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ESSENT GROUP LTD
Symbol	ESNT
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Essent Group Ltd. Announces Fourth Quarter & Full Year 2025 Results and Increases Quarterly Dividend

2026-02-13 06:30 ET - News Release

HAMILTON, Bermuda, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2025 of $155.0 million or $1.60 per diluted share, compared to $167.9 million or $1.58 per diluted share for the quarter ended December 31, 2024. For the full year 2025, net income was $690.0 million or $6.90 per diluted share, compared to $729.4 million or $6.85 per diluted share for 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on March 23, 2026 to shareholders of record on March 13, 2026.

“We are pleased to report strong operating performance in the fourth quarter and full year 2025, which underscores the resilience of our business model and our ability to generate sustainable, long-term value for our shareholders,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our commitment to a balanced capital management strategy remains a priority, while our strong capital position and cash flow enabled us to return nearly $700 million to shareholders in 2025 through dividends and repurchases, while retiring nearly 10% of our outstanding shares.”

Financial Highlights:

Mortgage Insurance new insurance written for the fourth quarter of 2025 was $11.8 billion, compared to $12.2 billion in both the third quarter of 2025 and fourth quarter of 2024.
Mortgage Insurance in force as of December 31, 2025 was $248.4 billion, compared to $248.8 billion as of September 30, 2025 and $243.6 billion as of December 31, 2024.
Essent Guaranty entered into a quota share reinsurance agreement during the fourth quarter of 2025 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written in 2027.
During the fourth quarter of 2025, Essent Re entered into quota share agreements backed by Funds at Lloyd’s to reinsure certain property and casualty risks effective in the first quarter of 2026.
All third-party reinsurance written by Essent Re is now reported as a segment, called Reinsurance.
In 2025, Essent repurchased 9.9 million common shares for $576 million.

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 or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; 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, 2024 filed with the Securities and Exchange Commission on February 19, 2025, 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”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. 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, 2025

	Exhibit A		Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	Exhibit B		Condensed Consolidated Balance Sheets (Unaudited)
	Exhibit C		Consolidated Historical Quarterly Data (Unaudited)
	Exhibit D		Annual Segment Results (Unaudited)
	Exhibit E		Historical Quarterly Segment Information (Unaudited)
	Exhibit F		Mortgage Insurance - Historical Quarterly Data
	Exhibit G		Mortgage Insurance - New Insurance Written
	Exhibit H		Mortgage Insurance - Insurance in Force and Risk in Force
	Exhibit I		Mortgage Insurance - Vintage Data
	Exhibit J		Mortgage Insurance - Outward Reinsurance Vintage Data
	Exhibit K		Mortgage Insurance - Geographic Data
	Exhibit L		Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE
	Exhibit M		Mortgage Insurance - Detail of Reserves by Default Delinquency
	Exhibit N		U.S. Mortgage Insurance Company Capital
	Exhibit O		Reinsurance
	Exhibit P		Cash & Investments

										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)		2025			2024			2025			2024
Revenues:
Direct premiums written	$	279,255		$	279,008		$	1,107,317		$	1,098,603
Ceded premiums		(41,378	)		(39,499	)		(147,853	)		(132,023	)
Net premiums written		237,877			239,509			959,464			966,580
Decrease in unearned premiums		4,852			4,956			24,254			24,302
Net premiums earned		242,729			244,465			983,718			990,882
Net investment income		59,223			56,559			236,517			222,070
Realized investment losses, net		(188	)		(114	)		(923	)		(2,350	)
Income from other invested assets		3,942			6,889			17,586			7,375
Other income		6,698			7,228			24,037			24,927
Total revenues		312,404			315,027			1,260,935			1,242,904

Losses and expenses:
Provision for losses and LAE		56,073			40,975			149,337			81,220
Other underwriting and operating expenses		63,653			70,951			257,040			270,874
Interest expense		8,149			8,151			32,696			35,319
Total losses and expenses		127,875			120,077			439,073			387,413

Income before income taxes		184,529			194,950			821,862			855,491
Income tax expense		29,547			27,050			131,893			126,088
Net income	$	154,982		$	167,900		$	689,969		$	729,403


Earnings per share:
Basic	$	1.62		$	1.60		$	6.97		$	6.92
Diluted		1.60			1.58			6.90			6.85

Weighted average shares outstanding:
Basic		95,772			104,963			98,999			105,394
Diluted		96,664			106,104			100,023			106,550

Net income	$	154,982		$	167,900		$	689,969		$	729,403

Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments		13,440			(113,705	)		151,999			(23,488	)
Comprehensive income	$	168,422		$	54,195		$	841,968		$	705,915

				Exhibit B

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


	December 31,			December 31,
(In thousands, except per share amounts)		2025			2024
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	5,455,593		$	5,112,697
Short-term investments available for sale, at fair value		648,492			764,024
Total investments available for sale		6,104,085			5,876,721
Other invested assets		382,513			303,900
Total investments		6,486,598			6,180,621
Cash		123,049			131,480
Accrued investment income		47,371			43,732
Accounts receivable		51,267			55,564
Deferred policy acquisition costs		9,547			9,653
Property, equipment and software, net		49,189			41,871
Prepaid federal income tax		513,425			489,600
Goodwill and acquired intangible assets, net		78,153			79,556
Other assets		82,404			79,572
Total assets	$	7,441,003		$	7,111,649

