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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 1 ESSENT GROUP LTD. | NYSE: ESNT EARNINGS PRESENTATION 3Q25 November 7, 2025 ESSENT GROUP LTD. NYSE: ESNT
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 2 ESSENT GROUP LTD. | NYSE: ESNT This presentation 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 presentation, 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. Disclaimer
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 3 ESSENT GROUP LTD. | NYSE: ESNT Recent Developments o On August 6, 2025, Moody’s upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable. Essent Is A Leading Mortgage Insurer Company Overview • Essent Group Ltd. is a Bermuda-based holding company that went public in 2013 and is traded on the New York Stock Exchange (NYSE: ESNT). • Three primary operating companies: Essent Guaranty, Inc. (Radnor, PA), Essent Reinsurance Ltd. (Hamilton, Bermuda) and Essent Title Insurance, Inc. (Radnor, PA). • Offers private mortgage insurance, reinsurance and title insurance and settlement services to serve the U.S. housing finance industry. • Transformed primary MI business model from “Buy and Hold” to “Buy, Manage & Distribute” through use of programmatic reinsurance. • Developed proprietary credit engine EssentEDGE®, a cloud-based platform that leverages machine learning for MI pricing and risk management. • Essent Guaranty, Inc. is rated A2 by Moody’s, A (Excellent) by AM Best, and A- by S&P. • Essent Group Ltd. is rated Baa2 by Moody’s(2) and BBB- by S&P. 2Q25 3Q25 Consolidated Financial Results Net Income ($M) $195.3 $164.2 Annualized ROE 13.8% 11.5% Shareholders’ Equity ($B) $5.7 $5.7 U.S. Mortgage Insurance Portfolio Combined Ratio(1) 22.1% 33.9% IIF ($B) $246.8 $248.8 NIW ($B) $12.5 $12.2 Portfolio Default Rate 2.12% 2.29% PMIERs Sufficiency Ratio 176% 177% % IIF With Reinsurance Protection 97% 97% Risk-to-Capital Ratio 9.2:1 8.9:1 Capital Distribution To Shareholders • In conjunction with our 3Q25 earnings release, we announced Board approval of a quarterly dividend of $0.31 per common share, payable during 4Q25. • Year-to-date through October 31st, we repurchased 8.7 million common shares for $501 million as part of our share repurchase plan. 1) The combined ratio stated is for our reportable business segment, Mortgage Insurance. 2) The Moody’s issuer credit rating has been assigned to Essent Group Ltd.'s senior unsecured notes.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 4 ESSENT GROUP LTD. | NYSE: ESNT $8.35 $10.33 $12.08 $14.43 $19.71 $24.11 $30.34 $34.36 $38.73 $41.44 $47.87 $53.36 $58.86 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Sep-25 Delivering Shareholder Value BOOK VALUE PER SHARE GROWTH Annualized growth rate of 18.1% since December 31, 2013 Strong Cash Flows & Earnings Programmatic Reinsurance Protection Steadily Increasing Dividends Disciplined Capital Management
