Q1 2023 Supplement

Three Months Ended March 31,

(In thousands, except per share amounts)

2023

2022

Revenues:

Direct premiums written

$

239,491

$

220,254

Ceded premiums

(33,591)

(20,523)

Net premiums written

205,900

199,731

Decrease in unearned premiums

5,358

15,599

Net premiums earned

211,258

215,330

Net investment income

43,236

24,680

Realized investment losses, net

(488)

(7,352)

(Loss) income from other invested assets

(2,702)

24,705

Other income

4,942

7,248

Total revenues

256,246

264,611

Losses and expenses:

(Benefit) provision for losses and LAE

(180)

(106,858)

Other underwriting and operating expenses

48,195

40,796

Interest expense

6,936

2,226

Total losses and expenses

54,951

(63,836)

Income before income taxes

201,295

328,447

Income tax expense

30,468

54,280

Net income

$

170,827

$

274,167

Earnings per share:

Basic

$

1.60

$

2.53

Diluted

1.59

2.52

Weighted average shares outstanding:

Basic

106,943

108,166

Diluted

107,585

108,590

Net income

$

170,827

$

274,167

Other comprehensive income (loss):

Change in unrealized appreciation (depreciation) of investments

58,753

(203,006)

Total other comprehensive income (loss)

58,753

(203,006)

Comprehensive income

$

229,580

$

71,161

Loss ratio

(0.1%)

(49.6%)

Expense ratio

22.8

18.9

Combined ratio

22.7%

(30.7%)

March 31,

December 31,

(In thousands, except per share amounts)

2023

2022

Assets

Investments

Fixed maturities available for sale, at fair value

$

4,602,284

$

4,489,598

Short-term investments available for sale, at fair value

347,752

252,027

Total investments available for sale

4,950,036

4,741,625

Other invested assets

255,288

257,941

Total investments

5,205,324

4,999,566

Cash

68,633

81,240

Accrued investment income

36,896

33,162

Accounts receivable

61,282

57,399

Deferred policy acquisition costs

9,511

9,910

Property and equipment

18,514

19,571

Prepaid federal income tax

418,460

418,460

Other assets

108,886

104,489

Total assets

$

5,927,506

$

5,723,797

Liabilities and Stockholders' Equity

Liabilities

Reserve for losses and LAE

$

216,022

$

216,464

Unearned premium reserve

157,529

162,887

Net deferred tax liability

383,116

356,810

Credit facility borrowings, net of deferred costs

421,128

420,864

Other accrued liabilities

100,770

104,463

Total liabilities

1,278,565

1,261,488

Commitments and contingencies

Stockholders' Equity

Common shares, $0.015 par value:

Authorized - 233,333; issued and outstanding - 107,659 shares in 2023 and 107,683 shares in 2022

1,615

1,615

Additional paid-in capital

1,334,607

1,350,377

Accumulated other comprehensive loss

(324,037)

(382,790)

Retained earnings

3,636,756

3,493,107

Total stockholders' equity

4,648,941

4,462,309

Total liabilities and stockholders' equity

$

5,927,506

$

5,723,797

Retuon average equity (1)

15.0%

19.1%

Exhibit C

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data

2023

2022

Selected Income Statement Data

March 31

December 31

September 30

June 30

March 31

(In thousands, except per share amounts)

Revenues:

Net premiums earned:

U.S. Mortgage Insurance Portfolio

$

196,565

$

192,670

$

194,272

$

198,891

$

203,312

GSE and other risk share

14,693

14,582

13,662

13,120

12,018

Net premiums earned

211,258

207,252

207,934

212,011

215,330

Net investment income

43,236

37,796

32,594

29,339

24,680

Realized investment (losses) gains, net

(488)

(5,524)

175

(471)

(7,352)

(Loss) income from other invested assets

(2,702)

(7,599)

9,617

1,953

24,705

Other income (loss) (1)

4,942

(1,888)

