of period) (1) |
|
|
$ |
64,247,810 |
|
|
$ |
64,061,374 |
|
|
$ |
63,605,057 |
|
|
$ |
62,403,400 |
|
|
$ |
60,879,979 |
|
Risk in force (end of period) |
|
|
$ |
54,686,533 |
|
|
$ |
54,591,590 |
|
|
$ |
53,920,308 |
|
|
$ |
53,290,643 |
|
|
$ |
51,469,312 |
|
Policies in force |
|
|
|
815,752 |
|
|
|
822,012 |
|
|
|
825,248 |
|
|
|
821,690 |
|
|
|
815,751 |
|
Weighted average coverage (2) |
|
|
|
26.9 |
% |
|
|
26.8 |
% |
|
|
26.7 |
% |
|
|
26.5 |
% |
|
|
26.3 |
% |
Annual persistency |
|
|
|
86.9 |
% |
|
|
86.9 |
% |
|
|
86.6 |
% |
|
|
85.8 |
% |
|
|
84.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans in default (count) |
|
|
|
13,992 |
|
|
|
14,819 |
|
|
|
13,391 |
|
|
|
12,480 |
|
|
|
12,773 |
|
Percentage of loans in default |
|
|
|
1.72 |
% |
|
|
1.80 |
% |
|
|
1.62 |
% |
|
|
1.52 |
% |
|
|
1.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Base average premium rate (3) |
|
|
|
0.41 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
Single premium cancellations (4) |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Gross average premium rate |
|
|
|
0.41 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
Ceded premiums |
|
|
|
(0.05 |
%) |
|
|
(0.05 |
%) |
|
|
(0.05 |
%) |
|
|
(0.07 |
%) |
|
|
(0.06 |
%) |
Net average premium rate |
|
|
|
0.36 |
% |
|
|
0.35 |
% |
|
|
0.35 |
% |
|
|
0.33 |
% |
|
|
0.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Gross risk in force includes risk ceded under third-party reinsurance. |
|||||||||||||||||||||
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force. |
|||||||||||||||||||||
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period. |
|||||||||||||||||||||
(4) Single premium 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 E |
||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|||||||||||||||||
Supplemental Information - |
|||||||||||||||||
New Insurance Written: Flow |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
NIW by Credit Score |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|||||||||
>=760 |
$ |
3,596,600 |
|
43.2 |
% |
|
$ |
3,708,316 |
|
42.3 |
% |
|
$ |
4,847,058 |
|
37.7 |
% |
740-759 |
|
1,410,446 |
|
16.9 |
|
|
|
1,531,800 |
|
17.5 |
|
|
|
2,397,982 |
|
18.6 |
|
720-739 |
|
1,244,648 |
|
15.0 |
|
|
|
1,333,537 |
|
15.2 |
|
|
|
2,204,844 |
|
17.1 |
|
700-719 |
|
1,140,430 |
|
13.7 |
|
|
|
1,256,250 |
|
14.3 |
|
|
|
2,002,892 |
|
15.5 |
|
680-699 |
|
563,419 |
|
6.8 |
|
|
|
581,913 |
|
6.6 |
|
|
|
1,100,815 |
|
8.5 |
|
<=679 |
|
368,001 |
|
4.4 |
|
|
|
357,344 |
|
4.1 |
|
|
|
340,198 |
|
2.6 |
|
Total |
$ |
8,323,544 |
|
100.0 |
% |
|
$ |
8,769,160 |
|
100.0 |
% |
|
$ |
12,893,789 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average credit score |
|
747 |
|
|
|
|
747 |
|
|
|
|
745 |
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
NIW by LTV |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|||||||||
85.00% and below |
$ |
559,899 |
|
6.7 |
% |
|
$ |
642,636 |
|
7.3 |
% |
|
$ |
963,009 |
|
7.5 |
% |
85.01% to 90.00% |
|
1,732,131 |
|
20.8 |
|
|
|
1,871,854 |
|
21.3 |
|
|
|
2,685,828 |
|
20.8 |
|
90.01% to 95.00% |
|
4,517,655 |
|
54.3 |
|
|
|
4,660,032 |
|
53.1 |
|
|
|
7,430,113 |
|
57.6 |
|
95.01% and above |
|
1,513,859 |
|
18.2 |
|
|
|
1,594,638 |
|
18.3 |
|
|
|
1,814,839 |
|
14.1 |
|
Total |
$ |
8,323,544 |
|
100.0 |
% |
|
$ |
8,769,160 |
|
100.0 |
% |
|
$ |
12,893,789 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average LTV |
|
93 |
% |
|
|
|
93 |
% |
|
|
|
93 |
% |
|
|||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
NIW by Product |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
Single Premium policies |
|
2.0 |
% |
|
|
2.5 |
% |
|
|
4.1 |
% |
||||||
Monthly Premium policies |
|
98.0 |
|
|
|
97.5 |
|
|
|
95.9 |
|
||||||
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
NIW by Purchase vs. Refinance |
