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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): February 9, 2024
ESSENT GROUP LTD.
(Exact name of registrant as specified in its charter) 
Bermuda001-36157Not Applicable
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM11, Bermuda
(Address of Principal Executive Offices and Zip Code)

(441) 297‑9901
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Shares, $0.015 par valueESNTNew York Stock Exchange



Item 8.01.    Results of Operations and Financial Condition
On February 9, 2024, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023. A copy of this press release is furnished as Exhibit 99.1 to this report.
The information in this report, including Exhibit 99.1, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. The information in this report shall not be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.             Financial Statements and Exhibits
(d)Exhibits
Exhibit
 No.		  Description
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Press Release issued by Essent Group Ltd. on February 9, 2024.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 9, 2024

ESSENT GROUP LTD.


By:    /s/ David B. Weinstock
Name: David B. Weinstock
Title: Senior Vice President, Chief Financial Officer


Exhibit 99.1

Essent Group Ltd. Announces Fourth Quarter & Full Year 2023 Results and Increases Quarterly Dividend
HAMILTON, Bermuda--(BUSINESS WIRE)--February 9, 2024--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2023 of $175.4 million or $1.64 per diluted share, compared to $147.4 million or $1.37 per diluted share for the quarter ended December 31, 2022. For the full year 2023, net income was $696.4 million or $6.50 per diluted share, compared to $831.4 million or $7.72 per diluted share for 2022.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend is payable on March 22, 2024, to shareholders of record on March 13, 2024.

“We are pleased with our fourth quarter and full year 2023 financial results, which benefited from favorable credit performance and higher interest rates,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results continue to demonstrate the earnings power of our business and provide us with attractive levels of operating cash flows, indicating the overall strength and stability of our franchise.”
Financial Highlights:
•New insurance written for the fourth quarter of 2023 was $8.8 billion, compared to $12.5 billion in the third quarter of 2023 and $13.0 billion in the fourth quarter of 2022.

•Insurance in force as of December 31, 2023 was $239.1 billion, compared to $238.7 billion as of September 30, 2023 and $227.1 billion as of December 31, 2022.

•Net investment income for the fourth quarter of 2023 was $50.6 million, up 34% from the fourth quarter of 2022. In 2023, net investment income was $186.1 million, up 50% from 2022.

•On January 8, 2024, S&P Global Ratings raised its long-term financial strength and issuer credit ratings on Essent Guaranty, Inc. and Essent Reinsurance Ltd. to ‘A-’ from ‘BBB+’, with a stable outlook.


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 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 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: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.

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: 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; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); the impact of COVID-19 and related economic conditions; 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; 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, 2022 filed with the Securities and Exchange Commission on February 17, 2023, 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 serves the housing finance industry by offering private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.

Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2023
Exhibit ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data
Exhibit DU.S Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit ENew Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit FInsurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit GOther Risk in Force
Exhibit HU.S. Mortgage Insurance Portfolio Vintage Data
Exhibit IU.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit JU.S. Mortgage Insurance Portfolio Geographic Data
Exhibit KRollforward of Defaults and Reserve for Losses and LAE
Exhibit LDetail of Reserves by Default Delinquency
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit OLoss, Expense and Combined Ratios and Reconciliation of Non-GAAP Financial Measures



