Essent Group Ltd. Announces First Quarter 2026 Results and Declares Quarterly Dividend

HAMILTON, Bermuda, May 08, 2026 (GLOBE NEWSWIRE) -- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended March 31, 2026 of $171.8 million or $1.82 per diluted share, compared to $175.4 million or $1.69 per diluted share for the quarter ended March 31, 2025.

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 June 10, 2026 to shareholders of record on June 1, 2026.

"We are pleased with our first quarter 2026 financial results, which continued to benefit from favorable credit trends and the impact of interest rates on both persistency and investment income," said Mark A. Casale, Chairman and Chief Executive Officer. "The strong cash flow generation from our core mortgage insurance business and the strength of our buy, manage and distribute operating model have enabled us to take a balanced approach to capital management."

Financial Highlights:

• Mortgage new insurance written for the first quarter of 2026 was $11.1 billion, compared to $11.8 billion in the fourth quarter of 2025 and $9.9 billion in the first quarter of 2025.
  
  
• Mortgage insurance in force as of March 31, 2026 was $247.9 billion, compared to $248.4 billion as of December 31, 2025 and $244.7 billion as of March 31, 2025.
  
  
• Net investment income for the first quarter of 2026 was $59.3 million, compared to $58.2 million in the first quarter of 2025.
  
  
• During the first quarter of 2026, Essent Guaranty entered into an excess of loss reinsurance transaction with a panel of highly rated third-party reinsurers providing forward protection, effective July 1, 2027, for business written in calendar year 2027.
  
  
• Year-to-date through April 30, 2026, Essent repurchased approximately 3.5 million common shares for over $214 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, 2025 filed with the Securities and Exchange Commission on February 18, 2026, 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
[e-mail]

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
[e-mail]

Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended March 31, 2026
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		Year to Date 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 March 31,
(In thousands, except per share amounts)		2026				2025
Revenues:
Gross premiums written	-	431,232			-	272,394
Ceded premiums		(36,563	-			(34,123	-
Net premiums written		394,669				238,271
(Increase) decrease in unearned premiums		(134,576	-			7,577
Net premiums earned		260,093				245,848
Net investment income		59,255				58,210
Realized investment gains (losses), net		(147	-			(181	-
Income from other invested assets		10,179				7,408
Other income		6,692				6,273
Total revenues		336,072				317,558
Losses and expenses:
Provision for losses and LAE		48,216				31,287
Other underwriting and operating expenses		72,983				71,124
Interest expense		8,148				8,148
Total losses and expenses		129,347				110,559
Income before income taxes		206,725				206,999
Income tax expense		34,926				31,566
Net income	-	171,799			-	175,433
Earnings per share:
Basic	-	1.83			-	1.71
Diluted		1.82				1.69
Weighted average shares outstanding:
Basic		93,818				102,881
Diluted		94,572				103,946
Net income	-	171,799			-	175,433
Other comprehensive income:
Unrealized appreciation (depreciation) of investments		(35,951	-			71,738
Comprehensive income	-	135,848			-	247,171

					Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
	March 31,				December 31,
(In thousands, except per share amounts)		2026				2025
Assets
Investments
Fixed maturities available for sale, at fair value	-	5,425,210			-	5,455,593
Short-term investments available for sale, at fair value		623,034				648,492
Total investments available for sale		6,048,244				6,104,085
Other invested assets		394,290				382,513
Total investments		6,442,534				6,486,598
Cash		128,262				123,049
Accrued investment income		44,875				47,371
Accounts receivable		144,121				51,267
Deferred policy acquisition costs		56,901				9,547
Property, equipment and software, net		48,297				49,189
Prepaid federal income tax		513,425				513,425
Goodwill and acquired intangible assets, net		77,802				78,153
Other assets		113,551				82,404
Total assets	-	7,569,768			-	7,441,003
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE	-	485,666			-	446,822
Unearned premium reserve		226,306				91,730
Net deferred tax liability		452,552				465,351
Senior notes due 2029, net		495,637				495,301
Other accrued liabilities		213,105				185,072
Total liabilities		1,873,266				1,684,276
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 93,073 shares in 2026 and 95,456 shares in 2025		1,396				1,432
Additional paid-in capital		486,672				649,895
Accumulated other comprehensive loss		(187,936	-			(151,985	-
Retained earnings		5,396,370				5,257,385
Total stockholders' equity		5,696,502				5,756,727
Total liabilities and stockholders' equity	-	7,569,768			-	7,441,003
Return on average equity (1)		12.0	-			12.1	-
(1) The 2026 return on average equity is calculated by dividing annualized year-to-date 2026 net income by average equity. The 2025 return on average equity is calculated by dividing full year 2025 net income by average equity.

														Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)
		2026					2025
		March 31				December 31				September 30				June 30				March 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned		-	260,093			-	242,729			-	246,332			-	248,809			-	245,848
Net investment income			59,255				59,223				59,795				59,289				58,210
Realized investment gains (losses), net			(147	-			(188	-			(425	-			(129	-			(181	-
Income from other invested assets			10,179				3,942				1,770				4,466				7,408
Other income (1)			6,692				6,698				4,358				6,708				6,273
Total revenues			336,072				312,404				311,830				319,143				317,558
Losses and expenses:
Provision for losses and LAE			48,216				56,073				44,922				17,055				31,287
Other underwriting and operating expenses			72,983				63,653				59,498				62,765				71,124
Interest expense			8,148				8,149				8,251				8,148				8,148
Total losses and expenses			129,347				127,875				112,671				87,968				110,559
Income before income taxes			206,725				184,529				199,159				231,175				206,999
Income tax expense (2)			34,926				29,547				34,944				35,836				31,566
Net income		-	171,799			-	154,982			-	164,215			-	195,339			-	175,433
Earnings per share:
Basic		-	1.83			-	1.62			-	1.69			-	1.95			-	1.71
Diluted			1.82				1.60				1.67				1.93				1.69
Weighted average shares outstanding:
Basic			93,818				95,772				97,400				100,037				102,881
Diluted			94,572				96,664				98,519				101,059				103,946
Book value per share		-	61.20			-	60.31			-	58.86			-	56.98			-	55.22
Return on average equity (annualized)			12.0	-			10.8	-			11.5	-			13.8	-			12.5	-
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			8.07	-			7.99	-			8.01	-			8.10	-			8.12	-
Cash and investments available for sale at the holding companies		-	1,144,112			-	1,268,579			-	1,038,747			-	995,032			-	1,016,368
(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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, were $37, ($526), ($858), ($29) and ($150), respectively.
(2) Income tax expense for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025 includes $2,407, $366, $493, $1,112, and $1,561, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarters ended December 31, 2025 and September 30, 2025 also include ($396) and ($828), respectively, of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarters ended March 31, 2026 and March 31, 2025 also include ($1,067) and ($742), respectively, of excess tax benefits associated with the vesting of common shares and common share units.

																														Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
Year to Date 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 three months ended March 31, 2026 and 2025 (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.
		Three Months Ended March 31, 2026																Three Months Ended March 31, 2025
(In thousands)		Mortgage Insurance				Reinsurance				Corporate & Other				Consolidated				Mortgage Insurance				Reinsurance				Corporate & Other				Consolidated
Revenues:
Net premiums earned		-	215,663			-	29,310			-	15,120			-	260,093			-	218,124			-	15,734			-	11,990			-	245,848
Net investment income			42,357				4,670				12,228				59,255				42,790				4,840				10,580				58,210
Realized investment gains (losses), net			(188	-			-				41				(147	-			(101	-			-				(80	-			(181	-
Income from other invested assets			5,762				-				4,417				10,179				3,209				-				4,199				7,408
Other income			1,743				1,971				2,978				6,692				1,548				2,953				1,772				6,273
Total revenues			265,337				35,951				34,784				336,072				265,570				23,527				28,461				317,558
Losses and expenses:
Provision for losses and LAE			37,620				9,929				667				48,216				30,720				3				564				31,287
Compensation and benefits			16,617				2,185				17,853				36,655				18,610				1,280				19,802				39,692
Premium and other taxes			5,992				18				436				6,446				5,564				11				1,328				6,903
Acquisition costs, net (3)			(7,378	-			6,742				-				(636	-			(6,430	-			357				-				(6,073	-
Other underwriting and operating expenses			10,834				980				18,704				30,518				10,390				809				19,403				30,602
Net operating expenses before allocations			26,065				9,925				36,993				72,983				28,134				2,457				40,533				71,124
Corporate expense allocations			11,542				551				(12,093	-			-				12,804				210				(13,014	-			-
Operating expenses after allocations			37,607				10,476				24,900				72,983				40,938				2,667				27,519				71,124
Interest expense			-				-				8,148				8,148				-				-				8,148				8,148
Income (loss) before income taxes		-	190,110			-	15,546			-	1,069			-	206,725			-	193,912			-	20,857			-	(7,770	-		-	206,999
Loss ratio (1)			17.4	-			33.9	-											14.1	-			-	-
Expense ratio (2)			17.4	-			35.7	-											18.8	-			17.0	-
Combined ratio			34.8	-			69.6	-											32.9	-			17.0	-
(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.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

