Essent Group reported higher net income for the second quarter of 2016 as the company wrote more insurance year-over-year.
The Bermuda-based mortgage insurer reported net income of $52.3 million, representing 40% growth from the second quarter of 2015. Diluted earnings per share for the quarter were 57 cents.
Essent's new insurance written increased during the second quarter to $8.7 billion from $7.3 billion a year ago. Altogether, insurance-in-force as of the end of June was $72.3 billion, a 26% increase from last year.
The company also profited from growth in its net premiums earned, which expanded 28% to $100.7 million.
The provision for losses rose to $3 million from $2.3 million last year. The percentage of loans in default also rose 13 basis points year-over-year to 0.36%.