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)2023202220232022
Revenues:
Direct premiums written$269,255 $235,015 $1,028,781 $927,702 
Ceded premiums(31,068)(34,289)(134,499)(107,673)
Net premiums written238,187 200,726 894,282 820,029 
Decrease in unearned premiums7,427 6,526 22,624 22,498 
Net premiums earned245,614 207,252 916,906 842,527 
Net investment income50,581 37,796 186,139 124,409 
Realized investment gains (losses), net(4,892)(5,524)(7,204)(13,172)
Income (loss) from other invested assets(421)(7,599)(11,118)28,676 
Other income (loss)6,395 (1,888)25,036 18,384 
Total revenues297,277 230,037 1,109,759 1,000,824 
Losses and expenses:
Provision (benefit) for losses and LAE19,640 4,101 31,542 (174,704)
Other underwriting and operating expenses55,248 46,895 200,431 171,733 
Premiums retained by agents 11,475 — 24,650 — 
Interest expense7,953 6,045 30,137 15,608 
Total losses and expenses94,316 57,041 286,760 12,637 
Income before income taxes202,961 172,996 822,999 988,187 
Income tax expense27,594 25,630 126,613 156,834 
Net income$175,367 $147,366 $696,386 $831,353 
Earnings per share:
Basic$1.66 $1.38 $6.56 $7.75 
Diluted1.64 1.37 6.50 7.72 
Weighted average shares outstanding:
Basic105,733 106,881 106,222 107,205 
Diluted106,823 107,419 107,129 107,653 
Net income$175,367 $147,366 $696,386 $831,353 
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments155,887 40,787 102,294 (433,497)
Total other comprehensive income (loss)155,887 40,787 102,294 (433,497)
Comprehensive income$331,254 $188,153 $798,680 $397,856 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31,December 31,
(In thousands, except per share amounts)20232022
Assets
Investments
Fixed maturities available for sale, at fair value$4,335,008 $4,489,598 
Short-term investments available for sale, at fair value928,731 252,027 
Total investments available for sale5,263,739 4,741,625 
Other invested assets277,226 257,941 
Total investments5,540,965 4,999,566 
Cash141,787 81,240 
Accrued investment income35,689 33,162 
Accounts receivable63,266 57,399 
Deferred policy acquisition costs9,139 9,910 
Property and equipment41,304 19,571 
Prepaid federal income tax470,646 418,460 
Goodwill and intangible assets, net72,826 — 
Other assets51,051 104,489 
Total assets$6,426,673 $5,723,797 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$260,095 $216,464 
Unearned premium reserve140,285 162,887 
Net deferred tax liability362,753 356,810 
Credit facility borrowings, net of deferred costs421,920 420,864 
Other accrued liabilities139,070 104,463 
Total liabilities1,324,123 1,261,488 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 106,597 shares in 2023 and 107,683 shares in 20221,599 1,615 
Additional paid-in capital1,299,869 1,350,377 
Accumulated other comprehensive (loss) income(280,496)(382,790)
Retained earnings4,081,578 3,493,107 
Total stockholders' equity 5,102,550 4,462,309 
Total liabilities and stockholders' equity$6,426,673 $5,723,797 
Return on average equity14.6 %19.1 %



