Essent Group Ltd. Announces Fourth Quarter & Full Year 2025 Results and Increases Quarterly Dividend

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
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com

	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.

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