|||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
Purchase |
|
97.4 |
% |
|
|
98.7 |
% |
|
|
98.6 |
% |
||||||
Refinance |
|
2.6 |
|
|
|
1.3 |
|
|
|
1.4 |
|
||||||
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
Exhibit F |
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
||||||||||||||||||
Supplemental Information |
||||||||||||||||||
Insurance in Force and Risk in Force - |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Portfolio by Credit Score |
||||||||||||||||||
IIF by FICO score |
|
|
|
|
|
|||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
||||||||||
>=760 |
|
$ |
96,712,431 |
|
40.6 |
% |
|
$ |
97,085,244 |
|
40.6 |
% |
|
$ |
94,560,292 |
|
40.8 |
% |
740-759 |
|
|
41,477,680 |
|
17.4 |
|
|
|
41,490,720 |
|
17.4 |
|
|
|
39,870,193 |
|
17.2 |
|
720-739 |
|
|
37,342,339 |
|
15.7 |
|
|
|
37,435,781 |
|
15.7 |
|
|
|
35,950,319 |
|
15.5 |
|
700-719 |
|
|
32,023,895 |
|
13.4 |
|
|
|
31,932,469 |
|
13.4 |
|
|
|
30,103,007 |
|
13.0 |
|
680-699 |
|
|
19,664,999 |
|
8.2 |
|
|
|
19,780,944 |
|
8.3 |
|
|
|
19,338,187 |
|
8.4 |
|
<=679 |
|
|
11,256,058 |
|
4.7 |
|
|
|
11,353,104 |
|
4.6 |
|
|
|
11,715,419 |
|
5.1 |
|
Total |
$ |
238,477,402 |
|
100.0 |
% |
|
$ |
239,078,262 |
|
100.0 |
% |
|
$ |
231,537,417 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average credit score |
|
746 |
|
|
|
|
746 |
|
|
|
|
746 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross RIF by FICO score |
|
|
|
|
|
|||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
||||||||||
>=760 |
|
$ |
25,806,552 |
|
40.2 |
% |
|
$ |
25,752,549 |
|
40.2 |
% |
|
$ |
24,613,214 |
|
40.4 |
% |
740-759 |
|
|
11,326,253 |
|
17.6 |
|
|
|
11,268,607 |
|
17.6 |
|
|
|
10,612,582 |
|
17.4 |
|
720-739 |
|
|
10,206,055 |
|
15.9 |
|
|
|
10,179,683 |
|
15.9 |
|
|
|
9,602,368 |
|
15.8 |
|
700-719 |
|
|
8,757,648 |
|
13.6 |
|
|
|
8,687,001 |
|
13.6 |
|
|
|
8,017,430 |
|
13.2 |
|
680-699 |
|
|
5,321,802 |
|
8.3 |
|
|
|
5,330,894 |
|
8.3 |
|
|
|
5,126,581 |
|
8.4 |
|
<=679 |
|
|
2,829,500 |
|
4.4 |
|
|
|
2,842,640 |
|
4.4 |
|
|
|
2,907,804 |
|
4.8 |
|
Total |
$ |
64,247,810 |
|
100.0 |
% |
|
$ |
64,061,374 |
|
100.0 |
% |
|
$ |
60,879,979 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Portfolio by LTV |
||||||||||||||||||
IIF by LTV |
|
|
|
|
|
|||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
||||||||||
85.00% and below |
|
$ |
18,397,395 |
|
7.7 |
% |
|
$ |
19,869,776 |
|
8.3 |
% |
|
$ |
23,502,232 |
|
10.2 |
% |
85.01% to 90.00% |
|
|
62,218,749 |
|
26.1 |
|
|
|
62,973,580 |
|
26.3 |
|
|
|
63,478,244 |
|
27.3 |
|
90.01% to 95.00% |
|
|
120,666,455 |
|
50.6 |
|
|
|
119,764,184 |
|
50.1 |
|
|
|
112,184,833 |
|
48.5 |
|
95.01% and above |
|
|
37,194,803 |
|
15.6 |
|
|
|
36,470,722 |
|
15.3 |
|
|
|
32,372,108 |
|
14.0 |
|
Total |
$ |
238,477,402 |
|
100.0 |
% |
|
$ |
239,078,262 |
|
100.0 |
% |
|
$ |
231,537,417 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average LTV |
|
93 |
% |
|
|
|
93 |
% |
|
|
|
92 |
% |
|
||||
|
|
|
|
|
|
|
||||||||||||
Gross RIF by LTV |
|
|
|
|
|
|||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
||||||||||
85.00% and below |
|
$ |
2,188,074 |
|
3.4 |
% |
|
$ |
2,364,232 |
|
3.7 |
% |
|
$ |
2,793,895 |
|
4.6 |
% |
85.01% to 90.00% |
|
|
15,329,091 |
|
23.9 |
|
|
|
15,494,172 |
|
24.2 |
|
|
|
15,529,427 |
|
25.5 |
|
90.01% to 95.00% |
|
|
35,556,840 |
|
55.3 |
|
|
|
35,260,761 |
|
55.0 |
|
|
|
32,929,489 |
|
54.1 |
|
95.01% and above |
|
|
11,173,805 |
|
17.4 |
|
|
|
10,942,209 |
|
17.1 |
|
|
|
9,627,168 |
|
15.8 |
|
Total |
$ |
64,247,810 |
|
100.0 |
% |
|
$ |
64,061,374 |
|
100.0 |
% |
|
$ |
60,879,979 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Portfolio by Loan Amortization Period |
||||||||||||||||||
IIF by Loan Amortization Period |
|
|
|
|
|
|||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
||||||||||