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
20232022
Selected Income Statement DataDecember 31September 30June 30March 31December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio$211,083 $209,351 $195,502 $196,565 $192,670 
GSE and other risk share17,166 16,850 17,727 14,693 14,582 
Title Insurance17,365 20,604 — — — 
Net premiums earned245,614 246,805 213,229 211,258 207,252 
Net investment income50,581 47,072 45,250 43,236 37,796 
Realized investment gains (losses), net(4,892)(235)(1,589)(488)(5,524)
Income (loss) from other invested assets(421)(3,143)(4,852)(2,702)(7,599)
Other income (loss) (1)
6,395 5,609 8,090 4,942 (1,888)
Total revenues297,277 296,108 260,128 256,246 230,037 
Losses and expenses:
Provision (benefit) for losses and LAE19,640 10,822 1,260 (180)4,101 
Other underwriting and operating expenses55,248 54,814 42,174 48,195 46,895 
Premiums retained by agents11,475 13,175 — — — 
Interest expense7,953 7,854 7,394 6,936 6,045 
Total losses and expenses94,316 86,665 50,828 54,951 57,041 
Income before income taxes202,961 209,443 209,300 201,295 172,996 
Income tax expense (2)
27,594 31,484 37,067 30,468 25,630 
Net income$175,367 $177,959 $172,233 $170,827 $147,366 
Earnings per share:
   Basic$1.66 $1.68 $1.62 $1.60 $1.38 
   Diluted1.64 1.66 1.61 1.59 1.37 
Weighted average shares outstanding:
   Basic105,733 105,979 106,249 106,943 106,881 
   Diluted106,823 107,025 107,093 107,585 107,419 
Book value per share$47.87 $44.98 $44.24 $43.18 $41.44 
Return on average equity (annualized)14.2 %14.9 %14.7 %15.0 %13.5 %
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)
7.11 %7.07 %6.87 %6.52 %6.02 %
Debt-to-capital7.69 %8.12 %8.24 %8.38 %8.70 %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022 was $412, ($898), $2,726, ($368), and ($6,515), respectively.
(2) Income tax expense for the quarters ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022 includes ($1,132), ($763), ($888), ($368) and ($4,122), respectively, of discrete tax (benefit) expense associated with realized and unrealized gains and losses. Income tax expense for the quarter ended December 31, 2023 also includes a $2,731 net benefit associated with the recognition of a deferred tax asset for unrealized losses on the investment portfolios of Essent Group and Essent Re upon the enactment of the Bermuda Corporate Income Tax. Income tax expense for the quarter ended June 30, 2023 also includes $5,295 of net discrete tax expense associated with prior year tax returns.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S Mortgage Insurance Portfolio Historical Quarterly Data
20232022
Other Data, continued:December 31September 30June 30March 31December 31
($ in thousands)
U.S. Mortgage Insurance Portfolio
New insurance written$8,769,160 $12,505,823 $13,498,080 $12,893,789 $13,011,432 
New risk written2,409,340 3,458,467 3,726,513 3,548,015 3,522,726 
Average insurance in force$239,005,961 $237,270,093 $233,484,941 $228,885,174 $224,840,675 
Insurance in force (end of period)$239,078,262 $238,661,612 $235,649,884 $231,537,417 $227,062,055 
Gross risk in force (end of period) (1)
$64,061,374 $63,605,057 $62,403,400 $60,879,979 $59,276,489 
Risk in force (end of period)$54,591,590 $53,920,308 $53,290,643 $51,469,312 $49,903,626 
Policies in force822,012 825,248 821,690 815,751 808,596 
Weighted average coverage (2)
26.8 %26.7 %26.5 %26.3 %26.1 %
Annual persistency86.9 %86.6 %85.8 %84.4 %82.1 %
Loans in default (count)14,819 13,391 12,480 12,773 13,433 
Percentage of loans in default1.80 %1.62 %1.52 %1.57 %1.66 %
U.S. Mortgage Insurance Portfolio premium rate:
   Base average premium rate (3)
0.40 %0.40 %0.40 %0.40 %0.40 %
   Single premium cancellations (4)
— %— %— %— %— %
  Gross average premium rate0.40 %0.40 %0.40 %0.40 %0.40 %
  Ceded premiums(0.05 %)(0.05 %)(0.07 %)(0.06 %)(0.06 %)
    Net average premium rate0.35 %0.35 %0.33 %0.34 %0.34 %
(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.



Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Flow
NIW by Credit Score
Three Months EndedYear Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
($ in thousands)
>=760$3,708,316 42.3 %$4,761,917 36.6 %$19,181,507 40.2 %$25,704,025 40.8 %
740-7591,531,800 17.5 2,428,164 18.7 8,563,621 18.0 10,927,903 17.3 
720-7391,333,537 15.2 2,301,392 17.7 7,644,101 16.0 10,186,558 16.2 
700-7191,256,250 14.3 1,919,146 14.6 7,148,954 15.0 8,371,867 13.2 
680-699581,913 6.6 1,138,743 8.8 3,606,260 7.6 5,548,687 8.8 
<=679357,344 4.1 462,070 3.6 1,522,409 3.2 2,322,026 3.7 
Total$8,769,160 100.0 %$13,011,432 100.0 %$47,666,852 100.0 %$63,061,066 100.0 %
Weighted average credit score747 744 746 746 
NIW by LTV
Three Months EndedYear Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
($ in thousands)
85.00% and below$642,636 7.3 %$1,121,853 8.6 %$3,443,647 7.2 %$5,678,058 9.0 %
85.01% to 90.00%1,871,854 21.3 3,075,304 23.6 9,822,916 20.6 16,732,649 26.5 
90.01% to 95.00%4,660,032 53.1 7,464,333 57.4 26,043,728 54.6 33,925,998 53.8 
95.01% and above1,594,638 18.3 1,349,942 10.4 8,356,561 17.6 6,724,361 10.7 
Total$8,769,160 100.0 %$13,011,432 100.0 %$47,666,852 100.0 %$63,061,066 100.0 %
Weighted average LTV93 %93 %93 %93 %
NIW by Product
Three Months EndedYear Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Single Premium policies2.5 %4.3 %3.5 %5.6 %
Monthly Premium policies97.5 95.7 96.5 94.4 
100.0 %100.0 %100.0 %100.0 %
NIW by Purchase vs. Refinance
Three Months EndedYear Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Purchase98.7 %98.9 %98.8 %97.6 %
Refinance1.3 1.1 1.2 2.4 
100.0 %100.0 %100.0 %100.0 %


