Essent Group Ltd. Reports First Quarter 2019 Results

HAMILTON, Bermuda–(BUSINESS WIRE)–Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter
ended March 31, 2019 of $127.7 million or $1.30 per diluted share,
compared to $111.1 million or $1.13 per diluted share for the quarter
ended March 31, 2018. As of March 31, 2019, Essent had insurance in
force of $143.2 billion and consolidated stockholders’ equity of $2.5
billion.

“We were pleased with our strong financial results for the first quarter
as our operating environment remains favorable and credit continues to
perform well,” said Mark Casale, Chairman and Chief Executive Officer.
“Also, we continue to make solid progress in strengthening our franchise
as we successfully rolled out our risk based pricing engine EssentEDGE
and reinsured our 2018 NIW. Our outlook on our business and housing
remains positive and we continue to believe that we are well positioned
to continue growing our company.”

Financial Highlights:

Insurance in force as of March 31, 2019 was $143.2 billion, compared
to $137.7 billion as of December 31, 2018 and $115.3 billion as of
March 31, 2018.
New insurance written for the first quarter was $11.0 billion,
compared to $11.4 billion in the fourth quarter of 2018 and $9.3
billion in the first quarter of 2018.
Net premiums earned for the first quarter were $177.8 million,
compared to $173.3 million in the fourth quarter of 2018 and $152.6
million in the first quarter of 2018.
The expense ratio for the first quarter was 23.1%, compared to 22.8%
in the fourth quarter of 2018 and 25.0% in the first quarter of 2018.
The provision for losses and LAE for the first quarter was $7.1
million, compared to a benefit of $1.0 million in the fourth quarter
of 2018 and a provision of $5.3 million in the first quarter of 2018.
The provision in the fourth quarter of 2018 included a $9.9 million
release of the $11.1 million reserve associated with loans identified
as related to Hurricanes Harvey and Irma that was established in the
fourth quarter of 2017.
The percentage of loans in default as of March 31, 2019 was 0.65%,
compared to 0.66% as of December 31, 2018 and 0.86% as of March 31,
2018.
The combined ratio for the first quarter was 27.1%, compared to 22.2%
in the fourth quarter of 2018 and 28.5% in the first quarter of 2018.
The consolidated balance of cash and investments at March 31, 2019 was
$3.0 billion, including cash and investment balances at Essent Group
Ltd. of $73.8 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 13.5:1 as of March 31, 2019.
In February, Essent Guaranty, Inc. obtained $473.2 million of excess
of loss reinsurance coverage on mortgage insurance policies written by
Essent in 2018. The reinsurance is fully collateralized by ten-year
mortgage insurance-linked notes (“ILNs”) issued by Radnor Re 2019-1
Ltd., an unaffiliated special purpose insurer.
In a separate transaction, Essent Guaranty, Inc. entered into an
excess of loss collateralized reinsurance agreement with a panel of
U.S. and global reinsurers which provides additional reinsurance
protection of $118.7 million on mortgage insurance policies written by
Essent in 2018.

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/investors/webcasts-and-presentations/event-calendar/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 7833038 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 7833038.

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/investors/financial-information/quarterly-financial-supplements/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: 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, 2018 filed with the Securities and Exchange Commission on
February 19, 2019. 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.

Non-GAAP Financial Measures

In presenting Essent Group Ltd.’s results, management has included
financial measures, including adjusted book value per share, that are
not calculated under standards or rules that comprise accounting
principles generally accepted in the United States (“GAAP”). Such
measures are referred to as “non-GAAP measures.” These non-GAAP measures
may be defined or calculated differently by other companies. Management
believes these measures allow for a more complete understanding of the
underlying business. These measures are used to monitor our results and
should not be viewed as a substitute for those determined in accordance
with GAAP. Reconciliations of such measures to the most comparable GAAP
figures are included in the attached financial supplement in accordance
with Regulation G.

