Essent Group Ltd. Reports Third Quarter 2017 Results

Essent Group Ltd. ESNT today reported net income for the quarter ended September 30, 2017 of $78.4 million or $0.82 per diluted share, compared to $59.7 million or $0.65 per diluted share for the quarter ended September 30, 2016. As of September 30, 2017, Essent had insurance in force of $103.9 billion and consolidated stockholders' equity of $1.8 billion.

"During the third quarter we continued building a high credit quality and profitable mortgage insurance portfolio," said Mark Casale, Chairman and Chief Executive Officer. "Additionally, I am pleased that we have now surpassed $100 billion of insurance in force which is a significant milestone for the Essent franchise and reflects our strong customer relationships as well as our best in class service."

Financial Highlights:

• Insurance in force as of September 30, 2017 was $103.9 billion, compared to $77.6 billion as of September 30, 2016.
• New insurance written for the third quarter was $13.2 billion, compared to $10.3 billion in the third quarter of 2016.
• Net premiums earned for the third quarter were $137.9 million, compared to $110.8 million in the third quarter of 2016.
• The expense ratio for the third quarter was 26.8%, compared to 29.6% in the third quarter of 2016.
• The provision for losses and LAE for the third quarter was $4.3 million, compared to $5.0 million in the third quarter of 2016.
• The percentage of loans in default as of September 30, 2017 was 0.46%, compared to 0.41% as of September 30, 2016.
• The combined ratio for the third quarter was 30.0%, compared to 34.1% in the third quarter of 2016.
• The consolidated balance of cash and investments at September 30, 2017 was $2.2 billion, including cash and investment balances at Essent Group Ltd. of $128.0 million.
• The combined risk-to-capital ratio of the U.S. mortgage insurance business, which includes statutory capital for both Essent Guaranty, Inc. and Essent Guaranty of PA, Inc., was 14.7:1 as of September 30, 2017.
• Essent Reinsurance Ltd. reinsured a total of $35.1 million of risk in GSE risk share transactions in the third quarter of 2017.

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/investors/webcasts-and-presentations/event-calendar/default.aspx. The call may also be accessed by dialing 844-579-6824 inside the U.S., or 763-488-9145 for international callers, using passcode 99416499 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: 855-859-2056 inside the U.S., or 404-537-3406 for international callers, passcode 99416499.

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/investors/financial-information/quarterly-financial-supplements/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; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; decline in new insurance written and franchise value due to loss of a significant customer; decline in the volume of low down payment mortgage originations; the definition of "Qualified Mortgage" reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs; the definition of "Qualified Residential Mortgage" reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance; the implementation of the Basel III Capital Accord discouraging the use of private mortgage insurance; a decrease in the length of time that insurance policies are in force; uncertainty of loss reserve estimates; deteriorating economic conditions; our non-U.S. operations becoming subject to U.S. Federal income taxation; becoming considered a passive foreign investment company for U.S. Federal income tax purposes; 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, 2016 filed with the Securities and Exchange Commission on February 16, 2017. 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.

Non-GAAP Financial Measures

In presenting Essent Group Ltd.'s results, management has included financial measures, including adjusted book value per share, that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States ("GAAP"). Such measures are referred to as "non-GAAP measures." These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more complete understanding of the underlying business. These measures are used to monitor our results and should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial supplement in accordance with Regulation G.

About the Company

Essent Group Ltd. ESNT is a Bermuda-based holding company (collectively with its subsidiaries, "Essent") which, through its wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us.

Source: Essent Group Ltd.

Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2017
Exhibit A			Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B			Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C			Historical Quarterly Data
Exhibit D			New Insurance Written
Exhibit E			Insurance in Force and Risk in Force
Exhibit F			Other Risk in Force
Exhibit G			Portfolio Vintage Data
Exhibit H			Portfolio Geographic Data
Exhibit I			Defaults, Reserve for Losses and LAE, and Claims
Exhibit J			Investment Portfolio
Exhibit K			Insurance Company Capital
Exhibit L			Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share

Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
			Three Months Ended September 30,										Nine Months Ended September 30,
(In thousands, except per share amounts)			2017					2016					2017					2016
Revenues:
Net premiums written			$	155,055				$	115,887				$	408,415				$	324,866
Increase in unearned premiums				(17,115	)				(5,086	)				(26,261	)				(18,951	)
Net premiums earned				137,940					110,801					382,154					305,915
Net investment income				10,626					6,781					28,461					19,665
Realized investment gains, net				564					435					1,763					1,489
Other income				1,073					3,237					3,023					4,816
Total revenues				150,203					121,254					415,401					331,885
Losses and expenses:
Provision for losses and LAE				4,313					4,965					9,776					11,660
Other underwriting and operating expenses				37,035					32,792					109,053					95,589
Interest expense				1,456					56					3,361					56
Total losses and expenses				42,804					37,813					122,190					107,305
Income before income taxes				107,399					83,441					293,211					224,580
Income tax expense				29,006					23,730					76,102					64,660
Net income			$	78,393				$	59,711				$	217,109				$	159,920
Earnings per share:
Basic			$	0.83				$	0.66				$	2.35				$	1.76
Diluted				0.82					0.65					2.31					1.74
Weighted average shares outstanding:
Basic				94,185					90,961					92,285					90,886
Diluted				96,094					92,399					94,104					92,133
Net income			$	78,393				$	59,711				$	217,109				$	159,920
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments				1,978					(2,008	)				15,298					22,053
Total other comprehensive income (loss)				1,978					(2,008	)				15,298					22,053
Comprehensive income			$	80,371				$	57,703				$	232,407				$	181,973
Loss ratio				3.1	%				4.5	%				2.6	%				3.8	%
Expense ratio				26.8					29.6					28.5					31.2
Combined ratio				30.0	%				34.1	%				31.1	%				35.1	%

Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
			September 30,					December 31,
(In thousands, except per share amounts)			2017					2016
Assets
Investments available for sale, at fair value
Fixed maturities			$	1,826,801				$	1,482,754
Short-term investments				296,513					132,348
Total investments				2,123,314					1,615,102
Cash				57,741					27,531
Accrued investment income				11,839					9,488
Accounts receivable				29,284					21,632
Deferred policy acquisition costs				14,831					13,400
Property and equipment				7,825					8,119
Prepaid federal income tax				233,457					181,272
Other assets				7,300					6,454
Total assets			$	2,485,591				$	1,882,998
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE			$	31,579				$	28,142
Unearned premium reserve				245,877					219,616
Net deferred tax liability				198,042					142,587
Credit facility borrowings, net of deferred costs				173,489					100,000
Securities purchased payable				25,998					14,999
Other accrued liabilities				30,036					33,881
Total liabilities				705,021					539,225
Commitments and contingencies
Stockholders' Equity
Common shares				1,476					1,397
Additional paid-in capital				1,122,679					918,296
Accumulated other comprehensive income (loss)				3,043					(12,255	)
Retained earnings				653,372					436,335
Total stockholders' equity				1,780,570					1,343,773
Total liabilities and stockholders' equity			$	2,485,591				$	1,882,998
Return on average equity (1)				18.5	%				18.1	%

(1) The 2017 return on average equity is calculated by dividing annualized year-to-date 2017 net income by average equity. The 2016 return on average equity is calculated by dividing full year 2016 net income by average equity.

Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
			2017															2016
Selected Income Statement Data			September 30					June 30					March 31					December 31					September 30					June 30					March 31
(In thousands, except per share amounts)
Revenues:
Net premiums written			$	155,055				$	134,063				$	119,297				$	116,412				$	115,887				$	108,513				$	100,466
Net premiums earned				137,940					126,563					117,651					116,792					110,801					100,711					94,403
Other revenues (1)				12,263					11,043					9,941					9,581					10,453					7,454					8,063
Total revenues				150,203					137,606					127,592					126,373					121,254					108,165					102,466
Losses and expenses:
Provision for losses and LAE				4,313					1,770					3,693					3,865					4,965					2,964					3,731
Other underwriting and operating expenses				37,035					35,686					36,332					34,836					32,792					31,409					31,388
Interest expense				1,456					1,189					716					370					56					—					—
Total losses and expenses				42,804					38,645					40,741					39,071					37,813					34,373					35,119
Income before income taxes				107,399					98,961					86,851					87,302					83,441					73,792					67,347
Income tax expense (2)				29,006					26,843					20,253					24,616					23,730					21,534					19,396
Net income			$	78,393				$	72,118				$	66,598				$	62,686				$	59,711				$	52,258				$	47,951
Earnings per share:
Basic			$	0.83				$	0.79				$	0.73				$	0.69				$	0.66				$	0.57				$	0.53
Diluted				0.82					0.77					0.72					0.68					0.65					0.57					0.52
Weighted average shares outstanding:
Basic				94,185					91,381					91,258					90,991					90,961					90,912					90,785
Diluted				96,094					93,162					93,023					92,577					92,399					92,138					91,859
Other Data:
Loss ratio (3)				3.1	%				1.4	%				3.1	%				3.3	%				4.5	%				2.9	%				4.0	%
Expense ratio (4)				26.8					28.2					30.9					29.8					29.6					31.2					33.2
Combined ratio				30.0	%				29.6	%				34.0	%				33.1	%				34.1	%				34.1	%				37.2	%
Return on average equity (annualized)				19.1	%				19.8	%				19.3	%				18.9	%				18.7	%				17.2	%				16.7	%