*Liabilities and Stockholders' Equity*
Liabilities
Reserve for losses and LAE	$	446,822		$	328,866
Unearned premium reserve		91,730			115,983
Net deferred tax liability		465,351			392,428
Senior notes due 2029, net		495,301			493,959
Other accrued liabilities		185,072			176,755
Total liabilities		1,684,276			1,507,991

Commitments and contingencies

Stockholders' Equity

Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 95,456 shares in 2025 and 105,015 shares in 2024		1,432			1,575
Additional paid-in capital		649,895			1,214,956
Accumulated other comprehensive income (loss)		(151,985	)		(303,984	)
Retained earnings		5,257,385			4,691,111
Total stockholders' equity		5,756,727			5,603,658

Total liabilities and stockholders' equity	$	7,441,003		$	7,111,649

Return on average equity		12.1	%		13.6	%

													Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)

		2025												2024
	December 31			September 30			June 30			March 31			December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned	$	242,729		$	246,332		$	248,809		$	245,848		$	244,465
Net investment income		59,223			59,795			59,289			58,210			56,559
Realized investment losses, net		(188	)		(425	)		(129	)		(181	)		(114	)
Income from other invested assets		3,942			1,770			4,466			7,408			6,889
Other income (1)		6,698			4,358			6,708			6,273			7,228
Total revenues		312,404			311,830			319,143			317,558			315,027

Losses and expenses:
Provision for losses and LAE		56,073			44,922			17,055			31,287			40,975
Other underwriting and operating expenses		63,653			59,498			62,765			71,124			70,951
Interest expense		8,149			8,251			8,148			8,148			8,151
Total losses and expenses		127,875			112,671			87,968			110,559			120,077

Income before income taxes		184,529			199,159			231,175			206,999			194,950
Income tax expense (2)		29,547			34,944			35,836			31,566			27,050
Net income	$	154,982		$	164,215		$	195,339		$	175,433		$	167,900

Earnings per share:
Basic	$	1.62		$	1.69		$	1.95		$	1.71		$	1.60
Diluted		1.60			1.67			1.93			1.69			1.58

Weighted average shares outstanding:
Basic		95,772			97,400			100,037			102,881			104,963
Diluted		96,664			98,519			101,059			103,946			106,104

Book value per share	$	60.31		$	58.86		$	56.98		$	55.22		$	53.36
Return on average equity (annualized)		10.8	%		11.5	%		13.8	%		12.5	%		11.9	%

Senior debt & credit facility:
Borrowings outstanding	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Undrawn committed capacity	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Weighted average interest rate (end of period)		6.25	%		6.25	%		6.25	%		6.25	%		6.25	%
Debt-to-capital		7.99	%		8.01	%		8.10	%		8.12	%		8.19	%

Cash and investments available for sale at the holding companies	$	1,268,579		$	1,038,747		$	995,032		$	1,016,368		$	1,052,900

(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, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 were ($526), ($858), ($29), ($150), and $204, respectively.
(2) Income tax expense for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024 includes $366, $493, $1,112, $1,561, and $1,591, respectively, of discrete tax expense associated with realized and unrealized gains and losses. Income tax expense for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 also include ($396), ($828), and ($1,252), respectively, of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.

Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
Annual Segment Results (Unaudited)


The following tables set forth comparative annual financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the years ended December 31, 2025 and 2024 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments. Prior to December 31, 2025, we disclosed one reportable segment, Mortgage Insurance, which was comprised of "U.S. mortgage insurance" and "GSE and other mortgage risk share." Our mortgage insurance business and GSE and other mortgage risk share business each represented operating segments that were aggregated and disclosed as one reportable segment based on their shared economic characteristics and the similarities between the two operating segments. In the fourth quarter of 2025, Essent Re entered the Lloyd's of London market to reinsure certain property and casualty risks beginning in the first quarter of 2026. Considering the expansion of business and types of risks reinsured at Essent Re, our Chief Operating Decision Maker began to assess the performance of all third-party reinsurance as an operating segment as of December 31, 2025. To reflect this change, the GSE and other mortgage risk share operating segment is no longer aggregated with U.S mortgage insurance and all third-party reinsurance is now disclosed as a separate reportable segment: Reinsurance. All prior period segment information has been recast to conform to the new segment presentation.

