HAMILTON, Bermuda–(BUSINESS WIRE)–Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended June 30, 2025 of $195.3 million or $1.93 per diluted share, compared to $203.6 million or $1.91 per diluted share for the quarter ended June 30, 2024.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on September 10, 2025, to shareholders of record on August 29, 2025.

“We are pleased with our second quarter 2025 financial results, which reflect continued strength in credit, elevated portfolio persistency and increased investment income,” said Mark A. Casale, Chairman and Chief Executive Officer. “Essent’s consistent execution and resilient operating model continue to drive high-quality earnings and growth in book value per share. Our capital position remains strong, and we remain committed to deploying capital efficiently to enhance shareholder returns and support long-term value creation.”

Financial Highlights:

New insurance written for the second quarter of 2025 was $12.5 billion, compared to $9.9 billion in the first quarter of 2025 and $12.5 billion in the second quarter of 2024.

Insurance in force as of June 30, 2025 was $246.8 billion, compared to $244.7 billion as of March 31, 2025 and $240.7 billion as of June 30, 2024.

Net investment income for the first half of 2025 was $117.5 million, up 9% from the first half of 2024.

On August 6, 2025, Moody’s Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.

As previously disclosed, during the second quarter of 2025, Essent entered into two excess of loss reinsurance agreements with panels of highly rated third-party reinsurers. These agreements cover 20% of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026, effective July 1 of each year.

Also, as previously disclosed, during the second quarter of 2025, Essent Guaranty, Inc. increased the ceding percentage on our affiliate quota share with Essent Reinsurance Ltd. from 35% to 50% retroactive to new insurance written from January 1, 2025.

Year-to-date through July 31st, Essent has repurchased 6.8 million common shares for $387 million. As of July 31st, $260 million remains under the $500 million repurchase plan authorized by the Board in February 2025.

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, 2024 filed with the Securities and Exchange Commission on February 19, 2025, 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.



Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended June 30, 2025


Exhibit A		Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B		Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C		Consolidated Historical Quarterly Data
Exhibit D		U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E		New Insurance Written – U.S. Mortgage Insurance Portfolio
Exhibit F		Insurance in Force and Risk in Force – U.S. Mortgage Insurance Portfolio
Exhibit G		Other Risk in Force
Exhibit H		U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I		U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J		U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K		Rollforward of Defaults and Reserve for Losses and LAE – U.S. Mortgage Insurance Portfolio
Exhibit L		Detail of Reserves by Default Delinquency – U.S. Mortgage Insurance Portfolio
Exhibit M		Investments Available for Sale
Exhibit N		U.S. Mortgage Insurance Company Capital
Exhibit O		Historical Quarterly Segment Information

										Exhibit A

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Direct premiums written	$	274,872		$	272,910		$	547,266		$	541,841
Ceded premiums		(33,384	)		(27,344	)		(67,507	)		(57,735	)
Net premiums written		241,488			245,566			479,759			484,106
Decrease in unearned premiums		7,321			6,325			14,898			13,375
Net premiums earned		248,809			251,891			494,657			497,481
Net investment income		59,289			56,086			117,499			108,171
Realized investment gains (losses), net		(129	)		(1,164	)		(310	)		(2,304	)
Income (loss) from other invested assets		4,466			(419	)		11,874			(2,334	)
Other income		6,708			6,548			12,981			10,285
Total revenues		319,143			312,942			636,701			611,299

Losses and expenses:
Provision (benefit) for losses and LAE		17,055			(334	)		48,342			9,579
Other underwriting and operating expenses		62,765			66,202			133,889			133,042
Interest expense		8,148			7,849			16,296			15,711
Total losses and expenses		87,968			73,717			198,527			158,332

Income before income taxes		231,175			239,225			438,174			452,967
Income tax expense		35,836			35,616			67,402			67,639
Net income	$	195,339		$	203,609		$	370,772		$	385,328


Earnings per share:
Basic	$	1.95		$	1.93		$	3.65		$	3.65
Diluted		1.93			1.91			3.62			3.61

Weighted average shares outstanding:
Basic		100,037			105,657			101,451			105,677
Diluted		101,059			106,778			102,495			106,774

Net income	$	195,339		$	203,609		$	370,772		$	385,328

Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments		16,580			(5,375	)		88,318			(27,141	)
Total other comprehensive income (loss)		16,580			(5,375	)		88,318			(27,141	)
Comprehensive income	$	211,919		$	198,234		$	459,090		$	358,187

				Exhibit B

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)


