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ESSENT GROUP LTD . EARNINGS PRESENTATION 2Q26 NYSE : ESNT August 7 , 2026 ESSENT GROUP R
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© 2026 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, 2025 filed with the Securities and Exchange Commission on February 18, 2026, 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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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 3 ESSENT GROUP LTD. | NYSE: ESNT Recent Developments • As previously disclosed, Essent Guaranty entered into an excess of loss reinsurance transaction, effective July 1, 2026, with a panel of highly rated third-party reinsurers covering business written in calendar year 2026. 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(1) and BBB- by S&P. 1Q26 2Q26 Consolidated Financial Results Net Income ($M) $171.8 $189.7 Annualized ROE 12.0% 13.4% Shareholders’ Equity ($B) $5.7 $5.7 Mortgage Insurance Combined Ratio 34.8% 28.4% IIF ($B) $247.9 $249.7 NIW ($B) $11.1 $14.1 Portfolio Default Rate 2.54% 2.53% PMIERs Sufficiency Ratio 174% 172% % IIF With Reinsurance Protection 96% 97% Risk-to-Capital Ratio 8.6:1 8.5:1 Capital Distribution To Shareholders • In conjunction with our 2Q26 earnings release, we announced Board approval of a quarterly dividend of $0.35 per common share, payable during 3Q26. • Year-to-date through July 31st, we repurchased 5.8 million common shares for $348 million as part of our share repurchase plan. 1) The Moody’s issuer credit rating has been assigned to Essent Group Ltd.'s senior unsecured notes.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 4 ESSENT GROUP LTD. | NYSE: ESNT $63.01 $8.35 $10.33 $12.08 $14.43 $19.71 $24.11 $30.64 $35.30 $40.37 $43.94 $51.37 $57.98 $66.17 $69.57 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 Book Value Per Share (GAAP) Cumulative Dividends Delivering Shareholder Value GROWTH IN BOOK VALUE PER SHARE INCLUSIVE OF COMMON DIVIDENDS(1) Annualized growth rate of 18.5% since December 31, 2013 Strong Cash Flows & Earnings Programmatic Reinsurance Protection Steadily Increasing Dividends Disciplined Capital Management 1) Book Value per Share Inclusive of Common Dividends and the related annualized growth % are non -GAAP financial measures; see slide 24 for Reconciliation of Non-GAAP Financial Measures.
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© 2026 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 2026+ 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; 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 2026 Essent Re Expansion Essent Re begins reinsuring certain property and casualty risks
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© 2026 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 4 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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© 2026 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 $834 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 MI 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 June 30, 2026: ➢ $5.7 billion in GAAP Equity ➢ Ample liquidity with $1.1 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 8.1% Committed To Programmatic Outward Reinsurance ➢ Buy, Manage & Distribute model mitigates franchise volatility during weak economic cycles, with 97% of IIF subject to reinsurance protection at June 30, 2026 ➢ As of June 30, 2026, Essent has ceded $11.0 billion of RIF through six quota share treaties to panels of highly rated third-party reinsurers ➢ As of June 30, 2026, Essent has access to $1.0 billion in ILN/XOL reinsurance coverage