	Year Ended December 31, 2025												Year Ended December 31, 2024
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other			Consolidated			Mortgage Insurance			Reinsurance			Corporate & Other			Consolidated
Revenues:
Net premiums earned	$	866,743		$	60,609		$	56,366		$	983,718		$	855,793		$	68,883		$	66,206		$	990,882
Net investment income		174,358			20,271			41,888			236,517			164,469			18,872			38,729			222,070
Realized investment gains (losses), net		(870	)		6			(59	)		(923	)		(2,343	)		—			(7	)		(2,350	)
Income from other invested assets		8,267			—			9,319			17,586			7,171			—			204			7,375
Other income		5,111			8,708			10,218			24,037			4,896			9,256			10,775			24,927
Total revenues		1,053,609			89,594			117,732			1,260,935			1,029,986			97,011			115,907			1,242,904

Losses and expenses:
Provision for losses and LAE		145,373			310			3,654			149,337			75,156			26			6,038			81,220

Compensation and benefits		64,392			4,547			61,011			129,950			67,985			4,171			64,236			136,392
Premium and other taxes		23,596			52			2,181			25,829			22,951			56			1,497			24,504
Ceding commission		(28,669	)		1,410			—			(27,259	)		(25,144	)		896			—			(24,248	)
Other underwriting and operating expenses		42,570			4,136			81,814			128,520			41,168			3,661			89,397			134,226
Net operating expenses before allocations		101,889			10,145			145,006			257,040			106,960			8,784			155,130			270,874
Corporate expense allocations		38,077			1,491			(39,568	)		—			43,003			784			(43,787	)		—
Operating expenses after allocations		139,966			11,636			105,438			257,040			149,963			9,568			111,343			270,874
Interest expense		—			—			32,696			32,696			—			—			35,319			35,319
Income (loss) before income taxes	$	768,270		$	77,648		$	(24,056	)	$	821,862		$	804,867		$	87,417		$	(36,793	)	$	855,491

Loss ratio (1)		16.8	%		0.5	%								8.8	%		—	%
Expense ratio (2)		16.1			19.2									17.5			13.9
Combined ratio		32.9	%		19.7	%								26.3	%		13.9	%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

										Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)


	Mortgage Insurance
		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
Revenues:
Net premiums earned	$	212,674		$	215,683		$	220,262		$	218,124		$	211,682
Net investment income		43,627			44,265			43,676			42,790			41,880
Realized investment losses, net		(218	)		(427	)		(124	)		(101	)		(120	)
Income (loss) from other invested assets		2,044			(605	)		3,619			3,209			2,925
Other income		1,149			800			1,614			1,548			1,893
Total revenues		259,276			259,716			269,047			265,570			258,260

Losses and expenses:
Provision for losses and LAE		55,159			44,171			15,323			30,720			37,236

Compensation and benefits		14,727			15,388			15,667			18,610			17,029
Premium and other taxes		6,038			6,010			5,984			5,564			5,955
Ceding commission		(7,526	)		(7,328	)		(7,054	)		(6,761	)		(6,799	)
Other underwriting and operating expenses		11,816			10,005			10,028			10,721			10,809
Net operating expenses before allocations		25,055			24,075			24,625			28,134			26,994
Corporate expense allocations		9,213			7,081			8,979			12,804			10,431
Operating expenses after allocations		34,268			31,156			33,604			40,938			37,425
Income before income tax expense	$	169,849		$	184,389		$	220,120		$	193,912		$	183,599

Loss Ratio (1)		25.9	%		20.5	%		7.0	%		14.1	%		17.6	%
Expense Ratio (2)		16.1			14.4			15.3			18.8			17.7
Combined Ratio		42.0	%		34.9	%		22.3	%		32.9	%		35.3	%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

										Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)


	Reinsurance
		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
Revenues:
Net premiums earned	$	14,696		$	16,304		$	13,875		$	15,734		$	16,181
Net investment income		4,913			5,302			5,216			4,840			4,311
Realized investment gains, net		6			—			—			—			—
Other income		2,255			1,591			1,909			2,953			1,991
Total revenues		21,870			23,197			21,000			23,527			22,483

Losses and expenses:
Provision for losses and LAE		206			65			36			3			18

Compensation and benefits		961			1,180			1,126			1,280			1,008
Premium and other taxes		17			8			16			11			13
Ceding commission		580			433			144			253			252
Other underwriting and operating expenses		1,179			944			1,100			913			970
Net operating expenses before allocations		2,737			2,565			2,386			2,457			2,243
Corporate expense allocations		516			502			263			210			223
Operating expenses after allocations		3,253			3,067			2,649			2,667			2,466
Income before income tax expense	$	18,411		$	20,065		$	18,315		$	20,857		$	19,999

Loss Ratio (1)		1.4	%		0.4	%		0.3	%		—	%		0.1	%
Expense Ratio (2)		22.1			18.8			19.1			17.0			15.2
Combined Ratio		23.5	%		19.2	%		19.4	%		17.0	%		15.3	%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.

							Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)


	Corporate & Other
		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
Revenues:
Net premiums earned	$	15,359		$	14,345		$	14,672		$	11,990		$	16,602
Net investment income		10,683			10,228			10,397			10,580			10,368
Realized investment gains (losses), net		24			2			(5	)		(80	)		6
Income from other invested assets		1,898			2,375			847			4,199			3,964
Other income		3,294			1,967			3,185			1,772			3,344
Total revenues		31,258			28,917			29,096			28,461			34,284

Losses and expenses:
Provision for losses and LAE		708			686			1,696			564			3,721

