Nmi Holdings Inc · NASDAQ:NMIH
Nmi — Investor Day (November 2024)
78 slides from Nmi's investor day presentation, Nov 21, 2024
Slide 1: 2024 Investor Day
November 21, 2024 © 2024 Copyright. NMI Holdings Inc.
Slide 2: 2024 Investor Day
2024 Investor Day ◼ Welcome to NMI Holdings, Inc. – 2024 Investor Day ◼ Today’s presentation is being delivered in person in New York City and simulcast on the web at https://nmiholdingsinvestorday2024.gcs-web.com/ ◼ For those joining remotely, presentation materials have been made available online
Slide 3: Our Use of Forward-Looking Statements and Non-GAAP Financial Measures
Our Use of Forward-Looking Statements and Non-GAAP Financial Measures During the course of this 2024 Investor Day discussion, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements. Additional inform
Slide 4: Agenda
Agenda Executive Chairman & Chairman’s Message Brad Shuster Chairman of the Board President & Strategic Outlook Adam Pollitzer Chief Executive Officer Customer Focus Norm Fitzgerald Chief Sales Officer Risk Management Rob Smith Chief Risk Officer Financial Review Aurora Swithenbank Chief Financial O
Slide 5: Chairman's Message
Chairman’s Message Brad Shuster Executive Chairman and Chairman of the Board 4 Holdings Inc. © 2017 Copyright. NMI
Slide 6: Executive Management
Executive Management Highly experienced senior management team supported by a deep bench of talent Bradley Shuster Adam Pollitzer Executive Chairman, President and Chairman of the Board Chief Executive Officer Norm Fitzgerald William Leatherberry Chief Sales Officer Chief Administrative Officer & Ge
Slide 7: Themes for Today
Themes for Today ✓ Track record of standout success provides strong foundation Building significant ✓ Differentiated strategy provides unique value for shareholders opportunity in attractive market and securing performance across all market cycles ✓ Poised to deliver continued long-term growth, retu
Slide 8: Founding Principles
Founding Principles ◼ Help qualified borrowers achieve the Dream of Home Ownership ◼ Be a Credible and Durable Counterparty for our customers and policyholders ◼ Deliver a Great Customer Experience through people and technology ◼ Manage Risk to ensure strong performance across all market cycles ◼ Cr
Slide 9: Track Record of Success
Track Record of Success ➢ Performance-driven culture Award ➢ Winning with customers Winning Culture ➢ High-quality portfolio ➢ Strong financial results 8
Slide 10: Track Record of Success
Track Record of Success ➢ Performance-driven culture Active Customer Relationships 1,588 1,488 1,409 ➢ Winning with customers 1,280 1,167 1,076 ➢ High-quality portfolio ➢ Strong financial results 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 9
Slide 11: Track Record of Success
Track Record of Success ➢ Performance-driven culture Primary Insurance In-Force $ billions $207.5 $194.8 ➢ Winning with customers $179.2 $143.6 $104.5 $89.7 ➢ High-quality portfolio ➢ Strong financial results 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 10
Slide 12: Track Record of Success
Track Record of Success ➢ Performance-driven culture Adjusted Net Income & ROE1 $ millions ROE ROE 18.2% ➢ Winning with customers ROE 18.8% $362.9 18.5% ROE 15.9% $311.7 $282.1 $224.1 ➢ High-quality portfolio ➢ Strong financial results LTM Q3'21 LTM Q3'22 LTM Q3'23 LTM Q3'24 1 Adjusted net income an
Slide 13: Differentiated Strategy Drives Long-Term Growth and Value
Differentiated Strategy Drives Long-Term Growth and Value Market opportunity NMI execution Housing market Culture, customers resiliency and buyer and innovation demand Portfolio growth, Growing need for credit discipline and private MI support Long-term opportunity operating efficiency to drive grow
Slide 14: Poised for Continued Success
Poised for Continued Success Consistent track record of Past success provides foundation for outperformance future performance Differentiated strategy in Well-positioned to capitalize on long-term attractive market private MI opportunity Delivering returns, Poised to deliver continued book value gro
Slide 15: Strategic Outlook: Leveraging our Core Strengths
Strategic Outlook: Leveraging our Core Strengths to Deliver Differentiated Performance Adam Pollitzer President & Chief Executive Officer © 2017 Copyright. 14 NMI Holdings Inc.