FRM 30 years and higher |
|
$ |
232,753,590 |
|
97.6 |
% |
|
$ |
232,995,380 |
|
97.5 |
% |
|
$ |
224,230,607 |
|
96.8 |
% |
FRM 20-25 years |
|
|
1,473,431 |
|
0.6 |
|
|
|
1,685,700 |
|
0.7 |
|
|
|
2,364,623 |
|
1.0 |
|
FRM 15 years |
|
|
1,359,795 |
|
0.6 |
|
|
|
1,505,759 |
|
0.6 |
|
|
|
2,214,448 |
|
1.0 |
|
ARM 5 years and higher |
|
|
2,890,586 |
|
1.2 |
|
|
|
2,891,423 |
|
1.2 |
|
|
|
2,727,739 |
|
1.2 |
|
Total |
$ |
238,477,402 |
|
100.0 |
% |
|
$ |
239,078,262 |
|
100.0 |
% |
|
$ |
231,537,417 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Exhibit G |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|||||||||||||||||||||
Supplemental Information |
|||||||||||||||||||||
Other Risk in Force |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
2024 |
|
2023 |
||||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GSE and other risk share (1): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk in Force |
|
|
$ |
2,307,267 |
|
|
$ |
2,244,944 |
|
|
$ |
2,247,393 |
|
|
$ |
2,276,702 |
|
|
$ |
2,098,033 |
|
Reserve for losses and LAE |
|
|
$ |
32 |
|
|
$ |
29 |
|
|
$ |
54 |
|
|
$ |
55 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average credit score |
|
|
|
750 |
|
|
|
749 |
|
|
|
749 |
|
|
|
749 |
|
|
|
749 |
|
Weighted average LTV |
|
|
|
82 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
83 |
% |
|
|
83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit H |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||||||
Supplemental Information |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
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 |
$ |
1,337,665 |
2.2 |
% |
8,083 |
4.29 |
% |
70.1 |
% |
57.2 |
% |
7.3 |
% |
13.4 |
% |
45.5 |
% |
2.4 |
% |
318 |
3.93 |
% |
2015 |
|
26,193,656 |
|
1,192,019 |
4.6 |
|
7,166 |
4.25 |
|
81.6 |
|
70.1 |
|
5.3 |
|
18.3 |
|
39.0 |
|
2.3 |
|
265 |
3.70 |
|
2016 |
|
34,949,319 |
|
2,778,784 |
8.0 |
|
16,341 |
3.91 |
|
87.2 |
|
80.1 |
|
12.9 |
|
16.3 |
|
41.7 |
|
2.1 |
|
492 |
3.01 |
|
2017 |
|
43,858,322 |
|
4,511,284 |
10.3 |
|
27,229 |
4.28 |
|
91.3 |
|
73.9 |
|
21.5 |
|
20.6 |
|
37.3 |
|
3.2 |
|
1,052 |
3.86 |
|
2018 |
|
47,508,525 |
|
5,331,200 |
11.2 |
|
30,191 |
4.80 |
|
94.9 |
|
72.6 |
|
26.4 |
|
21.8 |
|
32.5 |
|
4.2 |
|
1,297 |
4.30 |
|
2019 |
|
63,569,183 |
|
11,776,711 |
18.5 |
|
56,634 |
4.23 |
|
88.7 |
|
70.3 |
|
25.4 |
|
19.0 |
|
35.3 |
|
4.0 |
|
1,726 |
3.05 |
|
2020 |
|
107,944,065 |
|
43,791,803 |
40.6 |
|
170,192 |
3.20 |
|
70.0 |
|
58.7 |
|
13.6 |
|
10.8 |
|
45.5 |
|
2.9 |
|
2,324 |
1.37 |
|
2021 |
|
84,218,250 |
|
58,766,271 |
69.8 |
|
193,329 |
3.09 |
|
87.5 |
|
64.2 |
|
15.9 |
|
13.8 |
|
40.4 |
|
6.6 |
|
3,172 |
1.64 |
|
2022 |
|
63,061,262 |
|
55,899,907 |
88.6 |
|
159,736 |
5.08 |
|
97.9 |
|
65.6 |
|
11.3 |
|
12.6 |
|
39.6 |
|
19.7 |
|
2,477 |
1.55 |
|
2023 |
|
47,666,852 |
|
44,842,520 |
94.1 |
|
124,984 |
6.65 |
|
98.8 |
|
72.5 |
|
18.3 |
|
11.0 |
|
39.1 |
|
15.9 |
|
867 |
0.69 |
|
2024 (through |
|
8,323,544 |
|
8,249,238 |
99.1 |
|
21,867 |
6.74 |
|
97.4 |
|
72.6 |
|
18.3 |
|
11.2 |
|
43.0 |
|
0.8 |
|
2 |
0.01 |
|
Total |
$ |
587,961,829 |
$ |
238,477,402 |
40.6 |
|
815,752 |
4.51 |
|
89.4 |
|
66.2 |
|
15.6 |
|
13.0 |
|
40.6 |
|
4.5 |
|
13,992 |
1.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(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 I |
||||||||||
|
|||||||||||||||||||||||||||
Supplemental Information |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Insurance Linked Notes (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Earned Premiums Ceded |
|
|
||||||||||||||
Deal |
Vintage |
|
Remaining Insurance in Force |
Remaining Risk in Force |
|
Original Reinsurance in Force |
|
Remaining Reinsurance in Force |
|
Losses Ceded to Date |
|
Original First Layer Retention |
Remaining First Layer Retention |
|
Year-to-Date |
|
