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Mar 31, 2024
Essent Q1 2024 Earnings Report
Essent reported strong financial results driven by favorable credit performance and increased investment income.
Key Takeaways
Essent Group Ltd. reported a net income of $181.7 million for Q1 2024, compared to $170.8 million for Q1 2023. The company's performance was driven by its high-quality portfolio, consumer resilience, and a favorable rate environment that benefited investment income and persistency. Essent's Board of Directors also declared a quarterly cash dividend of $0.28 per common share.
New insurance written was $8.3 billion, compared to $12.9 billion in the first quarter of 2023.
Insurance in force was $238.5 billion, compared to $231.5 billion as of March 31, 2023.
Net investment income was $52.1 million, up 20% from the first quarter of 2023.
Entered into a quota share reinsurance transaction covering 15% of eligible policies written in 2024.
Forward Guidance
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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