Slide 16: National MI: Leading the Private MI Market
National MI: Leading the Private MI Market Culture Customers Innovation Building Talented and Technology and Durable Committed People Thought Leadership Relationships Foundation of Strength and Success Comprehensive Profitability, Capital High-Quality, Credit Risk Strength and High-Performing Manage
Slide 17: Focus on Corporate Culture
Focus on Corporate Culture ➢ Lead with Mission, Values and Purpose Award Winning ➢ 229 engaged, motivated employees Culture ➢ Corporate culture – a key differentiator Mission Values Purpose Homeownership Partnership Teammates Community Service Customers Access Integrity Policyholders Support Excelle
Slide 18: Winning with Customers
Winning with Customers Fully Scaled Customer Franchise ✓ Best-in-class sales team Access to Private MI Industry NIW Active customer relationships 1,588 1,488 1,409 ✓ Value proposition 1,280 1,167 1,076 968 ✓ Platform engagement 731 855 ✓ Consultative approach 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20
Slide 19: High-Quality Insured Portfolio Growth
High-Quality Insured Portfolio Growth Primary Insurance In-Force ($ billions) ✓ Large scale, continued growth Fastest growing, highest quality insured portfolio $207.5 $194.8 CAGR $179.2 5-yr: 18% ✓ High-quality, high- performing $143.6 $104.5 ✓ Persistency & embedded value $63.5 $89.7 $43.3 $28.2 ✓
Slide 20: Comprehensive Credit Risk Management Framework
Comprehensive Credit Risk Management Framework National MI has an industry-leading credit risk management approach, built on three-foundational pillars… Granular Comprehensive Individual Risk Pricing Engine Reinsurance Underwriting Rate GPS® Program …and has delivered best-in-class credit performanc
Slide 21: Rate GPS: Powerful Credit Risk Management Tool
Rate GPS: Powerful Credit Risk Management Tool Actively Managing Risk Mix of New Business Flow Borrower Risk Attributes Loan-Level Risk Attributes ✓ Proprietary pricing engine ➢ Payment history – FICO ➢ Loan-to-value % ➢ Credit capacity – DTI ratio ➢ Occupancy / property type ➢ Single vs. co-borrowe
Slide 22: High-Quality Insured Portfolio
High-Quality Insured Portfolio Credit Risk Standards & High-Quality Rigorous Underwriting Process In-Force Portfolio - $55.3bn RIF ➢ High-quality by FICO, LTV and DTI <680 FICO RIF concentration 8% 8% 7% ➢ Minimal layered risk concentration 7% 4% 2% ➢ Broad geographic diversification NMIH ESNT MTG R
Slide 23: Portfolio Quality Drives Credit Outperformance
Portfolio Quality Drives Credit Outperformance Commitment to Credit Discipline Across All Market Cycles Peak COVID Default Rates1 Current Default Rates1 6.52% Rest of 2.24% 2.25% 6.35% industry: 2.2% 2.17% Rest of 1.95% 5.98% industry: 6.0% 5.19% 0.87% 3.78% NMIH ESNT ACT MTG RDN NMIH ESNT ACT MTG R
Slide 24: Comprehensive Reinsurance Coverage
Comprehensive Reinsurance Coverage 97% of insured portfolio covered by a comprehensive Quota share reinsurance risk transfer solution ➢ 12 treaties since 2016 Excess-of-loss reinsurance ➢ 8 treaties since 2022 $207.5 billion insurance in-force Insurance-linked notes ➢ 7 offerings since 2017 Leading
Slide 25: Focus on Operating Efficiency and Expense Management
Focus on Operating Efficiency and Expense Management ➢ Smallest employee base in industry Number of employees1 1,100 …by far 602 627 ➢ Smallest expense base in industry 465 …by far 229 ➢ Lowest expense ratio in industry …driving significant efficiency NMIH ACT ESNT MTG RDN LTM 9/30/24 operating expe
Slide 26: Balance Sheet Strength
Balance Sheet Strength Capital Structure Equity Debt ✓ Robust regulatory funding position $2,692mm $1,891mm ✓ Strong liquidity profile 9/30/21 9/30/24 Debt 21% 15% leverage Note: Shareholders’ equity and debt leverage (debt / cap) presented excluding AOCI ✓ Comprehensive reinsurance protection $ mil
Slide 27: National MI: Delivering Consistent Outperformance
National MI: Delivering Consistent Outperformance The “National MI Way” Private MI Industry: 5-year ROE distribution1 National MI Rest of industry2 Disciplined strategy National MI 5-year average: 17.5% ROE Consistent execution Rest of industry 5-year average: 14.8% ROE Core operating strength Diffe
Slide 28: National MI: A Premium Franchise