																		Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
		Mortgage Insurance
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Revenues:
Net premiums earned		-	215,663			-	212,674			-	215,683			-	220,262			-	218,124
Net investment income			42,357				43,627				44,265				43,676				42,790
Realized investment gains (losses), net			(188	-			(218	-			(427	-			(124	-			(101	-
Income (loss) from other invested assets			5,762				2,044				(605	-			3,619				3,209
Other income			1,743				1,149				800				1,614				1,548
Total revenues			265,337				259,276				259,716				269,047				265,570
Losses and expenses:
Provision for losses and LAE			37,620				55,160				44,170				15,323				30,720
Compensation and benefits			16,617				14,727				15,388				15,667				18,610
Premium and other taxes			5,992				6,038				6,010				5,984				5,564
Acquisition costs, net (3)			(7,378	-			(7,234	-			(7,057	-			(6,770	-			(6,430	-
Other underwriting and operating expenses			10,834				11,523				9,735				9,744				10,390
Net operating expenses before allocations			26,065				25,054				24,076				24,625				28,134
Corporate expense allocations			11,542				9,213				7,081				8,979				12,804
Operating expenses after allocations			37,607				34,267				31,157				33,604				40,938
Income before income taxes		-	190,110			-	169,849			-	184,389			-	220,120			-	193,912
Loss ratio (1)			17.4	-			25.9	-			20.5	-			7.0	-			14.1	-
Expense ratio (2)			17.4	-			16.1	-			14.4	-			15.3	-			18.8	-
Combined ratio			34.8	-			42.0	-			34.9	-			22.3	-			32.9	-
(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.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

														Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)
		Reinsurance
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Revenues:
Net premiums earned		-	29,310			-	14,696			-	16,304			-	13,875			-	15,734
Net investment income			4,670				4,913				5,302				5,216				4,840
Realized investment gains, net			-				6				-				-				-
Other income			1,971				2,255				1,591				1,909				2,953
Total revenues			35,951				21,870				23,197				21,000				23,527
Losses and expenses:
Provision for losses and LAE			9,929				206				65				36				3
Compensation and benefits			2,185				961				1,180				1,126				1,280
Premium and other taxes			18				17				8				16				11
Acquisition costs, net (3)			6,742				763				487				285				357
Other underwriting and operating expenses			980				996				890				959				809
Net operating expenses before allocations			9,925				2,737				2,565				2,386				2,457
Corporate expense allocations			551				516				502				263				210
Operating expenses after allocations			10,476				3,253				3,067				2,649				2,667
Income before income taxes		-	15,546			-	18,411			-	20,065			-	18,315			-	20,857
Loss ratio (1)			33.9	-			1.4	-			0.4	-			0.3	-			-	-
Expense ratio (2)			35.7	-			22.1	-			18.8	-			19.1	-			17.0	-
Combined ratio			69.6	-			23.5	-			19.2	-			19.4	-			17.0	-
(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.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

						Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
		Corporate & Other
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Revenues:
Net premiums earned		-	15,120			-	15,359			-	14,345			-	14,672			-	11,990
Net investment income			12,228				10,683				10,228				10,397				10,580
Realized investment gains (losses), net			41				24				2				(5	-			(80	-
Income from other invested assets			4,417				1,898				2,375				847				4,199
Other income			2,978				3,294				1,967				3,185				1,772
Total revenues			34,784				31,258				28,917				29,096				28,461
Losses and expenses:
Provision for losses and LAE			667				707				687				1,696				564
Compensation and benefits			17,853				14,675				12,608				13,926				19,802
Premium and other taxes			436				446				(88	-			495				1,328
Other underwriting and operating expenses			18,704				20,741				20,337				21,333				19,403
Net operating expenses before allocations			36,993				35,862				32,857				35,754				40,533
Corporate expense allocations			(12,093	-			(9,729	-			(7,583	-			(9,242	-			(13,014	-
Operating expenses after allocations			24,900				26,133				25,274				26,512				27,519
Interest expense			8,148				8,149				8,251				8,148				8,148
Income (loss) before income taxes		-	1,069			-	(3,731	-		-	(5,295	-		-	(7,260	-		-	(7,770	-

