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Essent Group sees higher revenues, earnings in Q2

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Essent Group sees higher revenues, earnings in Q2

Essent Group Ltd. reported second-quarter net income of $72.1 million, or 77 cents per share, compared to $52.3 million, or 57 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 70 cents.

Comprehensive income totaled $80.6 million in the second quarter, compared with $63.0 million in the year-ago quarter.

Total revenues climbed to $137.6 million in the second quarter from $108.2 million in the prior-year period.

Net premiums written rose to $134.1 million from $108.5 million. Net premiums earned climbed to $126.6 million from $100.7 million in the year-ago quarter.

The combined ratio for the most recent quarter was 29.6%, compared with 34.1% in the second quarter of 2016.

Essent Reinsurance Ltd. reinsured a total of $53.0 million of risk in government-sponsored enterprises risk share transactions in the second quarter.