Essent Profits Rise on Higher Premiums
Essent Group, a mortgage insurance company based in Radnor, Pa., reported higher third-quarter profits, due to a surge in revenue from premiums.
The $992 million-asset company said that profits increased 60% from last year, to $25.1 million. Earnings were 29 cents per share.
Higher revenue from premiums drove quarterly results. Net premiums earned jumped 75%, to $60 million.
Expenses increased slightly. The company increased its loss provision by more than fourfold, to $1.4 million. Operating expenses rose 39%, to $25.9 million.
"We continue to execute upon our goal of building a high credit quality and profitable mortgage insurance portfolio," said Mark Casale, the company's chairman and chief executive, in a press release Thursday.