UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36157 ESSENT GROUP LTD. (Exact name of registrant as specified in its charter) Yes ☒ No ☐ (State or other jurisdiction of incorporation ...

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Performance was driven by positive credit trends and the benefit of higher interest rates on both persistency and investment income. Management attributes the 13% book value growth to a 'buy, manage, and distribute' model that prioritizes unit economics over volume. Persistency remains high at 86% because roughly 60% of the in-force portfolio has a note rate of 6% or lower, creating a 'lock-in' effect. The portfolio default rate increase is characterized as normal seasonality and the expected season ...

CFO David Weinstock said mortgage insurance in force ended the fourth quarter at $248.4 billion , down $452 million from Sept. 30 but up $4.7 billion (or 1.9% ) from Dec. 31, 2024. Persistency at Dec. 31, 2025 was 85.7% , compared with 86% at Sept. 30.Book value per share was $60.31 as of Dec. 31, up 13% year over year. Mortgage insurance in force totaled $248 billion at year-end, up 2% from a year earlier, with 12-month persistency at 86% . Casale noted persistency has been relatively flat over recent quar ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $155 million or $1.60 per diluted share, compared to $1.67 in the previous quarter and $1.58 in Q4 2024 [4][11] - Full year 2025 net income was $690 million or $6.90 per diluted share, with a return on average equity of 12% [4] - Book value per share increased by 13% year-over-year to $60.31 as of December 31 [5] - The mortgage insurance in force was $248 billion, reflecting a 2% increase year-over-year [5] Business Line Data and Key Metrics Changes - The mortgage insurance segment ended Q4 2025 with insurance in force of $248.4 billion, a decrease of $452 million from Q3 2025 but an increase of $4.7 billion or 1.9% year-over-year [12] - Persistency for the mortgage insurance portfolio was 85.7% at the end of Q4 2025, down from 86% in Q3 2025 [12] - The average base premium rate for the mortgage insurance portfolio remained stable at 41 basis points, while the average net premium rate decreased by 1 basis point to 34 basis points [13] Market Data and Key Metrics Changes - The portfolio default rate increased to 2.5%, up 21 basis points from the previous quarter, reflecting normal seasonality and aging of the insurance in force [13] - The weighted average FICO score for the insurance in force was 747, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company is focused on a disciplined capital management strategy, returning nearly $700 million to shareholders in 2025 through dividends and share repurchases [10] - A 13% increase in the quarterly dividend to $0.35 per share was approved, effective Q1 2026 [10] - The company is expanding into the Lloyd's market through Essent Re, aiming for diversification and capital efficiency without requiring additional capital [21][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the current housing market presents challenges, but the company is well-positioned for future growth as demographics favor homeownership [40] - The company anticipates modest growth in insurance in force due to current market conditions, but expects a potential spike in demand when more buyers enter the market [40][41] - Credit quality remains strong, and management is confident in the future cash flows, which supports ongoing share repurchases and dividends [48] Other Important Information - The consolidated cash and investments totaled $6.6 billion with an aggregate yield of 3.9% for the year [9] - Essent Re earned nearly $80 million in third-party net income for 2025, with $2.3 billion in risk at year-end [8] Q&A Session Summary Question: Why enter the Lloyd's market now? - Management indicated that the expansion into the Lloyd's market has been in process for a while, focusing on leveraging existing assets and capital efficiencies [21][22] Question: Is the decrease in new insurance written (NIW) a strategic decision? - Management clarified that the decrease in NIW is not a reflection of a strategic pullback but rather optimizing unit economics and focusing on shareholder returns [29][30] Question: What is the outlook for insurance in force growth? - Management expects growth to remain modest in the near term but believes that demographic trends will eventually lead to increased demand [40][41] Question: Are there differences in performance across different vintages? - Management reported no significant differences in defaults across vintages, indicating a stable credit environment [44][45] Question: What is the company's credit outlook? - Management emphasized that the current cautious approach is not a credit call but rather a focus on optimizing unit economics and shareholder value [57][58]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $155 million or $1.60 per diluted share, compared to $1.67 in the previous quarter and $1.58 in Q4 2024 [4][11] - For the full year 2025, net income was $690 million or $6.90 per diluted share, with a return on average equity of 12% [4][5] - Book value per share increased by 13% year-over-year to $60.31 as of December 31 [5] - The mortgage insurance in force was $248 billion, reflecting a 2% increase year-over-year [5] Business Line Data and Key Metrics Changes - The mortgage insurance segment ended Q4 2025 with insurance in force of $248.4 billion, a decrease of $452 million from Q3 2025 but an increase of $4.7 billion or 1.9% year-over-year [12] - Persistency for the mortgage insurance portfolio was 85.7% at the end of Q4 2025, down from 86% in Q3 2025 [12] - The average base premium rate for the mortgage insurance portfolio remained stable at 41 basis points, while the average net premium rate decreased by 1 basis point to 34 basis points [13] Market Data and Key Metrics Changes - The portfolio default rate increased to 2.5%, up 21 basis points from the previous quarter, reflecting normal seasonality and aging of the insurance in force [13] - The weighted average FICO score of the insurance in force was 747, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company