National MI: A Premium Franchise Three-year CAGR/average Five-year CAGR/average Winning with customers NMI Industry NMI Industry Technology ✓ Insurance in-force 13.1% 4.2% 18.3% 5.9% leadership Insured portfolio ✓ Revenue 10.6% 1.6% 12.7% 1.9% quality and credit performance ✓ Net income 17.8% 5.3% 1
Slide 29: Macro Backdrop
Macro Backdrop Interest Rates Labor Market House Prices Credit Environment Job market is Sustained supply / Mortgage Mortgage rates healthy – low demand imbalance delinquencies remain volatile unemployment and continues to drive remain at and elevated real wage growth record appreciation historic lo
Slide 30: Secular Themes Drive Sustained Private MI Industry NIW Opportunity
Secular Themes Drive Sustained Private MI Industry NIW Opportunity Housing market will Total purchase mortgage origination volume expand and origination volume will rebound $272bn $309bn $284bn MI industry NIW opportunity Population growth and demographic tailwind $1.7tn $1.6tn Practical and emotion
Slide 31: Sustained NIW Opportunity & Persistency Drive Long-Term MI Industry IIF Growth
Sustained NIW Opportunity & Persistency Drive Long-Term MI Industry IIF Growth Total Private MI Industry Insurance In-Force ◼ Secular trends driving sustained NIW opportunity $1.6 trillion ◼ Elevated rates have slowed $1.6 trillion refinancing activity, given $1.5 trillion rise to a mortgage lock-in
Slide 32: National MI Uniquely Positioned to Deliver in a Growing Market
National MI Uniquely Positioned to Deliver in a Growing Market National MI: Unique Opportunity Private MI Industry Comparative NMI has embedded Insurance In-Force Growth portfolio growth advantage “Pull to Par” National MI Rest of industry +131% total growth +27% total growth +18% CAGR +5% CAGR 13.1
Slide 33: Delivering Differentiated Growth, Returns and Value
Delivering Differentiated Growth, Returns and Value Driving long-term shareholder value: Delivering strong returns and compounding book value on accelerated basis 3Q’24 Book value per share, BVPS = $28.71 excluding AOCI ROE = 17.5% CAGR 5-yr: 18% 3-yr: 18% 1-yr: 17% 1Q’20 COVID-19 BVPS = $14.09 Long
Slide 34: Well-Positioned to Outperform
Well-Positioned to Outperform Track record of Strong foundation standout success Differentiated approach “The National MI Way” Long-term secular Borrower need & market opportunity tailwinds Profitability, Financial performance capital strength and shareholder value 33
Slide 35: Sales and Customer Focus
Sales and Customer Focus Norm Fitzgerald Chief Sales Officer © 2017 Copyright. 34 NMI Holdings Inc.
Slide 36: Sales and Customer Focus
Sales and Customer Focus Best-in-class sales team Durable customer Large, diversified national relationships customer franchise provide broad access to MI industry opportunity People and platform driving competitive success 35
Slide 37: Best-in-Class Sales Team and National Platform
Best-in-Class Sales Team and National Platform 39 person National Accounts national salesforce Regional Accounts Operations Risk Operations Underwriters Solution Center Credit professionals dedicated to Cross trained to provide Embedded across the country each region and each national one-stop solut
Slide 38: Winning with Customers
Winning with Customers Large, diversified national customer franchise Active customer relationships ➢ +1,550 active customer relationships 1,588 1,488 1,409 ➢ Provides access to full MI industry NIW 1,280 opportunity 1,167 1,076 ➢ 512 new account activations since 9/30/19 ➢ Track record of growing w
Slide 39: Why We Win
Why We Win People, Platform and Value Proposition Best-in-Class Sales Team ➢ Highly experienced front-line team ➢ +25 years average industry experience Best-in-Class Value Customer Value Proposition Sales Team Proposition ➢ Certainty and service as a core ➢ Education, events and access Platform Enga
Slide 40: Sustaining Our Positive Momentum
Sustaining Our Positive Momentum New account ➢ Continue to leverage our success in activation client acquisition Existing account ➢ Know your customer – penetration Win, Grow, Maintain Technology ➢ Lead with technology to enhance customer leadership engagement and sales efficiency Service ➢ Consulta
Slide 41: Risk Management
Risk Management Rob Smith Chief Risk Officer © 2017 Copyright. 40 NMI Holdings Inc.
