Essent Group Ltd.

Listed Company

ESNTCIK 0001448893NYSELarge AcceleratedSurety InsuranceD0FY ends Dec 31

Period

FY 2025

Revenue

$1.26B

Net Income

$689.97M

Total Assets

$7.44B

Equity

$5.76B

Shares Out

94.54M

Op. Cash Flow

$856.05M

Business

Essent Group Ltd. provides credit protection and transaction services to the housing finance industry by offering private mortgage insurance, reinsurance and title insurance and settlement services to mortgage lenders, borrowers and investors. Its products and services include primary and pool private mortgage insurance, quota-share and CRT reinsurance, contract underwriting and risk management services, plus title insurance and closing/escrow services. The company operates primarily through a Mortgage Insurance segment and a Corporate & Other area that houses title operations and holding company activities. It underwrites and distributes U.S. mortgage and title insurance nationwide through institutional customers, delegated underwriting, third-party reinsurance, a network of title agents and digital connectivity with lender systems.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums written	959	967	894	820	807
Decrease in unearned premiums	24	24	23	22	65
Net premiums earned	984	991	917	843	873
Net investment income	237	222	186	124	89
Realized investment gains (losses), net	−923,000	−2	−7	−13	418,000
Income from other invested assets	18	7	−11	29	56
Other income	24	25	25	18	10
Total revenues	1,261	1,243	1,110	1,001	1,029
Provision for losses and LAE	149	81	32	−175	31
Other underwriting and operating expenses	257	271	225	172	167
Interest Expense, Operating	33	35	30	—	—
Total losses and expenses	439	387	287	13	206
Income (loss) before income taxes	822	855	823	988	822
Income tax expense	132	126	127	157	141
Net income	690	729	696	831	682
Basic (in dollars per share)	6.97	6.92	6.56	7.75	6.13
Diluted (in dollars per share)	6.9	6.85	6.5	7.72	6.11
Basic (in shares)	99	105	106	107	111
Diluted (in shares)	100	107	107	108	112
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $26,691 in 2025, $(7,818) in 2024 and $17,944 in 2023	152	−23	102	−433	−88
Total other comprehensive income (loss)	152	−23	102	−433	−88
Comprehensive income	842	706	799	398	594

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investments available for sale	6,104	5,877	5,264	4,742	4,963
Other invested assets	383	304	277	258	171
Total investments	6,487	6,181	5,541	5,000	5,133
Cash	123	131	142	81	81
Accrued investment income	47	44	36	33	27
Accounts receivable	51	56	63	57	46
Deferred policy acquisition costs	10	10	9	10	12
Property, equipment and software (at cost, less accumulated depreciation of $71,466 in 2025 and $72,270 in 2024)	49	42	41	—	—
Prepaid federal income tax	513	490	471	419	361
Goodwill and acquired intangible assets, net	78	80	73	0	—
Other assets	82	80	51	104	50
Total assets	7,441	7,112	6,427	5,724	5,722
Reserve for losses and LAE	447	329	260	216	407
Unearned premium reserve	92	116	140	163	185
Net deferred tax liability	465	392	363	357	374
Senior notes due 2029, net	495	494	0	—	—
Other accrued liabilities	185	177	139	104	100
Total liabilities	1,684	1,508	1,324	1,261	1,486
Commitments and contingencies (see Note 8)	—	—	—	—	—
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 95,456 shares in 2025 and 105,015 shares in 2024	1	2	2	2	2
Additional paid-in capital	650	1,215	1,300	1,350	1,429
Accumulated other comprehensive income (loss)	−152	−304	−280	−383	51
Retained earnings	5,257	4,691	4,082	3,493	2,755
Total stockholders' equity	5,757	5,604	5,103	4,462	4,236
Total liabilities and stockholders' equity	7,441	7,112	6,427	5,724	5,722

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distribution of income from other invested assets	13	14	7	14	26
Depreciation and amortization	5	6	5	3	3
Loss on disposal of property and equipment	68,000	0	0	—	—
Stock-based compensation expense	21	25	18	18	21
Amortization of premium on investment securities	14	20	15	18	34
Deferred income tax provision (benefit)	49	32	−13	58	84
Accrued investment income	−4	−8	−3	−7	−7
Accounts receivable	4	7	−2	−11	3
Deferred policy acquisition costs	106,000	−515,000	771,000	2	5
Prepaid federal income tax	−24	−19	−52	−58	−58
Other assets	−11	−19	63	−50	−4
Reserve for losses and LAE	118	69	29	−191	33
Unearned premium reserve	−24	−24	−23	−22	−65
Other accrued liabilities	21	35	3	−2	10
Net cash provided by operating activities	856	862	763	589	709
Net change in short-term investments	116	165	−656	61	414
Purchase of investments available for sale	−1,120	−1,648	−1,116	−1,378	−2,271
Proceeds from maturities and paydowns of investments available for sale	831	412	664	247	267
Proceeds from sales of investments available for sale	100	415	708	748	1,068
Purchase of other invested assets	−78	−39	−40	−75	−67
Return of investment from other invested assets	4	6	5	2	9
Net cash paid in acquisition	0	0	−87	0	0
Purchase of intangible assets	0	−10	0	0	—
Purchases of property and equipment and capitalization of internal-use software	−7	−7	−4	−4	−2
Net cash used in investing activities	−155	−707	−526	−399	−583
Issuance of senior notes	0	498	0	0	—
Credit facility repayments	0	−425	0	0	−125
Treasury stock acquired	−588	−112	−71	−98	−164
Payment of debt issuance costs	0	−8	0	−154,000	−6
Dividends paid	−122	−118	−106	−92	−78
Net cash used in financing activities	−710	−165	−177	−190	−147
Net (decrease) increase in cash	−8	−10	61	−251,000	−21
Income tax payments	−91	−93	−140	—	—
Interest payments	−31	−17	−29	−14	−7
Property, equipment, and capitalized internal-use software costs included in other liabilities	4	0	0	—	—
Operating lease liabilities arising from obtaining right-of-use assets	5	2	24	10	15,000

Filings

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