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

(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.

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
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 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


					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.