Slide 42: Prioritizing Risk Management
Prioritizing Risk Management ✓ Enterprise Risk Management Focus Deploying a robust risk ✓ Comprehensive Credit Risk management program Management Framework to secure performance across all market cycles ✓ Maintaining Long-Term Discipline and Risk Responsibility 41
Slide 43: Enterprise Risk Management Framework
Enterprise Risk Management Framework National MI has established the industry- leading risk management framework Strong Underwriting and Oversight Environment Board & management Defined risk appetite & risk committees dictate portfolio concentration Strong Borrower policy limits Credit Profile Regul
Slide 44: Prioritizing Risk Management
Prioritizing Risk Management ✓ Enterprise Risk Management Focus Deploying a robust risk ✓ Comprehensive Credit Risk management program Management Framework to secure performance across all market cycles ✓ Maintaining Long-Term Discipline and Risk Responsibility 43
Slide 45: Comprehensive Credit Risk Management Framework
Comprehensive Credit Risk Management Framework National MI takes an “all seasons” approach to risk – applying best-in-class tools across all market cycles Individual risk Rate GPS® Comprehensive underwriting Granular Pricing System reinsurance program ✓ Losses occur at a loan level ✓ All buyers, len
Slide 46: Rate GPS Is a Powerful Credit Risk Management Tool
Rate GPS® Is a Powerful Credit Risk Management Tool Higher-risk concentration: National MI vs. rest of industry1,2 Layered risk in new production3 <680 FICO in new production 8.0% 6.0% ✓ National MI sources overwhelming 5.0% 6.0% majority of its production through 4.0% Rate GPS® 4.0% 3.0% 2.0% 2.0%
Slide 47: High-Quality Insured Portfolio
High-Quality Insured Portfolio Credit Risk Standards & High-Quality Rigorous Underwriting Process In-Force Portfolio - $55.3bn RIF ➢ High-quality by FICO, LTV and DTI <680 FICO RIF concentration 8% 8% 7% ➢ Minimal layered risk concentration 7% 4% 2% ➢ Broad geographic diversification NMIH ESNT MTG R
Slide 48: Portfolio Quality Drives Credit Outperformance
Portfolio Quality Drives Credit Outperformance Clearly differentiated credit performance Current Default Rates1 Current Default Rates by Vintage1 2.3% Rest of Rest of 2.0% 2.2% 2.2% industry: 2.2% Vintage NMIH industry2 ACT ESNT MTG 2018 2.9% 4.5% 4.2% 4.7% 4.5% 0.9% 2019 1.7% 2.8% 3.0% 3.2% 2.2% NM
Slide 49: Comprehensive Reinsurance Program
Comprehensive Reinsurance Program Reinsurance “Tower” Illustration ◼ National MI utilizes reinsurance as both: NMI “back on risk” when losses exceed 2008 Financial Crisis-like levels ➢ Source of efficient funding for PMIERs and state regulatory capital needs; and ➢ Risk management tool to limit cred
Slide 50: Prioritizing Risk Management
Prioritizing Risk Management ✓ Enterprise Risk Management Focus Deploying a robust risk ✓ Comprehensive Credit Risk management program Management Framework to secure performance across all market cycles ✓ Maintaining Long-Term Discipline and Risk Responsibility 49
Slide 51: Risk Environment: Broad Resiliency in Macro Environment and Housing Market
Risk Environment: Broad Resiliency in Macro Environment and Housing Market Macro Backdrop Housing Market Conditions ➢ Through a Fed rate hike cycle without a ➢ House prices continue to appreciate and recession reach new highs driven by sustained housing market supply / demand ➢ Inflation has eased d
Slide 52: Structural Supply-Demand Imbalance Provides Long-Term House Price Support
Structural Supply-Demand Imbalance Provides Long-Term House Price Support Supply-Demand Imbalance: Growing deficit of housing in U.S. fueling sustained home price appreciation Supply Demand Duration Existing homes: Lock-in dynamic Millennial generation1 driving inventory to record lows “We don’t exp
Slide 53: Current Borrowers Well-Situated to Perform
Current Borrowers Well-Situated to Perform ✓ High-quality borrowers with strong credit profiles 754 WA FICO score ✓ Loans used for primary home purchase 98% Owner occupied ✓ Originated in period of rigorous underwriting standards 100% Fully documented ✓ Homeowners benefit from significant embedded e