Compensation and benefits		14,675			12,608			13,926			19,802			16,490
Premium and other taxes		446			(88	)		495			1,328			569
Other underwriting and operating expenses		20,740			20,338			21,333			19,403			24,655
Net operating expenses before allocations		35,861			32,858			35,754			40,533			41,714
Corporate expense allocations		(9,729	)		(7,583	)		(9,242	)		(13,014	)		(10,654	)
Operating expenses after allocations		26,132			25,275			26,512			27,519			31,060
Interest expense		8,149			8,251			8,148			8,148			8,151
Loss before income tax expense	$	(3,731	)	$	(5,295	)	$	(7,260	)	$	(7,770	)	$	(8,648	)

	Consolidated
		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
Revenues:
Net premiums earned	$	242,729		$	246,332		$	248,809		$	245,848		$	244,465
Net investment income		59,223			59,795			59,289			58,210			56,559
Realized investment losses, net		(188	)		(425	)		(129	)		(181	)		(114	)
Income from other invested assets		3,942			1,770			4,466			7,408			6,889
Other income		6,698			4,358			6,708			6,273			7,228
Total revenues		312,404			311,830			319,143			317,558			315,027

Losses and expenses:
Provision for losses and LAE		56,073			44,922			17,055			31,287			40,975

Compensation and benefits		30,363			29,176			30,719			39,692			34,527
Premium and other taxes		6,501			5,930			6,495			6,903			6,537
Ceding commission		(6,946	)		(6,895	)		(6,910	)		(6,508	)		(6,547	)
Other underwriting and operating expenses		33,735			31,287			32,461			31,037			36,434
Total other underwriting and operating expenses		63,653			59,498			62,765			71,124			70,951
Interest expense		8,149			8,251			8,148			8,148			8,151
Income before income tax expense	$	184,529		$	199,159		$	231,175		$	206,999		$	194,950

													Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data


		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
New insurance written	$	11,840,227		$	12,233,252		$	12,544,731		$	9,945,336		$	12,220,968
New risk written		3,030,169			3,239,497			3,357,820			2,698,639			3,297,296

Average insurance in force	$	248,695,560		$	247,821,046		$	245,747,813		$	244,005,459		$	243,236,830
Insurance in force (end of period)	$	248,356,397		$	248,808,341		$	246,797,619		$	244,692,492		$	243,645,423
Gross risk in force (end of period) (1)	$	68,053,447		$	68,262,577		$	67,683,239		$	67,026,626		$	66,613,517
Risk in force (end of period)	$	56,519,839		$	56,940,929		$	56,811,096		$	56,565,811		$	56,477,150
Policies in force		807,230			812,856			812,182			811,342			813,013
Weighted average coverage (2)		27.4	%		27.4	%		27.4	%		27.4	%		27.3	%
Annual persistency		85.7	%		86.0	%		85.8	%		85.7	%		85.7	%

Loans in default (count)		20,210			18,583			17,255			17,759			18,439
Percentage of loans in default		2.50	%		2.29	%		2.12	%		2.19	%		2.27	%

Base average premium rate (3)		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Single premium cancellations (4)		—	%		—	%		—	%		—	%		—	%
Gross average premium rate		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%
Ceded premiums		(0.07	%)		(0.06	%)		(0.05	%)		(0.05	%)		(0.06	%)
Net average premium rate		0.34	%		0.35	%		0.36	%		0.36	%		0.35	%


(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 premium rate is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.

																Exhibit G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - New Insurance Written


NIW by Credit Score
	Three Months Ended										Year Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
($ in thousands)
>=760	$	6,608,095		55.8	%	$	5,754,605		47.1	%	$	23,980,900		51.4	%	$	20,141,961		44.2	%
740-759		1,905,196		16.1			2,131,356		17.4			7,528,658		16.2			7,848,645		17.2
720-739		1,257,994		10.6			1,640,275		13.4			5,642,389		12.1			6,468,993		14.2
700-719		1,039,547		8.8			1,390,278		11.4			4,782,401		10.3			5,738,325		12.6
680-699		554,647		4.7			743,789		6.1			2,552,412		5.5			3,095,378		6.8
<=679		474,748		4.0			560,665		4.6			2,076,786		4.5			2,268,030		5.0
Total	$	11,840,227		100.0	%	$	12,220,968		100.0	%	$	46,563,546		100.0	%	$	45,561,332		100.0	%

Weighted average credit score		757					751					754					748



NIW by LTV
	Three Months Ended										Year Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
($ in thousands)
85.00% and below	$	1,437,750		12.1	%	$	977,154		8.0	%	$	4,430,096		9.5	%	$	3,227,588		7.1	%
85.01% to 90.00%		3,509,133		29.7			2,821,683		23.1			11,844,584		25.4			9,392,983		20.6
90.01% to 95.00%		5,663,293		47.8			6,348,777		51.9			23,533,435		50.6			24,357,459		53.5
95.01% and above		1,230,051		10.4			2,073,354		17.0			6,755,431		14.5			8,583,302		18.8
Total	$	11,840,227		100.0	%	$	12,220,968		100.0	%	$	46,563,546		100.0	%	$	45,561,332		100.0	%

Weighted average LTV		92	%				93	%				93	%				93	%



NIW by Product
	Three Months Ended										Year Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
Single premium policies				1.6	%				1.2	%				1.4	%				1.4	%
Monthly premium policies				98.4					98.8					98.6					98.6
				100.0	%				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended										Year Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
Purchase				72.3	%				88.3	%				87.2	%				95.0	%
Refinance				27.7					11.7					12.8					5.0
				100.0	%				100.0	%				100.0	%				100.0	%