	June 30,			December 31,
(In thousands, except per share amounts)		2025			2024
*Assets*
Investments
Fixed maturities available for sale, at fair value	$	5,383,504		$	5,112,697
Short-term investments available for sale, at fair value		583,033			764,024
Total investments available for sale		5,966,537			5,876,721
Other invested assets		359,823			303,900
Total investments		6,326,360			6,180,621
Cash		92,116			131,480
Accrued investment income		45,940			43,732
Accounts receivable		52,340			55,564
Deferred policy acquisition costs		9,237			9,653
Property and equipment		42,434			41,871
Prepaid federal income tax		497,356			489,600
Goodwill and acquired intangible assets, net		78,855			79,556
Other assets		75,923			79,572
Total assets	$	7,220,561		$	7,111,649

*Liabilities and Stockholders’ Equity*
Liabilities
Reserve for losses and LAE	$	364,749		$	328,866
Unearned premium reserve		102,382			115,983
Net deferred tax liability		427,202			392,428
Senior notes due 2029, net		494,630			493,959
Other accrued liabilities		158,750			176,755
Total liabilities		1,547,713			1,507,991

Commitments and contingencies

Stockholders’ Equity
Common shares, $0.015 par value:
Authorized – 233,333; issued and outstanding – 99,556 shares in 2025 and 105,015 shares in 2024		1,493			1,575
Additional paid-in capital		888,337			1,214,956
Accumulated other comprehensive loss		(215,666	)		(303,984	)
Retained earnings		4,998,684			4,691,111
Total stockholders’ equity		5,672,848			5,603,658

Total liabilities and stockholders’ equity	$	7,220,561		$	7,111,649

Return on average equity (1)		13.2	%		13.6	%

(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity.

													Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data

	2025						2024
Selected Income Statement Data	June 30			March 31			December 31			September 30			June 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio	$	220,261		$	218,125		$	211,683		$	214,119		$	217,513
GSE and other risk share		13,646			15,505			16,180			17,130			17,745
Title insurance		14,902			12,218			16,602			17,687			16,633
Net premiums earned		248,809			245,848			244,465			248,936			251,891
Net investment income		59,289			58,210			56,559			57,340			56,086
Realized investment gains (losses), net		(129	)		(181	)		(114	)		68			(1,164	)
Income (loss) from other invested assets		4,466			7,408			6,889			2,820			(419	)
Other income (1)		6,708			6,273			7,228			7,414			6,548
Total revenues		319,143			317,558			315,027			316,578			312,942

Losses and expenses:
Provision (benefit) for losses and LAE		17,055			31,287			40,975			30,666			(334	)
Other underwriting and operating expenses		62,765			71,124			70,951			66,881			66,202
Interest expense		8,148			8,148			8,151			11,457			7,849
Total losses and expenses		87,968			110,559			120,077			109,004			73,717

Income before income taxes		231,175			206,999			194,950			207,574			239,225
Income tax expense (2)		35,836			31,566			27,050			31,399			35,616
Net income	$	195,339		$	175,433		$	167,900		$	176,175		$	203,609

Earnings per share:
Basic	$	1.95		$	1.71		$	1.60		$	1.67		$	1.93
Diluted		1.93			1.69			1.58			1.65			1.91

Weighted average shares outstanding:
Basic		100,037			102,881			104,963			105,266			105,657
Diluted		101,059			103,946			106,104			106,554			106,778

Book value per share	$	56.98		$	55.22		$	53.36		$	53.11		$	50.58
Return on average equity (annualized)		13.8	%		12.5	%		11.9	%		12.8	%		15.4	%

Borrowings
Borrowings outstanding	$	500,000		$	500,000		$	500,000		$	500,000		$	425,000
Undrawn committed capacity	$	500,000		$	500,000		$	500,000		$	500,000		$	400,000
Weighted average interest rate (end of period)		6.25	%		6.25	%		6.25	%		6.25	%		7.07	%
Debt-to-capital		8.10	%		8.12	%		8.19	%		8.14	%		7.32	%

(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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 were ($29), ($150), $204, ($1,173), and $732, respectively.

(2) Income tax expense for the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024 includes $1,112, $1,561, $1,591, $475, and $556, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.

										Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data


	2025						2024
Other Data:	June 30			March 31			December 31			September 30			June 30
($ in thousands)

U.S. Mortgage Insurance Portfolio
New insurance written	$	12,544,731		$	9,945,336		$	12,220,968		$	12,513,695		$	12,503,125
New risk written	$	3,357,820		$	2,698,639		$	3,297,296		$	3,437,465		$	3,449,623

Average insurance in force	$	245,747,813		$	244,005,459		$	243,236,830		$	242,065,632		$	239,538,571
Insurance in force (end of period)	$	246,797,619		$	244,692,492		$	243,645,423		$	242,976,043		$	240,669,165
Gross risk in force (end of period) (1)	$	67,683,239		$	67,026,626		$	66,613,517		$	66,237,992		$	65,269,064
Risk in force (end of period)	$	56,811,096		$	56,565,811		$	56,477,150		$	55,915,640		$	55,521,538
Policies in force		812,182			811,342			813,013			815,507			814,237
Weighted average coverage (2)		27.4	%		27.4	%		27.3	%		27.3	%		27.1	%
Annual persistency		85.8	%		85.7	%		85.7	%		86.6	%		86.7	%