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.
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 Ended March 31, 2019


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 March 31,
(In thousands, except per share amounts)	2019			2018
Revenues:
Net premiums written	$	177,644		$	165,225
Decrease (increase) in unearned premiums	147			(12,667		)
Net premiums earned	177,791			152,558
Net investment income	19,880			13,714
Realized investment gains, net	660			197
Other income	2,195			994
Total revenues	200,526			167,463

Losses and expenses:
Provision for losses and LAE	7,107			5,309
Other underwriting and operating expenses	41,030			38,124
Interest expense	2,670			2,450
Total losses and expenses	50,807			45,883

Income before income taxes	149,719			121,580
Income tax expense	21,999			10,511
Net income	$	127,720		$	111,069


Earnings per share:
Basic	$	1.31		$	1.14
Diluted	1.30			1.13

Weighted average shares outstanding:
Basic	97,595			97,298
Diluted	98,104			97,951

Net income	$	127,720		$	111,069

Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments	38,366			(28,750		)
Total other comprehensive income (loss)	38,366			(28,750		)
Comprehensive income	$	166,086		$	82,319


Loss ratio	4.0		%	3.5		%
Expense ratio	23.1			25.0
Combined ratio	27.1		%	28.5		%


				Exhibit B

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)


	March 31,			December 31,
(In thousands, except per share amounts)	2019			2018
Assets
Investments
Fixed maturities available for sale, at fair value	$	2,765,267		$	2,605,666
Short-term investments available for sale, at fair value	210,822			154,400
Total investments available for sale	2,976,089			2,760,066
Other invested assets	32,735			30,952
Total investments	3,008,824			2,791,018
Cash	40,489			64,946
Accrued investment income	18,176			17,627
Accounts receivable	38,194			36,881
Deferred policy acquisition costs	15,657			16,049
Property and equipment	17,940			7,629
Prepaid federal income tax	202,385			202,385
Other assets	11,580			13,436

Total assets	$	3,353,245		$	3,149,971

Liabilities and Stockholders’ Equity
Liabilities
Reserve for losses and LAE	$	53,484		$	49,464
Unearned premium reserve	295,320			295,467
Net deferred tax liability	196,040			172,642
Credit facility borrowings, net of deferred costs	223,807			223,664
Securities purchased payable	22,546			2,041
Other accrued liabilities	34,245			40,976
Total liabilities	825,442			784,254

Commitments and contingencies

Stockholders’ Equity
Common shares	1,475			1,472
Additional paid-in capital	1,106,797			1,110,800
Accumulated other comprehensive income (loss)	9,373			(28,993		)
Retained earnings	1,410,158			1,282,438
Total stockholders’ equity	2,527,803			2,365,717

Total liabilities and stockholders’ equity	$	3,353,245		$	3,149,971

Return on average equity (1)	20.9		%	21.7		%

(1) The 2019 return on average equity is calculated by
dividing annualized year-to-date 2019 net income by average
equity. The 2018 return on average equity is calculated by
dividing full year 2018 net income by average equity.

										Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data


	2019			2018
Selected Income Statement Data	March 31			December 31			September 30			June 30			March 31
(In thousands, except per share amounts)
Revenues:
Net premiums written	$	177,644		$	176,437		$	175,221		$	168,404		$	165,225

Net premiums earned (1)	177,791			173,301			166,675			156,958			152,558
Other revenues (2)	22,735			19,823			18,323			16,810			14,905
Total revenues	200,526			193,124			184,998			173,768			167,463

Losses and expenses:
Provision for losses and LAE (3)	7,107			(999		)	5,452			1,813			5,309
Other underwriting and operating expenses	41,030			39,449			36,899			36,428			38,124
Interest expense	2,670			2,611			2,500			2,618			2,450
Total losses and expenses	50,807			41,061			44,851			40,859			45,883

Income before income taxes	149,719			152,063			140,147			132,909			121,580
Income tax expense (4)	21,999			23,535			24,136			21,154			10,511
Net income	$	127,720		$	128,528		$	116,011		$	111,755		$	111,069

