HAMILTON, Bermuda, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2025 of $155.0 million or $1.60 per diluted share, compared to $167.9 million or $1.58 per diluted share for the quarter ended December 31, 2024. For the full year 2025, net income was $690.0 million or $6.90 per diluted share, compared to $729.4 million or $6.85 per diluted share for 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share. The dividend is payable on March 23, 2026 to shareholders of record on March 13, 2026.

“We are pleased to report strong operating performance in the fourth quarter and full year 2025, which underscores the resilience of our business model and our ability to generate sustainable, long-term value for our shareholders,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our commitment to a balanced capital management strategy remains a priority, while our strong capital position and cash flow enabled us to return nearly $700 million to shareholders in 2025 through dividends and repurchases, while retiring nearly 10% of our outstanding shares.”

Financial Highlights:

  • Mortgage Insurance new insurance written for the fourth quarter of 2025 was $11.8 billion, compared to $12.2 billion in both the third quarter of 2025 and fourth quarter of 2024.
  • Mortgage Insurance in force as of December 31, 2025 was $248.4 billion, compared to $248.8 billion as of September 30, 2025 and $243.6 billion as of December 31, 2024.
  • Essent Guaranty entered into a quota share reinsurance agreement during the fourth quarter of 2025 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written in 2027.
  • During the fourth quarter of 2025, Essent Re entered into quota share agreements backed by Funds at Lloyd’s to reinsure certain property and casualty risks effective in the first quarter of 2026.
  • All third-party reinsurance written by Essent Re is now reported as a segment, called Reinsurance.
  • In 2025, Essent repurchased 9.9 million common shares for $576 million.

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/events-and-presentations/events/default.aspx . The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 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: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.

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/financials/quarterly-results/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 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, 2024 filed with the Securities and Exchange Commission on February 19, 2025, 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 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.

About the Company:

Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com .

Source: Essent Group Ltd.

Media Contact
610.230.0556
[email protected]

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
[email protected]

Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2025
Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C Consolidated Historical Quarterly Data (Unaudited)
Exhibit D Annual Segment Results (Unaudited)
Exhibit E Historical Quarterly Segment Information (Unaudited)
Exhibit F Mortgage Insurance - Historical Quarterly Data
Exhibit G Mortgage Insurance - New Insurance Written
Exhibit H Mortgage Insurance - Insurance in Force and Risk in Force
Exhibit I Mortgage Insurance - Vintage Data
Exhibit J Mortgage Insurance - Outward Reinsurance Vintage Data
Exhibit K Mortgage Insurance - Geographic Data
Exhibit L Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE
Exhibit M Mortgage Insurance - Detail of Reserves by Default Delinquency
Exhibit N U.S. Mortgage Insurance Company Capital
Exhibit O Reinsurance
Exhibit P Cash & Investments


Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended December 31, Year Ended December 31,
(In thousands, except per share amounts) 2025 2024 2025 2024
Revenues:
Direct premiums written $ 279,255 $ 279,008 $ 1,107,317 $ 1,098,603
Ceded premiums (41,378 ) (39,499 ) (147,853 ) (132,023 )
Net premiums written 237,877 239,509 959,464 966,580
Decrease in unearned premiums 4,852 4,956 24,254 24,302
Net premiums earned 242,729 244,465 983,718 990,882
Net investment income 59,223 56,559 236,517 222,070
Realized investment losses, net (188 ) (114 ) (923 ) (2,350 )
Income from other invested assets 3,942 6,889 17,586 7,375
Other income 6,698 7,228 24,037 24,927
Total revenues 312,404 315,027 1,260,935 1,242,904
Losses and expenses:
Provision for losses and LAE 56,073 40,975 149,337 81,220
Other underwriting and operating expenses 63,653 70,951 257,040 270,874
Interest expense 8,149 8,151 32,696 35,319
Total losses and expenses 127,875 120,077 439,073 387,413
Income before income taxes 184,529 194,950 821,862 855,491
Income tax expense 29,547 27,050 131,893 126,088
Net income $ 154,982 $ 167,900 $ 689,969 $ 729,403
Earnings per share:
Basic $ 1.62 $ 1.60 $ 6.97 $ 6.92
Diluted 1.60 1.58 6.90 6.85
Weighted average shares outstanding:
Basic 95,772 104,963 98,999 105,394
Diluted 96,664 106,104 100,023 106,550
Net income $ 154,982 $ 167,900 $ 689,969 $ 729,403
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments 13,440 (113,705 ) 151,999 (23,488 )
Comprehensive income $ 168,422 $ 54,195 $ 841,968 $ 705,915