		Consolidated
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Revenues:
Net premiums earned		-	260,093			-	242,729			-	246,332			-	248,809			-	245,848
Net investment income			59,255				59,223				59,795				59,289				58,210
Realized investment gains (losses), net			(147	-			(188	-			(425	-			(129	-			(181	-
Income from other invested assets			10,179				3,942				1,770				4,466				7,408
Other income			6,692				6,698				4,358				6,708				6,273
Total revenues			336,072				312,404				311,830				319,143				317,558
Losses and expenses:
Provision for losses and LAE			48,216				56,073				44,922				17,055				31,287
Compensation and benefits			36,655				30,363				29,176				30,719				39,692
Premium and other taxes			6,446				6,501				5,930				6,495				6,903
Acquisition costs, net (1)			(636	-			(6,471	-			(6,570	-			(6,485	-			(6,073	-
Other underwriting and operating expenses			30,518				33,260				30,962				32,036				30,602
Total other underwriting and operating expenses			72,983				63,653				59,498				62,765				71,124
Interest expense			8,148				8,149				8,251				8,148				8,148
Income before income taxes		-	206,725			-	184,529			-	199,159			-	231,175			-	206,999
(1) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

										Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
New insurance written		-	11,076,190			-	11,840,227			-	12,233,252			-	12,544,731			-	9,945,336
New risk written		-	2,893,697			-	3,030,169			-	3,239,497			-	3,357,820			-	2,698,639
Average insurance in force		-	247,838,392			-	248,695,560			-	247,821,046			-	245,747,813			-	244,005,459
Insurance in force (end of period)		-	247,909,417			-	248,356,397			-	248,808,341			-	246,797,619			-	244,692,492
Gross risk in force (end of period) (1)		-	67,916,263			-	68,053,447			-	68,262,577			-	67,683,239			-	67,026,626
Risk in force (end of period)		-	56,271,605			-	56,519,839			-	56,940,929			-	56,811,096			-	56,565,811
Policies in force			801,394				807,230				812,856				812,182				811,342
Weighted average coverage (2)			27.4	-			27.4	-			27.4	-			27.4	-			27.4	-
Annual persistency			84.7	-			85.7	-			86.0	-			85.8	-			85.7	-
Loans in default (count)			20,332				20,210				18,583				17,255				17,759
Percentage of loans in default			2.54	-			2.50	-			2.29	-			2.12	-			2.19	-
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			(0.06	%)			(0.07	%)			(0.06	%)			(0.05	%)			(0.05	%)
Net average premium rate			0.35	-			0.34	-			0.35	-			0.36	-			0.36	-
(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 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
	March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
>=760	-	6,118,987		55.2	-		-	6,608,095		55.8	-		-	4,742,099		47.7	-
740-759		1,650,631		14.9				1,905,196		16.1				1,726,055		17.4
720-739		1,252,802		11.4				1,257,994		10.6				1,299,999		13.0
700-719		1,031,226		9.3				1,039,547		8.8				1,164,983		11.7
680-699		567,778		5.1				554,647		4.7				574,657		5.8
<=679		454,766		4.1				474,748		4.0				437,543		4.4
Total	-	11,076,190		100.0	-		-	11,840,227		100.0	-		-	9,945,336		100.0	-
Weighted average credit score		756						757						751
NIW by LTV
	Three Months Ended
	March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
85.00% and below	-	1,217,706		11.0	-		-	1,437,750		12.1	-		-	738,619		7.4	-
85.01% to 90.00%		3,199,049		28.9				3,509,133		29.7				2,278,290		22.9
90.01% to 95.00%		5,296,531		47.8				5,663,293		47.8				5,276,018		53.1
95.01% and above		1,362,904		12.3				1,230,051		10.4				1,652,409		16.6
Total	-	11,076,190		100.0	-		-	11,840,227		100.0	-		-	9,945,336		100.0	-
Weighted average LTV		92	-					92	-					93	-
NIW by Product
	Three Months Ended
	March 31, 2026						December 31, 2025						March 31, 2025
Single premium policies				1.6	-					1.6	-					1.4	-
Monthly premium policies				98.4						98.4						98.6
				100.0	-					100.0	-					100.0	-
NIW by Purchase vs. Refinance
	Three Months Ended
	March 31, 2026						December 31, 2025						March 31, 2025
Purchase				72.4	-					72.3	-					94.3	-
Refinance				27.6						27.7						5.7
				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		March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
>=760		-	104,715,580		42.2	-		-	104,062,334		41.9	-		-	100,017,207		40.9	-
740-759			42,906,709		17.3				43,225,016		17.4				42,848,390		17.5
720-739			37,323,783		15.1				37,671,181		15.2				37,970,066		15.5
700-719			32,210,355		13.0				32,473,548		13.1				32,765,594		13.4
680-699			19,194,941		7.7				19,357,527		7.8				19,667,828		8.0
<=679			11,558,049		4.7				11,566,791		4.6				11,423,407		4.7
Total		-	247,909,417		100.0	-		-	248,356,397		100.0	-		-	244,692,492		100.0	-
Weighted average credit score			747						747						746
Gross RIF by FICO score		March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
>=760		-	28,401,453		41.9	-		-	28,228,907		41.4	-		-	27,126,072		40.5	-
740-759			11,899,312		17.5				11,997,094		17.6				11,894,259		17.7
720-739			10,356,369		15.2				10,452,268		15.4				10,535,428		15.7
700-719			8,977,150		13.2				9,049,840		13.3				9,113,238		13.6
680-699			5,316,639		7.8				5,357,151		7.9				5,425,408		8.1
<=679			2,965,340		4.4				2,968,187		4.4				2,932,221		4.4
Total		-	67,916,263		100.0	-		-	68,053,447		100.0	-		-	67,026,626		100.0	-
Portfolio by LTV
IIF by LTV		March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
85.00% and below		-	14,976,850		6.0	-		-	14,736,797		5.9	-		-	14,375,166		5.9	-
85.01% to 90.00%			57,370,862		23.1				58,288,674		23.5				59,985,533		24.5
90.01% to 95.00%			132,048,705		53.3				131,950,396		53.1				128,443,227		52.5
95.01% and above			43,513,000		17.6				43,380,530		17.5				41,888,566		17.1
Total		-	247,909,417		100.0	-		-	248,356,397		100.0	-		-	244,692,492		100.0	-
Weighted average LTV			93	-					93	-					93	-
Gross RIF by LTV		March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
85.00% and below		-	1,752,508		2.6	-		-	1,727,701		2.5	-		-	1,701,075		2.5	-
85.01% to 90.00%			14,061,350		20.7				14,312,312		21.0				14,799,254		22.1
90.01% to 95.00%			38,936,750		57.3				38,906,277		57.2				37,888,529		56.5
95.01% and above			13,165,655		19.4				13,107,157		19.3				12,637,768		18.9
Total		-	67,916,263		100.0	-		-	68,053,447		100.0	-		-	67,026,626		100.0	-
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period		March 31, 2026						December 31, 2025						March 31, 2025
($ in thousands)
FRM 30 years and higher		-	240,268,121		96.9	-		-	241,353,234		97.2	-		-	239,398,817		97.8	-
FRM 20-25 years			1,631,244		0.7				1,449,192		0.6				1,042,318		0.4
FRM 15 years			2,214,086		0.9				2,009,940		0.8				1,285,597		0.5
ARM 5 years and higher			3,795,966		1.5				3,544,031		1.4				2,965,760		1.3
Total		-	247,909,417		100.0	-		-	248,356,397		100.0	-		-	244,692,492		100.0	-