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 5 ESSENT GROUP LTD. | NYSE: ESNT Key Milestones in Essent’s Evolution 25+ years Experienced Management Team Strong Capital Position Conservative Financial Leverage Highly Efficient Operating Platform Best in Class Analytics & Technologies Essent Advantage 2010 2025+ Launch of Essent Guaranty Essent obtains GSE approvals and writes first MI policy IPO Essent completes IPO; emerges as a key player in future of MI Launch of Essent Re Essent Re completes first GSE risk share deal and reinsures Essent Guaranty First CRT Essent initiates its first credit- risk transfer program EssentEDGE® Essent launches proprietary innovative pricing platform Essent Title Essent acquires title insurance operations 2013 2014 2018 2019 2023 2009 EssentEDGE® Next Generation A cloud-based proprietary credit engine powered by machine learning 2021 Inaugural Debt Offering Essent closed on its inaugural senior notes offering of $500M 2024
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 6 ESSENT GROUP LTD. | NYSE: ESNT STABLE DEMAND OF FIRST-TIME HOMEBUYER POPULATION MONTHS’ SUPPLY OF HOUSING INVENTORY PERSISTENCY vs. 30-YEAR MORTGAGE RATE UNEMPLOYMENT RATE vs. DEFAULT RATE Industry Fundamentals Sources: National Association of Realtors, Federal Reserve Economic Data, Bureau of Labor Statistics, U.S. Census Bureau, Fan nie Mae. Total housing inventory at approximately 5 months, is driven by existing home inventory pressures from various macro trends (e.g. reductions in supply from the “lock-in” effect of existing homeowners in low-rate mortgages). Note: The months' supply is the ratio of houses for sale to houses sold. Our annual persistency has historically had a positive correlation with the quarterly average rate on a 30-year fixed rate mortgage, with periods of higher mortgage rates translating to higher persistency. Favorable demographic trends should continue to provide fundamental support to housing demand as the projected population of people in the average age range of a first-time homebuyer is forecasted to increase over the next 5+ years. The default rate for mortgage insurers tends to have a positive correlation with the U.S. unemployment rate. However, we note certain events (e.g. hurricanes) have the potential to temporarily impact default rates outside of typical economic factors.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 7 ESSENT GROUP LTD. | NYSE: ESNT Buy, Manage & Distribute Operating Model CREDIT RISK TRANSFER (CRT) Strong Operating Results ➢ Trailing Twelve Months Operating Cash Flow of $854 million ➢ Continue to focus on optimizing unit economics ➢ Credit quality of portfolio remains strong ➢ Efficient platform enables increased operating leverage and profitability EssentEDGE® Enables Rapid Execution of Targeted Pricing Strategies ➢ Lender utilization continues to increase ➢ The latest generation of EssentEDGE® is a cloud-based proprietary credit engine powered by machine learning techniques that utilizes 400+ attributes to generate an MI quote in ~3 seconds ➢ Differentiated pricing strategy to deliver borrowers our best price Fortifying Balance Sheet and Enhancing Financial Flexibility As of September 30, 2025: ➢ $5.7 billion in GAAP Equity ➢ Ample liquidity with $1.0 billion of cash and investments available for sale at the holding companies ➢ An additional $500 million in undrawn capacity with our credit facility ➢ Debt-to-Capital of 8.0% Committed To Programmatic Reinsurance ➢ Buy, Manage & Distribute model mitigates franchise volatility during weak economic cycles, with 97% of IIF subject to reinsurance protection ➢ As of September 30, 2025, Essent has ceded $9.9 billion of RIF through five quota share treaties to panels of highly rated third-party reinsurers ➢ As of September 30, 2025, Essent has access to $1.4 billion in ILN/XOL reinsurance coverage
