Business
NMI Holdings, Inc. Reports Second Quarter 2023 Financial Results; Announces Additional $200 Million Share Repurchase Authorization
EMERYVILLE, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $80.3 million, or $0.95 per diluted
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $80.3 million, or $0.95 per diluted share, for the second quarter ended June 30, 2023, which compares to $74.5 million, or $0.88 per diluted share, in the first quarter ended March 31, 2023 and $75.4 million, or $0.86 per diluted share, in the second quarter ended June 30, 2022. Adjusted net income for the quarter was $80.3 million, or $0.95 per diluted share, which compares to $74.5 million, or $0.88 per diluted share, in the first quarter ended March 31, 2023 and $74.3 million, or $0.86 per diluted share, in the second quarter ended June 30, 2022. The company also announced today that its Board of Directors has authorized an additional $200 million share repurchase plan effective through December 31, 2025. Adam Pollitzer, President and Chief Executive Officer of National MI, said, “We’re proud to have again delivered standout results in the second quarter, including continued growth in our high-quality insured portfolio, record profitability and strong returns. We ended the quarter with a robust funding position and our additional $200 million repurchase authorization will provide investors with further ability to directly access value as we continue to perform, grow our earnings and compound book value. Looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained long-term performance for our shareholders.” Selected second quarter 2023 highlights include: Primary insurance-in-force at quarter end was $191.3 billion, compared to $186.7 billion at the end of the first quarter and $168.6 billion at the end of the second quarter of 2022Net premiums earned were $126.0 million, compared to $121.8 million in the first quarter and $120.9 million in the second quarter of 2022Total revenue was $142.7 million, compared to $136.8 million in the first quarter and $132.2 million in the second quarter of 2022Underwriting and operating expenses were $27.4 million, compared to $25.8 million in the first quarter and $30.7 million in the second quarter of 2022Insurance claims and claim expenses were $2.9 million, compared to $6.7 million in the first quarter and a benefit of $3.0 million in the second quarter of 2022Shareholders’ equity was $1.7 bi...