														Exhibit H

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Insurance in Force and Risk in Force


Portfolio by Credit Score
IIF by FICO score	December 31, 2025					September 30, 2025					December 31, 2024
($ in thousands)
>=760	$	104,062,334		41.9	%	$	103,261,791		41.5	%	$	99,221,741		40.7	%
740-759		43,225,016		17.4			43,372,715		17.4			42,574,390		17.5
720-739		37,671,181		15.2			38,113,923		15.3			37,953,625		15.6
700-719		32,473,548		13.1			32,834,985		13.2			32,657,660		13.4
680-699		19,357,527		7.8			19,625,586		7.9			19,772,912		8.1
<=679		11,566,791		4.6			11,599,341		4.7			11,465,095		4.7
Total	$	248,356,397		100.0	%	$	248,808,341		100.0	%	$	243,645,423		100.0	%

Weighted average credit score		747					746					746

Gross RIF by FICO score	December 31, 2025					September 30, 2025					December 31, 2024
($ in thousands)
>=760	$	28,228,907		41.4	%	$	28,056,444		41.0	%	$	26,860,197		40.3	%
740-759		11,997,094		17.6			12,054,702		17.7			11,799,832		17.7
720-739		10,452,268		15.4			10,587,116		15.5			10,512,364		15.8
700-719		9,049,840		13.3			9,155,794		13.4			9,067,640		13.6
680-699		5,357,151		7.9			5,429,039		8.0			5,440,776		8.2
<=679		2,968,187		4.4			2,979,482		4.4			2,932,708		4.4
Total	$	68,053,447		100.0	%	$	68,262,577		100.0	%	$	66,613,517		100.0	%

Portfolio by LTV
IIF by LTV	December 31, 2025					September 30, 2025					December 31, 2024
($ in thousands)
85.00% and below	$	14,736,797		5.9	%	$	14,398,904		5.8	%	$	14,738,289		6.0	%
85.01% to 90.00%		58,288,674		23.5			58,982,107		23.7			60,636,883		24.9
90.01% to 95.00%		131,950,396		53.1			131,889,655		53.0			127,152,954		52.2
95.01% and above		43,380,530		17.5			43,537,675		17.5			41,117,297		16.9
Total	$	248,356,397		100.0	%	$	248,808,341		100.0	%	$	243,645,423		100.0	%

Weighted average LTV		93	%				93	%				93	%

Gross RIF by LTV	December 31, 2025					September 30, 2025					December 31, 2024
($ in thousands)
85.00% and below	$	1,727,701		2.5	%	$	1,696,592		2.5	%	$	1,745,933		2.6	%
85.01% to 90.00%		14,312,312		21.0			14,526,528		21.3			14,961,779		22.5
90.01% to 95.00%		38,906,277		57.2			38,895,352		57.0			37,510,076		56.3
95.01% and above		13,107,157		19.3			13,144,105		19.2			12,395,729		18.6
Total	$	68,053,447		100.0	%	$	68,262,577		100.0	%	$	66,613,517		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	December 31, 2025					September 30, 2025					December 31, 2024
($ in thousands)
FRM 30 years and higher	$	241,353,234		97.2	%	$	242,770,621		97.6	%	$	238,335,608		97.8	%
FRM 20-25 years		1,449,192		0.6			1,070,635		0.4			1,133,494		0.5
FRM 15 years		2,009,940		0.8			1,664,866		0.7			1,231,952		0.5
ARM 5 years and higher		3,544,031		1.4			3,302,219		1.3			2,944,369		1.2
Total	$	248,356,397		100.0	%	$	248,808,341		100.0	%	$	243,645,423		100.0	%

																							Exhibit I

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Vintage Data
December 31, 2025


								Insurance in Force
Year	Original Insurance Written ($ in thousands)		Remaining Insurance in Force ($ in thousands)		% Remaining of Original Insurance		Number of Policies in Force	Weighted Average Coupon		% Purchase		>90% LTV		>95% LTV		FICO <700		FICO >=760		Incurred Loss Ratio (Inception to Date) (1)		Number of Loans in Default	Percentage of Loans in Default