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 8 ESSENT GROUP LTD. | NYSE: ESNT Credit Risk Transfer Since March 2018, Essent has transferred credit risk to: ▪ Capital market investors via ten(1) Radnor Re Insurance-Linked Note (ILN) issuances ▪ Reinsurers via seven(2) Excess of Loss (XOL) reinsurance transactions ▪ Reinsurers via five(3) Quota Share (QS) reinsurance programs As of 9/30/25, 97% of IIF is subject to reinsurance protection Capital Markets Excess of Loss Quota Share $974 million $404 million $9.9 billion remaining risk in force in ILNs sold to investors in risk limit reinsured by highly rated third-party reinsurers of RIF ceded to a panel of highly rated third-party reinsurers 1) As of 9/30/25, we have 5 active ILN deals. 2) As of 9/30/25, we have 6 active XOL deals. In April 2025, we entered into an excess of loss reinsurance transaction, which will provide coverage on all eligible new insurance written for 2026, effective July 1, 2026. 3) As of 9/30/25, we have 5 active QSR deals. In addition, in January 2025, we entered into a quota share reinsurance agreement covering 2 5% of all eligible new insurance written for 2026.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 9 ESSENT GROUP LTD. | NYSE: ESNT Third Party Premiums Earned & Risk In Force Total Equity $B Essent Re ➢ Essent Reinsurance Ltd. (“Essent Re”) is a Bermuda-based reinsurance company, rated A (Excellent) by AM Best and A- by S&P. At September 30, 2025, Essent Re’s GAAP equity was $1.7 billion. ➢ Essent Re primarily focuses on three business lines: ➢ Affiliate quota share to reinsure Essent Guaranty and leverage our Bermuda platform ➢ Third party reinsurance on GSE and other mortgage risks to access larger mortgage credit universe ➢ Agency underwriting consulting services to reinsurer clients which generate fee income Affiliate Quota Share Third Party Reinsurance Agency Provide Quota Share reinsurance to Essent Guaranty with Net Risk In Force of $23.3 billion Active participant in GSE and other mortgage risk share business with $2.2 billion Risk In Force Offer underwriting and surveillance services to reinsurers writing mortgage risk $1.83 $1.77 $1.78 $1.75 $1.72 $1.2 $1.3 $1.4 $1.5 $1.6 $1.7 $1.8 $1.9 3Q24 4Q24 1Q25 2Q25 3Q25 GAAP Equity $B $2.23 $2.21 $2.19 $2.29 $2.18 $17.13 $16.18 $15.51 $13.65 $15.95 $0 $5 $10 $15 $20 $0.0 $1.0 $2.0 $3.0 $4.0 3Q24 4Q24 1Q25 2Q25 3Q25 3rd Party Mortgage RIF $B 3rd Party Mortgage NPE $M
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 10 ESSENT GROUP LTD. | NYSE: ESNT As of September 30, 2025, Essent Has $6.5 Billion Of Total Investments Investment Portfolio Portfolio by Asset Class Portfolio by Rating1 1) Based on ratings issued by Moody’s, if available. S&P or Fitch rating utilized if Moody’s not available. Credit rating is for the investments available for sale portfolio only and excludes money market funds and Other Invested Assets. U.S. Government and Agency Debt 24.1% Corporates 29.9% Municipals 9.5% ABS 12.7% RMBS & CMBS 7.2% Money market funds 9.9% Other Invested Assets 5.7% Non-U.S. Government 1.0% Aaa 15.4% Aa 44.4% A 28.1% Baa 10.7% Below Baa3 1.4% • Annualized yield for investments available for sale was 3.9% for 3Q25, increased from 3.8% in 3Q24 • New money yield in 3Q25 of ~4.9% • Other Invested Assets of $370M invested across venture funds, PE and structured funds along with direct investments into several companies • 99% of the portfolio is investment grade • 60% of the portfolio has a credit rating of Aaa to Aa