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO scoreDecember 31, 2023September 30, 2023December 31, 2022
($ in thousands)
>=760$97,085,244 40.6 %$97,027,348 40.7 %$93,389,066 41.1 %
740-75941,490,720 17.4 41,362,480 17.3 38,842,311 17.2 
720-73937,435,781 15.7 37,297,809 15.6 34,981,632 15.4 
700-71931,932,469 13.4 31,674,346 13.3 29,146,543 12.8 
680-69919,780,944 8.3 19,850,176 8.3 18,859,824 8.3 
<=67911,353,104 4.6 11,449,453 4.8 11,842,679 5.2 
Total$239,078,262 100.0 %$238,661,612 100.0 %$227,062,055 100.0 %
Weighted average credit score746 746 746 
Gross RIF by FICO scoreDecember 31, 2023September 30, 2023December 31, 2022
($ in thousands)
>=760$25,752,549 40.2 %$25,594,262 40.1 %$24,152,726 40.8 %
740-75911,268,607 17.6 11,165,727 17.6 10,255,195 17.3 
720-73910,179,683 15.9 10,090,889 15.9 9,276,750 15.6 
700-7198,687,001 13.6 8,568,811 13.5 7,696,965 13.0 
680-6995,330,894 8.3 5,327,434 8.4 4,963,470 8.4 
<=6792,842,640 4.4 2,857,934 4.5 2,931,383 4.9 
Total$64,061,374 100.0 %$63,605,057 100.0 %$59,276,489 100.0 %
Portfolio by LTV
IIF by LTVDecember 31, 2023September 30, 2023December 31, 2022
($ in thousands)
85.00% and below$19,869,776 8.3 %$21,226,685 8.9 %$24,454,468 10.8 %
85.01% to 90.00%62,973,580 26.3 63,374,562 26.6 63,436,445 27.8 
90.01% to 95.00%119,764,184 50.1 118,461,030 49.6 107,932,064 47.6 
95.01% and above36,470,722 15.3 35,599,335 14.9 31,239,078 13.8 
Total$239,078,262 100.0 %$238,661,612 100.0 %$227,062,055 100.0 %
Weighted average LTV93 %93 %92 %
Gross RIF by LTVDecember 31, 2023September 30, 2023December 31, 2022
($ in thousands)
85.00% and below$2,364,232 3.7 %$2,525,753 4.0 %$2,903,877 4.9 %
85.01% to 90.00%15,494,172 24.2 15,566,095 24.5 15,477,031 26.1 
90.01% to 95.00%35,260,761 55.0 34,848,762 54.8 31,642,669 53.4 
95.01% and above10,942,209 17.1 10,664,447 16.7 9,252,912 15.6 
Total$64,061,374 100.0 %$63,605,057 100.0 %$59,276,489 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodDecember 31, 2023September 30, 2023December 31, 2022
($ in thousands)
FRM 30 years and higher$232,995,380 97.5 %$232,186,999 97.3 %$219,416,408 96.7 %
FRM 20-25 years1,685,700 0.7 1,910,610 0.8 2,601,108 1.1 
FRM 15 years1,505,759 0.6 1,719,467 0.7 2,552,931 1.1 
ARM 5 years and higher2,891,423 1.2 2,844,536 1.2 2,491,608 1.1 
Total$239,078,262 100.0 %$238,661,612 100.0 %$227,062,055 100.0 %


