Essent Reports $203.6M Q2 Net Income
Essent Group Ltd. reported net income for the quarter ended June 30, 2024 of $203.6 million or $1.91 per diluted share, compared to $172.2 million or $1.61 per diluted share for the quarter ended June 30, 2023.
A spokesperson said, “Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend is payable on September 10, 2024, to shareholders of record on August 30, 2024.”
“We are pleased with our financial results in the second quarter, as our high-quality portfolio and resilience in the housing and labor markets translated to favorable credit performance, and the current rate environment continues to benefit investment income and persistency,” said Mark A. Casale, Chairman and Chief Executive Officer. “The Essent franchise achieved another milestone by closing on our inaugural senior debt offering on July 1. Combined with an amended and extended revolving credit facility, we now have over $1.3 billion in available holding company liquidity.”
Financial Highlights:
The spokesperson said, “New insurance written for the second quarter of 2024 was $12.5 billion, compared to $8.3 billion in the first quarter of 2024 and $13.5 billion in the second quarter of 2023.
“Insurance in force as of June 30, 2024 was $240.7 billion, compared to $238.5 billion as of March 31, 2024 and $235.6 billion as of June 30, 2023.
“Net investment income for the first half of 2024 was $108.2 million, up 22% from the first half of 2023.
“Effective July 1, 2024, we entered into an excess of loss transaction with a panel of highly rated third-party reinsurers covering 15% of all eligible policies written by Essent Guaranty, Inc. in calendar year 2024.
“On July 1, 2024, Essent closed two transactions that represent approximately $1 billion in total debt capacity, comprised of $500 million of senior unsecured notes and a $500 million unsecured revolving credit facility.”
