Essent Reports Q2 Results & Declares Dividend
Essent Group Ltd. reported net income for the quarter ended June 30, 2023 of $172.2 million or $1.61 per diluted share, compared to $231.8 million or $2.16 per diluted share for the quarter ended June 30, 2022.
Essent also announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on September 11, 2023, to shareholders of record on September 1, 2023.
“We are pleased with our second quarter 2023 financial results, which reflect the high quality of our portfolio and the resilience in housing and employment,” said Mark A. Casale, Chairman and Chief Executive Officer.
“Our strong operational performance continues to demonstrate the earnings power of our business and provide us with attractive levels of excess capital, which we can then deploy in the best long-term interest of our shareholders.”
Financial Highlights:
- New insurance written for the second quarter of 2023 was $13.5 billion, compared to $12.9 billion in the first quarter of 2023 and $20.1 billion in the second quarter of 2022.
- Insurance in force as of June 30, 2023 was $235.6 billion, compared to $231.5 billion as of March 31, 2023 and $215.9 billion as of June 30, 2022.
- The combined ratio for the second quarter of 2023 was 20.4%, compared to 22.7% in the first quarter of 2023 and [16.2]% in the second quarter of 2022.
- During the quarter, Essent successfully executed a consent and tender process on $637 million of outstanding notes from two seasoned ILN deals that provided no regulatory or economic capital credit.
- On July 1, 2023, Essent Group Ltd. completed its previously announced acquisition of Agents National Title Holding Company and Boston National Holdings LLC for $92.6 million.
- On July 27, 2023, Essent priced its 9th insurance-link note transaction, Radnor Re 2023-1, which provides $281.5 million of collateralized reinsurance coverage for NIW from August 2022 through June 2023.
