Essent Group Ltd. Reports Third Quarter 2020 Results & Declares Quarterly Dividend

HAMILTON, Bermuda–(BUSINESS WIRE)–Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2020 of $124.5 million or $1.11 per diluted share, compared to $144.6 million or $1.47 per diluted share for the quarter ended September 30, 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 December 10, 2020, to shareholders of record on December 1, 2020.

“We are encouraged by the increase in our third quarter earnings as compared to the second quarter due to a lower loss provision driven by a decrease in the number of new COVID-19 default notices received on our insured portfolio,” said Mark A. Casale, Chairman and Chief Executive Officer. “Although our outlook on the economy remains cautious, we are pleased with the resilience and strength that housing has demonstrated throughout the year which has been a bright spot in the economy and positive for high credit quality growth in our business.”

Financial Highlights:

Insurance in force as of September 30, 2020 was $190.8 billion, compared to $174.6 billion as of June 30, 2020 and $161.0 billion as of September 30, 2019.

New insurance written for the third quarter was $36.7 billion, compared to $28.2 billion in the second quarter of 2020 and $18.7 billion in the third quarter of 2019.

Net premiums earned for the third quarter were $222.3 million, compared to $211.5 million in the second quarter of 2020 and $203.5 million in the third quarter of 2019.

The expense ratio for the third quarter was 16.7%, compared to 18.4% in the second quarter of 2020 and 20.4% in the third quarter of 2019.

The provision for losses and LAE for the third quarter was $55.3 million, compared to a provision of $175.9 million in the second quarter of 2020 and a provision of $10.0 million in the third quarter of 2019.

The percentage of loans in default as of September 30, 2020 was 4.54%, compared to 5.19% as of June 30, 2020 and 0.75% as of September 30, 2019.
- As of October 31, 2020, the percentage of loans in default was 4.25%.

The combined ratio for the third quarter was 41.6%, compared to 101.5% in the second quarter of 2020 and 25.3% in the third quarter of 2019.

Other income for the third quarter includes a $0.7 million loss for the change in the fair value of embedded derivatives in certain of our third-party reinsurance agreements, compared to a gain of $2.5 million in the second quarter of 2020 and a loss of $0.8 million in the third quarter of 2019.

The consolidated balance of cash and investments at September 30, 2020 was $4.7 billion, including cash and investment balances at Essent Group Ltd. of $685.0 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 11.6:1 as of September 30, 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.

During the third quarter, A.M. Best affirmed its “A (Excellent)” financial strength rating of Essent Guaranty, Inc. and a long-term issuer credit rating of “a” of the operating subsidiaries of Essent Group Ltd. Essent Guaranty, Inc. also has financial strength ratings of “A3” by Moody’s and “BBB+” by S&P.

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 3494393 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 3494393.

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 Ended September 30, 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 September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)	2020			2019			2020			2019
Revenues:
Direct premiums written	$	243,390		$	208,567		$	677,414		$	589,081
Ceded premiums	(21,167)			(10,263)			(57,544)			(24,729)
Net premiums written	222,223			198,304			619,870			564,352
Decrease in unearned premiums	35			5,169			20,355			5,402
Net premiums earned	222,258			203,473			640,225			569,754
Net investment income	18,639			21,104			59,138			61,565
Realized investment gains, net	267			1,153			2,133			2,396
Other income	1,874			657			6,459			5,090
Total revenues	243,038			226,387			707,955			638,805

Losses and expenses:
Provision for losses and LAE	55,280			9,990			239,220			22,057
Other underwriting and operating expenses	37,100			41,588			117,866			124,138
Interest expense	2,227			2,584			6,925			7,933
Total losses and expenses	94,607			54,162			364,011			154,128

Income before income taxes	148,431			172,225			343,944			484,677
Income tax expense	23,895			27,595			54,505			75,922
Net income	$	124,536		$	144,630		$	289,439		$	408,755


Earnings per share:
Basic	$	1.11		$	1.48		$	2.78		$	4.18
Diluted	1.11			1.47			2.77			4.16

Weighted average shares outstanding:
Basic	111,908			97,822			104,147			97,739
Diluted	112,134			98,257			104,383			98,178