Reduction in PMIERs Minimum Required Assets (3) |
||||||||||
Radnor Re 2021-1 |
|
|
$ |
29,772,296 |
$ |
7,817,502 |
|
$ |
557,911 |
|
$ |
280,941 |
|
$ |
— |
|
$ |
278,956 |
$ |
278,416 |
|
$ |
2,325 |
|
$ |
203,407 |
|
Radnor Re 2021-2 |
|
|
|
34,555,672 |
|
9,408,534 |
|
|
439,407 |
|
|
322,709 |
|
|
— |
|
|
279,415 |
|
278,709 |
|
|
3,674 |
|
|
265,684 |
|
Radnor Re 2022-1 |
|
|
|
30,751,105 |
|
8,334,892 |
|
|
237,868 |
|
|
219,606 |
|
|
— |
|
|
303,761 |
|
302,892 |
|
|
3,917 |
|
|
202,037 |
|
Radnor Re 2023-1 |
|
|
|
30,145,794 |
|
8,250,148 |
|
|
281,462 |
|
|
281,462 |
|
|
— |
|
|
281,463 |
|
281,463 |
|
|
3,478 |
|
|
266,826 |
|
Total |
|
|
$ |
125,224,867 |
$ |
33,811,076 |
|
$ |
1,516,648 |
|
$ |
1,104,718 |
|
$ |
— |
|
$ |
1,143,595 |
$ |
1,141,480 |
|
$ |
13,394 |
(5) |
$ |
937,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Excess of Loss Reinsurance (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Earned Premiums Ceded |
|
|
||||||||||||
Deal |
Vintage |
Remaining Insurance in Force |
Remaining Risk in Force |
|
Original Reinsurance in Force |
|
Remaining Reinsurance in Force |
|
Losses Ceded to Date |
|
Original First Layer Retention |
Remaining First Layer Retention |
|
Year-to-Date |
|
Reduction in PMIERs Minimum Required Assets (3) |
|||||||||
XOL 2019-1 |
|
$ |
5,274,449 |
$ |
1,385,510 |
|
$ |
118,650 |
|
$ |
76,144 |
|
$ |
— |
|
$ |
253,643 |
$ |
245,590 |
|
$ |
620 |
|
$ |
— |
XOL 2020-1 |
|
|
6,574,279 |
|
1,728,344 |
|
|
55,102 |
|
|
35,024 |
|
|
— |
|
|
215,605 |
|
212,934 |
|
|
280 |
|
|
— |
XOL 2022-1 |
|
|
68,954,857 |
|
18,681,548 |
|
|
141,992 |
|
|
141,992 |
|
|
— |
|
|
507,114 |
|
504,904 |
|
|
1,593 |
|
|
138,049 |
XOL 2023-1 |
|
|
39,984,013 |
|
11,066,581 |
|
|
36,627 |
|
|
36,627 |
|
|
— |
|
|
366,270 |
|
366,270 |
|
|
434 |
|
|
35,262 |
Total |
|
$ |
120,787,598 |
$ |
32,861,983 |
|
$ |
352,371 |
|
$ |
289,787 |
|
$ |
— |
|
$ |
1,342,632 |
$ |
1,329,698 |
|
$ |
2,927 |
|
$ |
173,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quota Share Reinsurance (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
Losses Ceded |
|
Ceding Commission |
|
Earned Premiums Ceded |
|
|
|||||||||||||
Year |
Ceding Percentage |
Remaining Insurance in Force |
Remaining Risk in Force |
|
Remaining Ceded Insurance in Force |
|
Remaining Ceded Risk in Force |
|
Year-to-Date |
|
Year-to-Date |
|
Year-to-Date |
|
Reduction in PMIERs Minimum Required Assets (3) |
||||||||||
|
(4) |
$ |
48,738,950 |
$ |
12,911,516 |
|
$ |
10,961,149 |
|
$ |
2,867,129 |
|
$ |
(181 |
) |
|
$ |
2,381 |
|
$ |
4,224 |
|
$ |
171,243 |
|
|
20% |
|
55,847,902 |
|
15,138,856 |
|
|
11,169,580 |
|
|
3,027,771 |
|
|
1,724 |
|
|
|
1,905 |
|
|
5,344 |
|
|
228,999 |
|
|
17.5% |
|
39,871,067 |
|
11,039,038 |
|
|
6,977,437 |
|
|
1,931,832 |
|
|
1,441 |
|
|
|
1,366 |
|
|
4,310 |
|
|
142,961 |
|
|
15% |
|
8,237,311 |
|
2,266,932 |
|
|
1,235,597 |
|
|
340,040 |
|
|
— |
|
|
|
101 |
|
|
216 |
|
|
23,466 |
|
Total |
|
$ |
152,695,230 |
$ |
41,356,342 |
|
$ |
30,343,763 |
|
$ |
8,166,772 |
|
$ |
2,984 |
|
|
$ |
5,753 |
|
$ |
14,094 |
|
$ |
566,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(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) Represents the reduction in |
|||||||||||||||||||||||||
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies. |
|||||||||||||||||||||||||
(5) Excludes ( |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit J |
|||
|
|
|
|
|
|
|||
|
||||||||
Supplemental Information |
||||||||
|
||||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
IIF by State |
||||||||
|
|
|
|
|
|
|||
CA |
12.9 |
% |
|
13.0 |
% |
|
13.2 |
% |
FL |
11.3 |
|
|
11.1 |
|
|
10.4 |
|
TX |
10.6 |
|
|
10.5 |
|
|
10.5 |
|
CO |
4.1 |
|
|
4.1 |
|
|
4.2 |
|
AZ |
3.8 |
|
|
3.7 |
|
|
3.6 |
|
GA |
3.5 |
|
|
3.4 |
|
|
3.2 |
|
WA |
3.5 |
|
|
3.5 |
|
|
3.4 |
|
NC |
2.9 |
|
|
2.9 |