Slide 54: Significant Embedded Home Equity
Significant Embedded Home Equity Insured Portfolio Loan-to-Value: Origination vs. Mark-to-Market ◼ Borrowers built significant WA original LTV WA mark-to-market LTV home equity with record pace of HPA over last five years 91.9% 92.3% Accumulated equity Accumulated equity ◼ Home equity serves to bols
Slide 55: Healthy Labor Market Further Supports Borrower Performance
Healthy Labor Market Further Supports Borrower Performance National Unemployment Rate Homeowners Renters ◼ Unemployment is a key driver of the incidence of default 5.31% ◼ Labor market strength – low unemployment and +272bps real wage growth – has helped all borrowers ◼ Homeowner experience 2.59% ha
Slide 56: Maintaining Proactive Stance in View of Potential Market Risks
Maintaining Proactive Stance in View of Potential Market Risks ✓ ✓ ✓ Policy Pricing Risk Selection Reinsurance ➢ Broadly stable and ➢ Actively shaping our mix ➢ Continue to invest in risk constructive environment with a focus on high-quality transfer solutions to new business production maintain com
Slide 57: Financial Review
Financial Review Aurora Swithenbank Chief Financial Officer © 2017 Copyright. 56 NMI Holdings Inc.
Slide 58: Delivering Financial Success
Delivering Financial Success Achieving Record Results Standout Success to Date High-growth, high-returns, low volatility Strong Foundation Balance Sheet Strength Robust funding profile and significant and Funding Efficiency embedded earnings power Long-Term Opportunity Poised to Drive Continued Grow
Slide 59: Summary Financial Snapshot
Summary Financial Snapshot 3Q’24 LTM Three-year CAGR / average ✓ IIF $207.5 billion +13.1% ✓ Revenue $635.8 million +10.6% ✓ Adjusted net income* $362.9 million +17.4% ✓ Adjusted return on equity* 18.2% 18.4% ✓ Adjusted diluted EPS* $4.44 +19.7% ✓ Book value, ex. AOCI $2.3 billion +15.0% ✓ Book valu
Slide 60: Consistently Strong Performance
Consistently Strong Performance 18% 18% 18% COVID stress 19% 18% $92m $93m Capital Strength, 19% $89m Earnings Resiliency 20% 20% 18% 19% $84m $83m $80m 17% $77m $75m $74m $73m 16% 16% 24% 16% $68m 15% $60m $61m $58m 14% $58m $53m 12% $48m 10% $38m $27m Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'2
Slide 61: High Returns, Low Volatility Drive Accelerated Growth and Value Creation
High Returns, Low Volatility Drive Accelerated Growth and Value Creation Private MI Industry: 5-year ROE distribution1 National MI Rest of industry2 5-year cumulative National MI 5-year average: BVPS growth3 17.5% ROE National MI: +128% Rest of industry 5-year average: 14.8% ROE Essent: +109% MGIC:
Slide 62: Delivering Financial Success
Delivering Financial Success Achieving Record Results Standout Success to Date High-growth, high-returns, low volatility Strong Foundation Balance Sheet Strength Robust funding profile and significant and Funding Efficiency embedded earnings power Long-Term Opportunity Poised to Drive Continued Grow
Slide 63: Balance Sheet Strength
Balance Sheet Strength Capital Structure Equity Debt ✓ Robust regulatory funding position $2,692mm $1,891mm ✓ Strong liquidity profile 9/30/21 9/30/24 Debt 21% 15% leverage Note: Shareholders’ equity and debt leverage (debt / cap) presented excluding AOCI ✓ Comprehensive reinsurance protection $ mil
Slide 64: Innovative Risk-Transfer Program: Maintaining Comprehensive Coverage
Innovative Risk-Transfer Program: Maintaining Comprehensive Coverage Leading with innovation Securing Comprehensive Risk Protection in risk-transfer markets 2025 2026 2027 2025 2026 27 quota share, excess- Quota Share Quota Share Quota Share XOL XOL of-loss and ILNs to date Forward Flow Forward Flow
Slide 65: Leading with Risk-Transfer Innovation and Funding Efficiency
