• Essent Group average gross margin for 2023 was 82.3%, a 17.49% decline from 2022.
• Essent Group average gross margin for 2022 was 99.75%, a 46.05% decline from 2021.
• Essent Group average gross margin for 2021 was 68.3%, a 10.93% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.