|
|
2.7 |
|
|
2.7 |
|
|
2.8 |
|
|
3.0 |
|
IL |
2.7 |
|
|
2.8 |
|
|
3.0 |
|
All Others |
42.0 |
|
|
42.2 |
|
|
42.8 |
|
Total |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Gross RIF by State |
||||||||
|
|
|
|
|
|
|||
CA |
12.8 |
% |
|
12.8 |
% |
|
13.0 |
% |
FL |
11.6 |
|
|
11.4 |
|
|
10.7 |
|
TX |
10.9 |
|
|
10.9 |
|
|
10.8 |
|
CO |
4.1 |
|
|
4.0 |
|
|
4.1 |
|
AZ |
3.8 |
|
|
3.8 |
|
|
3.7 |
|
GA |
3.6 |
|
|
3.4 |
|
|
3.3 |
|
WA |
3.4 |
|
|
3.5 |
|
|
3.4 |
|
NC |
2.9 |
|
|
2.9 |
|
|
2.8 |
|
|
2.7 |
|
|
2.7 |
|
|
2.9 |
|
IL |
2.7 |
|
|
2.7 |
|
|
2.9 |
|
All Others |
41.5 |
|
|
41.9 |
|
|
42.4 |
|
Total |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit K |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|||||||||||||||||||||
Supplemental Information |
|||||||||||||||||||||
Rollforward of Defaults and Reserve for Losses and LAE |
|||||||||||||||||||||
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rollforward of Insured Loans in Default |
|||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||
|
|
|
2024 |
|
2023 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning default inventory |
|
|
|
14,819 |
|
|
|
13,391 |
|
|
|
12,480 |
|
|
|
12,773 |
|
|
|
13,433 |
|
Plus: new defaults (A) |
|
|
|
8,260 |
|
|
|
9,007 |
|
|
|
7,953 |
|
|
|
6,575 |
|
|
|
7,015 |
|
Less: cures |
|
|
|
(8,951 |
) |
|
|
(7,418 |
) |
|
|
(6,902 |
) |
|
|
(6,761 |
) |
|
|
(7,574 |
) |
Less: claims paid |
|
|
|
(123 |
) |
|
|
(148 |
) |
|
|
(129 |
) |
|
|
(96 |
) |
|
|
(94 |
) |
Less: rescissions and denials, net |
|
|
|
(13 |
) |
|
|
(13 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(7 |
) |
Ending default inventory |
|
|
|
13,992 |
|
|
|
14,819 |
|
|
|
13,391 |
|
|
|
12,480 |
|
|
|
12,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(A) New defaults remaining as of |
|
|
|
5,425 |
|
|
|
3,139 |
|
|
|
1,897 |
|
|
|
1,119 |
|
|
|
663 |
|
Cure rate (1) |
|
|
|
34 |
% |
|
|
65 |
% |
|
|
76 |
% |
|
|
83 |
% |
|
|
91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total amount paid for claims (in thousands) |
|
|
$ |
3,605 |
|
|
$ |
3,411 |
|
|
$ |
2,956 |
|
|
$ |
1,890 |
|
|
$ |
1,959 |
|
Average amount paid per claim (in thousands) |
|
|
$ |
29 |
|
|
$ |
23 |
|
|
$ |
23 |
|
|
$ |
20 |
|
|
$ |
21 |
|
Severity |
|
|
|
65 |
% |
|
|
54 |
% |
|
|
66 |
% |
|
|
58 |
% |
|
|
59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rollforward of Reserve for Losses and LAE |
|||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||
|
|
|
2024 |
|
2023 |
||||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserve for losses and LAE at beginning of period |
|
|
$ |
245,402 |
|
|
$ |
226,617 |
|
|
$ |
216,888 |
|
|
$ |
215,957 |
|
|
$ |
216,390 |
|
Less: Reinsurance recoverables |
|
|
|
24,005 |
|
|
|
20,656 |
|
|
|
17,958 |
|
|
|
16,357 |
|
|
|
14,618 |
|
Net reserve for losses and LAE at beginning of period |
|
|
|
221,397 |
|
|
|
205,961 |
|
|
|
198,930 |
|
|
|
199,600 |
|
|
|
201,772 |
|
Add provision for losses and LAE occurring in: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current period |
|
|
$ |
39,396 |
|
|
$ |
38,922 |
|
|
$ |
35,609 |
|
|
$ |
31,377 |
|
|
$ |
32,693 |
|
Prior years |
|
|
|
(30,062 |
) |
|
|
(19,912 |
) |
|
|
(25,533 |
) |
|
|
(30,107 |
) |
|
|
(32,864 |
) |
Incurred losses and LAE during the period |
|
|
|
9,334 |
|
|
|
19,010 |
|
|
|
10,076 |
|
|
|
1,270 |
|
|
|
(171 |
) |
Deduct payments for losses and LAE occurring in: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current period |
|
|
|
1 |
|
|
|
330 |
|
|
|
156 |
|
|
|
31 |
|
|
|
— |
|
Prior years |
|
|
|
3,735 |
|
|
|
3,244 |
|
|
|
2,889 |
|
|
|
1,909 |
|
|
|
2,001 |
|
Loss and LAE payments during the period |
|
|
|
3,736 |
|
|
|
3,574 |
|
|
|
3,045 |
|
|
|
1,940 |
|
|
|
2,001 |
|
Net reserve for losses and LAE at end of period |
|
|
|
226,995 |
|
|
|
221,397 |
