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

media@essentgroup.com

Investor Relations
Christopher G. Curran

Senior Vice President – Investor Relations

855-809-ESNT

ir@essentgroup.com

Read full story here