Essent Group net income steady year-on-year
Essent Group Ltd, the mortgage (re)insurer based in Bermuda, has reported third quarter net income of $178.0 million, which compares with $178.1 million in the prior year quarter.
“We are pleased with our third quarter 2023 financial results, as we continue to generate high quality earnings and robust returns,” said Mark A. Casale, chairman and chief executive officer.
“The credit quality of our portfolio remains strong. Higher interest rates have translated to higher portfolio persistency and increased investment income, supporting our revenues and growth in book value per share.”
New insurance written for the quarter was $12.5 billion, compared with $13.5 billion in the second quarter of 2023 and $17.1 billion in the third quarter of 2022.
Insurance in force as of September 30 was $238.7 billion, compared with $235.6 billion as of June 30, and $222.5 billion as of September 30, 2022.
Net investment income was $47.1 million, up 44 per cent year-on-year.
Essent said its board has declared a quarterly cash dividend of $0.25 per common share, payable on December 11 to shareholders of record on December 1.
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