|
|
|
205,961 |
|
|
|
198,930 |
|
|
|
199,600 |
|
Plus: Reinsurance recoverables |
|
|
|
26,570 |
|
|
|
24,005 |
|
|
|
20,656 |
|
|
|
17,958 |
|
|
|
16,357 |
|
Reserve for losses and LAE at end of period |
|
|
$ |
253,565 |
|
|
$ |
245,402 |
|
|
$ |
226,617 |
|
|
$ |
216,888 |
|
|
$ |
215,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(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 L |
|||||||
|
|||||||||||||
Supplemental Information |
|||||||||||||
Detail of Reserves by Default Delinquency |
|||||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|||||||||||
|
|
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 |
|
6,527 |
|
47 |
% |
$ |
42,354 |
18 |
% |
$ |
482,151 |
9 |
% |
Four to eleven payments |
|
5,440 |
|
39 |
|
|
104,123 |
45 |
|
|
426,513 |
24 |
|
Twelve or more payments |
|
1,883 |
|
13 |
|
|
80,025 |
34 |
|
|
130,816 |
61 |
|
Pending claims |
|
142 |
|
1 |
|
|
7,382 |
3 |
|
|
8,351 |
88 |
|
Total case reserves |
|
13,992 |
|
100 |
% |
|
233,884 |
100 |
% |
$ |
1,047,831 |
22 |
% |
IBNR |
|
|
|
|
17,541 |
|
|
|
|||||
LAE |
|
|
|
|
2,140 |
|
|
|
|||||
Total reserves for losses and LAE |
|
|
|
$ |
253,565 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Average reserve per default: |
|
|
|
|
|
|
|||||||
Case |
|
|
|
$ |
16.7 |
|
|
|
|||||
Total |
|
|
|
$ |
18.1 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Default Rate |
1.72 |
% |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|||||||||||
|
|
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 |
|
7,288 |
|
49 |
% |
$ |
44,607 |
20 |
% |
$ |
527,419 |
8 |
% |
Four to eleven payments |
|
5,421 |
|
37 |
|
|
97,424 |
43 |
|
|
417,876 |
23 |
|
Twelve or more payments |
|
1,984 |
|
13 |
|
|
78,540 |
35 |
|
|
132,257 |
59 |
|
Pending claims |
|
126 |
|
1 |
|
|
5,550 |
2 |
|
|
6,302 |
88 |
|
Total case reserves |
|
14,819 |
|
100 |
% |
|
226,121 |
100 |
% |
$ |
1,083,854 |
21 |
% |
IBNR |
|
|
|
|
16,959 |
|
|
|
|||||
LAE |
|
|
|
|
2,322 |
|
|
|
|||||
Total reserves for losses and LAE |
|
|
|
$ |
245,402 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Average reserve per default: |
|
|
|
|
|
|
|||||||
Case |
|
|
|
$ |
15.3 |
|
|
|
|||||
Total |
|
|
|
$ |
16.6 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Default Rate |
1.80 |
% |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|||||||||||
|
|
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 |
|
5,366 |
|
42 |
% |
$ |
31,080 |
16 |
% |
$ |
366,993 |
8 |
% |
Four to eleven payments |
|
5,106 |
|
40 |
|
|
78,125 |
39 |
|
|
363,299 |
22 |
|
Twelve or more payments |
|
2,188 |
|
17 |
|
|
85,517 |
43 |
|
|
130,520 |
66 |
|
Pending claims |
|
113 |
|
1 |
|
|
4,386 |
2 |
|
|
5,004 |
88 |
|
Total case reserves |
|
12,773 |
|
100 |
% |
|
199,108 |
100 |
% |
$ |
865,816 |
23 |
% |
IBNR |
|
|
|
|
14,933 |
|
|
|
|||||
LAE |
|
|
|
|
1,916 |
|
|
|
|||||
Total reserves for losses and LAE |
|
|
|
$ |
215,957 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Average reserve per default: |
|
|
|
|
|
|
|||||||
Case |
|
|
|
$ |
15.6 |
|
|
|
|||||
Total |
|
|
|
$ |
16.9 |
|
|
|
|||||
|
|
|
|
|
|
|
|
||||||
Default Rate |
1.57 |
% |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit M |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|||||||||||||
Supplemental Information |
|||||||||||||
Investments Available for Sale |
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||
Investments Available for Sale by Asset Class |
|||||||||||||
Asset Class |
|
|
|
|
|||||||||
($ in thousands) |
|
Fair Value |
|
Percent |
|
Fair Value |
|
Percent |
|||||
|
|
$ |
1,036,787 |
|
|
19.3 |
% |
|
$ |
996,382 |
|
18.9 |
% |
|
|
|
1,573 |
|
|
0.1 |
|
|
|
7,195 |
|
0.1 |
|
|
|
|
787,285 |
|
|
14.7 |
|
|
|
821,346 |
|
15.6 |
|
Municipal debt securities |
|
|
539,678 |
|
|
10.1 |
|
|
|
547,258 |
|
10.5 |
|
Non- |
|
|
66,395 |
|
|
1.2 |