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
20232022
($ in thousands)December 31September 30June 30March 31December 31
GSE and other risk share (1):
Risk in Force$2,244,944 $2,247,393 $2,276,702 $2,098,033 $2,030,571 
Reserve for losses and LAE$29 $54 $55 $65 $74 
Weighted average credit score749 749 749 749 749 
Weighted average LTV82 %82 %83 %83 %83 %
(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 H
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
December 31, 2023
Insurance in Force
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVFICO < 700FICO >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage of Loans in Default
2010 - 2014$60,668,851 $1,432,521 2.4 %8,762 4.31 %71.2 %59.2 %7.3 %14.6 %44.4 %2.5 %379 4.33 %
201526,193,656 1,345,073 5.1 8,143 4.23 82.9 72.5 5.0 18.2 39.1 2.5 319 3.92 
201634,949,319 3,015,806 8.6 17,568 3.90 87.6 80.8 12.4 16.0 42.2 2.2 545 3.10 
201743,858,322 4,792,840 10.9 28,705 4.28 91.4 72.6 21.0 20.5 37.6 3.4 1,166 4.06 
201847,508,525 5,570,630 11.7 31,331 4.79 94.9 72.0 26.2 21.7 32.6 4.5 1,498 4.78 
201963,569,183 12,360,264 19.4 59,051 4.23 88.4 69.0 24.9 18.8 35.4 4.3 1,913 3.24 
2020107,944,065 46,454,833 43.0 178,941 3.19 69.0 57.5 13.3 10.8 45.6 3.1 2,511 1.40 
202184,218,250 61,442,213 73.0 200,700 3.09 86.9 63.3 15.6 13.8 40.5 7.1 3,410 1.70 
202263,061,262 56,943,590 90.3 162,074 5.07 97.9 65.4 11.2 12.6 39.7 20.1 2,456 1.52 
202347,666,852 45,720,492 95.9 126,737 6.66 98.8 72.4 18.1 10.9 39.4 14.5 622 0.49 
Total$579,638,285 $239,078,262 41.2 822,012 4.41 88.5 65.3 15.3 13.0 40.6 4.4 14,819 1.80 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.




Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
December 31, 2023
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
Radnor Re 2018-1Jan. 2017 - Dec. 2017$— $— $— $— $— $— $— $(644)$1,137 $— 
Radnor Re 2019-1Jan. 2018 - Dec. 2018— — — — — — — (513)12,894 — 
Radnor Re 2019-2Jan. 2015 - Dec. 2016— — — — — — — (175)44 — 
Radnor Re 2020-1Jan. 2019 - Aug. 20196,887,869 1,797,683 495,889 2,350 — 215,605 213,230 748 6,536 — 
Radnor Re 2021-1Aug. 2020 - Mar. 202131,673,378 8,233,067 557,911 309,199 — 278,956 278,638 2,764 11,558 232,809 
Radnor Re 2021-2Apr. 2021 - Sep. 202135,958,961 9,735,395 439,407 339,890 — 279,415 279,051 3,898 16,059 276,777 
Radnor Re 2022-1Oct. 2021 - Jul. 202231,520,927 8,522,229 237,868 231,142 — 303,761 303,324 4,311 17,092 212,651 
Radnor Re 2023-1Aug. 2022 - Jun. 202330,639,242 8,380,934 281,462 281,462 — 281,463 281,463 3,641 6,759 266,826 
Total$136,680,377 $36,669,308 $2,012,537 $1,164,043 $— $1,359,200 $1,355,706 $14,030 $72,079 $989,063 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
XOL 2018-1Jan. 2017 - Dec. 2017$— $— $— $— $— $— $— $— $955 $— 
XOL 2019-1Jan. 2018 - Dec. 20185,503,086 1,441,695 118,650 76,144 — 253,643 245,894 627 2,489 — 
XOL 2020-1Jan. 2019 - Dec. 20196,887,869 1,797,683 55,102 36,403 — 215,605 213,230 (4)290 1,221 — 
XOL 2022-1Oct. 2021 - Dec. 202270,477,115 19,058,430 141,992 141,992 — 507,114 506,183 1,611 6,390 138,081 
Total$82,868,070 $22,297,808 $315,744 $254,539 $— $976,362 $965,220 $2,528 $11,055 $138,081 
Quota Share Reinsurance (2)
Losses CededCeding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining
Insurance
in Force		Remaining
Risk
in Force		Remaining Ceded Insurance in ForceRemaining Ceded Risk in ForceQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateReduction in PMIERs Minimum Required
Assets (3)
Sep. 2019 - Dec. 2020(5)$51,655,811 $13,558,839 $11,586,936 $3,004,059 $(164)$(2,372)$2,493 $10,836 $4,448 $17,675 $178,426 
Jan. 2022 - Dec. 202220%56,890,266 15,401,694 11,378,053 3,080,339 2,258 9,731 1,921 7,801 5,908 24,554 233,244 
Jan. 2023 - Dec. 202317.5%40,609,952 11,238,879 7,106,742 1,966,804 1,461 2,584 1,283 3,120 4,154 9,136 142,432 
Total$149,156,029 $40,199,412 $30,071,731 $8,051,202 $3,555 $9,943 $5,697 $21,757 $14,510 $51,365 $554,102 
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) First layer retentions shown are ILN retention levels as a result of overlapping coverage within the vintage.
(5) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.


Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
December 31, 2023September 30, 2023December 31, 2022
CA13.0 %13.0 %13.2 %
FL11.1 11.0 10.2 
TX10.5 10.5 10.4 
CO4.1 4.1 4.2 
AZ3.7 3.7 3.5 
WA3.5 3.4 3.4 
GA3.4 3.4 3.2 
NC2.9 2.8 2.7 
VA2.8 2.8 3.0 
IL2.8 2.8 3.1 
All Others42.2 42.5 43.1 
Total100.0 %100.0 %100.0 %
Gross RIF by State
December 31, 2023September 30, 2023December 31, 2022
CA12.8 %12.9 %13.0 %
FL11.4 11.3 10.5 
TX10.9 10.8 10.7 
CO4.0 4.0 4.1 
AZ3.8 3.8 3.6 
WA3.5 3.4 3.3 
GA3.4 3.5 3.2 
NC2.9 2.9 2.7 
VA2.7 2.8 3.0 
IL2.7 2.8 3.0 
All Others41.9 41.8 42.9 
Total100.0 %100.0 %100.0 %



Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
20232022
December 31September 30June 30March 31December 31
Beginning default inventory13,391 12,480 12,773 13,433 12,435 
Plus: new defaults (A)
9,007 7,953 6,575 7,015 7,505 
Less: cures(7,418)(6,902)(6,761)(7,574)(6,425)
Less: claims paid(148)(129)(96)(94)(73)
Less: rescissions and denials, net(13)(11)(11)(7)(9)
Ending default inventory14,819 13,391 12,480 12,773 13,433 
(A) New defaults remaining as of December 31, 2023
6,514 3,000 1,772 1,056 730 
        Cure rate (1)
28 %62 %73 %85 %90 %
Total amount paid for claims (in thousands)$3,411 $2,956 $1,890 $1,959 $1,441 
Average amount paid per claim (in thousands)$23 $23 $20 $21 $20 
Severity54 %66 %58 %59 %46 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
20232022
($ in thousands)December 31September 30June 30March 31December 31
Reserve for losses and LAE at beginning of period$226,617 $216,888 $215,957 $216,390 $212,392 
Less: Reinsurance recoverables20,656 17,958 16,357 14,618 13,244 
Net reserve for losses and LAE at beginning of period205,961 198,930 199,600 201,772 199,148 
Add provision for losses and LAE occurring in:
Current period38,922 35,609 31,377 32,693 36,141 
Prior years(19,912)(25,533)(30,107)(32,864)(32,012)
Incurred losses and LAE during the period19,010 10,076 1,270 (171)4,129 
Deduct payments for losses and LAE occurring in:
Current period330 156 31 — 113 
Prior years3,244 2,889 1,909 2,001 1,392 
Loss and LAE payments during the period3,574 3,045 1,940 2,001 1,505 
Net reserve for losses and LAE at end of period221,397 205,961 198,930 199,600 201,772 
Plus: Reinsurance recoverables24,005 20,656 17,958 16,357 14,618 
Reserve for losses and LAE at end of period$245,402 $226,617 $216,888 $215,957 $216,390 
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio
December 31, 2023
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less7,288 49 %$44,607 20 %$527,419 8 %
Four to eleven payments5,421 37 97,424 43 417,876 23 
Twelve or more payments1,984 13 78,540 35 132,257 59 
Pending claims126 1 5,550 2 6,302 88 
Total case reserves14,819 100 %226,121 100 %$1,083,854 21 
IBNR16,959 
LAE2,322 
Total reserves for losses and LAE$245,402 
Average reserve per default:
Case$15.3 
Total$16.6 
Default Rate1.80%
December 31, 2022
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less6,154 46 %$32,242 16 %$411,624 8 %
Four to eleven payments4,684 35 65,071 33 317,417 21 
Twelve or more payments2,474 18 98,291 49 147,247 67 
Pending claims121 1 3,815 2 4,860 78 
Total case reserves13,433 100 %199,419 100 %$881,148 23 
IBNR14,956 
LAE2,015 
Total reserves for losses and LAE$216,390 
