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Mar 31, 2020
Essent Q1 2020 Earnings Report
Essent reported strong financial results despite facing a challenging business environment due to COVID-19.
Key Takeaways
Essent Group Ltd. reported a net income of $149.5 million, or $1.52 per diluted share, for the quarter ended March 31, 2020, compared to $127.7 million, or $1.30 per diluted share, for the quarter ended March 31, 2019. The company's Board of Directors has declared a quarterly cash dividend of $0.16 per common share.
Insurance in force as of March 31, 2020, was $165.6 billion, compared to $164.0 billion as of December 31, 2019.
New insurance written for the first quarter was $13.5 billion, compared to $15.8 billion in the fourth quarter of 2019.
Net premiums earned for the first quarter were $206.5 million, compared to $207.7 million in the fourth quarter of 2019.
The combined ratio for the first quarter was 24.2%, compared to 25.1% in the fourth quarter of 2019.
Forward Guidance
Essent is focused on facing a challenging business environment as a result of COVID-19, believing its operating model, strong balance sheet, capital, and liquidity will allow it to navigate these times effectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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