The following is a summary of the NMI Holdings, Inc. (NMIH) Q1 2024 Earnings Call Transcript:
Financial Performance:
NMI Holdings delivered record financial results with a total Q1 revenue of $156.3 million and $9.4 billion of New Insurance Written (NIW) volume.
GAAP net income for the quarter stood at $89 million and earnings per share (EPS) reached a record of $1.08 per diluted share, accounting for an 8% increase from the last quarter.
The return on equity was reported at 18.2% and net premiums earned reached a record of $136.7 million.
NMI Holdings ended the quarter with total cash and investments amounting to $2.5 billion, including $92 million held at the holding company.
Business Progress:
NMI Holdings ended Q1 with a record $199.4 billion of primary insurance in force.
The company provided critical down payment support to approximately 1.8 million borrowers and intends to continue this.
As part of its future plans, NMI aims to accelerate investment, contribute to growth through disciplined cost management, and prioritize spending.
NMI's new CFO, Aurora Swithenbank, will join the company in May.
The company remains optimistic about market trends despite higher interest rates, viewing the current state of the market as the new reality. They plan to capitalize on the increasing number of borrowers requiring down payment support and those finding value in the private MI industry.
More details: NMI Holdings IR
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