Net income	$	124,536		$	144,630		$	289,439		$	408,755

Other comprehensive income (loss):
Change in unrealized appreciation of investments	12,036			17,367			76,247			91,720
Total other comprehensive income	12,036			17,367			76,247			91,720
Comprehensive income	$	136,572		$	161,997		$	365,686		$	500,475


Loss ratio	24.9		%	4.9		%	37.4		%	3.9		%
Expense ratio	16.7			20.4			18.4			21.8
Combined ratio	41.6		%	25.3		%	55.8		%	25.7		%

				Exhibit B

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


	September 30,			December 31,
(In thousands, except per share amounts)	2020			2019
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	3,549,397		$	3,035,385
Short-term investments available for sale, at fair value	952,952			315,362
Total investments available for sale	4,502,349			3,350,747
Other invested assets	83,063			78,873
Total investments	4,585,412			3,429,620
Cash	118,691			71,350
Accrued investment income	19,152			18,535
Accounts receivable	45,434			40,655
Deferred policy acquisition costs	16,704			15,705
Property and equipment	14,596			17,308
Prepaid federal income tax	279,136			261,885
Other assets	27,963			18,367

Total assets	$	5,107,088		$	3,873,425

*Liabilities and Stockholders’ Equity*
Liabilities
Reserve for losses and LAE	$	307,737		$	69,362
Unearned premium reserve	258,532			278,887
Net deferred tax liability	281,506			249,620
Credit facility borrowings, net of deferred costs	424,658			224,237
Other accrued liabilities	88,111			66,474
Total liabilities	1,360,544			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	1,566,448			1,118,655
Accumulated other comprehensive income	132,434			56,187
Retained earnings	2,045,976			1,808,527
Total stockholders’ equity	3,746,544			2,984,845

Total liabilities and stockholders’ equity	$	5,107,088		$	3,873,425

Return on average equity (1)	11.5		%	20.8		%

(1) The 2020 return on average equity is calculated by dividing annualized year-to-date 2020 net income by average equity. The 2019 return on average equity is calculated by dividing full year 2019 net income by average equity.

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


	2020									2019
Selected Income Statement Data	September 30			June 30			March 31			December 31			September 30			June 30			March 31
(In thousands, except per share amounts)
Revenues:
Net premiums written	$	222,223		$	205,904		$	191,743		$	196,493		$	198,304		$	188,404		$	177,644

Net premiums earned (1)	222,258			211,471			206,496			207,671			203,473			188,490			177,791
Other revenues (2)	20,780			24,606			22,344			21,091			22,914			23,402			22,735
Total revenues	243,038			236,077			228,840			228,762			226,387			211,892			200,526

Losses and expenses:
Provision for losses and LAE	55,280			175,877			8,063			10,929			9,990			4,960			7,107
Other underwriting and operating expenses	37,100			38,819			41,947			41,231			41,588			41,520			41,030
Interest expense	2,227			2,566			2,132			2,218			2,584			2,679			2,670
Total losses and expenses	94,607			217,262			52,142			54,378			54,162			49,159			50,807

Income before income taxes	148,431			18,815			176,698			174,384			172,225			162,733			149,719
Income tax expense (3)	23,895			3,435			27,175			27,426			27,595			26,328			21,999
Net income	$	124,536		$	15,380		$	149,523		$	146,958		$	144,630		$	136,405		$	127,720

Earnings per share:
Basic	$	1.11		$	0.15		$	1.53		$	1.50		$	1.48		$	1.39		$	1.31
Diluted	1.11			0.15			1.52			1.49			1.47			1.39			1.30

Weighted average shares outstanding:
Basic	111,908			102,500			97,949			97,830			97,822			97,798			97,595
Diluted	112,134			102,605			98,326			98,376			98,257			98,170			98,104

Other Data:
Loss ratio (4)	24.9		%	83.2		%	3.9		%	5.3		%	4.9		%	2.6		%	4.0		%
Expense ratio (5)	16.7			18.4			20.3			19.9			20.4			22.0			23.1
Combined ratio	41.6		%	101.5		%	24.2		%	25.1		%	25.3		%	24.7		%	27.1		%