is focused on a disciplined capital management strategy, returning nearly $700 million to shareholders in 2025 through dividends and share repurchases [10] - A 13% increase in the quarterly dividend to $0.35 per share was approved, effective Q1 2026 [10] - The company is expanding into the Lloyd's market as part of its strategy to diversify and leverage higher investment yields, with a focus on property and casualty (P&C) insurance [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the current housing market presents challenges, but the company remains well-positioned for future growth as demographics shift towards homeownership [40] - The credit quality of the portfolio remains strong, and management is optimistic about the potential for supplemental earnings from the P&C segment [27][28] - The company aims to optimize unit economics rather than focus solely on market share, indicating a long-term growth strategy [54][55] Other Important Information - The consolidated cash and investments totaled $6.6 billion, with an aggregate yield of 3.9% for the year [9] - The company has a strong liquidity position, including $1.3 billion in cash and investments at the holding companies [9][16] Q&A Session Summary Question: Why enter the Lloyd's market now? - Management explained that the decision is part of a long-term strategy to expand and leverage higher investment yields, with a focus on diversifying the business [21][22] Question: Is the decrease in insurance in force a strategic decision? - Management clarified that the decrease is not a reflection of a strategic pullback but rather a normal ebb and flow of the market [29] Question: What is the outlook for insurance in force growth? - Management expects modest growth in insurance in force, with potential for a spike when younger demographics enter the housing market [40][41] Question: How does the company view credit quality and defaults? - Management indicated that the current credit quality is strong, and while defaults are monitored, they are not overly concerned at this time [45][47] Question: What is the company's approach to pricing and market share? - Management emphasized a focus on optimizing unit economics rather than pursuing market share aggressively, indicating a preference for returning capital to shareholders [54][58]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $155 million or $1.60 per diluted share, compared to $1.67 in the previous quarter and $1.58 in Q4 2024 [4][11] - For the full year 2025, net income was $690 million or $6.90 per diluted share, with a return on average equity of 12% [4][10] - Book value per share increased by 13% year-over-year to $60.31 as of December 31 [5][10] - The company generated operating cash flow of $856 million for the full year 2025 [10] Business Line Data and Key Metrics Changes - The mortgage insurance in force was $248 billion, a 2% increase year-over-year, but a decrease of $452 million from the previous quarter [5][12] - Persistency for the mortgage insurance portfolio was 86% as of December 31, reflecting a slight decrease from 86% in the previous quarter [5][12] - The average base premium rate for the mortgage insurance portfolio remained stable at 41 basis points, while the average net premium rate decreased by 1 basis point to 34 basis points [13] Market Data and Key Metrics Changes - The portfolio default rate increased modestly to 2.5%, up 21 basis points from the previous quarter [13] - The weighted average FICO score for the insurance in force was 747, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company is focused on a disciplined capital management strategy, returning nearly $700 million to shareholders in 2025 through dividends and share repurchases [10] - The company has entered the Lloyd's market to expand its reinsurance capabilities, viewing it as a strategic opportunity rather than a new line of business [20][22] - The company aims to optimize unit economics rather than prioritize market share, focusing on long-term growth in book value per share [56] Management's Comments on Operating Environment and Future Outlook - Management noted that the current housing market presents challenges, with modest growth expected in insurance in force due to high mortgage rates and limited supply [41] - The company believes that the embedded home equity in its portfolio will help mitigate future claims [6] - Management expressed confidence in the strength of the balance sheet and the ability to return capital to shareholders while maintaining a cautious outlook on credit [59] Other Important Information - The company repurchased nearly 10% of its shares outstanding at the end of 2024 and approved a 13% increase in its quarterly dividend to $0.35 per share starting in Q1 2026 [10][16] - The consolidated cash and investments totaled $6.6 billion, with an aggregate yield of 3.9% for the year [9] Q&A Session Summary Question: Why enter the Lloyd's market now? - Management indicated that the decision was part of a long-term strategy to expand and leverage existing assets, with a focus on capital efficiency and diversification [20][22] Question: Is the decrease in insurance in force a strategic decision? - Management clarified that the decrease should not be over-interpreted, as it reflects market dynamics rather than a specific strategic pullback [30] Question: What is the outlook for insurance in force growth? - Management expects modest growth in insurance in force, with potential for a spike when younger demographics enter the homeownership market [41] Question: How does the company view credit risk? - Management stated that credit quality remains benign, and they are not currently making significant changes based on credit concerns [46][58]

February 13, 2026 ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 1 EARNINGS PRESENTATION 4Q25 ESSENT GROUP LTD. NYSE: ESNT Company Overview Recent Developments | | 3Q25 | 4Q25 | | --- | --- | --- | | Consolidated Financial Results | | | | Net Income ($M) | $164.2 | $155.0 | | Annualized ROE | 11.5% | 10.8% | | Shareholders' Equity ($B) | $5.7 | $5.8 | | Mortgage Insurance Portfolio | | | | Combined Ratio | 34.9% | 42.0% | | IIF ($B) | $248.8 | $248.4 | | NIW ...