11,447

1,577

7,248

Total revenues

256,246

230,037

261,767

244,409

264,611

Losses and expenses:

(Benefit) provision for losses and LAE

(180)

4,101

4,252

(76,199)

(106,858)

Other underwriting and operating expenses

48,195

46,895

42,144

41,898

40,796

Interest expense

6,936

6,045

4,450

2,887

2,226

Total losses and expenses

54,951

57,041

50,846

(31,414)

(63,836)

Income before income taxes

201,295

172,996

210,921

275,823

328,447

Income tax expense (2)

30,468

25,630

32,870

44,054

54,280

Net income

$

170,827

$

147,366

$

178,051

$

231,769

$

274,167

Earnings per share:

Basic

$

1.60

$

1.38

$

1.67

$

2.17

$

2.53

Diluted

1.59

1.37

1.66

2.16

2.52

Weighted average shares outstanding:

Basic

106,943

106,881

106,870

106,921

108,166

Diluted

107,585

107,419

107,337

107,283

108,590

Book value per share

$

43.18

$

41.44

$

39.87

$

39.67

$

38.98

Retuon average equity (annualized)

15.0 %

13.5 %

16.6 %

21.8 %

26.0 %

Other Data:

Loss ratio (3)

(0.1%)

2.0 %

2.0 %

(35.9)%

(49.6)%

Expense ratio (4)

22.8

22.6

20.3

19.8

18.9

Combined ratio

22.7%

24.6 %

22.3 %

(16.2)%

(30.7)%

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)

6.52%

6.02 %

4.39 %

2.92 %

1.99 %

Debt-to-capital

8.38%

8.70 %

9.01 %

9.05 %

9.16 %

Exhibit C, continued

Essent Group Ltd. and Subsidiaries

Supplemental Information

Historical Quarterly Data

2023

2022

Other Data, continued:

March 31

December 31

September 30

June 30

March 31

($ in thousands)

U.S. Mortgage Insurance Portfolio

Flow:

New insurance written

$

12,893,789

$

13,011,432

$

17,112,017

$

20,096,135

$

12,841,482

New risk written

3,548,015

3,522,726

4,570,699

5,442,115

3,438,016

Bulk:

New insurance written

$

-

$

-

$

-

$

196

$

-

New risk written

-

-

-

29

-

Total:

New insurance written

$

12,893,789

$

13,011,432

$

17,112,017

$

20,096,331

$

12,841,482

New risk written

$

3,548,015

$

3,522,726

$

4,570,669

$

5,442,144

$

3,438,016

Average insurance in force

$

228,885,174

$

224,840,675

$

219,280,350

$

210,896,297

$

206,631,135

Insurance in force (end of period)

$

231,537,417

$

227,062,055

$

222,542,569

$

215,896,531

$

206,842,996

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

$

60,879,979

$

59,276,489

$

57,743,091

$

55,678,063

$

52,847,985

Risk in force (end of period)

$

51,469,312

$

49,903,626

$

48,690,571

$

47,289,910

$

45,261,164

Policies in force

815,751

808,596

800,745

789,652

774,002

Weighted average coverage (6)

26.3%

26.1%

25.9%

25.8%

25.5%

Annual persistency

84.4%

82.1%

77.9%

73.4%

69.1%

Loans in default (count)

12,773

13,433

12,435

12,707

14,923

Percentage of loans in default

1.57%

1.66%

1.55%

1.61%

1.93%

U.S. Mortgage Insurance Portfolio premium rate:

Base average premium rate (7)

0.40%

0.40%

0.40%

0.41%

0.41%

Single premium cancellations (8)

-%

-%

0.01%

0.01%

0.02%

Gross average premium rate

0.40%

0.40%

0.41%

0.42%

0.43%

Ceded premiums

(0.06%)

(0.06%)

(0.06%)

(0.04%)

(0.04%)

Net average premium rate

0.34%

0.34%

0.35%

0.38%

0.39%