Earnings and new mortgage insurance activity increased at Essent Guaranty Inc., while its book of business grew. Defaults worsened, though.
Hamilton, Bermuda-based Essent Group Ltd. reported Friday that its
income before income taxes came to $83 million in the third quarter.
Earnings increased from $74 million during the previous three-month period and were also better than the $60 million earned a year earlier.
During the three months ended Sept. 30, 2016, Essent wrote $10.299 billion in new insurance. Business was better than $8.715 billion written in the second quarter and $7.385 billion written in the third-quarter 2015.
Year-to-date volume stands at $24.381 billion.
Refinance share climbed to 19.3 percent from 14.2 percent in the year-earlier quarter.
The latest quarterly activity left $77.614 billion insurance in force as of Sept. 30, 2016. Essent’s book of business grew from $72.267 billion three months earlier and $62.141 billion twelve months earlier.
Policies in force increased to 350,600 from 328,441 as of June 30, 2016, and 282,671 as of Sept. 30, 2015.
Essent’s default rate concluded September 2016 at 0.41 percent. Delinquency worsened 5 basis points from mid-2016 and 12 BPS from the same date last year.