Loans in default (count)		17,255			17,759			18,439			15,906			13,954
Percentage of loans in default		2.12	%		2.19	%		2.27	%		1.95	%		1.71	%

U.S. Mortgage Insurance Portfolio premium rate:
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		(0.05	%)		(0.05	%)		(0.06	%)		(0.06	%)		(0.05	%)
Net average premium rate		0.36	%		0.36	%		0.35	%		0.35	%		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 E

Essent Group Ltd. and Subsidiaries
Supplemental Information – U.S. Mortgage Insurance Portfolio
New Insurance Written


NIW by Credit Score
	Three Months Ended										Six Months Ended
	June 30, 2025					June 30, 2024					June 30, 2025					June 30, 2024
($ in thousands)
>=760	$	6,274,130		50.0	%	$	5,451,182		43.6	%	$	11,016,229		49.0	%	$	9,047,782		43.4	%
740-759		2,008,226		16.0			2,165,026		17.3			3,734,281		16.6			3,575,472		17.2
720-739		1,598,919		12.8			1,819,751		14.6			2,898,918		12.8			3,064,399		14.7
700-719		1,320,817		10.5			1,585,167		12.7			2,485,800		11.1			2,725,597		13.1
680-699		731,994		5.8			870,054		7.0			1,306,651		5.8			1,433,473		6.9
<=679		610,645		4.9			611,945		4.8			1,048,188		4.7			979,946		4.7
Total	$	12,544,731		100.0	%	$	12,503,125		100.0	%	$	22,490,067		100.0	%	$	20,826,669		100.0	%

Weighted average credit score		753					748					752					748



NIW by LTV
	Three Months Ended										Six Months Ended
	June 30, 2025					June 30, 2024					June 30, 2025					June 30, 2024
($ in thousands)
85.00% and below	$	1,124,637		9.0	%	$	854,349		6.8	%	$	1,863,256		8.3	%	$	1,414,248		6.8	%
85.01% to 90.00%		2,957,886		23.6			2,423,665		19.4			5,236,176		23.3			4,155,796		20.0
90.01% to 95.00%		6,393,500		50.9			6,874,853		55.0			11,669,518		51.9			11,392,508		54.7
95.01% and above		2,068,708		16.5			2,350,258		18.8			3,721,117		16.5			3,864,117		18.5
Total	$	12,544,731		100.0	%	$	12,503,125		100.0	%	$	22,490,067		100.0	%	$	20,826,669		100.0	%

Weighted average LTV		93	%				93	%				93	%				93	%



NIW by Product
	Three Months Ended										Six Months Ended
	June 30, 2025					June 30, 2024					June 30, 2025					June 30, 2024
Single premium policies				1.3	%				1.3	%				1.4	%				1.6	%
Monthly premium policies				98.7					98.7					98.6					98.4
				100.0	%				100.0	%				100.0	%				100.0	%



NIW by Purchase vs. Refinance
	Three Months Ended										Six Months Ended
	June 30, 2025					June 30, 2024					June 30, 2025					June 30, 2024
Purchase				92.6	%				97.8	%				93.4	%				97.6	%
Refinance				7.4					2.2					6.6					2.4
				100.0	%				100.0	%				100.0	%				100.0	%

														Exhibit F

Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force – U.S. Mortgage Insurance Portfolio


Portfolio by Credit Score
IIF by FICO score	June 30, 2025					March 31, 2025					June 30, 2024
($ in thousands)
>=760	$	101,554,517		41.1	%	$	100,017,207		40.9	%	$	97,668,435		40.6	%
740-759		43,146,312		17.5			42,848,390		17.5			41,915,598		17.4
720-739		38,115,925		15.4			37,970,066		15.5			37,678,804		15.7
700-719		32,789,773		13.3			32,765,594		13.4			32,331,564		13.4
680-699		19,666,338		8.0			19,667,828		8.0			19,751,956		8.2
<=679		11,524,754		4.7			11,423,407		4.7			11,322,808		4.7
Total	$	246,797,619		100.0	%	$	244,692,492		100.0	%	$	240,669,165		100.0	%

Weighted average credit score		746					746					746

Gross RIF by FICO score	June 30, 2025					March 31, 2025					June 30, 2024
($ in thousands)
>=760	$	27,578,860		40.8	%	$	27,126,072		40.5	%	$	26,238,140		40.2	%
740-759		11,989,491		17.7			11,894,259		17.7			11,525,987		17.7
720-739		10,584,541		15.6			10,535,428		15.7			10,362,021		15.9
700-719		9,136,075		13.5			9,113,238		13.6			8,899,342		13.6
680-699		5,434,287		8.0			5,425,408		8.1			5,382,312		8.2
<=679		2,959,985		4.4			2,932,221		4.4			2,861,262		4.4
Total	$	67,683,239		100.0	%	$	67,026,626		100.0	%	$	65,269,064		100.0	%

