Mortgage insurer Essent Group reported higher net income for the fourth quarter, as premium growth offset a modest uptick in expenses.
Bermuda-based Essent reported net income of $62.7 million, a 41% increase from the fourth quarter of 2015. Diluted earnings per share for the quarter were 68 cents.
The company’s full-year profits also rose 41% from 2015 to $222.6 million.
Much of the company’s growth in profits during the fourth quarter stemmed from an increase in net premiums earned, which grew 31% to $116.8 million. Essent also reported a 48% spike in net investment income to $8.2 million.
As of Dec. 31, insurance-in-force had risen 28% to $83.3 billion from $65.2 billion a year earlier. New insurance written during the fourth quarter was $10.5 billion, up from $6 billion during the same period in 2015.
Essent also reported higher total losses and expenses, which rose 15% to $39.1 million. The provision for losses, however, fell year over year 8% to $3.9 million.