																				Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Vintage Data
March 31, 2026
								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 - 2016	-	121,811,826	-	2,488,061	2.0	-	13,763	4.19	-	71.8	-	53.4	-	4.7	-	13.2	-	45.2	-	2.2	-	600	4.36	-
2017		43,858,322		2,536,413	5.8		16,320	4.34		89.9		80.8		27.8		22.1		35.7		2.9		784	4.80
2018		47,508,525		3,531,305	7.4		21,052	4.84		95.2		82.6		31.3		23.1		30.5		3.8		1,050	4.99
2019		63,569,183		8,047,902	12.7		41,367	4.27		90.8		77.7		28.2		19.8		33.7		3.5		1,516	3.66
2020		107,944,065		25,840,280	23.9		108,568	3.22		78.4		72.6		17.2		11.2		44.4		2.7		2,306	2.12
2021		84,218,250		39,109,055	46.4		137,011	3.11		93.0		73.9		19.1		13.7		39.9		6.5		3,649	2.66
2022		63,061,262		43,970,638	69.7		130,508	5.09		98.5		68.2		12.1		12.5		39.4		20.3		3,882	2.97
2023		47,666,852		33,537,692	70.4		98,493	6.57		98.9		73.9		19.8		11.2		37.9		25.0		3,430	3.48
2024		45,561,332		36,126,344	79.3		99,820	6.67		95.1		73.9		21.1		12.7		41.5		23.9		2,367	2.37
2025		46,563,546		41,706,357	89.6		107,884	6.55		87.0		65.4		15.5		10.4		49.7		15.7		740	0.69
2026 (through March 31)		11,076,190		11,015,370	99.5		26,608	6.03		72.3		60.1		12.3		9.3		55.1		3.5		8	0.03
Total	-	682,839,353	-	247,909,417	36.3		801,394	5.25		91.3		70.8		17.6		12.4		42.2		6.6		20,332	2.54
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