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 11 ESSENT GROUP LTD. | NYSE: ESNT Quarterly Financial Highlights ($ in millions, except per share amounts) 3Q24 4Q24 1Q25 2Q25 3Q25 KEY METRICS U.S. Mortgage IIF $242,976 $243,645 $244,692 $246,798 $248,808 Total Revenue $317 $315 $318 $319 $312 Net Income $176 $168 $175 $195 $164 Total Investments $6,245 $6,181 $6,204 $6,326 $6,460 Loss Reserves $288 $329 $357 $365 $397 Debt-to-Capital 8% 8% 8% 8% 8% Shareholders’ Equity $5,641 $5,604 $5,659 $5,673 $5,739 Book Value Per Share $53.11 $53.36 $55.22 $56.98 $58.86 Available / Total HoldCo Liquidity(1) $991 / $1,491 $1,053 / $1,553 $1,016 / $1,516 $995 / $1,495 $1,039 / $1,539 PMIERs Excess Available Assets (or “Cushion”)(2) $1,695 / 89% $1,583 / 78% $1,521 / 72% $1,579 / 76% $1,601 / 77% AS OF END OF PERIOD 1) Total HoldCo Liquidity includes cash and investments available for sale at the holding companies and undrawn capacity with our credit facility. 2) Percentages are calculated as excess divided by Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs as of the dates indicated.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 12 ESSENT GROUP LTD. | NYSE: ESNT Annual Financial Highlights ($ in millions, except per share amounts) 2021 2022 2023 2024 9M25 KEY METRICS U.S. Mortgage IIF $207,191 $227,062 $239,078 $243,645 $248,808 Total Revenue $1,029 $1,001 $1,110 $1,243 $949 Net Income $682 $831 $696 $729 $535 Total Investments $5,133 $5,000 $5,541 $6,181 $6,460 Loss Reserves $407 $217 $260 $329 $397 Debt-to-Capital 9% 9% 8% 8% 8% Shareholders’ Equity $4,236 $4,462 $5,103 $5,604 $5,739 Book Value Per Share $38.73 $41.44 $47.87 $53.36 $58.86 Available / Total HoldCo Liquidity(1) $618 / $1,018 $685 / $1,085 $694 / $1,094 $1,053 / $1,553 $1,039 / $1,539 PMIERs Excess Available Assets (or “Cushion”)(2) $1,379 / 77% $1,359 / 74% $1,394 / 70% $1,583 / 78% $1,601 / 77% AS OF END OF PERIOD 1) Total HoldCo Liquidity includes cash and investments available for sale at the holding companies and undrawn capacity with our credit facility. 2) Percentages are calculated as excess divided by Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs as of the dates indicated.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 13 ESSENT GROUP LTD. | NYSE: ESNT U.S. Mortgage Insurance In Force (IIF) & New Insurance Written (NIW) ($ in billions) DEC. 31, 2023 DEC. 31, 2024 SEP. 30, 2025 IIF % of Total IIF % of Total IIF % of Total WA Coupon 2025 - - - - $33.4 13.4% 6.7% 2024 - - $43.4 17.8% $40.1 16.1% 6.7% 2023 $45.7 19.1% $41.1 16.9% $37.4 15.0% 6.6% 2022 $56.9 23.8% $51.5 21.1% $46.9 18.8% 5.1% 2021 $61.4 25.7% $50.2 20.6% $43.0 17.3% 3.1% 2020 $46.5 19.5% $35.5 14.6% $29.5 11.9% 3.2% 2019 $12.4 5.2% $10.2 4.2% $8.9 3.6% 4.3% 2018 $5.6 2.3% $4.6 1.9% $4.0 1.6% 4.8% 2017 $4.8 2.0% $3.5 1.4% $2.9 1.2% 4.3% 2010 – 2016 $5.8 2.4% $3.7 1.5% $2.8 1.1% 4.2% Total $239.1 100% $243.6 100% $248.8 100% 5.2% TOTAL NIW MARKET SIZETOTAL IIF MARKET SIZE 12% 13% 15% 15% 15% 15% 15% $1,224 $1,300 $1,392 $1,513 $1,555 $1,584 $1,608 2019 2020 2021 2022 2023 2024 9M25 Essent Share Remaining Industry Insurance In Force ($B) Note: Chart not to scale IIF BY VINTAGE YEAR ($B) $64 $108 $84 $63 $48 $46 $35 $384 $600 $585 $405 $284 $299 $223 2019 2020 2021 2022 2023 2024 9M25 Essent Remaining Industry New Insurance Written ($B) Note: Chart not to scale