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31, December 31,
(In thousands, except per share amounts) 2025 2024
Assets
Investments
Fixed maturities available for sale, at fair value $ 5,455,593 $ 5,112,697
Short-term investments available for sale, at fair value 648,492 764,024
Total investments available for sale 6,104,085 5,876,721
Other invested assets 382,513 303,900
Total investments 6,486,598 6,180,621
Cash 123,049 131,480
Accrued investment income 47,371 43,732
Accounts receivable 51,267 55,564
Deferred policy acquisition costs 9,547 9,653
Property, equipment and software, net 49,189 41,871
Prepaid federal income tax 513,425 489,600
Goodwill and acquired intangible assets, net 78,153 79,556
Other assets 82,404 79,572
Total assets $ 7,441,003 $ 7,111,649
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE $ 446,822 $ 328,866
Unearned premium reserve 91,730 115,983
Net deferred tax liability 465,351 392,428
Senior notes due 2029, net 495,301 493,959
Other accrued liabilities 185,072 176,755
Total liabilities 1,684,276 1,507,991
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 95,456 shares in 2025 and 105,015 shares in 2024 1,432 1,575
Additional paid-in capital 649,895 1,214,956
Accumulated other comprehensive income (loss) (151,985 ) (303,984 )
Retained earnings 5,257,385 4,691,111
Total stockholders' equity 5,756,727 5,603,658
Total liabilities and stockholders' equity $ 7,441,003 $ 7,111,649
Return on average equity 12.1 % 13.6 %


Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)
2025 2024
December 31 September 30 June 30 March 31 December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned $ 242,729 $ 246,332 $ 248,809 $ 245,848 $ 244,465
Net investment income 59,223 59,795 59,289 58,210 56,559
Realized investment losses, net (188 ) (425 ) (129 ) (181 ) (114 )
Income from other invested assets 3,942 1,770 4,466 7,408 6,889
Other income (1) 6,698 4,358 6,708 6,273 7,228
Total revenues 312,404 311,830 319,143 317,558 315,027
Losses and expenses:
Provision for losses and LAE 56,073 44,922 17,055 31,287 40,975
Other underwriting and operating expenses 63,653 59,498 62,765 71,124 70,951
Interest expense 8,149 8,251 8,148 8,148 8,151
Total losses and expenses 127,875 112,671 87,968 110,559 120,077
Income before income taxes 184,529 199,159 231,175 206,999 194,950
Income tax expense (2) 29,547 34,944 35,836 31,566 27,050
Net income $ 154,982 $ 164,215 $ 195,339 $ 175,433 $ 167,900
Earnings per share:
Basic $ 1.62 $ 1.69 $ 1.95 $ 1.71 $ 1.60
Diluted 1.60 1.67 1.93 1.69 1.58
Weighted average shares outstanding:
Basic 95,772 97,400 100,037 102,881 104,963
Diluted 96,664 98,519 101,059 103,946 106,104
Book value per share $ 60.31 $ 58.86 $ 56.98 $ 55.22 $ 53.36
Return on average equity (annualized) 10.8 % 11.5 % 13.8 % 12.5 % 11.9 %
Senior debt & credit facility:
Borrowings outstanding $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
Undrawn committed capacity $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000
Weighted average interest rate (end of period) 6.25 % 6.25 % 6.25 % 6.25 % 6.25 %
Debt-to-capital 7.99 % 8.01 % 8.10 % 8.12 % 8.19 %
Cash and investments available for sale at the holding companies $ 1,268,579 $ 1,038,747 $ 995,032 $ 1,016,368 $ 1,052,900
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 were ($526), ($858), ($29), ($150), and $204, respectively.
(2) Income tax expense for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024 includes $366, $493, $1,112, $1,561, and $1,591, respectively, of discrete tax expense associated with realized and unrealized gains and losses. Income tax expense for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 also include ($396), ($828), and ($1,252), respectively, of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
Annual Segment Results (Unaudited)
The following tables set forth comparative annual financial information for our two reportable business segments, Mortgage Insurance and Reinsurance, our Corporate & Other category and our consolidated results for the years ended December 31, 2025 and 2024 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations, and general corporate operating expenses not attributable to our operating segments.

Prior to December 31, 2025, we disclosed one reportable segment, Mortgage Insurance, which was comprised of "U.S. mortgage insurance" and "GSE and other mortgage risk share." Our mortgage insurance business and GSE and other mortgage risk share business each represented operating segments that were aggregated and disclosed as one reportable segment based on their shared economic characteristics and the similarities between the two operating segments. In the fourth quarter of 2025, Essent Re entered the Lloyd's of London market to reinsure certain property and casualty risks beginning in the first quarter of 2026. Considering the expansion of business and types of risks reinsured at Essent Re, our Chief Operating Decision Maker began to assess the performance of all third-party reinsurance as an operating segment as of December 31, 2025. To reflect this change, the GSE and other mortgage risk share operating segment is no longer aggregated with U.S mortgage insurance and all third-party reinsurance is now disclosed as a separate reportable segment: Reinsurance. All prior period segment information has been recast to conform to the new segment presentation.
Year Ended December 31, 2025 Year Ended December 31, 2024


