Business
NMI Holdings, Inc. Reports Second Quarter 2022 Financial Results; Announces New Quota Share Reinsurance Agreement
EMERYVILLE, Calif., Aug. 02, 2022 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $75.4 million, or $0.86 per diluted
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., Aug. 02, 2022 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $75.4 million, or $0.86 per diluted share, for the second quarter ended June 30, 2022, which compares to $67.7 million, or $0.77 per diluted share, in the first quarter ended March 31, 2022 and $57.5 million, or $0.65 per diluted share, in the second quarter ended June 30, 2021. Adjusted net income for the quarter was $74.3 million, or $0.86 per diluted share, which compares to $67.5 million, or $0.77 per diluted share, in the first quarter ended March 31, 2022 and $58.1 million, or $0.67 per diluted share, in the second quarter ended June 30, 2021. The non-GAAP financial measures adjusted net income, adjusted diluted earnings per share and adjusted return on equity are presented in this release to enhance the comparability of financial results between periods. See \"Use of Non-GAAP Financial Measures\" and our reconciliation of such measures to their most comparable GAAP measures, below. Adam Pollitzer, President and Chief Executive Officer of National MI, said, “We delivered resoundingly strong results in the second quarter, with significant new business production and increasing persistency driving growth in our high-quality insured portfolio, and favorable credit performance and expense discipline driving record profitability and strong returns. We have long been successful managing National MI with discipline and a focus on through-the-cycle performance, and are taking steps to further insulate our business from the impact of any economic volatility that may emerge. Looking forward, we're well positioned to continue to serve our customers and their borrowers, drive growth in our high-quality insured portfolio and deliver strong performance for our shareholders.” The company also announced today that it has entered into a new quota share reinsurance agreement, primarily covering a seasoned pool of existing mortgage insurance policies that were previously ceded under its 2017 and 2020-1 ILN transactions. Selected second quarter 2022 highlights include: Primary insurance-in-force at quarter end was $168.6 billion, up 6% from $158.9 billion in the first quarter and 23% compared to $136.6 billion in the second quarter of 2021Net premiums earned were $120.9 million, up 4% from $116.5 million in the first quarter an...