Leading with Risk-Transfer Innovation and Funding Efficiency Capital Efficiency PMIERs Funding Composition as of 9/30/24 and Optimization Quota share & PMIERs buffer excess-of-loss reinsurance Insurance-linked notes Equity Senior unsecured notes & Debt ◼ $425 million senior debt revolving credit fac
Slide 66: Delivering Financial Success
Delivering Financial Success Achieving Record Results Standout Success to Date High-growth, high-returns, low volatility Strong Foundation Balance Sheet Strength Robust funding profile and significant and Funding Efficiency embedded earnings power Long-Term Opportunity Poised to Drive Continued Grow
Slide 67: Driving High-Quality Portfolio Growth and Embedded Value
Driving High-Quality Portfolio Growth and Embedded Value Primary IIF, $ billions Pricing & Net Yield $207.5 Supports strong mid-teen returns $194.8 $179.2 “Stickiness” $143.6 85.5% persistency rate $104.5 13.1% 12.5% $89.7 12.0% Credit Quality 10.5% NMI IIF share 87bps delinquency rate 8.3% 7.7% Cap
Slide 68: Portfolio Quality Drives Credit Outperformance
Portfolio Quality Drives Credit Outperformance Commitment to Credit Discipline Across All Market Cycles Peak COVID Default Rates1 Current Default Rates1 6.52% Rest of 2.24% 2.25% 6.35% industry: 2.2% 2.17% Rest of 1.95% 5.98% industry: 6.0% 5.19% 0.87% 3.78% NMIH ESNT ACT MTG RDN NMIH ESNT ACT MTG R
Slide 69: Growing Investment Income Contribution Drives Incremental Value
Growing Investment Income Contribution Drives Incremental Value Net Investment Income $22mm $21mm $19mm $18mm $18mm $17mm $15mm $13mm $12mm $10mm $11mm Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Every 1% increase in book yield drives ~100bps ROE expansion Cash & invested asset
Slide 70: Focus on Operating Efficiency and Expense Management
Focus on Operating Efficiency and Expense Management ➢ Smallest employee base in industry Number of employees1 1,100 …by far 602 627 ➢ Smallest expense base in industry 465 …by far 229 ➢ Lowest expense ratio in industry …driving significant efficiency NMIH ACT ESNT MTG RDN LTM 9/30/24 operating expe
Slide 71: Delivering Differentiated Growth, Returns and Value
Delivering Differentiated Growth, Returns and Value Driving long-term shareholder value: Delivering strong returns and compounding book value on accelerated basis 3Q’24 Book value per share, BVPS = $28.71 excluding AOCI ROE = 17.5% CAGR 5-yr: 18% 3-yr: 18% 1-yr: 17% 1Q’20 COVID-19 BVPS = $14.09 Long
Slide 72: Unlocking Excess Capital and Direct Value for Shareholders
Unlocking Excess Capital and Direct Value for Shareholders Cumulative share repurchases ◼ $325 million total share repurchase $217mm authorization ◼ $217 million repurchased to date at average price of $25.28 $148mm ◼ Retired 8.6 million shares ◼ 10.0% of shares outstanding1 ◼ $108 million remaining
Slide 73: Concluding Remarks
Concluding Remarks Building significant value for shareholders and securing future performance across all market cycles ✓ ✓ ✓ Track record of standout Differentiated strategy Poised to deliver success provides strong provides unique continued long-term foundation opportunity in growth, returns and v
Slide 74: Questions & Answers
Questions & Answers © 2017 Copyright. 73 NMI Holdings Inc.
Slide 75: Appendix
Appendix © 2017 Copyright. 74 NMI Holdings Inc.
Slide 76: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures We believe the use of the non-GAAP measures of adjusted operating expense, adjusted expense ratio, adjusted combined ratio, adjusted pre-tax income, adjusted net income, adjusted pre-tax return-on-equity, adjusted effective tax rate and adjusted return-on-equity en
Slide 77: Non-GAAP Reconciliation
Non-GAAP Reconciliation Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter ($ in thousands, except per share values) 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/20
Slide 78: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this presentation or any other written or oral statements made by or on behalf of NMI Holdings, Inc. (the “Company”) in connection therewith may constitute forward-looking statements within the meaning of Section 27