Earnings per share:
Basic	$	1.31		$	1.32		$	1.19		$	1.15		$	1.14
Diluted	1.30			1.31			1.18			1.14			1.13

Weighted average shares outstanding:
Basic	97,595			97,450			97,438			97,426			97,298
Diluted	98,104			98,066			98,013			97,866			97,951

Other Data:
Loss ratio (5)	4.0		%	(0.6		)%	3.3		%	1.2		%	3.5		%
Expense ratio (6)	23.1			22.8			22.1			23.2			25.0
Combined ratio	27.1		%	22.2		%	25.4		%	24.4		%	28.5		%

Return on average equity (annualized)	20.9		%	22.4		%	21.5		%	21.8		%	22.6		%

(1) Net premiums earned are net of premiums ceded to
third-party reinsurers. Premiums ceded totaled $6,038, $3,731,
$3,158, $3,585 and $294 in the three months ended March 31, 2019,
December 31, 2018, September 30, 2018, June 30, 2018 and March 31,
2018, respectively.

(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. Other revenues for the
quarter ended March 31, 2019 includes a $1,424 favorable increase in
the fair value of these embedded derivatives.

(3) Provision for losses and LAE for the quarter ended
December 31, 2018 includes a $9,941 reduction associated with
previously identified hurricane-related defaults based on the
performance to date and our expectations of the amount of ultimate
losses on the remaining delinquencies.

(4) Income tax expense for the quarters ended March 31, 2019
and 2018 was reduced by $1,956 and $9,549, respectively, of excess
tax benefits associated with the vesting of common shares and common
share units during each period. Income tax expense for the quarter
ended September 30, 2018 includes $1,450 of expense associated with
accrual to return adjustments associated with the completion of the
2017 U.S. federal income tax return.

(5) Loss ratio is calculated by dividing the provision for
losses and LAE by net premiums earned.

(6) 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


	2019			2018
Other Data, continued:	March 31			December 31			September 30			June 30			March 31
($ in thousands)

U.S. Mortgage Insurance Portfolio
Flow:
New insurance written	$	10,945,307		$	11,408,542		$	13,913,191		$	12,850,642		$	9,336,150
New risk written	2,713,389			2,838,530			3,430,942			3,201,610			2,295,314

Bulk:
New insurance written	$	55,002		$	—		$	—		$	—		$	—
New risk written	6,542			—			—			—			—

Total:
Average gross premium rate (7)	0.50		%	0.50		%	0.51		%	0.52		%	0.52		%
Average net premium rate (8)	0.48		%	0.49		%	0.50		%	0.51		%	0.52		%
New insurance written	$	11,000,309		$	11,408,542		$	13,913,191		$	12,850,642		$	9,336,150
New risk written	$	2,719,931		$	2,838,530		$	3,430,942		$	3,201,610		$	2,295,314
Insurance in force (end of period)	$	143,181,641		$	137,720,786		$	131,249,957		$	122,501,246		$	115,250,949
Gross risk in force (end of period) (9)	$	35,925,830		$	34,482,448		$	32,786,194		$	30,579,106		$	28,691,561
Risk in force (end of period)	$	34,744,417		$	33,892,869		$	32,361,782		$	30,154,694		$	28,267,149
Policies in force	629,808			608,135			581,570			546,576			517,215
Weighted average coverage (10)	25.1		%	25.0		%	25.0		%	25.0		%	24.9		%
Annual persistency	85.1		%	84.9		%	84.0		%	83.0		%	83.5		%

Loans in default (count)	4,096			4,024			3,538			3,519			4,442
Percentage of loans in default	0.65		%	0.66		%	0.61		%	0.64		%	0.86		%

Other Risk in Force
GSE and other risk share (11)	$	771,175		$	655,384		$	612,750		$	592,493		$	557,692

Credit Facility
Borrowings outstanding	$	225,000		$	225,000		$	225,000		$	225,000		$	265,000
Undrawn committed capacity	$	275,000		$	275,000		$	275,000		$	275,000		$	110,000
Weighted average interest rate	4.48		%

(7) 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.