|
|
|
67,447 |
|
1.3 |
|
Corporate debt securities |
|
|
1,219,160 |
|
|
22.7 |
|
|
|
1,297,055 |
|
24.7 |
|
Residential and commercial mortgage securities |
|
|
506,780 |
|
|
9.4 |
|
|
|
517,940 |
|
9.8 |
|
Asset-backed securities |
|
|
522,352 |
|
|
9.7 |
|
|
|
564,995 |
|
10.7 |
|
Money market funds |
|
|
689,064 |
|
|
12.8 |
|
|
|
444,121 |
|
8.4 |
|
Total investments available for sale |
|
$ |
5,369,074 |
|
|
100.0 |
% |
|
$ |
5,263,739 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||||
Investments Available for Sale by Credit Rating |
|||||||||||||
Rating (1) |
|
|
|
|
|||||||||
($ in thousands) |
|
Fair Value |
|
Percent |
|
Fair Value |
|
Percent |
|||||
Aaa |
|
$ |
2,523,003 |
|
|
53.9 |
% |
|
$ |
2,561,363 |
|
53.2 |
% |
Aa1 |
|
|
107,659 |
|
|
2.3 |
|
|
|
104,474 |
|
2.2 |
|
Aa2 |
|
|
281,505 |
|
|
6.0 |
|
|
|
291,501 |
|
6.0 |
|
Aa3 |
|
|
198,316 |
|
|
4.2 |
|
|
|
208,882 |
|
4.3 |
|
A1 |
|
|
368,360 |
|
|
7.9 |
|
|
|
377,188 |
|
7.8 |
|
A2 |
|
|
285,058 |
|
|
6.1 |
|
|
|
329,423 |
|
6.8 |
|
A3 |
|
|
269,390 |
|
|
5.8 |
|
|
|
253,081 |
|
5.3 |
|
Baa1 |
|
|
199,880 |
|
|
4.3 |
|
|
|
220,901 |
|
4.6 |
|
Baa2 |
|
|
210,558 |
|
|
4.5 |
|
|
|
226,449 |
|
4.7 |
|
Baa3 |
|
|
160,219 |
|
|
3.4 |
|
|
|
166,121 |
|
3.4 |
|
Below Baa3 |
|
|
76,062 |
|
|
1.6 |
|
|
|
80,235 |
|
1.7 |
|
Total (2) |
|
$ |
4,680,010 |
|
|
100.0 |
% |
|
$ |
4,819,618 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||||
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available. |
|
|
|||||||||||
(2) Excludes |
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|||||
Investments Available for Sale by Duration and Book Yield |
|||||||||||||
Effective Duration |
|
|
|
|
|||||||||
($ in thousands) |
|
Fair Value |
|
Percent |
|
Fair Value |
|
Percent |
|||||
< 1 Year |
|
$ |
2,074,776 |
|
|
38.6 |
% |
|
$ |
1,892,074 |
|
35.9 |
% |
1 to < 2 Years |
|
|
359,920 |
|
|
6.7 |
|
|
|
371,583 |
|
7.1 |
|
2 to < 3 Years |
|
|
496,204 |
|
|
9.2 |
|
|
|
538,775 |
|
10.2 |
|
3 to < 4 Years |
|
|
364,968 |
|
|
6.8 |
|
|
|
402,668 |
|
7.6 |
|
4 to < 5 Years |
|
|
422,678 |
|
|
7.9 |
|
|
|
376,722 |
|
7.2 |
|
5 or more Years |
|
|
1,650,528 |
|
|
30.8 |
|
|
|
1,681,917 |
|
32.0 |
|
Total investments available for sale |
|
$ |
5,369,074 |
|
|
100.0 |
% |
|
$ |
5,263,739 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||||
Pre-tax investment income yield: |
|
|
|
|
|
|
|
|
|||||
Three months ended |
|
|
3.67 |
% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
Holding company net cash and investments available for sale: |
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
As of |
|
$ |
720,419 |
|
|
As of |
|
$ |
693,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit N |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
||||||||||||||||||||||
Supplemental Information |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
2024 |
|
2023 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Combined statutory capital (1) |
|
|
$ |
3,453,553 |
|
|
$ |
3,376,117 |
|
|
$ |
3,309,522 |
|
|
$ |
3,243,086 |
|
|
$ |
3,207,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Combined net risk in force (2) |
|
|
$ |
34,463,082 |
|
|
$ |
34,549,500 |
|
|
$ |
34,203,678 |
|
|
$ |
34,019,643 |
|
|
$ |
33,038,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk-to-capital ratios: (3) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
10.3:1 |
|
10.6:1 |
|
10.7:1 |
|
10.8:1 |
|
10.6:1 |
||||||||||
|
|
|
|
0.4:1 |
|
0.4:1 |
|
0.5:1 |
|
0.5:1 |
|
0.5:1 |
||||||||||
|
Combined (4) |
|
|
10.0:1 |
|
10.2:1 |
|
10.3:1 |
|
10.5:1 |
|
10.3:1 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Available Assets |
|
|
$ |
3,464,119 |
|
|
$ |
3,379,936 |
|
|
$ |
3,318,179 |
|
|
$ |
3,245,481 |
|
|
$ |
3,226,436 |
|
|
Minimum Required Assets |
|
|
|
1,999,928 |
|
|
|
1,985,545 |
|
|
|
