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Essent board declares inaugural dividend as insurer's Q2 income rises YOY

Essent Group Ltd.'s second-quarter net income climbed to $136.4 million, or $1.39 per share, from $111.8 million, or $1.14 per share, a year ago.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.31.

Comprehensive income rose to $172.4 million from $104.5 million, while total revenues increased to $211.9 million from $173.8 million in the prior-year period.

Net premiums written grew to $188.4 million from $168.4 million, and net premiums earned went up to $188.5 million from $157.0 million.

The combined ratio weakened slightly to 24.7% from 24.4% in the second quarter of 2018.

Insurance in force as of June 30 was $153.32 billion, compared to $122.50 billion as of June 30, 2018.

Also, Essent's board of directors declared a quarterly cash dividend of 15 cents per common share. The inaugural dividend is payable Sept. 16 to shareholders of record Sept. 4.