Essent Group (ESNT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $374.2M vs. $311.8M YoY; net income was $163.4M vs. $164.2M, diluted EPS was $1.82 vs. $1.67, and annualized ROE was 11.7%.

• Mortgage insurance in force reached $250.1B, up from $248.8B YoY; solid credit quality and capital supported earnings and shareholder returns.

Financial highlights

• Q3 net premiums earned were $290.7M and net investment income was $63.0M; provision for losses and LAE was $83.5M vs. $44.9M YoY.

• 9M revenue was $1.073B, net income was $524.9M and diluted EPS was $5.71; net premiums earned were $827.5M and net investment income was $183.8M.

• September 30 cash and investments totaled $6.485B; book value per share was $62.58 and shareholders’ equity was $5.555B.

Outlook and guidance

• Longer-term MI modeling guide: ~80% persistency, a 35–45 combined ratio and an expected ultimate claim rate of 2%–3%.

• 2026 P&C reinsurance written premiums were expected at ~$320M, with roughly half earned in 2026 and a combined ratio in the high 90s.

• 2027 insurance in force could flatten; housing demand and demographics are viewed as longer-term supports, though timing remains uncertain.

• Forward tax-rate guide was 17%–18%, reflecting 5% withholding tax friction on U.S.-to-Bermuda transfers.