(1) In 2016, other revenues included the change in the fair value of insurance and certain reinsurance policies issued by Essent Reinsurance Ltd. ("Essent Re") in connection with Freddie Mac's Agency Credit Insurance Structure ("ACIS") program that were accounted for as derivatives under GAAP. In the three months ended September 30, 2016, these contracts were amended and are now accounted for as insurance contracts. The change in fair values of these policies was $2,012, ($755) and $677 in the three months ended September 30, 2016, June 30, 2016 and March 31, 2016, respectively.

(2) Income tax expense for the quarter ended March 31, 2017 was reduced by $3,023 of excess tax benefits associated with the vesting of common shares and common share units during the quarter. Prior to January 1, 2017, excess tax benefits were recognized in additional paid-in-capital.

(3) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.

(4) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.

Exhibit C, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
			2017															2016
Other Data, continued:			September 30					June 30					March 31					December 31					September 30					June 30					March 31
($ in thousands)
U.S. Mortgage Insurance Portfolio
Flow:
New insurance written			$	13,221,038				$	11,368,276				$	8,034,153				$	10,475,258				$	10,299,161				$	8,715,171				$	5,366,675
New risk written				3,228,603					2,786,501					1,929,832					2,498,831					2,536,734					2,167,333					1,340,588
Bulk:
New insurance written			$	—				$	—				$	—				$	—				$	—				$	—				$	93,054
New risk written				—					—					—					—					—					—					8,480
Total:
Average premium rate (5)				0.53	%				0.53	%				0.53	%				0.56	%				0.58	%				0.57	%				0.56	%
New insurance written			$	13,221,038				$	11,368,276				$	8,034,153				$	10,475,258				$	10,299,161				$	8,715,171				$	5,459,729
New risk written			$	3,228,603				$	2,786,501				$	1,929,832				$	2,498,831				$	2,536,734				$	2,167,333				$	1,349,068
Insurance in force (end of period)			$	103,936,307				$	95,494,390				$	87,993,227				$	83,265,522				$	77,614,373				$	72,267,099				$	67,716,741
Risk in force (end of period)			$	25,807,358				$	23,665,045				$	21,801,667				$	20,627,317				$	19,289,387				$	17,937,364				$	16,745,819
Policies in force				467,483					430,585					397,650					375,898					350,600					328,441					308,779
Weighted average coverage (6)				24.8	%				24.8	%				24.8	%				24.8	%				24.9	%				24.8	%				24.7	%
Annual persistency				82.1	%				80.1	%				78.2	%				77.7	%				79.4	%				81.0	%				81.0	%
Loans in default (count)				2,153					1,776					1,777					1,757					1,453					1,174					1,060
Percentage of loans in default				0.46	%				0.41	%				0.45	%				0.47	%				0.41	%				0.36	%				0.34	%
Other Risk in Force
GSE Risk Share (7)			$	501,485				$	479,762				$	436,991				$	384,103				$	302,211				$	305,357				$	188,766
Credit Facility
Borrowings outstanding			$	175,000				$	175,000				$	125,000				$	100,000				$	50,000				$	—					N/A
Undrawn committed capacity			$	200,000				$	200,000				$	75,000				$	100,000				$	150,000				$	200,000					N/A
Weighted average interest rate				3.24	%

(5) Average premium rate is calculated by dividing net premiums earned for the U.S. mortgage insurance portfolio by average insurance in force for the period.