(In thousands) 		Mortgage Insurance Reinsurance Corporate & Other Consolidated Mortgage Insurance Reinsurance Corporate & Other Consolidated
Revenues:
Net premiums earned $ 866,743 $ 60,609 $ 56,366 $ 983,718 $ 855,793 $ 68,883 $ 66,206 $ 990,882
Net investment income 174,358 20,271 41,888 236,517 164,469 18,872 38,729 222,070
Realized investment gains (losses), net (870 ) 6 (59 ) (923 ) (2,343 ) — (7 ) (2,350 )
Income from other invested assets 8,267 — 9,319 17,586 7,171 — 204 7,375
Other income 5,111 8,708 10,218 24,037 4,896 9,256 10,775 24,927
Total revenues 1,053,609 89,594 117,732 1,260,935 1,029,986 97,011 115,907 1,242,904
Losses and expenses:
Provision for losses and LAE 145,373 310 3,654 149,337 75,156 26 6,038 81,220
Compensation and benefits 64,392 4,547 61,011 129,950 67,985 4,171 64,236 136,392
Premium and other taxes 23,596 52 2,181 25,829 22,951 56 1,497 24,504
Ceding commission (28,669 ) 1,410 — (27,259 ) (25,144 ) 896 — (24,248 )
Other underwriting and operating expenses 42,570 4,136 81,814 128,520 41,168 3,661 89,397 134,226
Net operating expenses before allocations 101,889 10,145 145,006 257,040 106,960 8,784 155,130 270,874
Corporate expense allocations 38,077 1,491 (39,568 ) — 43,003 784 (43,787 ) —
Operating expenses after allocations 139,966 11,636 105,438 257,040 149,963 9,568 111,343 270,874
Interest expense — — 32,696 32,696 — — 35,319 35,319
Income (loss) before income taxes $ 768,270 $ 77,648 $ (24,056 ) $ 821,862 $ 804,867 $ 87,417 $ (36,793 ) $ 855,491
Loss ratio (1) 16.8 % 0.5 % 8.8 % — %
Expense ratio (2) 16.1 19.2 17.5 13.9
Combined ratio 32.9 % 19.7 % 26.3 % 13.9 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.


Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
Mortgage Insurance
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
Revenues:
Net premiums earned $ 212,674 $ 215,683 $ 220,262 $ 218,124 $ 211,682
Net investment income 43,627 44,265 43,676 42,790 41,880
Realized investment losses, net (218 ) (427 ) (124 ) (101 ) (120 )
Income (loss) from other invested assets 2,044 (605 ) 3,619 3,209 2,925
Other income 1,149 800 1,614 1,548 1,893
Total revenues 259,276 259,716 269,047 265,570 258,260
Losses and expenses:
Provision for losses and LAE 55,159 44,171 15,323 30,720 37,236
Compensation and benefits 14,727 15,388 15,667 18,610 17,029
Premium and other taxes 6,038 6,010 5,984 5,564 5,955
Ceding commission (7,526 ) (7,328 ) (7,054 ) (6,761 ) (6,799 )
Other underwriting and operating expenses 11,816 10,005 10,028 10,721 10,809
Net operating expenses before allocations 25,055 24,075 24,625 28,134 26,994
Corporate expense allocations 9,213 7,081 8,979 12,804 10,431
Operating expenses after allocations 34,268 31,156 33,604 40,938 37,425
Income before income tax expense $ 169,849 $ 184,389 $ 220,120 $ 193,912 $ 183,599
Loss Ratio (1) 25.9 % 20.5 % 7.0 % 14.1 % 17.6 %
Expense Ratio (2) 16.1 14.4 15.3 18.8 17.7
Combined Ratio 42.0 % 34.9 % 22.3 % 32.9 % 35.3 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.


Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
Reinsurance
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
Revenues:
Net premiums earned $ 14,696 $ 16,304 $ 13,875 $ 15,734 $ 16,181
Net investment income 4,913 5,302 5,216 4,840 4,311
Realized investment gains, net 6 — — — —
Other income 2,255 1,591 1,909 2,953 1,991
Total revenues 21,870 23,197 21,000 23,527 22,483
Losses and expenses:
Provision for losses and LAE 206 65 36 3 18
Compensation and benefits 961 1,180 1,126 1,280 1,008
Premium and other taxes 17 8 16 11 13
Ceding commission 580 433 144 253 252
Other underwriting and operating expenses 1,179 944 1,100 913 970
Net operating expenses before allocations 2,737 2,565 2,386 2,457 2,243
Corporate expense allocations 516 502 263 210 223
Operating expenses after allocations 3,253 3,067 2,649 2,667 2,466
Income before income tax expense $ 18,411 $ 20,065 $ 18,315 $ 20,857 $ 19,999
Loss Ratio (1) 1.4 % 0.4 % 0.3 % — % 0.1 %
Expense Ratio (2) 22.1 18.8 19.1 17.0 15.2
Combined Ratio 23.5 % 19.2 % 19.4 % 17.0 % 15.3 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.


Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
Corporate & Other
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
Revenues:
Net premiums earned $ 15,359 $ 14,345 $ 14,672 $ 11,990 $ 16,602
Net investment income 10,683 10,228 10,397 10,580 10,368
Realized investment gains (losses), net 24 2 (5 ) (80 ) 6
Income from other invested assets 1,898 2,375 847 4,199 3,964
Other income 3,294 1,967 3,185 1,772 3,344
Total revenues 31,258 28,917 29,096 28,461 34,284
Losses and expenses:
Provision for losses and LAE 708 686 1,696 564 3,721
Compensation and benefits 14,675 12,608 13,926 19,802 16,490
Premium and other taxes 446 (88 ) 495 1,328 569
Other underwriting and operating expenses 20,740 20,338 21,333 19,403 24,655
Net operating expenses before allocations 35,861 32,858 35,754 40,533 41,714
Corporate expense allocations (9,729 ) (7,583 ) (9,242 ) (13,014 ) (10,654 )
Operating expenses after allocations 26,132 25,275 26,512 27,519 31,060
Interest expense 8,149 8,251 8,148 8,148 8,151
Loss before income tax expense $ (3,731 ) $ (5,295 ) $ (7,260 ) $ (7,770 ) $ (8,648 )