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 14 ESSENT GROUP LTD. | NYSE: ESNT High Credit Quality IIF Portfolio ($ in billions) DEC. 31, 2023 DEC. 31, 2024 SEP. 30, 2025 IIF % of Total IIF % of Total IIF % of Total >=760 $97.1 40.6% $99.2 40.7% $103.3 41.5% 740-759 $41.5 17.4% $42.6 17.5% $43.4 17.4% 720-739 $37.4 15.7% $38.0 15.6% $38.1 15.3% 700-719 $31.9 13.4% $32.7 13.4% $32.8 13.2% 680-699 $19.8 8.3% $19.8 8.1% $19.6 7.9% <=679 $11.4 4.6% $11.5 4.7% $11.6 4.7% Total $239.1 100% $243.6 100% $248.8 100% IIF BY FICO SCORE ($B) ($ in billions) DEC. 31, 2023 DEC. 31, 2024 SEP. 30, 2025 IIF % of Total IIF % of Total IIF % of Total 85.00% and below $19.9 8.3% $14.7 6.0% $14.4 5.8% 85.01% to 90.00% $63.0 26.3% $60.6 24.9% $59.0 23.7% 90.01% to 95.00% $119.7 50.1% $127.2 52.2% $131.9 53.0% 95.01% and above $36.5 15.3% $41.1 16.9% $43.5 17.5% Total $239.1 100% $243.6 100% $248.8 100% IIF BY LTV ($B)
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 15 ESSENT GROUP LTD. | NYSE: ESNT In Force Portfolio Premium Yield U.S. Mortgage Insurance Portfolio PERIOD ENDING (in basis points) 3Q24 4Q24 1Q25 2Q25 3Q25 Base Premium Earned 41 bps 41 bps 41 bps 41 bps 41 bps Singles Cancellation Premium 0 bps 0 bps 0 bps 0 bps 0 bps Gross Premium Rate 41 bps 41 bps 41 bps 41 bps 41 bps Ceded Premium (6) bps (6) bps (5) bps (5) bps (6) bps Net Premium Rate 35 bps 35 bps 36 bps 36 bps 35 bps Average IIF ($B) $242.1 $243.2 $244.0 $245.7 $247.8
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 16 ESSENT GROUP LTD. | NYSE: ESNT Cost of Reinsurance Transactions PERIOD ENDING ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 U.S. Mortgage Insurance Portfolio ILN/XOL Ceded Premium $17.3) $20.4) $17.2) $17.3) $17.2) QSR Ceded Premium $17.5) $19.1) $16.9) $16.1) $21.7) Total Ceded Premium $34.8) $39.5) $34.1) $33.4) $39.0) Increase (Reduction) of Provision for Losses & LAE ($5.5) ($6.7) ($4.5) ($3.1) ($8.5) Reduction of Operating Expense(1) ($6.7) ($6.8) ($6.8) ($7.1) ($7.3) Net Cost of Reinsurance $22.6 $26.0 $22.8 $23.2 $23.2 1) Ceding Commission
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 17 ESSENT GROUP LTD. | NYSE: ESNT Default Rollforward U.S. Mortgage Insurance Portfolio PERIOD ENDING (number of loans) 3Q24 4Q24 1Q25 2Q25 3Q25 Beginning Default Inventory 13,954 15,906 18,439 17,759 17,255 Plus: New Defaults(1) 9,984 11,136 9,664 8,810 10,357 Less: Cures (7,819) (8,408) (10,173) (9,078) (8,713) Less: Claims Paid (182) (183) (153) (215) (296) Less: Rescissions & Denials, net (31) (12) (18) (21) (20) Ending Default Inventory 15,906 18,439 17,759 17,255 18,583 Default Rate 1.95% 2.27% 2.19% 2.12% 2.29% 1) Loans are classified as defaulted when the borrower has missed two consecutive payments.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 18 ESSENT GROUP LTD. | NYSE: ESNT Components Of Provision For Losses & LAE U.S. Mortgage Insurance Portfolio PERIOD ENDING ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Provision for Losses & LAE occurring in: Current Period $51.6 $50.2 $48.9 $45.1 $62.3 Prior Year Development ($21.8) ($13.0) ($18.2) ($29.8) ($18.2) Provision For Losses & LAE $29.8 $37.2 $30.7 $15.3 $44.2 End Of Period Reserves $274.9 $310.2 $338.1 $346.0 $379.5
