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Mar 31, 2023
Essent Q1 2023 Earnings Report
Essent's Q1 2023 financial results benefited from rising interest rates and favorable credit performance.
Key Takeaways
Essent Group Ltd. reported a net income of $170.8 million for the quarter ended March 31, 2023, with diluted earnings per share of $1.59. The company's results were positively influenced by rising interest rates and strong credit performance. The Board of Directors has declared a quarterly cash dividend of $0.25 per common share.
Essent's first quarter 2023 financial results benefited from rising interest rates and favorable credit performance.
New insurance written for the first quarter of 2023 was $12.9 billion.
Insurance in force as of March 31, 2023 was $231.5 billion.
The combined ratio for the first quarter of 2023 was 22.7%.
Forward Guidance
The press release includes forward-looking statements which are subject to known and unknown risks and uncertainties, many of which may be beyond the company's control.
Challenges Ahead
- Changes in or to Fannie Mae and Freddie Mac
- 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
- Deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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