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 8 ESSENT GROUP LTD. | NYSE: ESNT Credit Risk Transfer Since March 2018, Essent Guaranty 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 six(3) Quota Share reinsurance (QSR) programs As of 6/30/26, 97% of IIF is subject to reinsurance protection Capital Markets Excess of Loss Quota Share $701 million $328 million $11.0 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 6/30/26, we have 5 active ILN deals. 2) As of 6/30/26, we have 5 active XOL deals. In April 2025, we entered into an excess of loss reinsurance transaction, which provides coverage on all eligible new insurance written for 2026, effective July 1, 2026. In March 2026, we entered into an excess of loss reinsurance transaction, which will provide coverage on all eligible new insurance written for 2027, effective July 1, 2027. 3) As of 6/30/26, we have 6 active QSR deals. In December 2025, we entered into a quota share reinsurance agreement covering 20% of all el igible new insurance written for 2027.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 9 ESSENT GROUP LTD. | NYSE: ESNT Net Premiums Written – 1H26 Total Equity $B Reinsurance Segment ➢ Essent Re is a Bermuda-based reinsurance company, rated A (Excellent) by AM Best and A- by S&P. ➢ Pre-tax income for the second quarter of 2026 was $17.1 million. ➢ At June 30, 2026, Essent Re had GAAP equity of $1.6 billion. ➢ Essent Re primarily focuses on four business lines: ▪ Affiliate quota share treaty with Essent Guaranty, Inc. to assume primary mortgage insurance risk ▪ Third party excess of loss reinsurance with the GSEs to assume risk on a broader mortgage credit universe ▪ Agency advisory services on mortgage credit risk to reinsurer clients ▪ Third party reinsurance to assume certain property and casualty risks, and other non-mortgage risks $1.75 $1.72 $1.70 $1.66 $1.63 $1.2 $1.3 $1.4 $1.5 $1.6 $1.7 $1.8 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP Equity $B Mortgage 11% Non-mortgage 89% Essent Reinsurance Ltd. (“Essent Re”) is a highly rated reinsurer with a strong balance sheet that serves as another platform to deploy capital and generate supplemental earnings
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 10 ESSENT GROUP LTD. | NYSE: ESNT As of June 30, 2026, Essent Has $6.6 Billion Of Total Cash and Investments Investment Portfolio Portfolio by Asset Class Portfolio by Rating(1) 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 cash, money market funds, and Other Invested Assets. U.S. Government and Agency Debt 21.0% Corporates 30.0% Municipals 9.2% ABS 14.6% RMBS & CMBS 7.1% Money market funds 9.5% Other Invested Assets 6.7% Cash 1.1% Non-U.S. Government 0.8% Aaa 16.7% Aa 42.6% A 28.2% Baa 11.3% Below Baa3 1.2% • Aggregate yield on total cash and investments was 4.89% for 2Q26 • New money yield on investments available for sale in 2Q26 of ~5.1% • Other Invested Assets of $441.9M invested across venture funds, PE and structured funds, along with direct investments into several companies • 99% of the portfolio is investment grade(1) • 59% of the portfolio has a credit rating of Aaa to Aa(1)
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 11 ESSENT GROUP LTD. | NYSE: ESNT Quarterly Financial Highlights ($ in millions, except per share amounts) 2Q25 3Q25 4Q25 1Q26 2Q26 KEY METRICS Mortgage IIF $246,798 $248,808 $248,356 $247,909 $249,720 Total Revenue $319 $312 $312 $336 $363 Net Income $195 $164 $155 $172 $190 Total Cash and Investments $6,418 $6,551 $6,610 $6,571 $6,555 Loss Reserves $365 $397 $447 $486 $519 Debt-to-Capital 8% 8% 8% 8% 8% Shareholders’ Equity $5,673 $5,739 $5,757 $5,697 $5,663 Book Value Per Share $56.98 $58.86 $60.31 $61.20 $63.01 Available / Total HoldCo Liquidity(1) $995 / $1,495 $1,039 / $1,539 $1,269 / $1,769 $1,144 / $1,644 $1,109 / $1,609 PMIERs Excess Available Assets (or “Cushion”)(2) $1,579 / 76% $1,601 / 77% $1,433 / 69% $1,551 / 74% $1,506 / 72% AS OF END OF PERIOD 1) Total HoldCo Liquidity includes cash and investments available for sale at the holding companies and undrawn capacity with our credit facility. 