Return on average equity (annualized)	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. Other revenues for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019 include net favorable (unfavorable) changes of ($677), $2,502, ($4,200), ($3,585), ($760), $1,160 and $1,424, respectively, in the fair value of these embedded derivatives.
(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:	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	$	36,664,583		$	28,163,212		$	13,549,299		$	15,839,836		$	18,719,876		$	17,973,505		$	10,945,307
New risk written	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)	0.51		%	0.53		%	0.51		%	0.51		%	0.52		%	0.51		%	0.50		%
Average net premium rate (7)	0.46		%	0.48		%	0.48		%	0.49		%	0.49		%	0.49		%	0.48		%
New insurance written	$	36,664,583		$	28,163,212		$	13,549,450		$	15,839,836		$	18,726,009		$	18,003,029		$	11,000,309
New risk written	$	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)	$	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)	$	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)	$	41,219,216		$	39,113,879		$	38,290,022		$	38,947,857		$	38,784,584		$	37,034,687		$	34,744,417
Policies in force	781,836			733,651			706,714			702,925			693,085			666,705			629,808
Weighted average coverage (9)	25.1		%	25.2		%	25.3		%	25.2		%	25.2		%	25.1		%	25.1		%
Annual persistency	64.2		%	67.9		%	73.9		%	77.5		%	82.1		%	84.8		%	85.1		%

Loans in default (count)	35,464			38,068			5,841			5,947			5,232			4,405			4,096
Percentage of loans in default	4.54		%	5.19		%	0.83		%	0.85		%	0.75		%	0.66		%	0.65		%

Other Risk in Force
GSE and other risk share (10)	$	1,216,353		$	1,031,699		$	1,100,966		$	895,374		$	849,184		$	802,530		$	771,175

Credit Facility
Borrowings outstanding	$	425,000		$	425,000		$	425,000		$	225,000		$	225,000		$	225,000		$	225,000
Undrawn committed capacity	$	75,000		$	75,000		$	75,000		$	275,000		$	275,000		$	275,000		$	275,000
Weighted average interest rate (end of period)	1.90		%

(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										Nine Months Ended
	September 30, 2020					September 30, 2019					September 30, 2020					September 30, 2019
($ in thousands)
>=760	$	16,887,062		46.1	%	$	7,467,620		39.9	%	$	34,706,705		44.3	%	$	19,251,937		40.4	%
740-759	6,557,520			17.9		3,286,476			17.5		14,316,011			18.3		8,272,424			17.4
720-739	5,238,462			14.3		2,800,181			15.0		11,609,703			14.8		6,938,374			14.6
700-719	4,187,254			11.4		2,202,659			11.8		9,024,266			11.5		5,695,567			11.9
680-699	2,131,994			5.8		1,570,179			8.4		5,127,817			6.5		4,013,107			8.4
<=679	1,662,291			4.5		1,392,761			7.4		3,592,592			4.6		3,467,279			7.3
Total	$	36,664,583		100.0	%	$	18,719,876		100.0	%	$	78,377,094		100.0	%	$	47,638,688		100.0	%

Weighted average credit score	751					744					749					744



NIW by LTV
	Three Months Ended										Nine Months Ended
	September 30, 2020					September 30, 2019					September 30, 2020					September 30, 2019
($ in thousands)
85.00% and below	$	6,815,158		18.6	%	$	2,126,071		11.4	%	$	13,807,437		17.6	%	$	5,789,334		12.2	%
85.01% to 90.00%	11,324,610			30.9		5,288,027			28.2		24,391,509			31.1		13,089,688			27.5
90.01% to 95.00%	14,781,544			40.3		7,896,661			42.2		31,382,298			40.1		20,081,707			42.1
95.01% and above	3,743,271			10.2		3,409,117			18.2		8,795,850			11.2		8,677,959			18.2
Total	$	36,664,583		100.0	%	$	18,719,876		100.0	%	$	78,377,094		100.0	%	$	47,638,688		100.0	%