2010 - 2015	$	86,862,507	$	1,500,732	1.7	%	8,297	4.28	%	68.6	%	50.4	%	1.4	%	11.5	%	47.5	%	2.3	%	342	4.12	%
2016		34,949,319		1,104,521	3.2		6,191	4.05		77.1		59.6		12.5		16.3		41.6		2.0		324	5.23
2017		43,858,322		2,766,418	6.3		17,652	4.33		90.3		81.9		26.8		21.5		36.2		2.9		840	4.76
2018		47,508,525		3,746,728	7.9		22,241	4.83		95.2		80.6		30.2		22.8		30.9		3.8		1,120	5.04
2019		63,569,183		8,487,193	13.4		43,215	4.26		90.4		75.9		27.4		19.5		34.1		3.6		1,595	3.69
2020		107,944,065		27,596,323	25.6		114,821	3.22		77.1		70.5		16.6		11.0		44.7		2.8		2,405	2.09
2021		84,218,250		40,962,380	48.6		142,501	3.11		92.4		72.5		18.6		13.7		39.9		6.6		3,806	2.67
2022		63,061,262		45,373,683	72.0		134,126	5.09		98.4		67.7		12.0		12.5		39.5		20.0		3,911	2.92
2023		47,666,852		35,213,136	73.9		102,677	6.59		98.9		73.7		19.5		11.2		38.1		23.5		3,189	3.11
2024		45,561,332		37,940,873	83.3		103,824	6.68		95.1		73.5		20.7		12.5		41.8		23.9		2,182	2.10
2025		46,563,546		43,664,410	93.8		111,685	6.56		87.0		65.2		15.1		10.2		50.4		14.3		496	0.44
Total	$	671,763,163	$	248,356,397	37.0		807,230	5.22		91.9		70.6		17.5		12.5		41.9		6.3		20,210	2.50

(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 J
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Outward Reinsurance Vintage Data
December 31, 2025

($ in thousands)
Insurance Linked Notes (1)
																Earned Premiums Ceded
Deal Name	Vintage	Remaining 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-Date		Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	$	18,441,345	$	5,127,322	$	557,911	$	98,205	$	—	$	278,956	$	276,117	$	1,117	$	5,114	$	59,885
Radnor Re 2021-2	Apr. 2021 - Sep. 2021		24,416,860		6,937,919		439,407		192,783		—		279,415		271,058		2,806		11,736		174,012
Radnor Re 2022-1	Oct. 2021 - Jul. 2022		24,193,885		6,723,897		237,868		129,621		—		303,761		291,448		2,929		12,437		119,251
Radnor Re 2023-1	Aug. 2022 - Jun. 2023		24,656,390		6,784,369		281,462		209,417		—		281,463		271,149		3,081		12,350		198,527
Radnor Re 2024-1	Jul. 2023 - Jul. 2024		24,523,993		6,793,368		363,366		248,025		—		256,495		255,324		3,059		11,902		183,539
Total		$	116,232,473	$	32,366,875	$	1,880,014	$	878,051	$	—	$	1,400,090	$	1,365,096	$	12,992	$	53,539	$	735,214

Excess of Loss Reinsurance (2)
																Earned Premiums Ceded
Deal Name	Vintage	Remaining 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-Date		Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1	Jan. 2018 - Dec. 2018	$	3,708,752	$	980,319	$	118,650	$	76,144	$	—	$	253,643	$	241,441	$	627	$	2,489	$	—
XOL 2020-1	Jan. 2019 - Aug. 2019		4,863,645		1,288,360		55,102		29,152		—		215,605		210,515		252		999		—
XOL 2022-1	Oct. 2021 - Dec. 2022		55,006,139		15,182,087		141,992		137,530		—		507,114		473,213		1,563		6,342		132,723
XOL 2023-1	Jan. 2023 - Dec. 2023		31,751,705		8,821,968		36,627		36,105		—		366,270		358,985		432		1,734		34,713
XOL 2024-1	Jan. 2024 - Dec. 2024		35,200,756		9,692,442		58,005		58,005		—		331,456		330,254		658		2,610		55,907
XOL 2025-1	Jan. 2025 - Dec. 2025		43,596,176		11,545,801		80,821		80,821		—		343,234		343,234		733		1,300		77,723
Total		$	174,127,173	$	47,510,977	$	491,197	$	417,757	$	—	$	2,017,322	$	1,957,642	$	4,265	$	15,474	$	301,066

Quota Share Reinsurance (2)
										Losses Ceded					Ceding Commission				Earned Premiums Ceded
Year	Ceding Percentage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Ceded Insurance in Force		Remaining Ceded Risk in Force		Quarter-to-Date		Year-to-Date			Quarter-to-Date		Year-to-Date		Quarter-to-Date		Year-to-Date		Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020	(4)	$	31,179,681	$	8,623,082	$	6,471,751	$	1,763,952	$	391	$	(37	)	$	1,893	$	8,299	$	3,121	$	11,933	$	109,386
Jan. 2022 - Dec. 2022	20%		45,327,727		12,452,848		9,065,545		2,490,570		2,577		8,037			1,628		6,796		5,426		20,454		185,009
Jan. 2023 - Dec. 2023	17.5%		31,653,079		8,797,311		5,539,289		1,539,529		2,770		7,762			1,159		4,865		5,205		17,979		123,856
Jan. 2024 - Dec. 2024	15%		37,722,203		10,369,501		5,658,330		1,555,425		2,790		7,949			1,199		4,991		5,368		18,679		126,867
Jan. 2025 - Dec. 2025	25%		43,623,229		11,553,296		10,905,807		2,888,324		1,955		2,917			1,646		3,718		5,001		9,795		188,836
Total		$	189,505,919	$	51,796,038	$	37,640,722	$	10,237,800	$	10,483	$	26,628		$	7,525	$	28,669	$	24,121	$	78,840	$	733,954

(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) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