(8) 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.

(9) Gross risk in force includes risk ceded under third-party
reinsurance.

(10) Weighted average coverage is calculated by dividing end
of period gross risk in force by end of period insurance in force.

(11) 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
	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
>=760	$	4,470,503		40.8	%	$	4,737,774		41.5	%	$	3,832,218		41.0	%
740-759	1,912,141			17.5		1,959,523			17.2		1,550,138			16.6
720-739	1,565,613			14.3		1,665,931			14.6		1,339,145			14.3
700-719	1,352,545			12.4		1,349,689			11.8		1,144,900			12.3
680-699	907,969			8.3		875,125			7.7		809,618			8.7
	736,536			6.7		820,500			7.2		660,131			7.1
Total	$	10,945,307		100.0	%	$	11,408,542		100.0	%	$	9,336,150		100.0	%

Weighted average credit score	744					745					744



NIW by LTV
	Three Months Ended
	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
85.00% and below	$	1,442,833		13.2	%	$	1,384,296		12.1	%	$	1,212,336		13.0	%
85.01% to 90.00%	2,950,348			26.9		3,124,625			27.4		2,708,512			29.0
90.01% to 95.00%	4,659,337			42.6		4,955,729			43.4		4,078,208			43.7
95.01% and above	1,892,789			17.3		1,943,892			17.1		1,337,094			14.3
Total	$	10,945,307		100.0	%	$	11,408,542		100.0	%	$	9,336,150		100.0	%

Weighted average LTV	92		%			92		%			92		%



NIW by Product
	Three Months Ended
	March 31, 2019					December 31, 2018					March 31, 2018
Single Premium policies				12.3	%				13.5	%				20.3	%
Monthly Premium policies				87.7					86.5					79.7
				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended
	March 31, 2019					December 31, 2018					March 31, 2018
Purchase				87.6	%				93.3	%				85.3	%
Refinance				12.4					6.7					14.7
				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	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
>=760	$	61,191,185		42.7	%	$	59,249,659		43.0	%	$	50,359,464		43.7	%
740-759	23,919,745			16.7		22,843,145			16.6		18,791,203			16.3
720-739	20,728,151			14.5		19,898,885			14.5		16,473,367			14.3
700-719	16,454,730			11.5		15,714,206			11.4		12,857,417			11.2
680-699	11,774,884			8.2		11,299,829			8.2		9,622,067			8.3
	9,112,946			6.4		8,715,062			6.3		7,147,431			6.2
Total	$	143,181,641		100.0	%	$	137,720,786		100.0	%	$	115,250,949		100.0	%

Weighted average credit score	746					746					747

Gross RIF by FICO score	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
>=760	$	15,303,364		42.6	%	$	14,789,783		42.9	%	$	12,519,237		43.6	%
740-759	6,012,004			16.7		5,736,432			16.6		4,707,875			16.4
720-739	5,257,051			14.6		5,036,063			14.6		4,142,041			14.5
700-719	4,144,221			11.6		3,943,925			11.4		3,192,804			11.1
680-699	2,974,758			8.3		2,846,297			8.3		2,402,777			8.4
	2,234,432			6.2		2,129,948			6.2		1,726,827			6.0
Total	$	35,925,830		100.0	%	$	34,482,448		100.0	%	$	28,691,561		100.0	%

Portfolio by LTV
IIF by LTV	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
85.00% and below	$	15,581,861		10.9	%	$	15,123,578		11.0	%	$	13,371,220		11.6	%
85.01% to 90.00%	42,045,657			29.3		41,020,839			29.8		35,907,759			31.2
90.01% to 95.00%	68,414,122			47.8		66,028,990			47.9		56,367,801			48.9
95.01% and above	17,140,001			12.0		15,547,379			11.3		9,604,169			8.3
Total	$	143,181,641		100.0	%	$	137,720,786		100.0	%	$	115,250,949		100.0	%