2) Percentages are calculated as excess divided by Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs as of the dates indicated.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 12 ESSENT GROUP LTD. | NYSE: ESNT Annual Financial Highlights ($ in millions, except per share amounts) 2022 2023 2024 2025 1H26 KEY METRICS Mortgage IIF $227,062 $239,078 $243,645 $248,356 $249,720 Total Revenue $1,001 $1,110 $1,243 $1,261 $699 Net Income $831 $696 $729 $690 $362 Total Cash and Investments $5,081 $5,683 $6,312 $6,610 $6,555 Loss Reserves $217 $260 $329 $447 $519 Debt-to-Capital 9% 8% 8% 8% 8% Shareholders’ Equity $4,462 $5,103 $5,604 $5,757 $5,663 Book Value Per Share $41.44 $47.87 $53.36 $60.31 $63.01 Available / Total HoldCo Liquidity(1) $685 / $1,085 $694 / $1,094 $1,053 / $1,553 $1,269 / $1,769 $1,109 / $1,609 PMIERs Excess Available Assets (or “Cushion”)(2) $1,359 / 74% $1,394 / 70% $1,583 / 78% $1,433 / 69% $1,506 / 72% AS OF END OF PERIOD 1) Total HoldCo Liquidity includes cash and investments available for sale at the holding companies and undrawn capacity with our credit facility. 2) Percentages are calculated as excess divided by Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs as of the dates indicated.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 13 ESSENT GROUP LTD. | NYSE: ESNT Mortgage Insurance In Force (IIF) & New Insurance Written (NIW) ($ in billions) DEC. 31, 2024 DEC. 31, 2025 Jun. 30, 2026 IIF % of Total IIF % of Total IIF % of Total WA Coupon 2026 - - - - $24.8 9.9% 6.2% 2025 - - $43.7 17.6% $40.2 16.1% 6.5% 2024 $43.4 17.8% $37.9 15.3% $34.6 13.9% 6.7% 2023 $41.1 16.9% $35.2 14.2% $31.9 12.8% 6.6% 2022 $51.5 21.1% $45.4 18.3% $42.3 16.9% 5.1% 2021 $50.2 20.6% $41.0 16.5% $37.0 14.8% 3.1% 2020 $35.5 14.6% $27.6 11.1% $23.7 9.5% 3.2% 2019 $10.2 4.2% $8.5 3.4% $7.4 3.0% 4.3% 2018 $4.6 1.9% $3.7 1.5% $3.3 1.3% 4.8% 2010 – 2017 $7.2 3.0% $5.4 2.2% $4.6 1.8% 4.3% Total $243.6 100% $248.4 100% $249.7 100% 5.3% TOTAL NIW MARKET SIZETOTAL IIF MARKET SIZE 12% 13% 15% 15% 14% 15% 15% $1,300 $1,392 $1,513 $1,555 $1,584 $1,615 $1,626 2020 2021 2022 2023 2024 2025 1H26 Essent Share Remaining Industry Insurance In Force ($B) Note: Chart not to scale IIF BY VINTAGE YEAR ($B) $108 $84 $63 $48 $46 $47 $25 $600 $585 $405 $284 $299 $311 $172 2020 2021 2022 2023 2024 2025 1H26 Essent Remaining Industry New Insurance Written ($B) Note: Chart not to scale
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 14 ESSENT GROUP LTD. | NYSE: ESNT High Credit Quality Mortgage IIF Portfolio ($ in billions) DEC. 31, 2024 DEC. 31, 2025 Jun. 30, 2026 IIF % of Total IIF % of Total IIF % of Total >=760 $99.2 40.7% $104.1 41.9% $106.0 42.4% 740-759 $42.6 17.5% $43.2 17.4% $42.8 17.2% 720-739 $38.0 15.6% $37.7 15.2% $37.3 14.9% 700-719 $32.7 13.4% $32.5 13.1% $32.5 13.1% 680-699 $19.8 8.1% $19.4 7.8% $19.3 7.7% <=679 $11.5 4.7% $11.6 4.6% $11.8 4.7% Total $243.6 100% $248.4 100% $249.7 100% IIF BY CREDIT SCORE ($B) ($ in billions) DEC. 31, 2024 DEC. 31, 2025 Jun. 30, 2026 IIF % of Total IIF % of Total IIF % of Total 85.00% and below $14.7 6.0% $14.7 5.9% $15.3 6.1% 85.01% to 90.00% $60.6 24.9% $58.3 23.5% $56.3 22.5% 90.01% to 95.00% $127.2 52.2% $132.0 53.1% $133.5 53.5% 95.01% and above $41.1 16.9% $43.4 17.5% $44.7 17.9% Total $243.6 100% $248.4 100% $249.7 100% IIF BY LTV ($B)
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 15 ESSENT GROUP LTD. | NYSE: ESNT In Force Portfolio Premium Yield Mortgage Insurance Portfolio PERIOD ENDING (in basis points) 2Q25 3Q25 4Q25 1Q26 2Q26 Base Premium Earned 41 bps 41 bps 41 bps 41 bps 40 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 40 bps Ceded Premium (5) bps (6) bps (7) bps (6) bps (5) bps Net Premium Rate 36 bps 35 bps 34 bps 35 bps 35 bps Average IIF ($B) $245.7 $247.8 $248.7 $247.8 $248.5
