Essent Group sees Q1 profits leap
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Essent Group has reported that net income for the second quarter of 2017 came to $72.1 million, a 37.8 percent increase on the $52.3 million it made in the same period of 2016.
“We are pleased with our strong second quarter results and continuing to build a high credit quality and profitable mortgage insurance portfolio,” said Mark Casale, chairman and chief executive officer. “We believe that Essent is well positioned in both the US and Bermuda to continue growing our portfolio and generating high quality earnings and strong returns for our shareholders.”
The quarter’s results takes the company to half-year 2017 net income of $138.7 million, a 38.4 percent increase on the $100.2 million it made in the first half of 2016.
Net premiums written in the second quarter of 2017 came to $134 .06 million, a rise on the $108.5 million that it wrote in the same period of 2016. Net premiums written for the first half of 2017 came to $253.54 million, an increase on the $208.9 million written in the same period of 2016.
Net investment income also rose, going from $6.7 million in the second quarter of 2016 to $9.4 million in the same period of 2017.
The company saw its combined ratio for the quarter fall slightly from 34.1 percent in the second quarter of 2016 to 29.6 percent in the same period of 2017. It also reported a combined ratio of 31.7 percent for the first six months of 2017, again a slight fall from the 35.6 percent it reported for the first half of 2016.
Essent Group, Second quarter 2017 results, Bermuda, Mark Casale