Essent Group Q4 Net Income: $162.6 Million
Bermuda-based Essent Group reported net income for the quarter ended December 31, 2017 of $162.6 million or $1.65 per diluted share, which includes an $85.1 million income tax benefit, or $0.86 per diluted share, reflecting the one-time impact of the reduced U.S. corporate income tax rate on the company’s net deferred tax liability position. Net income for the full year 2017 was $379.7 million or $3.99 per diluted share.
“2017 was another successful year for the Essent franchise as we continued building a high credit quality and profitable mortgage insurance portfolio,” said Mark Casale, Chairman and Chief Executive Officer.
“During the year, we continued growing our earnings and generating strong returns. As we head into our ninth year of writing mortgage insurance, our outlook for 2018 on our business and housing remains positive.”
