Shares of Essent Group Ltd. (ESNT) rallied 3.6% on Friday after the company reported better-than-expected Q2 results. ESNT offers mortgage insurance, reinsurance and risk management products. Essent reported earnings of $1.42 per share in the second quarter, which surpassed analysts’ estimates of $1.26 per share and increased substantially from $0.15 per share a year ago. Its revenues of $243.3 million grew 3% year-over-year and beat the consensus estimates of $238.5 million. Net premiums earned rose 2.8% year-over-year, while premiums written declined 1.7% over the same period. Combined ratio (percentage of premiums paid out as claims and expenses) decreased to 23.3% in Q2 from 101.5% in the prior-year period.
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Essent (NYSE:ESNT)
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