Weighted average LTV	91		%			92		%			91		%			92		%



NIW by Product
	Three Months Ended										Nine Months Ended
	September 30, 2020					September 30, 2019					September 30, 2020					September 30, 2019
Single Premium policies				8.6	%				10.8	%				9.5	%				11.3	%
Monthly Premium policies				91.4					89.2					90.5					88.7
				100.0	%				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended										Nine Months Ended
	September 30, 2020					September 30, 2019					September 30, 2020					September 30, 2019
Purchase				61.1	%				79.6	%				60.0	%				83.3	%
Refinance				38.9					20.4					40.0					16.7
				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	September 30, 2020					June 30, 2020					September 30, 2019
($ in thousands)
>=760	$	78,923,142		41.4	%	$	71,570,804		41.0	%	$	67,408,766		41.9	%
740-759	33,229,396			17.4		30,265,718			17.3		27,178,330			16.9
720-739	28,496,228			15.0		26,130,764			15.0		23,459,055			14.6
700-719	22,748,385			11.9		20,721,839			11.9		18,728,884			11.6
680-699	15,302,772			8.0		14,545,011			8.3		13,418,919			8.3
<=679	12,111,369			6.3		11,412,137			6.5		10,768,238			6.7
Total	$	190,811,292		100.0	%	$	174,646,273		100.0	%	$	160,962,192		100.0	%

Weighted average credit score	745					745					745

Gross RIF by FICO score	September 30, 2020					June 30, 2020					September 30, 2019
($ in thousands)
>=760	$	19,606,502		41.0	%	$	17,871,881		40.6	%	$	16,877,750		41.6	%
740-759	8,395,009			17.5		7,672,436			17.4		6,857,369			16.9
720-739	7,251,499			15.2		6,673,863			15.2		5,980,949			14.8
700-719	5,738,412			12.0		5,246,989			11.9		4,743,360			11.7
680-699	3,853,734			8.0		3,693,448			8.4		3,406,811			8.4
<=679	2,993,512			6.3		2,835,372			6.5		2,674,050			6.6
Total	$	47,838,668		100.0	%	$	43,993,989		100.0	%	$	40,540,289		100.0	%

Portfolio by LTV
IIF by LTV	September 30, 2020					June 30, 2020					September 30, 2019
($ in thousands)
85.00% and below	$	23,979,065		12.6	%	$	19,874,830		11.4	%	$	16,918,870		10.5	%
85.01% to 90.00%	55,453,633			29.1		50,446,645			28.9		46,021,398			28.6
90.01% to 95.00%	84,573,433			44.3		79,112,541			45.3		75,528,177			46.9
95.01% and above	26,805,161			14.0		25,212,257			14.4		22,493,747			14.0
Total	$	190,811,292		100.0	%	$	174,646,273		100.0	%	$	160,962,192		100.0	%

Weighted average LTV	92		%			92		%			92		%

Gross RIF by LTV	September 30, 2020					June 30, 2020					September 30, 2019
($ in thousands)
85.00% and below	$	2,759,320		5.8	%	$	2,292,935		5.2	%	$	1,953,058		4.8	%
85.01% to 90.00%	13,307,205			27.8		12,120,308			27.6		11,065,886			27.3
90.01% to 95.00%	24,391,376			51.0		22,760,884			51.7		21,633,852			53.4
95.01% and above	7,380,767			15.4		6,819,862			15.5		5,887,493			14.5
Total	$	47,838,668		100.0	%	$	43,993,989		100.0	%	$	40,540,289		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	September 30, 2020					June 30, 2020					September 30, 2019
($ in thousands)
FRM 30 years and higher	$	180,135,430		94.4	%	$	165,143,246		94.5	%	$	151,594,009		94.2	%
FRM 20-25 years	3,945,019			2.1		3,277,847			1.9		2,872,964			1.8
FRM 15 years	4,417,092			2.3		3,660,888			2.1		3,367,326			2.1
ARM 5 years and higher	2,313,751			1.2		2,564,292			1.5		3,127,893			1.9
Total	$	190,811,292		100.0	%	$	174,646,273		100.0	%	$	160,962,192		100.0	%

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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