Weighted average LTV	92		%			92		%			92		%

Gross RIF by LTV	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
85.00% and below	$	1,797,794		5.0	%	$	1,741,823		5.1	%	$	1,519,929		5.3	%
85.01% to 90.00%	10,083,981			28.1		9,819,171			28.5		8,543,010			29.8
90.01% to 95.00%	19,605,747			54.6		18,912,421			54.8		16,176,713			56.4
95.01% and above	4,438,308			12.3		4,009,033			11.6		2,451,909			8.5
Total	$	35,925,830		100.0	%	$	34,482,448		100.0	%	$	28,691,561		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	March 31, 2019					December 31, 2018					March 31, 2018
($ in thousands)
FRM 30 years and higher	$	133,725,528		93.4	%	$	128,083,429		93.0	%	$	105,438,023		91.5	%
FRM 20-25 years	2,912,323			2.1		2,965,782			2.2		3,008,292			2.6
FRM 15 years	3,335,714			2.3		3,445,447			2.5		3,746,030			3.2
ARM 5 years and higher	3,208,076			2.2		3,226,128			2.3		3,058,604			2.7
Total	$	143,181,641		100.0	%	$	137,720,786		100.0	%	$	115,250,949		100.0	%


							Exhibit F

Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force


($ in thousands)	March 31, 2019			December 31, 2018			March 31, 2018

GSE and other risk share (1)	$	771,175		$	655,384		$	557,692

Weighted average credit score	747			748			751
Weighted average LTV	85		%	85		%	84		%

(1) GSE and other risk share includes GSE risk share and
other reinsurance transactions. Essent Reinsurance Ltd. (“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 G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Portfolio Vintage Data
March 31, 2019


								Insurance in Force
Origination Year	Original Insurance Written ($ in thousands)		Remaining Insurance in Force ($ in thousands)		% Remaining of Original Insurance		Number of Policies in Force	% Purchase		>90% LTV		>95% LTV		FICO		FICO >= 760		% FRM		Incurred Loss Ratio (Inception to Date) (1)		Number of Loans in Default

2010	$	245,898	$	7,157	2.9	%	50	74.3	%	65.1	%	0.0	%	1.3	%	63.4	%	100.0	%	2.6	%	—
2011	3,229,720		205,695		6.4		1,201	70.9		60.7		0.4		6.1		52.4		97.7		3.8		26
2012	11,241,161		1,609,891		14.3		8,601	74.3		67.2		0.7		5.6		56.2		98.8		2.3		99
2013	21,152,638		4,659,035		22.0		24,593	79.9		63.1		2.2		7.8		51.3		98.7		2.3		266
2014	24,799,434		7,756,142		31.3		41,736	88.9		65.2		4.6		15.6		41.2		96.7		3.2		539
2015	26,193,656		12,685,939		48.4		60,705	84.4		58.3		2.7		14.6		43.7		97.9		2.9		619
2016	34,949,319		23,979,879		68.6		106,160	82.5		57.3		6.7		13.6		45.4		98.5		3.3		900
2017	43,858,322		36,591,717		83.4		161,549	86.5		58.8		13.9		16.0		41.6		97.1		4.4		1,136
2018	47,508,525		44,763,371		94.2		182,922	91.9		60.6		17.3		14.8		41.2		97.9		4.3		509
2019 (through March 31)	11,000,309		10,922,815		99.3		42,291	87.6		60.1		17.4		15.1		40.8		98.1		0.3		2
Total	$	224,178,982	$	143,181,641	63.9		629,808	87.2		59.8		12.0		14.6		42.7		97.8		3.2		4,096

(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

Contacts

Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Christopher G. Curran
Senior
Vice President – Investor Relations
855-809-ESNT
ir@essentgroup.com

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