The following is a summary of the NMI Holdings, Inc. (NMIH) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NMI Holdings reported a record total revenue of $166.1 million for Q3 2024.

• GAAP net income was $92.8 million, or $1.15 per diluted share, and a 17.5% return on equity.

• Net premiums earned were a record $143.3 million, with a core yield of 34.3 basis points.

• Investment income increased to $22.5 million reflecting favorable new money rates

• The expense ratio for the quarter was 20.3%.

Business Progress:

• NMI Holdings generated $12.2 billion of NIW volume and increased primary insurance in force to $207.5 billion, marking a 7% year-over-year increase.

• The company secured several new reinsurance treaties providing comprehensive risk protection and efficient capital funding for future business production.

• During the quarter, the company repurchased $16.9 million of common stock, helping to retire 443,000 shares.

Opportunities:

• The company is poised to capitalize on sustained new business opportunities, supported by long-term secular trends and broader economic resilience.

• Enhanced book quality covered by a comprehensive set of risk transfer solutions positions the company for through-the-cycle growth and returns.

Risks:

• Despite the robust performance, macro risks remain active, with selective adjustments by the company in pricing, risk selection, and reinsurance decisioning to manage potential future volatilities.

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