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 16 ESSENT GROUP LTD. | NYSE: ESNT Cost of Outward Reinsurance Transactions PERIOD ENDING ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Mortgage Insurance Portfolio ILN/XOL Ceded Premium $17.3) $17.2) $17.3) $14.7) $13.7 QSR Ceded Premium $16.1) $21.7) $24.1) $21.9) $21.4 Total Ceded Premium $33.4) $39.0) $41.4) $36.6) $35.1 Increase (Reduction) of Provision for Losses & LAE ($3.1) ($8.5) ($10.5) ($8.0) ($7.1) Reduction of Operating Expense(1) ($7.1) ($7.3) ($7.5) ($7.6) ($7.8) Net Cost of Reinsurance $23.2 $23.2 $23.4 $20.9 $20.1 1) Ceding Commission
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 17 ESSENT GROUP LTD. | NYSE: ESNT Default Rollforward Mortgage Insurance Portfolio PERIOD ENDING (number of loans) 2Q25 3Q25 4Q25 1Q26 2Q26 Beginning Default Inventory 17,759 17,255 18,583 20,210 20,332 Plus: New Defaults(1) 8,810 10,357 11,245 11,100 9,846 Less: Cures (9,078) (8,713) (9,357) (10,708) (9,559) Less: Claims Paid (215) (296) (235) (239) (316) Less: Rescissions & Denials, net (21) (20) (26) (31) (25) Ending Default Inventory 17,255 18,583 20,210 20,332 20,278 Default Rate 2.12% 2.29% 2.50% 2.54% 2.53% 1) Loans are classified as defaulted when the borrower has missed two consecutive payments.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 18 ESSENT GROUP LTD. | NYSE: ESNT Components Of Provision For Losses & LAE Mortgage Insurance Portfolio PERIOD ENDING ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Provision for Losses & LAE occurring in: Current Period $45.1 $62.3 $67.9 $62.8 $58.4 Prior Year Development ($29.8) ($18.2) ($12.7) ($25.2) ($29.0) Provision For Losses & LAE $15.3 $44.2 $55.2 $37.6 $29.4 End Of Period Reserves $346.0 $379.5 $429.6 $458.9 $475.0
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 19 ESSENT GROUP LTD. | NYSE: ESNT Cumulative Incurred Loss Ratio By Vintage Year Pre- 2017 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Pre-2017 3.1% 3.4% 2.9% 2.7% 4.4% 4.0% 2.6% 2.4% 2.2% 2.2% 2.2% 2017 7.5% 4.6% 4.2% 9.7% 8.3% 4.0% 3.4% 3.1% 2.9% 2.8% 2018 3.3% 6.0% 16.4% 13.7% 5.3% 4.5% 4.0% 3.8% 3.6% 2019 4.2% 31.2% 21.8% 5.8% 4.3% 3.7% 3.6% 3.4% 2020 24.5% 13.6% 4.4% 3.1% 2.8% 2.8% 2.6% 2021 9.1% 7.9% 7.1% 6.3% 6.6% 6.4% 2022 14.4% 20.1% 19.0% 20.0% 20.4% 2023 14.5% 19.7% 23.5% 25.0% 2024 12.8% 23.9% 24.8% 2025 14.3% 16.9% 2026 5.5% Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative premiums earned, excluding the impact of any outward reinsurance. Mortgage Insurance Portfolio
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 20 ESSENT GROUP LTD. | NYSE: ESNT ($ in millions) July-Dec 2026 $92 2027 $205 2028 $243 2029 $285 2030 $306 2031 $298 2032 $276 2033 $274 2034 $283 2035 $277 2036 $132 Total $2,671 Scheduled Contingency Reserve Releases(3) U.S. Mortgage Insurance Company Capital As of: ($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Statutory Financial Information Risk-to-capital ratio 9.2:1 8.9:1 9.1:1 8.6:1 8.5:1 Common stock and paid-in surplus(1) $705 $705 $705 $705 $705 Unassigned funds(2) $445 $432 $246 $330 $302 Statutory policyholders' surplus $1,150 $1,137 $951 $1,035 $1,007 Contingency reserve(3) $2,564 $2,595 $2,622 $2,648 $2,671 Total statutory capital $3,714 $3,732 $3,573 $3,682 $3,678 Reserve for losses and LAE $192 $207 $231 $243 $247 Total $3,906 $3,939 $3,804 $3,925 $3,925 Ordinary Dividend Capacity $302 PMIERs Data(4) PMIERs available assets $3,654 $3,667 $3,520 $3,635 $3,599 PMIERs minimum required assets $2,075 $2,066 $2,087 $2,084 $2,093 PMIERs excess available assets $1,579 $1,601 $1,433 $1,551 $1,506 PMIERs sufficiency ratio(5) 176% 177% 169% 174% 172% 1) Common stock and paid-in surplus can only be affected by direct capital contributions and returns of capital approved by Pennsyl vania Insurance Department. 2) 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. 3) 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%. 