Portfolio by LTV
IIF by LTV	June 30, 2025					March 31, 2025					June 30, 2024
($ in thousands)
85.00% and below	$	14,309,342		5.8	%	$	14,375,166		5.9	%	$	16,927,111		7.0	%
85.01% to 90.00%		59,432,276		24.1			59,985,533		24.5			61,774,991		25.7
90.01% to 95.00%		130,210,803		52.7			128,443,227		52.5			123,414,332		51.3
95.01% and above		42,845,198		17.4			41,888,566		17.1			38,552,731		16.0
Total	$	246,797,619		100.0	%	$	244,692,492		100.0	%	$	240,669,165		100.0	%

Weighted average LTV		93	%				93	%				93	%

Gross RIF by LTV	June 30, 2025					March 31, 2025					June 30, 2024
($ in thousands)
85.00% and below	$	1,689,437		2.5	%	$	1,701,075		2.5	%	$	2,010,864		3.1	%
85.01% to 90.00%		14,653,527		21.7			14,799,254		22.1			15,238,201		23.3
90.01% to 95.00%		38,402,295		56.7			37,888,529		56.5			36,405,573		55.8
95.01% and above		12,937,980		19.1			12,637,768		18.9			11,614,426		17.8
Total	$	67,683,239		100.0	%	$	67,026,626		100.0	%	$	65,269,064		100.0	%

Portfolio by Loan Amortization Period
IIF by Loan Amortization Period	June 30, 2025					March 31, 2025					June 30, 2024
($ in thousands)
FRM 30 years and higher	$	241,225,436		97.8	%	$	239,398,817		97.8	%	$	235,138,420		97.7	%
FRM 20-25 years		1,024,884		0.4			1,042,318		0.4			1,322,021		0.5
FRM 15 years		1,465,011		0.6			1,285,597		0.5			1,276,780		0.5
ARM 5 years and higher		3,082,288		1.2			2,965,760		1.3			2,931,944		1.3
Total	$	246,797,619		100.0	%	$	244,692,492		100.0	%	$	240,669,165		100.0	%

													Exhibit G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force

	2025						2024
($ in thousands)	June 30			March 31			December 31			September 30			June 30
GSE and other risk share (1):
Risk in Force	$	2,321,008		$	2,220,477		$	2,240,284		$	2,254,726		$	2,304,885
Reserve for losses and LAE	$	88		$	52		$	51		$	37		$	33

Weighted average credit score		751			751			751			750			750
Weighted average LTV		83	%		82	%		82	%		82	%		82	%

(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. Essent Reinsurance Ltd. (“Essent Re”) provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.

																							Exhibit H

Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
June 30, 2025


								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 – 2015	$	86,862,507	$	1,602,905	1.8	%	8,846	4.28	%	68.9	%	50.9	%	2.0	%	11.8	%	47.1	%	2.3	%	367	4.15	%
2016		34,949,319		1,371,056	3.9		8,027	4.03		80.3		65.6		18.3		17.7		40.3		2.0		356	4.44
2017		43,858,322		3,133,022	7.1		19,675	4.31		90.5		82.7		25.7		21.1		36.3		2.9		848	4.31
2018		47,508,525		4,164,462	8.8		24,485	4.82		95.1		77.6		28.7		22.4		31.5		3.8		1,118	4.57
2019		63,569,183		9,278,080	14.6		46,606	4.25		89.8		74.1		26.6		19.3		34.4		3.5		1,512	3.24
2020		107,944,065		31,595,082	29.3		128,859	3.21		75.0		66.6		15.7		10.8		45.2		2.7		2,330	1.81
2021		84,218,250		45,343,252	53.8		155,311	3.11		91.2		69.9		17.8		13.8		40.1		6.3		3,489	2.25
2022		63,061,262		48,421,149	76.8		141,804	5.09		98.3		67.0		11.8		12.5		39.5		18.3		3,486	2.46
2023		47,666,852		38,646,995	81.1		110,926	6.61		98.8		73.3		19.1		11.1		38.3		19.7		2,518	2.27
2024		45,561,332		41,260,566	90.6		110,953	6.71		94.9		72.9		20.1		12.2		42.5		16.8		1,179	1.06
2025 (through June 30)		22,490,067		21,981,050	97.7		56,690	6.73		93.4		68.5		16.8		10.6		48.5		5.6		52	0.09
Total	$	647,689,684	$	246,797,619	38.1		812,182	5.08		92.3		70.1		17.4		12.6		41.1		5.3		17,255	2.12

(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.