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 19 ESSENT GROUP LTD. | NYSE: ESNT Cumulative Incurred Loss Ratio By Vintage Year PRE-2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-2016 2.8% 3.1% 3.2% 2.8% 2.6% 3.7% 3.6% 2.6% 2.5% 2.3% 2.3% 2016 2.3% 4.6% 3.4% 2.9% 6.4% 5.3% 2.8% 2.2% 2.0% 2.0% 2017 7.5% 4.6% 4.2% 9.7% 8.3% 4.0% 3.4% 3.1% 2.9% 2018 3.3% 6.0% 16.4% 13.7% 5.3% 4.5% 4.0% 3.8% 2019 4.2% 31.2% 21.8% 5.8% 4.3% 3.7% 3.5% 2020 24.5% 13.6% 4.4% 3.1% 2.8% 2.7% 2021 9.1% 7.9% 7.1% 6.3% 6.4% 2022 14.4% 20.1% 19.0% 19.3% 2023 14.5% 19.7% 21.4% 2024 12.8% 20.3% 2025 8.4% Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned. U.S. Mortgage Insurance Portfolio
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 20 ESSENT GROUP LTD. | NYSE: ESNT ($ in millions) Oct-Dec 2025 $39 2026 $175 2027 $205 2028 $243 2029 $285 2030 $306 2031 $298 2032 $276 2033 $274 2034 $283 2035 $211 Total $2,595 Scheduled Contingency Reserve Releases(4) U.S. Mortgage Insurance Subsidiaries As of: ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Statutory Financial Information(1) Risk-to-capital ratio 9.7:1 9.8:1 9.6:1 9.2:1 8.9:1 Common stock and paid-in surplus(2) $744 $705 $705 $705 $705 Unassigned funds(3) $385 $397 $405 $445 $432 Statutory policyholders' surplus $1,129 $1,102 $1,111 $1,150 $1,137 Contingency reserve(4) $2,455 $2,492 $2,532 $2,564 $2,595 Total statutory capital $3,585 $3,594 $3,642 $3,714 $3,732 Reserve for losses and LAE $158 $174 $190 $192 $207 Total $3,743 $3,768 $3,832 $3,906 $3,939 Ordinary Dividend Capacity $281 PMIERs Data(5) PMIERs available assets $3,599 $3,613 $3,629 $3,654 $3,667 PMIERs minimum required assets $1,903 $2,030 $2,108 $2,075 $2,066 PMIERs excess available assets $1,695 $1,583 $1,521 $1,579 $1,601 PMIERs sufficiency ratio(6) 189% 178% 172% 176% 177% 1) Prior to December 31, 2024, statutory financial information represents the combined sum of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., after eliminating the impact of intercompany transactions. Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. The statutory financial information on or after December 31, 2024 is for Essent Guaranty only. 2) Common stock and paid-in surplus can only be affected by direct capital contributions and returns of capital approved by Pennsyl vania Insurance Department. 3) Unassigned funds change as a result of earnings (net of contingency reserve inflows and outflows) and dividends, and is a reg ulatory constraint on the ability to pay an ordinary dividend, since unassigned funds must be positive in order to pay such a dividend. A Pennsylvania domiciled insurer may pay dividends during any 12 -month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. While all proposed dividends and distributions to stockholders must be filed with the Pennsylvania Insurance Department prior to paymen t, dividends and other distributions can be paid out of positive unassigned surplus without prior approval. 4) Contingency reserves are established by contributing 50% of earned premiums every year. Contingency reserves are released to unassigned funds after 10 years on a first-in, first-out basis or after regulatory approval with an annual loss ratio greater than 35%. 