Consolidated
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
Revenues:
Net premiums earned $ 242,729 $ 246,332 $ 248,809 $ 245,848 $ 244,465
Net investment income 59,223 59,795 59,289 58,210 56,559
Realized investment losses, net (188 ) (425 ) (129 ) (181 ) (114 )
Income from other invested assets 3,942 1,770 4,466 7,408 6,889
Other income 6,698 4,358 6,708 6,273 7,228
Total revenues 312,404 311,830 319,143 317,558 315,027
Losses and expenses:
Provision for losses and LAE 56,073 44,922 17,055 31,287 40,975
Compensation and benefits 30,363 29,176 30,719 39,692 34,527
Premium and other taxes 6,501 5,930 6,495 6,903 6,537
Ceding commission (6,946 ) (6,895 ) (6,910 ) (6,508 ) (6,547 )
Other underwriting and operating expenses 33,735 31,287 32,461 31,037 36,434
Total other underwriting and operating expenses 63,653 59,498 62,765 71,124 70,951
Interest expense 8,149 8,251 8,148 8,148 8,151
Income before income tax expense $ 184,529 $ 199,159 $ 231,175 $ 206,999 $ 194,950


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
New insurance written $ 11,840,227 $ 12,233,252 $ 12,544,731 $ 9,945,336 $ 12,220,968
New risk written 3,030,169 3,239,497 3,357,820 2,698,639 3,297,296
Average insurance in force $ 248,695,560 $ 247,821,046 $ 245,747,813 $ 244,005,459 $ 243,236,830
Insurance in force (end of period) $ 248,356,397 $ 248,808,341 $ 246,797,619 $ 244,692,492 $ 243,645,423
Gross risk in force (end of period) (1) $ 68,053,447 $ 68,262,577 $ 67,683,239 $ 67,026,626 $ 66,613,517
Risk in force (end of period) $ 56,519,839 $ 56,940,929 $ 56,811,096 $ 56,565,811 $ 56,477,150
Policies in force 807,230 812,856 812,182 811,342 813,013
Weighted average coverage (2) 27.4 % 27.4 % 27.4 % 27.4 % 27.3 %
Annual persistency 85.7 % 86.0 % 85.8 % 85.7 % 85.7 %
Loans in default (count) 20,210 18,583 17,255 17,759 18,439
Percentage of loans in default 2.50 % 2.29 % 2.12 % 2.19 % 2.27 %
Base average premium rate (3) 0.41 % 0.41 % 0.41 % 0.41 % 0.41 %
Single premium cancellations (4) — % — % — % — % — %
Gross average premium rate 0.41 % 0.41 % 0.41 % 0.41 % 0.41 %
Ceded premiums (0.07 %) (0.06 %) (0.05 %) (0.05 %) (0.06 %)
Net average premium rate 0.34 % 0.35 % 0.36 % 0.36 % 0.35 %
(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations premium rate is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - New Insurance Written
NIW by Credit Score
Three Months Ended Year Ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
($ in thousands)
>=760 $ 6,608,095 55.8 % $ 5,754,605 47.1 % $ 23,980,900 51.4 % $ 20,141,961 44.2 %
740-759 1,905,196 16.1 2,131,356 17.4 7,528,658 16.2 7,848,645 17.2
720-739 1,257,994 10.6 1,640,275 13.4 5,642,389 12.1 6,468,993 14.2
700-719 1,039,547 8.8 1,390,278 11.4 4,782,401 10.3 5,738,325 12.6
680-699 554,647 4.7 743,789 6.1 2,552,412 5.5 3,095,378 6.8
<=679 474,748 4.0 560,665 4.6 2,076,786 4.5 2,268,030 5.0
Total $ 11,840,227 100.0 % $ 12,220,968 100.0 % $ 46,563,546 100.0 % $ 45,561,332 100.0 %
Weighted average credit score 757 751 754 748
NIW by LTV
Three Months Ended Year Ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
($ in thousands)
85.00% and below $ 1,437,750 12.1 % $ 977,154 8.0 % $ 4,430,096 9.5 % $ 3,227,588 7.1 %
85.01% to 90.00% 3,509,133 29.7 2,821,683 23.1 11,844,584 25.4 9,392,983 20.6
90.01% to 95.00% 5,663,293 47.8 6,348,777 51.9 23,533,435 50.6 24,357,459 53.5
95.01% and above 1,230,051 10.4 2,073,354 17.0 6,755,431 14.5 8,583,302 18.8
Total $ 11,840,227 100.0 % $ 12,220,968 100.0 % $ 46,563,546 100.0 % $ 45,561,332 100.0 %
Weighted average LTV 92 % 93 % 93 % 93 %
NIW by Product
Three Months Ended Year Ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Single premium policies 1.6 % 1.2 % 1.4 % 1.4 %
Monthly premium policies 98.4 98.8 98.6 98.6
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Three Months Ended Year Ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Purchase 72.3 % 88.3 % 87.2 % 95.0 %
Refinance 27.7 11.7 12.8 5.0
100.0 % 100.0 % 100.0 % 100.0 %


Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Insurance in Force and Risk in Force
Portfolio by Credit Score
IIF by FICO score December 31, 2025 September 30, 2025 December 31, 2024
($ in thousands)
>=760 $ 104,062,334 41.9 % $ 103,261,791 41.5 % $ 99,221,741 40.7 %
740-759 43,225,016 17.4 43,372,715 17.4 42,574,390 17.5
720-739 37,671,181 15.2 38,113,923 15.3 37,953,625 15.6
700-719 32,473,548 13.1 32,834,985 13.2 32,657,660 13.4
680-699 19,357,527 7.8 19,625,586 7.9 19,772,912 8.1
<=679 11,566,791 4.6 11,599,341 4.7 11,465,095 4.7
Total $ 248,356,397 100.0 % $ 248,808,341 100.0 % $ 243,645,423 100.0 %
Weighted average credit score 747 746 746
Gross RIF by FICO score December 31, 2025 September 30, 2025 December 31, 2024
($ in thousands)
>=760 $ 28,228,907 41.4 % $ 28,056,444 41.0 % $ 26,860,197 40.3 %
740-759 11,997,094 17.6 12,054,702 17.7 11,799,832 17.7
720-739 10,452,268 15.4 10,587,116 15.5 10,512,364 15.8
700-719 9,049,840 13.3 9,155,794 13.4 9,067,640 13.6
680-699 5,357,151 7.9 5,429,039 8.0 5,440,776 8.2
<=679 2,968,187 4.4 2,979,482 4.4 2,932,708 4.4
Total $ 68,053,447 100.0 % $ 68,262,577 100.0 % $ 66,613,517 100.0 %
Portfolio by LTV
IIF by LTV December 31, 2025 September 30, 2025 December 31, 2024
($ in thousands)
85.00% and below $ 14,736,797 5.9 % $ 14,398,904 5.8 % $ 14,738,289 6.0 %
85.01% to 90.00% 58,288,674 23.5 58,982,107 23.7 60,636,883 24.9
90.01% to 95.00% 131,950,396 53.1 131,889,655 53.0 127,152,954 52.2
95.01% and above 43,380,530 17.5 43,537,675 17.5 41,117,297 16.9
Total $ 248,356,397 100.0 % $ 248,808,341 100.0 % $ 243,645,423 100.0 %
Weighted average LTV 93 % 93 % 93 %
Gross RIF by LTV December 31, 2025 September 30, 2025 December 31, 2024
($ in thousands)
85.00% and below $ 1,727,701 2.5 % $ 1,696,592 2.5 % $ 1,745,933 2.6 %
85.01% to 90.00% 14,312,312 21.0 14,526,528 21.3 14,961,779 22.5
90.01% to 95.00% 38,906,277 57.2 38,895,352 57.0 37,510,076 56.3
95.01% and above 13,107,157 19.3 13,144,105 19.2 12,395,729 18.6
Total $ 68,053,447 100.0 % $ 68,262,577 100.0 % $ 66,613,517 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period December 31, 2025 September 30, 2025 December 31, 2024
($ in thousands)
FRM 30 years and higher $ 241,353,234 97.2 % $ 242,770,621 97.6 % $ 238,335,608 97.8 %
FRM 20-25 years 1,449,192 0.6 1,070,635 0.4 1,133,494 0.5
FRM 15 years 2,009,940 0.8 1,664,866 0.7 1,231,952 0.5
ARM 5 years and higher 3,544,031 1.4 3,302,219 1.3 2,944,369 1.2
Total $ 248,356,397 100.0 % $ 248,808,341 100.0 % $ 243,645,423 100.0 %


Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Vintage Data
December 31, 2025
Insurance in Force
Year Original
Insurance
Written
($ in thousands) 		Remaining
Insurance
in Force
($ in thousands) 		% Remaining of Original
Insurance 		Number of Policies in Force Weighted Average Coupon % Purchase >90% LTV >95% LTV FICO
<700 		FICO
>=760 		Incurred Loss Ratio (Inception to Date) (1) Number of Loans in Default Percentage of Loans in Default
2010 - 2015 $ 86,862,507 $ 1,500,732 1.7 % 8,297 4.28 % 68.6 % 50.4 % 1.4 % 11.5 % 47.5 % 2.3 % 342 4.12 %
2016 34,949,319 1,104,521 3.2 6,191 4.05 77.1 59.6 12.5 16.3 41.6 2.0 324 5.23
2017 43,858,322 2,766,418 6.3 17,652 4.33 90.3 81.9 26.8 21.5 36.2 2.9 840 4.76
2018 47,508,525 3,746,728 7.9 22,241 4.83 95.2 80.6 30.2 22.8 30.9 3.8 1,120 5.04
2019 63,569,183 8,487,193 13.4 43,215 4.26 90.4 75.9 27.4 19.5 34.1 3.6 1,595 3.69
2020 107,944,065 27,596,323 25.6 114,821 3.22 77.1 70.5 16.6 11.0 44.7 2.8 2,405 2.09
2021 84,218,250 40,962,380 48.6 142,501 3.11 92.4 72.5 18.6 13.7 39.9 6.6 3,806 2.67
2022 63,061,262 45,373,683 72.0 134,126 5.09 98.4 67.7 12.0 12.5 39.5 20.0 3,911 2.92
2023 47,666,852 35,213,136 73.9 102,677 6.59 98.9 73.7 19.5 11.2 38.1 23.5 3,189 3.11
2024 45,561,332 37,940,873 83.3 103,824 6.68 95.1 73.5 20.7 12.5 41.8 23.9 2,182 2.10
2025 46,563,546 43,664,410 93.8 111,685 6.56 87.0 65.2 15.1 10.2 50.4 14.3 496 0.44
Total $ 671,763,163 $ 248,356,397 37.0 807,230 5.22 91.9 70.6 17.5 12.5 41.9 6.3 20,210 2.50
(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 J
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Outward Reinsurance Vintage Data
December 31, 2025
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal Name Vintage Remaining
Insurance
in Force 		Remaining
Risk
in Force 		Original
Reinsurance in Force 		Remaining
Reinsurance in Force 		Losses
Ceded
to Date 		Original
First Layer
Retention 		Remaining
First Layer
Retention 		Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1 Aug. 2020 - Mar. 2021 $ 18,441,345 $ 5,127,322 $ 557,911 $ 98,205 $ — $ 278,956 $ 276,117 $ 1,117 $ 5,114 $ 59,885
Radnor Re 2021-2 Apr. 2021 - Sep. 2021 24,416,860 6,937,919 439,407 192,783 — 279,415 271,058 2,806 11,736 174,012
Radnor Re 2022-1 Oct. 2021 - Jul. 2022 24,193,885 6,723,897 237,868 129,621 — 303,761 291,448 2,929 12,437 119,251
Radnor Re 2023-1 Aug. 2022 - Jun. 2023 24,656,390 6,784,369 281,462 209,417 — 281,463 271,149 3,081 12,350 198,527
Radnor Re 2024-1 Jul. 2023 - Jul. 2024 24,523,993 6,793,368 363,366 248,025 — 256,495 255,324 3,059 11,902 183,539
Total $ 116,232,473 $ 32,366,875 $ 1,880,014 $ 878,051 $ — $ 1,400,090 $ 1,365,096 $ 12,992 $ 53,539 $ 735,214


Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal Name Vintage Remaining
Insurance
in Force 		Remaining
Risk
in Force 		Original
Reinsurance in Force 		Remaining
Reinsurance in Force 		Losses
Ceded
to Date 		Original
First Layer
Retention 		Remaining
First Layer
Retention 		Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1 Jan. 2018 - Dec. 2018 $ 3,708,752 $ 980,319 $ 118,650 $ 76,144 $ — $ 253,643 $ 241,441 $ 627 $ 2,489 $ —
XOL 2020-1 Jan. 2019 - Aug. 2019 4,863,645 1,288,360 55,102 29,152 — 215,605 210,515 252 999 —
XOL 2022-1 Oct. 2021 - Dec. 2022 55,006,139 15,182,087 141,992 137,530 — 507,114 473,213 1,563 6,342 132,723
XOL 2023-1 Jan. 2023 - Dec. 2023 31,751,705 8,821,968 36,627 36,105 — 366,270 358,985 432 1,734 34,713
XOL 2024-1 Jan. 2024 - Dec. 2024 35,200,756 9,692,442 58,005 58,005 — 331,456 330,254 658 2,610 55,907
XOL 2025-1 Jan. 2025 - Dec. 2025 43,596,176 11,545,801 80,821 80,821 — 343,234 343,234 733 1,300 77,723
Total $ 174,127,173 $ 47,510,977 $ 491,197 $ 417,757 $ — $ 2,017,322 $ 1,957,642 $ 4,265 $ 15,474 $ 301,066


Quota Share Reinsurance (2)
Losses Ceded Ceding Commission Earned Premiums Ceded
Year Ceding Percentage Remaining Insurance in Force Remaining Risk in Force Remaining Ceded Insurance in Force Remaining Ceded Risk in Force Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020 (4 )
$ 31,179,681 $ 8,623,082 $ 6,471,751 $ 1,763,952 $ 391 $ (37 ) $ 1,893 $ 8,299 $ 3,121 $ 11,933 $ 109,386
Jan. 2022 - Dec. 2022 20%
45,327,727 12,452,848 9,065,545 2,490,570 2,577 8,037 1,628 6,796 5,426 20,454 185,009
Jan. 2023 - Dec. 2023 17.5%
31,653,079 8,797,311 5,539,289 1,539,529 2,770 7,762 1,159 4,865 5,205 17,979 123,856
Jan. 2024 - Dec. 2024 15%
37,722,203 10,369,501 5,658,330 1,555,425 2,790 7,949 1,199 4,991 5,368 18,679 126,867
Jan. 2025 - Dec. 2025 25%
43,623,229 11,553,296 10,905,807 2,888,324 1,955 2,917 1,646 3,718 5,001 9,795 188,836
Total $ 189,505,919 $ 51,796,038 $ 37,640,722 $ 10,237,800 $ 10,483 $ 26,628 $ 7,525 $ 28,669 $ 24,121 $ 78,840 $ 733,954
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.


Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Geographic Data
IIF by State
December 31, 2025 September 30, 2025 December 31, 2024
CA 12.1 % 12.2 % 12.5 %
FL 12.0 12.0 11.9
TX 11.4 11.3 11.1
AZ 4.0 4.0 3.8
CO 4.0 4.0 4.1
GA 3.9 3.8 3.7
WA 3.4 3.4 3.4
NC 3.2 3.1 3.0
MI 2.6 2.6 2.5
NY 2.6 2.6 2.6
All Others 40.8 41.0 41.4
Total 100.0 % 100.0 % 100.0 %
Gross RIF by State
December 31, 2025 September 30, 2025 December 31, 2024
FL 12.3 % 12.2 % 12.1 %
CA 12.1 12.2 12.4
TX 11.6 11.6 11.4
AZ 4.1 4.0 3.9
CO 3.9 3.9 4.0
GA 3.9 3.9 3.8
WA 3.4 3.4 3.4
NC 3.2 3.1 3.0
MI 2.6 2.6 2.5
UT 2.6 2.6 2.5
All Others 40.3 40.5 41.0
Total 100.0 % 100.0 % 100.0 %


Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Rollforward of Defaults and Reserve for Losses and LAE
Rollforward of Insured Loans in Default
Three Months Ended
2025 2024
December 31 September 30 June 30 March 31 December 31
Beginning default inventory 18,583 17,255 17,759 18,439 15,906
Plus: new defaults (A) 11,245 10,357 8,810 9,664 11,136
Less: cures (9,357 ) (8,713 ) (9,078 ) (10,173 ) (8,408 )
Less: claims paid (235 ) (296 ) (215 ) (153 ) (183 )
Less: rescissions and denials, net (26 ) (20 ) (21 ) (18 ) (12 )
Ending default inventory 20,210 18,583 17,255 17,759 18,439
(A) New defaults remaining as of December 31, 2025 8,411 4,131 2,402 1,481 1,191
Cumulative cure rate (1) 25 % 60 % 73 % 85 % 89 %
Total amount paid for claims (in thousands) $ 13,171 $ 16,456 $ 9,007 $ 6,330 $ 7,740
Average amount paid per claim (in thousands) $ 56 $ 56 $ 42 $ 41 $ 42
Severity 80 % 78 % 67 % 70 % 68 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
2025 2024
($ in thousands) December 31 September 30 June 30 March 31 December 31
Reserve for losses and LAE at beginning of period $ 379,548 $ 345,952 $ 338,128 $ 310,156 $ 274,926
Less: Reinsurance recoverables 47,957 41,966 40,351 36,655 30,867
Net reserve for losses and LAE at beginning of period 331,591 303,986 297,777 273,501 244,059
Add provision for losses and LAE occurring in:
Current year 67,865 62,349 45,119 48,928 50,212
Prior years (12,705 ) (18,179 ) (29,796 ) (18,208 ) (12,976 )
Incurred losses and LAE during the period 55,160 44,170 15,323 30,720 37,236
Deduct payments for losses and LAE occurring in:
Current year 2,649 552 315 51 1,569
Prior years 10,612 16,013 8,799 6,393 6,225
Loss and LAE payments during the period 13,261 16,565 9,114 6,444 7,794
Net reserve for losses and LAE at end of period 373,490 331,591 303,986 297,777 273,501
Plus: Reinsurance recoverables 56,120 47,957 41,966 40,351 36,655
Reserve for losses and LAE at end of period $ 429,610 $ 379,548 $ 345,952 $ 338,128 $ 310,156
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance
Detail of Reserves by Default Delinquency
December 31, 2025
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:
Two payments 6,892 34 % $ 40,876 10 % $ 545,198 7 %
Three payments 3,002 15 32,458 8 246,194 13
Four to eleven payments 7,261 36 163,087 41 615,449 26
Twelve or more payments 2,742 13 139,036 35 224,248 62
Pending claims 313 2 21,360 6 23,797 90
Total case reserves 20,210 100 % 396,817 100 % $ 1,654,886 24 %
IBNR 29,761
LAE 3,032
Total reserves for losses and LAE $ 429,610
Average reserve per default:
Case $ 19.6
Total $ 21.3
Default Rate 2.50 %
3+ Month Default Rate 1.65 %
December 31, 2024
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:
Two payments 6,691 36 % $ 32,672 11 % $ 522,644 6 %
Three payments 3,154 17 26,278 9 250,696 10
Four to eleven payments 6,408 35 122,551 43 515,600 24
Twelve or more payments 2,022 11 93,269 33 153,376 61
Pending claims 164 1 11,174 4 12,478 90
Total case reserves 18,439 100 % 285,944 100 % $ 1,454,794 20 %
IBNR 21,446
LAE 2,766
Total reserves for losses and LAE $ 310,156
Average reserve per default:
Case $ 15.5
Total $ 16.8
Default Rate 2.27 %
3+ Month Default Rate 1.44 %