1,910,659 |
|
|
|
1,991,741 |
|
|
|
1,917,769 |
|
|
PMIERs excess Available Assets |
|
|
$ |
1,464,191 |
|
|
$ |
1,394,391 |
|
|
$ |
1,407,520 |
|
|
$ |
1,253,740 |
|
|
$ |
1,308,667 |
|
|
PMIERs sufficiency ratio (6) |
|
|
|
173 |
% |
|
|
170 |
% |
|
|
174 |
% |
|
|
163 |
% |
|
|
168 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stockholder's equity (GAAP basis) |
|
|
$ |
1,793,005 |
|
|
$ |
1,758,665 |
|
|
$ |
1,684,122 |
|
|
$ |
1,633,763 |
|
|
$ |
1,573,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net risk in force (2) |
|
|
$ |
22,271,316 |
|
|
$ |
22,043,926 |
|
|
$ |
21,739,419 |
|
|
$ |
21,327,762 |
|
|
$ |
20,305,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Combined statutory capital equals the sum of statutory capital of |
||||||||||||||||||||||
(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 |
||||||||||||||||||||||
(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. |
|
|
|
|
|
|
|
|
|
Exhibit O |
|||||||||
|
||||||||||||||||||
Supplemental Information |
||||||||||||||||||
Ratios and Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2024 |
|
2023 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loss Ratio (1) |
4.0 |
% |
|
|
7.9 |
% |
|
|
4.4 |
% |
|
|
0.6 |
% |
|
(0.1 |
)% |
|
Expense Ratio (2) |
27.1 |
% |
|
|
27.0 |
% |
|
|
27.3 |
% |
|
|
19.8 |
% |
|
22.8 |
% |
|
Combined Ratio |
31.1 |
% |
|
|
34.9 |
% |
|
|
31.7 |
% |
|
|
20.4 |
% |
|
22.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underwriting Margin (3) |
68.9 |
% |
|
|
65.1 |
% |
|
|
68.3 |
% |
|
|
79.6 |
% |
|
77.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the
The following table sets forth the reconciliation of the loss, expense and combined ratios excluding title to the most comparable GAAP amount for the three months ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended
|
|
|
|
||||||||||||
|
|
|
Consolidated |
|
Title |
|
Excluding Title |
|
|
|
||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
||||||||
Net premiums earned |
|
|
$ |
245,590 |
|
|
$ |
15,285 |
|
|
$ |
230,305 |
|
|
|
|
||
Net investment income |
|
|
|
52,085 |
|
|
|
751 |
|
|
|
51,334 |
|
|
|
|
||
Realized investment losses, net |
|
|
|
(1,140 |
) |
|
|
— |
|
|
|
(1,140 |
) |
|
|
|
||
(Loss) income from other invested assets |
|
|
|
(1,915 |
) |
|
|
— |
|
|
|
(1,915 |
) |
|
|
|
||
Settlement services (4) |
|
|
|
1,424 |
|
|
|
1,424 |
|
|
|
— |
|
|
|
|
||
Other income |
|
|
|
2,313 |
|
|
|
408 |
|
|
|
1,905 |
|
|
|
|
||
Total revenues |
|
|
|
298,357 |
|
|
|
17,868 |
|
|
|
280,489 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Losses and expenses: |
|
|
|
|
|
|
|
|
|
|
||||||||
Provision (benefit) for losses and LAE |
|
|
|
9,913 |
|
|
|
576 |
|
|
|
9,337 |
|
|
|
|
||
Other underwriting and operating expenses |
|
|
|
57,349 |
|
|
|
11,810 |
|
|
|
45,539 |
|
|
|
|
||
Premiums retained by agents |
|
|
|
9,491 |
|
|
|
9,491 |
|
|
|
— |
|
|
|
|
||
Interest expense |
|
|
|
7,862 |
|
|
|
— |
|
|
|
7,862 |
|
|
|
|
||
Total losses and expenses |
|
|
|
84,615 |
|
|
|
21,877 |
|
|
|
62,738 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loss ratio (1) |
|
|
|
4.0 |
% |
|
|
3.4 |
% |
|
|
4.1 |
% |
|
|
|
||
Expense ratio (2) |
|
|
|
27.1 |
% |
|
|
127.5 |
% |
|
|
19.8 |
% |
|
|
|
||
Combined ratio |
|
|
|
31.1 |
% |
|
|
130.9 |
% |
|
|
23.9 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underwriting Margin (3) |
|
|
|
68.9 |
% |
|
|
(30.9 |
%) |
|
|
76.1 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable. |
||||||||||||||||||
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable. |
||||||||||||||||||
(3) Calculated as the inverse of the combined ratio. |
||||||||||||||||||
(4) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C. |
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Source:
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