分组1 - Essent Group reported quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.74 per share, representing an earnings surprise of -8.22% [1] - The company posted revenues of $312.4 million for the quarter, surpassing the Zacks Consensus Estimate by 0.45%, but down from $315.03 million year-over-year [2] - Over the last four quarters, Essent Group has surpassed consensus revenue estimates four times [2] 分组2 - The current consensus EPS estimate for the coming quarter is $1.77 on revenues of $311.64 million, and for the current fiscal year, it is $7.37 on revenues of $1.26 billion [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the bottom 41% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for Essent Group was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Financial Performance - For Q4 2025, Essent Group Ltd. reported net income of $155.0 million, or $1.60 per diluted share, a decrease from $167.9 million, or $1.58 per diluted share in Q4 2024[1] - 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 in 2024[1] - Total revenues for Q4 2025 were $312.4 million, compared to $315.0 million in Q4 2024[14] - Total revenues for the year ended December 31, 2025, reached $1,260,935,000, compared to $1,242,904,000 in 2024, indicating a year-over-year increase of 1.5%[23] - Net income for the quarter ended December 31, 2025, was $154,982,000, down from $164,215,000 in the previous quarter, reflecting a decrease of 7.5%[18] Shareholder Returns - The company returned nearly $700 million to shareholders in 2025 through dividends and share repurchases, retiring nearly 10% of outstanding shares[3] - The company repurchased 9.9 million common shares for $576 million in 2025[9] Insurance Operations - New insurance written for Q4 2025 was $11.8 billion, down from $12.2 billion in both Q3 2025 and Q4 2024[9] - As of December 31, 2025, mortgage insurance in force was $248.4 billion, slightly down from $248.8 billion as of September 30, 2025[9] - The loss ratio for the year ended December 31, 2025, was 16.8%, an increase from 8.8% in 2024, indicating a rise in claims relative to premiums earned[23][24] - The expense ratio for the year ended December 31, 2025, was 16.1%, slightly improved from 17.5% in 2024, showing better cost management relative to premiums earned[23][24] Asset Management - Total assets as of December 31, 2025, were $7.44 billion, an increase from $7.11 billion in 2024[16] - Cash and investments available for sale at the holding companies increased to $1,268,579,000 as of December 31, 2025, compared to $1,038,747,000 in the previous quarter, showing improved liquidity[18] - Total cash and investments increased to $6,609,647,000, up from $6,312,101,000 in the previous year, a growth of 4.7%[63] Investment Performance - The yield on cash and investments available for sale was 3.84% for the three months ended December 31, 2025, slightly up from 3.83% for the year ended December 31, 2025[67] - The aggregate yield on total cash and investments was 3.85% in 2025, down from 3.90% in 2024, suggesting a slight decrease in overall investment efficiency[67] - The return on other invested assets decreased to 4.15% in 2025 from 5.06% in 2024, indicating a decline in performance of these assets[67] Risk and Default Metrics - The percentage of loans in default increased to 2.50% in Q4 2025 from 2.27% in Q4 2024, reflecting a rise in loan defaults[35] - The default rate as of December 31, 2025, was 2.50%, compared to 2.27% in the previous year[55] - The average reserve per default increased to $21.3, up from $16.8 in the previous year[55] Future Outlook - The company entered the Lloyd's of London market to reinsure certain property and casualty risks starting in the first quarter of 2026, expanding its business operations[22] - The company anticipates a reduction in PMIERs minimum required assets, with a total of $733,954 expected[45] Geographic Distribution - The geographic distribution of insurance in force shows California at 12.1%, Florida at 12.0%, and Texas at 11.4% as of December 31, 2025[49] - The company’s geographic data indicates a slight decrease in the percentage of insurance in force in California from 12.5% in December 2024 to 12.1% in December 2025[49]