(6) Weighted average coverage is calculated by dividing end of period risk in force by insurance in force.

(7) Essent Re provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae, including in connection with Freddie Mac's Agency Credit Insurance Structure ("ACIS") and Fannie Mae's Credit Insurance Risk Transfer ("CIRT") programs.

Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Flow
NIW by Credit Score
					Three Months Ended																		Nine Months Ended
					September 30, 2017									September 30, 2016									September 30, 2017									September 30, 2016
($ in thousands)
		>=760			$	5,590,793				42.3	%			$	4,883,884				47.4	%			$	13,903,707				42.6	%			$	11,185,023				45.9	%
		740-759				2,028,500				15.3					1,651,059				16.0					5,057,461				15.5					3,897,484				16.0
		720-739				1,882,227				14.2					1,358,205				13.2					4,578,846				14.0					3,294,793				13.5
		700-719				1,571,170				11.9					1,112,745				10.8					3,850,420				11.8					2,646,441				10.8
		680-699				1,160,771				8.8					746,419				7.3					2,818,724				8.7					1,921,913				7.9
		<=679				987,577				7.5					546,849				5.3					2,414,309				7.4					1,435,353				5.9
Total					$	13,221,038				100.0	%			$	10,299,161				100.0	%			$	32,623,467				100.0	%			$	24,381,007				100.0	%
Weighted average credit score						745									750									745									749
NIW by LTV
					Three Months Ended																		Nine Months Ended
					September 30, 2017									September 30, 2016									September 30, 2017									September 30, 2016
($ in thousands)
		85.00% and below			$	1,682,491				12.7	%			$	1,506,576				14.6	%			$	4,307,262				13.2	%			$	3,346,647				13.7	%
		85.01% to 90.00%				3,893,155				29.4					3,254,538				31.6					9,785,966				30.0					7,906,420				32.4
		90.01% to 95.00%				5,811,182				44.0					4,930,162				47.9					14,455,640				44.3					11,991,142				49.2
		95.01% and above				1,834,210				13.9					607,885				5.9					4,074,599				12.5					1,136,798				4.7
Total					$	13,221,038				100.0	%			$	10,299,161				100.0	%			$	32,623,467				100.0	%			$	24,381,007				100.0	%
Weighted average LTV						92	%								92	%								92	%								92	%
NIW by Product
					Three Months Ended																		Nine Months Ended
					September 30, 2017									September 30, 2016									September 30, 2017									September 30, 2016
Single Premium policies										16.8	%								16.2	%								15.4	%								18.8	%
Monthly Premium policies										83.2									83.8									84.6									81.2
										100.0	%								100.0	%								100.0	%								100.0	%
NIW by Purchase vs. Refinance
					Three Months Ended																		Nine Months Ended
					September 30, 2017									September 30, 2016									September 30, 2017									September 30, 2016
Purchase										87.6	%								80.7	%								85.4	%								81.5	%
Refinance										12.4									19.3									14.6									18.5
										100.0	%								100.0	%								100.0	%								100.0	%

Exhibit D, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Bulk
NIW by Credit Score
					Three Months Ended																Nine Months Ended
					September 30, 2017								September 30, 2016								September 30, 2017								September 30, 2016
($ in thousands)
		>=760			$	—			0.0	%			$	—			0.0	%			$	—			0.0	%			$	45,625				49.0	%
		740-759				—			—					—			—					—			—					18,154				19.5
		720-739				—			—					—			—					—			—					11,475				12.3
		700-719				—			—					—			—					—			—					8,220				8.8
		680-699				—			—					—			—					—			—					6,453				7.0
		<=679				—			—					—			—					—			—					3,127				3.4
Total					$	—			0.0	%			$	—			0.0	%			$	—			0.0	%			$	93,054				100.0	%
Weighted average credit score						N/A								N/A								N/A								750
NIW by LTV
					Three Months Ended																Nine Months Ended
					September 30, 2017								September 30, 2016								September 30, 2017								September 30, 2016
($ in thousands)
		85.00% and below			$	—			0.0	%			$	—			0.0	%			$	—			0.0	%			$	755				0.8	%
		85.01% to 90.00%				—			—					—			—					—			—					27,757				29.8
		90.01% to 95.00%				—			—					—			—					—			—					64,542				69.4
		95.01% and above				—			—					—			—					—			—					—				—
Total					$	—			0.0	%			$	—			0.0	%			$	—			0.0	%			$	93,054				100.0	%
Weighted average LTV						N/A								N/A								N/A								91	%
NIW by Product
					Three Months Ended																Nine Months Ended
					September 30, 2017								September 30, 2016								September 30, 2017								September 30, 2016
Single Premium policies									0.0	%							0.0	%							0.0	%								100.0	%
Monthly Premium policies									—								—								—									—
									0.0	%							0.0	%							0.0	%								100.0	%
NIW by Purchase vs. Refinance
					Three Months Ended																Nine Months Ended
					September 30, 2017								September 30, 2016								September 30, 2017								September 30, 2016
Purchase									0.0	%							0.0	%							0.0	%								100.0	%
Refinance									—								—								—									—
									0.0	%							0.0	%							0.0	%								100.0	%

Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force
Portfolio by Credit Score
Total IIF by FICO score					September 30, 2017									June 30, 2017									September 30, 2016
($ in thousands)
		>=760			$	46,220,799				44.5	%			$	42,839,819				44.8	%			$	35,510,017				45.8	%
		740-759				16,890,061				16.2					15,628,721				16.4					12,924,061				16.6
		720-739				14,767,164				14.2					13,568,471				14.2					11,075,479				14.3
		700-719				11,307,184				10.9					10,239,343				10.7					7,985,448				10.3
		680-699				8,523,233				8.2					7,715,118				8.1					6,079,109				7.8
		<=679				6,227,866				6.0					5,502,918				5.8					4,040,259				5.2
Total					$	103,936,307				100.0	%			$	95,494,390				100.0	%			$	77,614,373				100.0	%
Weighted average credit score						747									748									749
Total RIF by FICO score					September 30, 2017									June 30, 2017									September 30, 2016
($ in thousands)
		>=760			$	11,434,540				44.3	%			$	10,565,479				44.6	%			$	8,763,990				45.4	%
		740-759				4,218,828				16.3					3,900,374				16.5					3,236,792				16.8
		720-739				3,707,571				14.4					3,400,897				14.4					2,784,413				14.4
		700-719				2,805,886				10.9					2,531,834				10.7					1,977,518				10.3
		680-699				2,129,638				8.2					1,928,884				8.1					1,529,092				7.9
		<=679				1,510,895				5.9					1,337,577				5.7					997,582				5.2
Total					$	25,807,358				100.0	%			$	23,665,045				100.0	%			$	19,289,387				100.0	%
Portfolio by LTV
Total IIF by LTV					September 30, 2017									June 30, 2017									September 30, 2016
($ in thousands)
		85.00% and below			$	12,103,499				11.6	%			$	11,175,433				11.7	%			$	8,697,580				11.2	%
		85.01% to 90.00%				33,129,815				31.9					30,771,122				32.2					25,916,495				33.4
		90.01% to 95.00%				51,684,041				49.7					48,225,083				50.5					40,553,061				52.2
		95.01% and above				7,018,952				6.8					5,322,752				5.6					2,447,237				3.2
Total					$	103,936,307				100.0	%			$	95,494,390				100.0	%			$	77,614,373				100.0	%
Weighted average LTV						92	%								92	%								92	%
Total RIF by LTV					September 30, 2017									June 30, 2017									September 30, 2016
($ in thousands)
		85.00% and below			$	1,366,982				5.3	%			$	1,261,421				5.3	%			$	986,759				5.1	%
		85.01% to 90.00%				7,858,283				30.4					7,301,776				30.9					6,173,686				32.0
		90.01% to 95.00%				14,810,490				57.4					13,776,313				58.2					11,574,082				60.0
		95.01% and above				1,771,603				6.9					1,325,535				5.6					554,860				2.9
Total					$	25,807,358				100.0	%			$	23,665,045				100.0	%			$	19,289,387				100.0	%
Portfolio by Loan Amortization Period
Total IIF by Loan Amortization Period					September 30, 2017									June 30, 2017									September 30, 2016
($ in thousands)
		FRM 30 years and higher			$	94,299,877				90.7	%			$	86,471,721				90.5	%			$	70,363,929				90.7	%
		FRM 20-25 years				2,695,714				2.6					2,458,906				2.6					1,808,715				2.3
		FRM 15 years				3,779,626				3.7					3,521,645				3.7					2,757,521				3.5
		ARM 5 years and higher				3,161,090				3.0					3,042,118				3.2					2,684,208				3.5
Total					$	103,936,307				100.0	%			$	95,494,390				100.0	%			$	77,614,373				100.0	%

Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
($ in thousands)			September 30, 2017					June 30, 2017					September 30, 2016
GSE Risk Share (1)			$	501,485				$	479,762				$	302,211
Weighted average credit score			749					749					751
Weighted average LTV			84		%			83		%			80		%

(1) Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae, including in connection with Freddie Mac's Agency Credit Insurance Structure ("ACIS") and Fannie Mae's Credit Insurance Risk Transfer ("CIRT") programs.

Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Portfolio Vintage Data
September 30, 2017
																		Insurance in Force
Origination Year			Original Insurance Written ($ in thousands)				Remaining Insurance in Force ($ in thousands)				% Remaining of Original Insurance				Number of Policies in Force			% Purchase				>90% LTV				>95% LTV				FICO < 700				FICO >= 760				% FRM				Incurred Loss Ratio (Inception to Date) (1)				Number of Loans in Default
2010			$	245,898			$	17,949			7.3	%			122			79.1	%			51.1	%			0.0	%			2.1	%			63.8	%			100.0	%			2.6	%			—
2011				3,229,720				434,676			13.5				2,445			77.0				46.8				0.2				5.3				53.9				96.2				3.7				38
2012				11,241,161				3,001,863			26.7				15,333			76.4				55.5				0.5				5.5				56.0				98.2				2.3				115
2013				21,152,638				7,394,766			35.0				37,261			79.2				57.5				1.9				7.8				51.5				97.7				2.4				312
2014				24,799,434				11,747,210			47.4				59,673			87.7				61.6				4.0				15.3				42.1				94.9				3.4				636
2015				26,193,656				18,328,775			70.0				83,827			83.0				56.2				2.5				14.7				43.9				96.8				3.4				546
2016				34,949,319				31,268,320			89.5				132,750			79.8				54.2				6.1				14.0				45.0				98.1				3.2				408
2017 (through September 30)				32,623,467				31,742,748			97.3				136,072			85.4				57.0				12.7				16.1				42.3				96.4				1.7				98
Total			$	154,435,293			$	103,936,307			67.3				467,483			82.8				56.5				6.8				14.2				44.5				97.0				3.0				2,153

(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 H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Portfolio Geographic Data
IIF by State
			September 30, 2017				June 30, 2017				September 30, 2016
CA			10.2	%			9.4	%			9.4	%
TX			8.8				8.2				8.3
FL			7.6				6.9				6.5
WA			5.2				4.8				4.8
IL			4.3				4.0				4.1
NJ			4.0				3.6				3.4
NC			3.9				3.6				3.7
GA			3.7				3.4				3.4
OH			3.5				3.1				3.0
MN			3.4				3.2				3.2
All Others			45.4				49.8				50.2
Total			100.0	%			100.0	%			100.0	%
RIF by State
			September 30, 2017				June 30, 2017				September 30, 2016
CA			9.1	%			9.0	%			9.0	%
TX			8.3				8.4				8.5
FL			7.1				7.1				6.8
WA			4.9				4.9				4.8
IL			3.9				3.9				4.1
NC			3.6				3.7				3.8
NJ			3.6				3.5				3.4
GA			3.5				3.5				3.5
OH			3.2				3.2				3.1
MN			3.2				3.3				3.3
All Others			49.6				49.5				49.7
Total			100.0	%			100.0	%			100.0	%

Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Defaults, Reserve for Losses and LAE, and Claims
Rollforward of Insured Loans in Default
			Three Months Ended										Nine Months Ended
			September 30,					September 30,					September 30,					September 30,
			2017					2016					2017					2016
Beginning default inventory				1,776					1,174					1,757					1,028
Plus: new defaults				1,592					1,015					3,897					2,538
Less: cures				(1,145	)				(682	)				(3,322	)				(1,996	)
Less: claims paid				(68	)				(54	)				(176	)				(115	)
Less: rescissions and denials, net				(2	)				—					(3	)				(2	)
Ending default inventory				2,153					1,453					2,153					1,453
Rollforward of Reserve for Losses and LAE
			Three Months Ended										Nine Months Ended
			September 30,					September 30,					September 30,					September 30,
($ in thousands)			2017					2016					2017					2016
Reserve for losses and LAE at beginning of period			$	29,798				$	22,474				$	28,142				$	17,760
Add provision for losses and LAE occurring in:
Current year				7,150					6,819					19,266					16,387
Prior years				(2,837	)				(1,854	)				(9,490	)				(4,727	)
Incurred losses during the period				4,313					4,965					9,776					11,660
Deduct payments for losses and LAE occurring in:
Current year				146					355					243					467
Prior years				2,386					1,353					6,096					3,222
Loss and LAE payments during the period				2,532					1,708					6,339					3,689
Reserve for losses and LAE at end of period			$	31,579				$	25,731				$	31,579				$	25,731
Claims
			Three Months Ended										Nine Months Ended
			September 30,					September 30,					September 30,					September 30,
			2017					2016					2017					2016
Number of claims paid				68					54					176					115
Total amount paid for claims (in thousands)			$	2,468				$	1,668				$	6,155				$	3,590
Average amount paid per claim (in thousands)			$	36				$	31				$	35				$	31
Severity				76	%				68	%				81	%				75	%

Exhibit I, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Defaults, Reserve for Losses and LAE, and Claims
			September 30, 2017
			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:
Three payments or less			1,228				57	%			$	7,935			27	%			$	68,317			12	%
Four to eleven payments			690				32					12,948			45					38,003			34
Twelve or more payments			195				9					6,105			21					10,087			61
Pending claims			40				2					2,036			7					2,376			86
Total case reserves			2,153				100	%				29,024			100	%			$	118,783			24
IBNR												2,177
LAE												378
Total reserves for losses and LAE											$	31,579
Average reserve per default:
Case											$	13.5
Total											$	14.7
Default Rate			0.46	%
			December 31, 2016
			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:
Three payments or less			914				52	%			$	6,615			26	%			$	50,737			13	%
Four to eleven payments			620				35					11,505			45					32,833			35
Twelve or more payments			179				10					5,678			22					9,575			59
Pending claims			44				3					1,960			7					2,272			86
Total case reserves			1,757				100	%				25,758			100	%			$	95,417			27
IBNR												1,932
LAE												452
Total reserves for losses and LAE											$	28,142
Average reserve per default:
Case											$	14.7
Total											$	16.0
Default Rate			0.47	%
			September 30, 2016
			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:
Three payments or less			779				54	%			$	6,245			26	%			$	43,000			15	%
Four to eleven payments			484				33					10,207			43					25,814			40
Twelve or more payments			158				11					5,351			23					8,387			64
Pending claims			32				2					1,769			8					1,878			94
Total case reserves			1,453				100	%				23,572			100	%			$	79,079			30
IBNR												1,768
LAE												391
Total reserves for losses and LAE											$	25,731
Average reserve per default:
Case											$	16.2
Total											$	17.7
Default Rate			0.41	%

Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investment Portfolio
Investment Portfolio by Asset Class
Asset Class			September 30, 2017									December 31, 2016
($ in thousands)			Fair Value					Percent				Fair Value				Percent
U.S. Treasury securities			$	259,579				12.2	%			$	191,548			11.9	%
U.S. agency securities				33,422				1.6					18,441			1.1
U.S. agency mortgage-backed securities				428,587				20.2					316,494			19.6
Municipal debt securities				389,503				18.4					334,324			20.7
Corporate debt securities				584,499				27.5					456,357			28.3
Residential and commercial mortgage securities				68,641				3.2					68,336			4.2
Asset-backed securities				149,115				7.0					127,172			7.9
Money market funds				209,968				9.9					102,430			6.3
Total Investments			$	2,123,314				100.0	%			$	1,615,102			100.0	%
Investment Portfolio by Credit Rating
Rating (1)			September 30, 2017									December 31, 2016
($ in thousands)			Fair Value					Percent				Fair Value				Percent
Aaa			$	1,064,971				50.2	%			$	780,513			48.3	%
Aa1				115,271				5.4					88,977			5.5
Aa2				102,196				4.8					101,772			6.3
Aa3				107,411				5.1					89,421			5.5
A1				215,371				10.1					143,938			8.9
A2				142,937				6.7					126,113			7.8
A3				109,945				5.2					95,926			6.0
Baa1				120,770				5.7					85,864			5.3
Baa2				90,965				4.3					71,950			4.5
Baa3				35,779				1.7					24,544			1.5
Below Baa3 / Unrated				17,698				0.8					6,084			0.4
Total Investments			$	2,123,314				100.0	%			$	1,615,102			100.0	%
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
Investment Portfolio by Duration and Book Yield
Effective Duration			September 30, 2017									December 31, 2016
($ in thousands)			Fair Value					Percent				Fair Value				Percent
< 1 Year			$	574,583				27.1	%			$	329,901			20.4	%
1 to < 2 Years				153,974				7.3					153,184			9.5
2 to < 3 Years				283,213				13.3					156,620			9.7
3 to < 4 Years				230,043				10.8					176,896			11.0
4 to < 5 Years				223,618				10.5					139,115			8.6
5 or more Years				657,883				31.0					659,386			40.8
Total Investments			$	2,123,314				100.0	%			$	1,615,102			100.0	%
Pre-tax investment income yield:
Three months ended September 30, 2017				2.26	%
Nine months ended September 30, 2017				2.21	%
Net cash and investments at holding company, Essent Group Ltd.:
($ in thousands)
As of September 30, 2017			$	127,996
As of December 31, 2016			$	46,561

Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance Company Capital
			September 30, 2017				December 31, 2016
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1)			$	1,395,556			$	1,144,279
Combined net risk in force (2)			$	20,481,572			$	16,801,992
Risk-to-capital ratios: (3)
Essent Guaranty, Inc.				15.3:1				15.3:1
Essent Guaranty of PA, Inc.				5.8:1				6.8:1
Combined (4)				14.7:1				14.7:1
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)			$	614,783			$	401,273
Net risk in force (2)			$	5,796,070			$	4,181,737

(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.

(2) 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.

(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.

(4) The combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.

Exhibit L

Essent Group Ltd. and Subsidiaries

Supplemental Information

Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share

We believe that long-term growth in Adjusted Book Value per Share is an important measure of our financial performance and is a measure used to determine vesting on certain restricted stock granted to senior management under the Company's long-term incentive plan.  Adjusted Book Value per Share is a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and is referred to as a non-GAAP measure. Adjusted Book Value per Share may be defined or calculated differently by other companies. Adjusted Book Value per Share is one measure used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.

Adjusted Book Value per Share is calculated by dividing Adjusted Book Value by Common Shares and Share Units Outstanding.  Adjusted Book Value is defined as consolidated stockholders' equity of the Company, excluding accumulated other comprehensive income (loss) plus the proceeds, if any, from the assumed exercise of all "in-the-money" options, warrants and similar instruments.  Common Shares and Share Units Outstanding is defined as total common shares outstanding plus all equity instruments (including restricted share units) issued to management and the Board of Directors and any "in-the-money" options, warrants and similar instruments.  Accumulated other comprehensive income (loss) includes unrealized gains and losses that arise from changes in the market value of the Company's investments that are classified as available for sale. The Company does not view these unrealized gains and losses to be indicative of our fundamental operating performance.  As of September 30, 2017, December 31, 2016 and September 30, 2016, the Company does not have any options, warrants and similar instruments outstanding.

The following table sets forth the reconciliation of Adjusted Book Value to the most comparable GAAP amount as of September 30, 2017, December 31, 2016 and September 30, 2016 in accordance with Regulation G:

(In thousands, except per share amounts)			September 30, 2017				December 31, 2016					September 30, 2016
Numerator:
Total Stockholders' Equity (Book Value)			$	1,780,570			$	1,343,773				$	1,310,215
Subtract: Accumulated Other Comprehensive Income (Loss)				3,043				(12,255	)				21,954
Adjusted Book Value			$	1,777,527			$	1,356,028				$	1,288,261
Denominator:
Total Common Shares Outstanding				98,423				93,105					93,102
Add: Restricted Share Units Outstanding				553				493					488
Total Common Shares and Share Units Outstanding				98,976				93,598					93,590
Adjusted Book Value per Share			$	17.96			$	14.49				$	13.76

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