5) Essent Guaranty’s Minimum Required Assets calculated 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.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 21 ESSENT GROUP LTD. | NYSE: ESNT Quarterly Financial Trends U.S. MORTGAGE IIF & NIW CONSOLIDATED NET INCOME MORTGAGE INSURANCE OPERATING EXPENSES U.S. MORTGAGE INSURANCE PMIERs CAPITAL $1,903 $2,030 $2,108 $2,075 $2,066 $1,695 $1,583 $1,521 $1,579 $1,601 0% 20% 40% 60% 80% 100% 3Q24 4Q24 1Q25 2Q25 3Q25 Min. Required Assets ($M) Excess ($M) Excess % $176.2 $167.9 $175.4 $195.3 $164.2 3Q24 4Q24 1Q25 2Q25 3Q25 Net Income ($M) $243.0 $243.6 $244.7 $246.8 $248.8 $12.5 $12.2 $9.9 $12.5 $12.2 3Q24 4Q24 1Q25 2Q25 3Q25 Total Insurance In Force ($B) Total New Insurance Written ($B) $38.6 $39.9 $43.6 $36.3 $34.2 0% 20% 40% 60% 80% 100% 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Expense ($M) Expense Ratio Combined Ratio 1) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. 2) Loss ratio plus expense ratio. (1) 1) Essent Guaranty’s Minimum Required Assets calculated based on our interpretation of the PMIERs as of the dates indicated. 2) Excess of Essent Guaranty’s Available Assets over Minimum Required Assets. 3) Excess as a % of Essent Guaranty’s Minimum Required Assets. (1) (2) (3)(2)
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 22 ESSENT GROUP LTD. | NYSE: ESNT Annual Financial Trends U.S. MORTGAGE IIF & NIW CONSOLIDATED NET INCOME MORTGAGE INSURANCE OPERATING EXPENSES U.S. MORTGAGE INSURANCE PMIERs CAPITAL $1,832 $1,986 $2,030 $2,066 $1,359 $1,394 $1,583 $1,601 0% 20% 40% 60% 80% 100% 2022 2023 2024 9M25 Min. Required Assets ($M) Excess ($M) Excess % $831.4 $696.4 $729.4 $535.0 2022 2023 2024 9M25 Net Income ($M) $227.1 $239.1 $243.6 $248.8 $63.1 $47.7 $45.6 $34.7 2022 2023 2024 9M25 Total Insurance In Force ($B) Total New Insurance Written ($B) $159.6 $162.5 $159.5 $114.0 -20% 0% 20% 40% 60% 80% 2022 2023 2024 9M25 Operating Expense ($M) Expense Ratio Combined Ratio (1) 1) Essent Guaranty’s Minimum Required Assets calculated based on our interpretation of the PMIERs as of the dates indicated. 2) Excess of Essent Guaranty’s Available Assets over Minimum Required Assets. 3) Excess as a % of Essent Guaranty’s Minimum Required Assets. (1) (2) (3)(2) 1) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. 2) Loss ratio plus expense ratio.
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 23 ESSENT GROUP LTD. | NYSE: ESNT CRT Summary: As Of 9/30/25 1. Insurance Linked Note Transactions (ILN) are with Radnor Re (RMIR) entities ➢ The Radnor Re entities are Bermuda Special Purpose Insurers and are not subsidiaries of nor affiliated with Essent Group Ltd 2. Excess of Loss Agreements (XOL) and Quota Share (QSR) transactions are with panels of U.S. & global reinsurers 3. Remaining Retention refers to retained outstanding first loss exposure 4. Reduction in PMIERs Minimum Required Assets estimated by the Company 5. The totals may differ from the sum of the individual reinsurance transactions due to overlapping coverage between certain transactions
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© 2025 Essent Group Ltd. All rights reserved. | essentgroup.com | 24 ESSENT GROUP LTD. | NYSE: ESNT