Short answer
Essent Group Ltd. (ESNT) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $1.3B (+1.5% year over year) and net income of $690M.
- Top risk flagged: Consumer Financial Protection Bureau ("CFPB") QM rule may reduce origination market, incentivizing use of government mortgage insurance programs over private insurers
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- +1.5% YoY
- Net income
- $690M
- −5.4% YoY
- EPS (diluted)
- $6.90
- +0.7% YoY
- ROE
- 12.0%
- −1.0 pp YoY
- Operating cash flow
- $856M
- −0.6% YoY
Source: XBRL data from the Essent Group Ltd. (ESNT) FY2025 10-K on SEC EDGAR. USD.
Essent Group Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Private mortgage insurance and reinsurance services supporting U.S. housing finance, with key segments Mortgage Insurance and newly separate Reinsurance
- New segment report: Reinsurance split out from Mortgage Insurance starting Q4 2025, reflecting entry into Lloyd's market for property and casualty reinsurance in 2026
- Title insurance emphasis: Expanded through acquisitions of Agents National Title Insurance and Boston National Title in 2023, integrated as Corporate and Other segment
- Quantitative highlight: Mortgage insurance in force $248.4B as of Dec 31, 2025, with NIW approx. $46.6B in 2025, up from $45.6B in 2024
- Noteworthy fact: Portfolio credit quality stable with 2.5% default rate on 807K policies in force as of 2025, despite 2024 natural disasters impacting some regions
Management Discussion & Analysis
- Total revenue $1.15B in 2025 vs $1.14B in 2024, Mortgage Insurance net premiums earned $867M up 1.3% YoY ($855.8M in 2024)
- Operating income before tax $768.3M in 2025 vs $804.9M in 2024, combined ratio 32.9% in 2025 vs 26.3% in 2024 (worsened margin)
- Best segment: Mortgage Insurance income $768.3M; Worst segment: Corporate & Other loss $24.1M in 2025
- Cash flow operations $856.1M in 2025 stable vs $861.5M in 2024; share repurchases $709.7M vs $164.9M; dividends paid from subsidiaries $495M in 2025; investing cash outflow $154.7M
- Management expects sufficient liquidity for next 12 months but notes potential capital needs for regulatory changes and business growth risks
Risk Factors
- Consumer Financial Protection Bureau ("CFPB") QM rule may reduce origination market, incentivizing use of government mortgage insurance programs over private insurers
- Top ten customers generated 59.3% of NIW in 2025, up from 50.2% in 2024, increasing dependency on key customers
- Increased FHFA GSE credit risk sharing and direct mortgage insurance placements may reduce traditional private mortgage insurance opportunities
- Intense competition from six approved private mortgage insurers with possible entry of new competitors and FHA government programs eroding market share
- Investment portfolio vulnerable to rising interest rates, causing market value declines and potentially impeding liquidity and operating results
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