4) Essent Guaranty’s Minimum Required Assets calculated based on our interpretation of the PMIERs as of the dates indicated. 5) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 21 ESSENT GROUP LTD. | NYSE: ESNT Quarterly Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME MORTGAGE INSURANCE OPERATING EXPENSES U.S. MORTGAGE INSURANCE COMPANY PMIERs CAPITAL $2,075 $2,066 $2,087 $2,084 $2,093 $1,579 $1,601 $1,433 $1,551 $1,506 -20% 20% 60% 100% 2Q25 3Q25 4Q25 1Q26 2Q26 Min. Required Assets ($M) Excess ($M) Excess % $195.3 $164.2 $155.0 $171.8 $189.7 2Q25 3Q25 4Q25 1Q26 2Q26 Net Income ($M) $246.8 $248.8 $248.4 $247.9 $249.7 $12.5 $12.2 $11.8 $11.1 $14.1 2Q25 3Q25 4Q25 1Q26 2Q26 Total Insurance In Force ($B) Total New Insurance Written ($B) $33.6 $31.2 $34.3 $37.6 $31.9 0% 20% 40% 60% 80% 100% 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Expense ($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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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 22 ESSENT GROUP LTD. | NYSE: ESNT Annual Financial Trends MORTGAGE IIF & NIW CONSOLIDATED NET INCOME MORTGAGE INSURANCE OPERATING EXPENSES U.S. MORTGAGE INSURANCE COMPANY PMIERs CAPITAL $1,986 $2,030 $2,087 $2,093 $1,394 $1,583 $1,433 $1,506 -20% 20% 60% 100% 2023 2024 2025 1H26 Min. Required Assets ($M) Excess ($M) Excess % $696.4 $729.4 $690.0 $361.5 2023 2024 2025 1H26 Net Income ($M) $239.1 $243.6 $248.4 $249.7 $47.7 $45.6 $46.6 $25.2 2023 2024 2025 1H26 Total Insurance In Force ($B) Total New Insurance Written ($B) $154.7 $150.0 $140.0 $69.5 -20% 0% 20% 40% 60% 80% 2023 2024 2025 1H26 Operating Expense ($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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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 23 ESSENT GROUP LTD. | NYSE: ESNT Outward Reinsurance Summary: As Of 6/30/26 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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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 24 ESSENT GROUP LTD. | NYSE: ESNT Reconciliation of Non-GAAP Financial Measures Management believes Book Value Per Share Inclusive of Common Dividends provides investors with useful supplemental information because it reflects both changes in GAAP book value per share and cash dividends distributed to common shareholders. Management uses this measure as an additional indicator of per- share capital generation and capital return. Because dividends paid to common shareholders reduce GAAP book value per share, management believes this measure helps investors evaluate the combined effect of retained capital growth and capital distributed to shareholders during the period. The following tables set forth the reconciliation of Book Value per Share Inclusive of Common Dividends to the most comparable GAAP amount as of the following period ends, as well as the annualized growth rate utilizing Book Value per Share Inclusive of Common Dividends to the most comparable GAAP amount for the period presented in accordance with Regulation G. June 30, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 GAAP Book Value per Share $8.35 $10.33 $12.08 $14.43 $19.71 $24.11 $30.34 $34.36 $38.73 $41.44 $47.87 $53.36 $60.31 $63.01 Cumulative Common Dividends Paid per Share Since IPO (1) - - - - - - 0.30 0.94 1.64 2.50 3.50 4.62 5.86 6.56 Book Value per Share Inclusive of Common Dividends $8.35 $10.33 $12.08 $14.43 $19.71 $24.11 $30.64 $35.30 $40.37 $43.94 $51.37 $57.98 $66.17 $69.57 (1) Essent Group, Ltd. paid its initial common dividend in 3Q 2019. GAAP Book Value per Share 17.5% Book Value per Share Inclusive of Common Dividends 18.5% Annualized Growth Rate 12/31/13 to 6/30/26 As of December 31,
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© 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 25 ESSENT GROUP LTD. | NYSE: ESNT