			Exhibit K

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Geographic Data


IIF by State
	December 31, 2025		September 30, 2025		December 31, 2024
CA	12.1	%	12.2	%	12.5	%
FL	12.0		12.0		11.9
TX	11.4		11.3		11.1
AZ	4.0		4.0		3.8
CO	4.0		4.0		4.1
GA	3.9		3.8		3.7
WA	3.4		3.4		3.4
NC	3.2		3.1		3.0
MI	2.6		2.6		2.5
NY	2.6		2.6		2.6
All Others	40.8		41.0		41.4
Total	100.0	%	100.0	%	100.0	%



Gross RIF by State
	December 31, 2025		September 30, 2025		December 31, 2024
FL	12.3	%	12.2	%	12.1	%
CA	12.1		12.2		12.4
TX	11.6		11.6		11.4
AZ	4.1		4.0		3.9
CO	3.9		3.9		4.0
GA	3.9		3.9		3.8
WA	3.4		3.4		3.4
NC	3.2		3.1		3.0
MI	2.6		2.6		2.5
UT	2.6		2.6		2.5
All Others	40.3		40.5		41.0
Total	100.0	%	100.0	%	100.0	%

										Exhibit L

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Rollforward of Defaults and Reserve for Losses and LAE

Rollforward of Insured Loans in Default
	Three Months Ended
		2025												2024
	December 31			September 30			June 30			March 31			December 31
Beginning default inventory		18,583			17,255			17,759			18,439			15,906
Plus: new defaults (A)		11,245			10,357			8,810			9,664			11,136
Less: cures		(9,357	)		(8,713	)		(9,078	)		(10,173	)		(8,408	)
Less: claims paid		(235	)		(296	)		(215	)		(153	)		(183	)
Less: rescissions and denials, net		(26	)		(20	)		(21	)		(18	)		(12	)
Ending default inventory		20,210			18,583			17,255			17,759			18,439

(A) New defaults remaining as of December 31, 2025		8,411			4,131			2,402			1,481			1,191
Cumulative cure rate (1)		25	%		60	%		73	%		85	%		89	%

Total amount paid for claims (in thousands)	$	13,171		$	16,456		$	9,007		$	6,330		$	7,740
Average amount paid per claim (in thousands)	$	56		$	56		$	42		$	41		$	42
Severity		80	%		78	%		67	%		70	%		68	%

Rollforward of Reserve for Losses and LAE
	Three Months Ended
		2025												2024
($ in thousands)	December 31			September 30			June 30			March 31			December 31
Reserve for losses and LAE at beginning of period	$	379,548		$	345,952		$	338,128		$	310,156		$	274,926
Less: Reinsurance recoverables		47,957			41,966			40,351			36,655			30,867
Net reserve for losses and LAE at beginning of period		331,591			303,986			297,777			273,501			244,059
Add provision for losses and LAE occurring in:
Current year		67,865			62,349			45,119			48,928			50,212
Prior years		(12,705	)		(18,179	)		(29,796	)		(18,208	)		(12,976	)
Incurred losses and LAE during the period		55,160			44,170			15,323			30,720			37,236
Deduct payments for losses and LAE occurring in:
Current year		2,649			552			315			51			1,569
Prior years		10,612			16,013			8,799			6,393			6,225
Loss and LAE payments during the period		13,261			16,565			9,114			6,444			7,794
Net reserve for losses and LAE at end of period		373,490			331,591			303,986			297,777			273,501
Plus: Reinsurance recoverables		56,120			47,957			41,966			40,351			36,655
Reserve for losses and LAE at end of period	$	429,610		$	379,548		$	345,952		$	338,128		$	310,156



(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 M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Detail of Reserves by Default Delinquency

	December 31, 2025
	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:
Two payments	6,892		34	%	$	40,876	10	%	$	545,198	7	%
Three payments	3,002		15			32,458	8			246,194	13
Four to eleven payments	7,261		36			163,087	41			615,449	26
Twelve or more payments	2,742		13			139,036	35			224,248	62
Pending claims	313		2			21,360	6			23,797	90
Total case reserves	20,210		100	%		396,817	100	%	$	1,654,886	24	%
IBNR						29,761
LAE						3,032
Total reserves for losses and LAE					$	429,610

Average reserve per default:
Case					$	19.6
Total					$	21.3

Default Rate	2.50	%
3+ Month Default Rate	1.65	%

	December 31, 2024
	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:
Two payments	6,691		36	%	$	32,672	11	%	$	522,644	6	%
Three payments	3,154		17			26,278	9			250,696	10
Four to eleven payments	6,408		35			122,551	43			515,600	24
Twelve or more payments	2,022		11			93,269	33			153,376	61
Pending claims	164		1			11,174	4			12,478	90
Total case reserves	18,439		100	%		285,944	100	%	$	1,454,794	20	%
IBNR						21,446
LAE						2,766
Total reserves for losses and LAE					$	310,156

Average reserve per default:
Case					$	15.5
Total					$	16.8

Default Rate	2.27	%
3+ Month Default Rate	1.44	%

										Exhibit N

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital

		2025												2024
	December 31			September 30			June 30			March 31			December 31
($ in thousands)
Essent Guaranty, Inc:
Statutory capital	$	3,572,887		$	3,732,465		$	3,714,146		$	3,642,374		$	3,594,381
Net risk in force (1)	$	32,486,788		$	33,367,706		$	33,986,508		$	34,968,089		$	35,159,976

