Business
NMI Holdings, Inc. Reports Third Quarter 2020 Financial Results
EMERYVILLE, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported GAAP net income of $38.2 million, or $0.45 per diluted
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported GAAP net income of $38.2 million, or $0.45 per diluted share, for the third quarter ended September 30, 2020, which compares to $26.8 million, or $0.36 per diluted share, in the second quarter ended June 30, 2020 and $49.8 million, or $0.69 per diluted share, in the third quarter ended September 30, 2019. Adjusted net income for the quarter was $40.4 million or $0.47 per diluted share, which compares to $29.7 million or $0.40 per diluted share in the second quarter ended June 30, 2020 and $49.9 million or $0.71 per diluted share in the third quarter ended September 30, 2019. 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.\n Claudia Merkle, CEO of National MI, said, \"The housing market has proven to be resilient in the wake of the COVID pandemic, with low interest rates allowing more Americans to access homeownership at a time when it’s most critical and robust demand driving sustained house price appreciation. Against this backdrop, our new business opportunity has grown significantly and we have delivered record new insurance written as more borrowers and lenders have turned to us for support than ever before. While still early, we have also begun to see encouraging credit trends in our in-force portfolio, with default activity stabilizing and an increasing number of borrowers exiting forbearance and resuming payment of their mortgages.” Selected highlights from the third quarter 2020 include: Primary insurance-in-force at quarter end was $104.5 billion, up 16% compared to the third quarter of 2019New insurance written was $18.5 billion, up 31% compared to $14.1 billion in the third quarter of 2019Net premiums earned were $98.8 million, up 7% compared to $92.4 million in the third quarter of 2019Underwriting and operating expenses were $34.0 million, including $2.3 million of capital market transaction costs, compared to $32.3 million in the third quarter of 2019, including $1.7 million of capital market transaction costsInsurance cl...