	Essent Group Ltd. and Subsidiaries	Exhibit J
	Supplemental Information
	Mortgage Insurance - Outward Reinsurance Vintage Data
	March 31, 2026

($ in thousands)
Insurance Linked Notes (1)
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			Earned Premiums Ceded Year-to-Date			Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	-	17,192,389	-	4,799,485		-	557,911		-	74,611		-	-		-	278,956	-	275,746		-	784		-	38,306
Radnor Re 2021-2	Apr. 2021 - Sep. 2021		23,399,809		6,664,825			439,407			178,351			-			279,415		269,613			2,390			162,633
Radnor Re 2022-1	Oct. 2021 - Jul. 2022		23,407,727		6,529,964			237,868			121,243			-			303,761		288,498			2,565			121,243
Radnor Re 2023-1	Aug. 2022 - Jun. 2023		23,806,743		6,559,432			281,462			196,750			-			281,463		268,187			2,682			196,750
Radnor Re 2024-1	Jul. 2023 - Jul. 2024		23,066,718		6,394,625			363,366			220,773			-			256,495		253,795			2,386			163,372
Total		-	110,873,386	-	30,948,331		-	1,880,014		-	791,728		-	-		-	1,400,090	-	1,355,839		-	10,807		-	682,304

Excess of Loss Reinsurance (2)
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			Earned Premiums Ceded Year-to-Date			Reduction in PMIERs Minimum Required Assets (3)
(4) XOL 2019-1	Jan. 2018 - Dec. 2018	-	-	-	-		-	-		-	-		-	-		-	-	-	-		-	374		-	-
XOL 2020-1	Jan. 2019 - Aug. 2019		4,621,398		1,226,788			55,102			29,152			-			215,605		210,230			246			-
XOL 2022-1	Oct. 2021 - Dec. 2022		53,242,769		14,741,381			141,992			133,426			-			507,114		465,688			1,486			128,755
XOL 2023-1	Jan. 2023 - Dec. 2023		30,307,586		8,428,861			36,627			34,676			-			366,270		355,763			406			33,339
XOL 2024-1	Jan. 2024 - Dec. 2024		33,498,856		9,232,623			58,005			58,005			-			331,456		329,277			644			55,894
XOL 2025-1	Jan. 2025 - Dec. 2025		41,645,386		11,037,984			80,821			80,821			-			343,234		343,234			717			77,847
Total		-	163,315,995	-	44,667,637		-	372,547		-	336,080		-	-		-	1,763,679	-	1,704,192		-	3,873		-	295,835

Quota Share Reinsurance (2)
Year	Ceding Percentage		Remaining Insurance in Force		Remaining Risk in Force			Remaining Ceded Insurance in Force			Remaining Ceded Risk in Force			Losses Ceded Year-to-Date			Ceding Commission Year-to-Date			Earned Premiums Ceded Year-to-Date			Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020	(5)		-	29,235,185	-	8,112,049		-	6,080,065		-	1,662,242		-	11		-	1,792		-	2,596		-	103,959
Jan. 2022 - Dec. 2022	20%			43,925,225		12,103,933			8,785,045			2,420,787			2,100			1,588			4,880			180,735
Jan. 2023 - Dec. 2023	17.5%			30,220,125		8,407,273			5,288,522			1,471,273			2,603			1,110			4,934			120,620
Jan. 2024 - Dec. 2024	15%			35,919,887		9,883,294			5,387,983			1,482,494			1,469			1,155			3,953			122,999
Jan. 2025 - Dec. 2025	25%			41,672,274		11,045,436			10,418,068			2,761,359			1,837			1,833			5,227			186,064
Jan. 2026 - Dec. 2026	25%			11,002,696		2,874,779			2,750,674			718,695			28			159			293			43,021
Total			-	191,975,392	-	52,426,764		-	38,710,357		-	10,516,850		-	8,048		-	7,637		-	21,883		-	757,398

(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) XOL 2019-1 terminated as of February 2026.