Risk-to-capital ratio (2)		9.1:1			8.9:1			9.2:1			9.6:1			9.8:1

Essent Guaranty, Inc. PMIERs Data (3):
Available Assets	$	3,520,454		$	3,666,883		$	3,654,460		$	3,628,675		$	3,612,993
Minimum Required Assets		2,087,473			2,065,890			2,075,409			2,107,620			2,029,738
PMIERs excess Available Assets	$	1,432,981		$	1,600,993		$	1,579,051		$	1,521,055		$	1,583,255
PMIERs sufficiency ratio (4)		169	%		177	%		176	%		172	%		178	%

(1) 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.
(2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(3) Data is based on our interpretation of the PMIERs as of the dates indicated.
(4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.

										Exhibit O

Essent Group Ltd. and Subsidiaries
Supplemental Information
Reinsurance

		2025												2024
($ in thousands)	December 31			September 30			June 30			March 31			December 31
Reinsurance Portfolio:
Reinsured Risk in Force	$	2,274,882		$	2,257,197		$	2,321,008		$	2,220,477		$	2,240,284
Reserve for losses and LAE	$	359		$	153		$	88		$	52		$	51

Weighted average credit score (1)		751			751			751			751			751
Weighted average LTV (1)		83	%		83	%		83	%		82	%		82	%

Essent Reinsurance Ltd. Capital:
Stockholder's equity (GAAP basis)	$	1,695,390		$	1,722,135		$	1,751,720		$	1,780,924		$	1,773,044
Net risk in force (2)	$	25,880,997		$	25,453,510		$	24,802,145		$	23,482,726		$	23,250,018

(1) Represents statistics on mortgage reinsurance portfolio only.
(2) Net risk in force represents total risk in force net of exposures on policies for which loss reserves have been established. It includes amounts reinsured under a quota share agreement with Essent Guaranty, Inc. in addition to reinsurance agreements with unrelated third parties.

								Exhibit P
Essent Group Ltd. and Subsidiaries
Supplemental Information
Cash & Investments

Cash & Investments by Asset Class
Asset Class	December 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
U.S. Treasury securities	$	369,712		5.6	%	$	547,290	8.7	%
U.S. agency mortgage-backed securities		1,174,895		17.8			1,125,436	17.8
Municipal debt securities		610,411		9.2			583,501	9.2
Non-U.S. government securities		56,024		0.8			69,798	1.1
Corporate debt securities		1,980,080		30.0			1,783,046	28.3
Residential and commercial mortgage securities		464,105		7.0			478,086	7.6
Asset-backed securities		800,366		12.1			631,959	10.0
Money market funds		648,492		9.8			657,605	10.4
Total investments available for sale		6,104,085		92.3			5,876,721	93.1
Other invested assets		382,513		5.8			303,900	4.8
Cash		123,049		1.9			131,480	2.1
Total cash and investments	$	6,609,647		100.0	%	$	6,312,101	100.0	%

Investments Available for Sale by Credit Rating
Rating (1)	December 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
Aaa	$	846,230		15.5	%	$	2,513,014	48.1	%
Aa1		1,799,508		32.9			101,809	2.0
Aa2		300,026		5.5			301,080	5.8
Aa3		319,848		5.9			271,069	5.2
A1		545,918		10.0			511,076	9.8
A2		511,146		9.4			411,999	7.9
A3		494,434		9.1			463,616	8.8
Baa1		244,424		4.5			218,454	4.2
Baa2		208,247		3.8			198,193	3.8
Baa3		122,596		2.2			151,729	2.9
Below Baa3		63,216		1.2			77,077	1.5
Total (2)	$	5,455,593		100.0	%	$	5,219,116	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 $648,492 and $657,605 of money market funds at December 31, 2025 and December 31, 2024, respectively.

Investments Available for Sale by Duration and Book Yield
Effective Duration	December 31, 2025					December 31, 2024
($ in thousands)	Fair Value			Percent		Fair Value		Percent
< 1 year	$	1,549,327		25.4	%	$	1,587,022	26.9	%
1 to < 2 years		527,914		8.6			544,630	9.3
2 to < 3 years		532,211		8.7			473,301	8.1
3 to < 4 years		571,255		9.4			445,614	7.6
4 to < 5 years		536,135		8.8			546,414	9.3
5 or more years		2,387,243		39.1			2,279,740	38.8
Total investments available for sale	$	6,104,085		100.0	%	$	5,876,721	100.0	%


Pre-tax investment yield (3)	Three months ended December 31, 2025			Year ended December 31, 2025
Yield on cash and investments available for sale		3.84	%	3.83	%
Return on other invested assets		4.15	%	5.06	%
Aggregate yield on total cash and investments		3.85	%	3.90	%

(3) Yield on investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above.

Essent Group Ltd. Announces Fourth Quarter &amp; Full Year 2025 Results and Increases Quarterly Dividend

Essent Group Ltd. Announces Fourth Quarter & Full Year 2025 Results and Increases Quarterly Dividend