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Essent Group Ltd (ESNT) has reported a 38.89 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $66.60 million, or $0.72 a share in the quarter, compared with $47.95 million, or $0.52 a share for the same period last year. Revenue during the quarter grew 24.52 percent to $127.59 million from $102.47 million in the previous year period. Net premium earned for the quarter increased 24.63 percent or $23.25 million to $117.65 million. During the quarter, the company has written premium worth $119.30 million on net basis, up 18.74 percent or $18.83 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $40.74 million, or 34.63 percent of premium earned from $35.12 million or 37.20 percent of premium earned in the last year period. Operating income for the quarter was $86.85 million, compared with $67.35 million in the previous year period. Net investment income was at $8.44 million for the quarter, up 36.42 percent or $2.25 million from year-ago period. The company has recorded a gain on investments of $0.66 million in the quarter compared with a gain of $0.47 million for the previous year period.
“We had another strong quarter of operating performance and producing high quality and growing earnings for our shareholders,” said Mark Casale, chairman and chief executive officer. “During the quarter, we grew insurance in force 30% compared to March 31st a year ago, while also generating a 19% annualized return on average equity in the first quarter of 2017.”
Total assets stood at $1,987.70million as on Mar. 31, 2017. On the other hand, total liabilities were at $574.95 million as on Mar. 31, 2017.
Return on assets was at 3.39 percent in the quarter. At the same time, return on equity was at 4.71 percent in the quarter.
Investments stood at $1,724.53 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.49 percent in the quarter.
Total debt was at $125 million as on Mar. 31, 2017. Shareholders equity was at $1,412.75 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.09 percent in the quarter.
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