NEW YORK - Essent Group Ltd . (NYSE:ESNT) reported third-quarter earnings that fell short of analyst expectations, sending shares down slightly, by 0.73%, in premarket trading on Friday.
The mortgage insurance provider posted earnings of $1.65 per share, missing the consensus estimate of $1.72. Revenue came in at $316.58 million, just below the $316.92 million analysts were expecting.
Net income for the quarter was $176.2 million, down slightly from $178.0 million in the same period last year.
"We are pleased with our third quarter financial results, as we continue to generate high quality earnings," said Mark A. Casale, Chairman and Chief Executive Officer. "Our results continue to benefit from the impact of interest rates on persistency and the growth in our investment portfolio."
New insurance written in Q3 was $12.5 billion, consistent with the previous quarter and the year-ago period. Insurance in force grew to $243.0 billion, up from $238.7 billion a year earlier.
The company's loss ratio increased to 12.2% from 4.4% in Q3 2023, reflecting higher provisions for losses.
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