Average reserve per default:
Case$14.8 
Total$16.1 
Default Rate1.66%




Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassDecember 31, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$996,382 18.9 %$556,438 11.7 %
U.S. agency securities7,195 0.1 49,058 1.0 
U.S. agency mortgage-backed securities821,346 15.6 783,743 16.5 
Municipal debt securities547,258 10.5 602,690 12.8 
Non-U.S. government securities67,447 1.3 62,399 1.3 
Corporate debt securities1,297,055 24.7 1,414,321 29.8 
Residential and commercial mortgage securities517,940 9.8 511,824 10.8 
Asset-backed securities564,995 10.7 624,561 13.2 
Money market funds444,121 8.4 136,591 2.9 
Total investments available for sale$5,263,739 100.0 %$4,741,625 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
December 31, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$2,561,363 53.2 %$2,122,599 46.2 %
Aa1104,474 2.2 111,262 2.4 
Aa2291,501 6.0 325,241 7.1 
Aa3208,882 4.3 232,500 5.0 
A1377,188 7.8 396,095 8.6 
A2329,423 6.8 410,163 8.9 
A3253,081 5.3 268,928 5.8 
Baa1220,901 4.6 236,793 5.1 
Baa2226,449 4.7 221,308 4.8 
Baa3166,121 3.4 187,117 4.1 
Below Baa380,235 1.7 93,028 2.0 
Total (2)
$4,819,618 100.0 %$4,605,034 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $444,121 and $136,591 of money market funds at December 31, 2023 and December 31, 2022, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationDecember 31, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,892,074 35.9 %$1,245,839 26.3 %
1 to < 2 Years371,583 7.1 534,038 11.3 
2 to < 3 Years538,775 10.2 511,701 10.8 
3 to < 4 Years402,668 7.6 525,683 11.1 
4 to < 5 Years376,722 7.2 400,540 8.4 
5 or more Years1,681,917 32.0 1,523,824 32.1 
Total investments available for sale$5,263,739 100.0 %$4,741,625 100.0 %
Pre-tax investment income yield:
Three months ended December 31, 20233.62 %
Year ended December 31, 20233.50 %
Holding company net cash and investments available for sale:
($ in thousands)
As of December 31, 2023$693,507 
As of December 31, 2022$685,178 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20232022
December 31September 30June 30March 31December 31
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1)
$3,376,117 $3,309,522 $3,243,086 $3,207,102 $3,178,151 
Combined net risk in force (2)
$34,549,500 $34,203,678 $34,019,643 $33,038,825 $32,265,701 
Risk-to-capital ratios: (3)
Essent Guaranty, Inc.10.6:110.7:110.8:110.6:110.5:1
Essent Guaranty of PA, Inc.0.4:10.5:10.5:10.5:10.6:1
Combined (4)
10.2:110.3:110.5:110.3:110.2:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets$3,379,936 $3,318,179 $3,245,481 $3,226,436 $3,191,047 
Minimum Required Assets1,985,545 1,910,659 1,991,741 1,917,769 1,832,363 
PMIERs excess Available Assets$1,394,391 $1,407,520 $1,253,740 $1,308,667 $1,358,684 
PMIERs sufficiency ratio (6)
170 %174 %163 %168 %174 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)$1,758,665 $1,684,122 $1,633,763 $1,573,013 $1,478,772 
Net risk in force (2)
$22,043,926 $21,739,419 $21,327,762 $20,305,111 $19,454,046 
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) The combined 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.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.




Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Loss, Expense and Combined Ratios and Reconciliation of Non-GAAP Financial Measures
20232022
December 31September 30June 30March 31December 31
Loss Ratio (1)7.9 %4.4 %0.6 %(0.1)%2.0 %
Expense Ratio (2)27.0 %27.3 %19.8 %22.8 %22.6 %
Combined Ratio34.9 %31.7 %20.4 %22.7 %24.6 %
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisition of Agents National Title and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the three months and year ended December 31, 2023 lack comparability with prior periods. In order to provide investors with more comparative information to prior periods, Essent has prepared the table below to reconcile the Consolidated Ratios to Consolidated Ratios Excluding Title, as shown below. Consolidated Ratios Excluding Title are financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and are referred to as non-GAAP measures. Consolidated Ratios Excluding Title are measures used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.

The following table sets forth the reconciliation of the loss, expense and combined Consolidated Ratios Excluding Title to the most comparable GAAP amount for the three months and year ended December 31, 2023, in accordance with Regulation G:
Three Months Ended
December 31, 2023		Year Ended
December 31, 2023
ConsolidatedAcquired TitleConsolidated Excluding TitleConsolidatedAcquired TitleConsolidated Excluding Title
($ in thousands)
Revenues:
Net premiums earned$245,614 $17,365 $228,249 $916,906 $37,969 $878,937 
Net investment income50,581 432 50,149 186,139 837 185,302 
Realized investment losses, net(4,892)— (4,892)(7,204)— (7,204)
Loss from other invested assets(421)— (421)(11,118)— (11,118)
Settlement services (3)
1,475 1,475 — 3,512 3,512 — 
Other income4,920 503 4,417 21,524 907 20,617 
Total revenues297,277 19,775 277,502 1,109,759 43,225 1,066,534 
Losses and expenses:
Provision (benefit) for losses and LAE19,640 655 18,985 31,542 1,422 30,120 
Other underwriting and operating expenses55,248 11,595 43,653 200,431 25,061 175,370 
Premiums retained by agents11,475 11,475 — 24,650 24,650 — 
Interest expense7,953 — 7,953 30,137 — 30,137 
Total losses and expenses94,316 23,725 70,591 286,760 51,133 235,627 
Loss ratio (1)7.9 %3.5 %8.3 %3.4 %3.4 %3.4 %
Expense ratio (2)27.0 %122.5 %19.1 %24.5 %119.8 %20.0 %
Combined ratio34.9 %126.0 %27.4 %27.9 %123.2 %23.4 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable.
(3) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.

v3.24.0.1
Cover Page Cover Page
Feb. 09, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 09, 2024
Entity Registrant Name ESSENT GROUP LTD.
Entity Incorporation, State or Country Code D0
Entity File Number 001-36157
Entity Address, Address Line One Clarendon House
Entity Address, Address Line Two 2 Church Street
Entity Address, City or Town Hamilton
Entity Address, Postal Zip Code HM11
Entity Address, Country BM
City Area Code 441
Local Phone Number 297‑9901
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Shares, $0.015 par value
Trading Symbol ESNT
Security Exchange Name NYSE
Entity Central Index Key 0001448893
Amendment Flag false
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