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
2025 2024
December 31 September 30 June 30 March 31 December 31
($ in thousands)
Essent Guaranty, Inc:
Statutory capital $ 3,572,887 $ 3,732,465 $ 3,714,146 $ 3,642,374 $ 3,594,381
Net risk in force (1) $ 32,486,788 $ 33,367,706 $ 33,986,508 $ 34,968,089 $ 35,159,976
Risk-to-capital ratio (2) 9.1:1 8.9:1 9.2:1 9.6:1 9.8:1
Essent Guaranty, Inc. PMIERs Data (3):
Available Assets $ 3,520,454 $ 3,666,883 $ 3,654,460 $ 3,628,675 $ 3,612,993
Minimum Required Assets 2,087,473 2,065,890 2,075,409 2,107,620 2,029,738
PMIERs excess Available Assets $ 1,432,981 $ 1,600,993 $ 1,579,051 $ 1,521,055 $ 1,583,255
PMIERs sufficiency ratio (4) 169 % 177 % 176 % 172 % 178 %
(1) 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.
(2) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(3) Data is based on our interpretation of the PMIERs as of the dates indicated.
(4) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.


Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Reinsurance
2025 2024
($ in thousands) December 31 September 30 June 30 March 31 December 31
Reinsurance Portfolio:
Reinsured Risk in Force $ 2,274,882 $ 2,257,197 $ 2,321,008 $ 2,220,477 $ 2,240,284
Reserve for losses and LAE $ 359 $ 153 $ 88 $ 52 $ 51
Weighted average credit score (1) 751 751 751 751 751
Weighted average LTV (1) 83 % 83 % 83 % 82 % 82 %
Essent Reinsurance Ltd. Capital:
Stockholder's equity (GAAP basis) $ 1,695,390 $ 1,722,135 $ 1,751,720 $ 1,780,924 $ 1,773,044
Net risk in force (2) $ 25,880,997 $ 25,453,510 $ 24,802,145 $ 23,482,726 $ 23,250,018
(1) Represents statistics on mortgage reinsurance portfolio only.
(2) Net risk in force represents total risk in force net of exposures on policies for which loss reserves have been established. It includes amounts reinsured under a quota share agreement with Essent Guaranty, Inc. in addition to reinsurance agreements with unrelated third parties.


Exhibit P
Essent Group Ltd. and Subsidiaries
Supplemental Information
Cash & Investments
Cash & Investments by Asset Class
Asset Class December 31, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
U.S. Treasury securities $ 369,712 5.6 % $ 547,290 8.7 %
U.S. agency mortgage-backed securities 1,174,895 17.8 1,125,436 17.8
Municipal debt securities 610,411 9.2 583,501 9.2
Non-U.S. government securities 56,024 0.8 69,798 1.1
Corporate debt securities 1,980,080 30.0 1,783,046 28.3
Residential and commercial mortgage securities 464,105 7.0 478,086 7.6
Asset-backed securities 800,366 12.1 631,959 10.0
Money market funds 648,492 9.8 657,605 10.4
Total investments available for sale 6,104,085 92.3 5,876,721 93.1
Other invested assets 382,513 5.8 303,900 4.8
Cash 123,049 1.9 131,480 2.1
Total cash and investments $ 6,609,647 100.0 % $ 6,312,101 100.0 %
Investments Available for Sale by Credit Rating
Rating (1) December 31, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
Aaa $ 846,230 15.5 % $ 2,513,014 48.1 %
Aa1 1,799,508 32.9 101,809 2.0
Aa2 300,026 5.5 301,080 5.8
Aa3 319,848 5.9 271,069 5.2
A1 545,918 10.0 511,076 9.8
A2 511,146 9.4 411,999 7.9
A3 494,434 9.1 463,616 8.8
Baa1 244,424 4.5 218,454 4.2
Baa2 208,247 3.8 198,193 3.8
Baa3 122,596 2.2 151,729 2.9
Below Baa3 63,216 1.2 77,077 1.5
Total (2) $ 5,455,593 100.0 % $ 5,219,116 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $648,492 and $657,605 of money market funds at December 31, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration December 31, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
< 1 year $ 1,549,327 25.4 % $ 1,587,022 26.9 %
1 to < 2 years 527,914 8.6 544,630 9.3
2 to < 3 years 532,211 8.7 473,301 8.1
3 to < 4 years 571,255 9.4 445,614 7.6
4 to < 5 years 536,135 8.8 546,414 9.3
5 or more years 2,387,243 39.1 2,279,740 38.8
Total investments available for sale $ 6,104,085 100.0 % $ 5,876,721 100.0 %
Pre-tax investment yield (3) Three months ended December 31, 2025 Year ended December 31, 2025
Yield on cash and investments available for sale 3.84 % 3.83 %
Return on other invested assets 4.15 % 5.06 %
Aggregate yield on total cash and investments 3.85 % 3.90 %
(3) Yield on investments available for sale is calculated as the annualized gross investment income earned divided by the average amortized cost of cash and investments available for sale. Return on other invested assets is calculated as annualized income (loss) from other invested assets divided by the average balance of other invested assets. The aggregate yield is calculated as the sum of the numerators in the calculations described above divided by the sum of denominators in the calculations described above.