Fourth Quarter 2024 Earnings Presentation

Company Overview

• Essent Group Ltd. is a Bermuda-based holding company that went public in 2013 and is traded on the New York Stock Exchange (NYSE: ESNT).
• Three primary operating companies: Essent Guaranty, Inc. (Radnor, PA), Essent Reinsurance Ltd. (Hamilton, Bermuda) and Essent Title Insurance, Inc. (Radnor, PA).
• Offers private mortgage insurance, reinsurance and title insurance and settlement services to serve the U.S. housing finance industry.
• Transformed primary MI business model from "Buy and Hold" to "Buy, Manage & Distribute" through use of programmatic reinsurance.
• Developed proprietary credit engine EssentEDGE®, a cloud-based platform that leverages machine learning for MI pricing and risk management.
• Essent Guaranty, Inc. is rated A3 by Moody's, A (Excellent) by AM
  Best, and A- by S&P.

Recent Developments

1. In January 2025, we entered into two quota share reinsurance agreements with highly rated third-party reinsurers covering 25% of all eligible new insurance written for 2025 and 2026.

1. Prior to December 31, 2024, the 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. Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. The risk-to-capital ratio at December 31, 2024 is for Essent Guaranty only.

Capital Distribution To Shareholders

• In conjunction with our 4Q24 earnings release, we announced Board approval to increase the quarterly dividend to $0.31 per common share for 2025.
• In 2024, we repurchased 1.9 million common shares for $103 million as part of our share repurchase plan.
• In February 2025, the Board approved a share purchase plan that authorized the Company to repurchase $500 million of common shares in the open market between 2025 and 2026.

$8.35

$10.33 $12.08

$53.36

$47.87

$41.44

$38.73

$34.36

$30.34

$24.11

$19.71

$14.43

Strong Cash Flows

& Earnings

Programmatic

Reinsurance

Protection

Steadily Increasing

Dividends

Disciplined Capital

Management

25+ years Experienced Management Team

Best in Class

Analytics &

Technologies

Industry Fundamentals

STABLE DEMAND OF FIRST-TIME HOMEBUYER POPULATION

Favorable demographic trends should continue to provide fundamental support to housing demand as the projected population of people in the average age range of a first-time homebuyer is forecasted to increase over the next 5+ years.

PERSISTENCY vs. 30-YEAR MORTGAGE RATE

MONTHS' SUPPLY OF HOUSING INVENTORY

Total housing inventory remains low at approximately 4 months, driven by existing home inventory pressures from various macro trends (e.g. reductions in supply from the "lock-in" effect of existing homeowners in low-rate mortgages).

Note: The months' supply is the ratio of houses for sale to houses sold.

UNEMPLOYMENT RATE vs. DEFAULT RATE

Our annual persistency has historically had a positive correlation with the quarterly average rate on a 30-year fixed rate mortgage, with periods of higher mortgage rates translating to higher persistency.

The default rate for mortgage insurers tends to have a positive correlation with the U.S. unemployment rate, where periods of higher unemployment have typically been associated with periods of rising default rates on MI books.

EssentEDGE® Enables Rapid Execution of Targeted Pricing Strategies

• Lender utilization continues to increase
• The latest generation of EssentEDGE® is a cloud-basedproprietary credit engine powered by machine learning techniques that utilizes 400+ attributes to generate an MI quote in ~3 seconds
• Differentiated pricing strategy to deliver borrowers our best price

Committed To Programmatic Reinsurance

• Buy, Manage & Distribute model mitigates franchise volatility during weak economic cycles, with 97% of IIF subject to reinsurance protection
• As of December 31, 2024, Essent has ceded $8.6 billion of RIF through four quota share treaties to a panel of highly rated third-party reinsurers
• As of December 31, 2024, Essent has access to $1.6 billion in ILN/XOL reinsurance coverage

CREDIT RISK

TRANSFER (CRT)

Strong Operating Results

• Last Twelve Months Operating Cash Flow of $852 million
• Continue to focus on optimizing unit economics
• Credit quality of portfolio remains strong
• Efficient platform enables increased operating leverage and profitability

Fortifying Balance Sheet and Enhancing Financial Flexibility

As of December 31, 2024:

• $5.6 billion in GAAP Equity
• Ample liquidity with $1.1 billion net cash and investments available for sale at the holding companies
• An additional $500 million in undrawn capacity with our credit facility
• Debt-to-Capitalof 8.2%

• Annualized yield for investments available for sale was 3.7% for 4Q24, up from 3.6% in 4Q23
• New money yield in 4Q24 of ~5.1%
• Other Invested Assets of $304M invested across venture funds, PE and structured funds along with direct investments into several companies

• 99% of the portfolio is investment grade
• 61% of the portfolio has a credit rating of Aaa to Aa