(5) 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
	March 31, 2026			December 31, 2025			March 31, 2025
CA	12.1	-		12.1	-		12.4	-
FL	12.0			12.0			11.9
TX	11.5			11.4			11.2
AZ	4.1			4.0			3.9
CO	4.0			4.0			4.0
GA	3.9			3.9			3.8
WA	3.4			3.4			3.4
NC	3.2			3.2			3.1
NY	2.6			2.6			2.6
MI	2.6			2.6			2.5
All Others	40.6			40.8			41.2
Total	100.0	-		100.0	-		100.0	-
Gross RIF by State
	March 31, 2026			December 31, 2025			March 31, 2025
FL	12.3	-		12.3	-		12.1	-
CA	12.1			12.1			12.4
TX	11.7			11.6			11.5
AZ	4.2			4.1			3.9
GA	3.9			3.9			3.8
CO	3.9			3.9			4.0
WA	3.4			3.4			3.4
NC	3.2			3.2			3.1
MI	2.6			2.6			2.6
UT	2.6			2.6			2.5
All Others	40.1			40.3			40.7
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
			2026				2025
		March 31				December 31				September 30				June 30				March 31
Beginning default inventory			20,210				18,583				17,255				17,759				18,439
Plus: new defaults (A)			11,100				11,245				10,357				8,810				9,664
Less: cures			(10,708	-			(9,357	-			(8,713	-			(9,078	-			(10,173	-
Less: claims paid			(239	-			(235	-			(296	-			(215	-			(153	-
Less: rescissions and denials, net			(31	-			(26	-			(20	-			(21	-			(18	-
Ending default inventory			20,332				20,210				18,583				17,255				17,759
(A) New defaults remaining as of March 31, 2026			7,785				4,323				2,750				1,640				1,031
Cure rate (1)			30	-			62	-			73	-			81	-			89	-
Total amount paid for claims (in thousands)		-	13,671			-	13,171			-	16,456			-	9,007			-	6,330
Average amount paid per claim (in thousands)		-	57			-	56			-	56			-	42			-	41
Severity			84	-			80	-			78	-			67	-			70	-
Rollforward of Reserve for Losses and LAE
		Three Months Ended
			2026				2025
($ in thousands)		March 31				December 31				September 30				June 30				March 31
Reserve for losses and LAE at beginning of period		-	429,610			-	379,548			-	345,952			-	338,128			-	310,156
Less: Reinsurance recoverables			56,120				47,957				41,966				40,351				36,655
Net reserve for losses and LAE at beginning of period			373,490				331,591				303,986				297,777				273,501
Add provision for losses and LAE occurring in:
Current period			62,792				67,865				62,349				45,119				48,928
Prior years			(25,172	-			(12,705	-			(18,179	-			(29,796	-			(18,208	-
Incurred losses and LAE during the period			37,620				55,160				44,170				15,323				30,720
Deduct payments for losses and LAE occurring in:
Current period			88				2,649				552				315				51
Prior years			13,712				10,612				16,013				8,799				6,393
Loss and LAE payments during the period			13,800				13,261				16,565				9,114				6,444
Net reserve for losses and LAE at end of period			397,310				373,490				331,591				303,986				297,777
Plus: Reinsurance recoverables			61,591				56,120				47,957				41,966				40,351
Reserve for losses and LAE at end of period		-	458,901			-	429,610			-	379,548			-	345,952			-	338,128
(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
		March 31, 2026
		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		6,564		32	-	-	38,398	9	-	-	533,428	7	-
Three payments		2,797		14			29,040	7			231,329	13
Four to eleven payments		7,802		38			181,134	43			675,553	27
Twelve or more payments		2,761		14			148,384	35			231,640	64
Pending claims		408		2			27,091	6			30,357	89
Total case reserves		20,332		100	-		424,047	100	-	-	1,702,307	25	-
IBNR							31,804
LAE							3,050
Total reserves for losses and LAE						-	458,901
Average reserve per default:
Case						-	20.9
Total						-	22.6
Default Rate		2.54	-
3+ Month Default Rate		1.72	-
		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	-
		March 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		5,430		31	-	-	29,226	9	-	-	426,195	7	-
Three payments		2,445		14			23,046	7			194,642	12
Four to eleven payments		7,472		42			139,810	45			620,538	23
Twelve or more payments		2,198		12			105,783	34			172,129	61
Pending claims		214		1			14,195	5			15,789	90
Total case reserves		17,759		100	-		312,060	100	-	-	1,429,293	22	-
IBNR							23,404
LAE							2,664
Total reserves for losses and LAE						-	338,128
Average reserve per default:
Case						-	17.6
Total						-	19.0
Default Rate		2.19	-
3+ Month Default Rate		1.52	-

														Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
			2026				2025
		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Essent Guaranty, Inc:
Statutory capital		-	3,682,476			-	3,572,887			-	3,732,465			-	3,714,146			-	3,642,374
Net risk in force (1)		-	31,785,517			-	32,486,788			-	33,367,706			-	33,986,508			-	34,968,089
Risk-to-capital ratio (2)			8.6:1				9.1:1				8.9:1				9.2:1				9.6:1
Essent Guaranty, Inc. PMIERs Data (3):
Available Assets		-	3,635,459			-	3,520,454			-	3,666,883			-	3,654,460			-	3,628,675
Minimum Required Assets			2,084,042				2,087,473				2,065,890				2,075,409				2,107,620
PMIERs excess Available Assets		-	1,551,417			-	1,432,981			-	1,600,993			-	1,579,051			-	1,521,055
PMIERs sufficiency ratio (4)			174	-			169	-			177	-			176	-			172	-
(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
			2026				2025
($ in thousands)		March 31				December 31				September 30				June 30				March 31
Net Premiums Written:
Mortgage		-	13,236			-	15,117			-	18,338			-	13,181			-	16,921
Non-mortgage			156,365				633				359				229				229
Total		-	169,601			-	15,750			-	18,697			-	13,410			-	17,150
Net Premiums Earned:
Mortgage		-	12,264			-	14,063			-	15,945			-	13,646			-	15,505
Non-mortgage			17,046				633				359				229				229
Total		-	29,310			-	14,696			-	16,304			-	13,875			-	15,734
Reserve for losses and LAE		-	10,076			-	359			-	153			-	88			-	52
Mortgage Reinsurance Statistics:
Reinsured risk in force		-	2,084,380			-	2,166,605			-	2,184,981			-	2,290,008			-	2,189,477
Weighted average credit score			751				751				751				751				751
Weighted average LTV			83	-			83	-			83	-			83	-			82	-
Essent Reinsurance Ltd. Capital:
Stockholder's equity (GAAP basis)		-	1,660,416			-	1,695,390			-	1,722,135			-	1,751,720			-	1,780,924

									Exhibit P
Essent Group Ltd. and Subsidiaries
Supplemental Information
Cash & Investments
Cash & Investments by Asset Class
Asset Class		March 31, 2026							December 31, 2025
($ in thousands)		Fair Value				Percent			Fair Value			Percent
U.S. Treasury securities		-	332,065			5.1	-		-	369,712		5.6	-
U.S. agency mortgage-backed securities			1,143,120			17.4				1,174,895		17.8
Municipal debt securities			608,683			9.3				610,411		9.2
Non-U.S. government securities			54,720			0.8				56,024		0.8
Corporate debt securities			1,936,708			29.4				1,980,080		30.0
Residential and commercial mortgage securities			462,048			7.0				464,105		7.0
Asset-backed securities			887,866			13.5				800,366		12.1
Money market funds			623,034			9.5				648,492		9.8
Total investments available for sale		-	6,048,244			92.0	-		-	6,104,085		92.3	-
Other invested assets			394,290			6.0				382,513		5.8
Cash			128,262			2.0				123,049		1.9
Total cash and investments		-	6,570,796			100.0	-		-	6,609,647		100.0	-
Investments Available for Sale by Credit Rating
Rating (1)		March 31, 2026							December 31, 2025
($ in thousands)		Fair Value				Percent			Fair Value			Percent
Aaa		-	871,259			16.1	-		-	846,230		15.5	-
Aa1			1,731,957			31.9				1,799,508		32.9
Aa2			347,838			6.4				300,026		5.5
Aa3			318,197			5.9				319,848		5.9
A1			525,198			9.7				545,918		10.0
A2			517,108			9.5				511,146		9.4
A3			481,244			8.9				494,434		9.1
Baa1			242,069			4.5				244,424		4.5
Baa2			188,885			3.5				208,247		3.8
Baa3			136,746			2.5				122,596		2.2
Below Baa3			64,709			1.1				63,216		1.2
Total (2)		-	5,425,210			100.0	-		-	5,455,593		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 $623,034 and $648,492 of money market funds at March 31, 2026 and December 31, 2025, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration		March 31, 2026							December 31, 2025
($ in thousands)		Fair Value				Percent			Fair Value			Percent
< 1 Year		-	1,582,563			26.2	-		-	1,549,327		25.4	-
1 to < 2 Years			532,437			8.8				527,914		8.6
2 to < 3 Years			483,762			8.0				532,211		8.7
3 to < 4 Years			666,215			11.0				571,255		9.4
4 to < 5 Years			437,751			7.2				536,135		8.8
5 or more Years			2,345,516			38.8				2,387,243		39.1
Total investments available for sale		-	6,048,244			100.0	-		-	6,104,085		100.0	-
Pre-tax investment yield (3)		Three Months Ended March 31, 2026
Yield on cash and investments available for sale			3.80	-
Return on other invested assets			10.56	-
Aggregate yield on total cash and investments			4.18	-
(3) Yield on cash and 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.