Business
NMI Holdings, Inc. Reports Third Quarter 2021 Financial Results
EMERYVILLE, Calif., Nov. 02, 2021 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $60.2 million, or $0.69 per diluted
About this update from Nmi Holdings Inc
[{"type":"text","content":"EMERYVILLE, Calif., Nov. 02, 2021 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $60.2 million, or $0.69 per diluted share, for the third quarter ended September 30, 2021, which compares to $57.5 million, or $0.65 per diluted share, in the second quarter ended June 30, 2021 and $38.2 million, or $0.45 per diluted share, in the third quarter ended September 30, 2020. Adjusted net income for the quarter was $61.8 million, or $0.71 per diluted share, which compares to $58.1 million, or $0.67 per diluted share, in the second quarter ended June 30, 2021 and $40.4 million, or $0.47 per diluted share, in the third quarter ended September 30, 2020. 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. Claudia Merkle, CEO of National MI, said, “We delivered strong operating performance, significant growth in our high-quality insured portfolio and record financial results in the third quarter. Our credit performance continued to trend in a favorable direction, and we remain optimistic about the broad strength of the economy and resiliency of the housing market. We are an organization that is leading with impact, and believe we are well positioned to continue to support borrowers in need of down payment assistance, drive disciplined growth in our insurance in-force and deliver strong risk-adjusted returns going forward.” Selected third quarter 2021 highlights include: Primary insurance-in-force at quarter end was $143.6 billion, up 5% from $136.6 billion in the second quarter and 37% compared to $104.5 billion in the third quarter of 2020Net premiums earned were $113.6 million, up 2% compared to $110.9 million in the second quarter and 15% compared to $98.8 million in the third quarter of 2020Underwriting and operating expenses were $34.7 million, including $1.3 million of costs incurred in connection with our CEO transition and $0.5 million of capital market transaction costs, compared to $34.7 million in the second quarter and $34.0 million in the third quarter of 2020Insurance claims and claim expenses were $3.2 mi...