Essent Group reports Q2 net income of $203.6m
Essent Group Ltd, the mortgage insurer and reinsurer based in Bermuda, has reported net income for the second quarter of $203.6 million, which compares with $172.2 million in the prior-year quarter.
The company's board of directors has declared a quarterly cash dividend of 28 cents per common share, payable on September 10 to shareholders of record on August 30.
“We are pleased with our financial results in the second quarter, as our high-quality portfolio and resilience in the housing and labour markets translated to favourable credit performance, and the current rate environment continues to benefit investment income and persistency,” said Mark A. Casale, chairman and chief executive officer.
New insurance written for the second quarter was $12.5 billion, compared with $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 was $240.7 billion, compared with $238.5 billion as of March 31, and $235.6 billion as of June 30, 2023.
Net investment income for the first half of 2024 was $108.2 million, up 22 per cent from the first half of 2023.
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