NMI Holdings Inc ( (NMIH) ) has released its Q3 earnings. Here is a breakdown of the information NMI Holdings Inc presented to its investors.
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NMI Holdings, Inc., the parent company of National Mortgage Insurance Corporation, operates in the private mortgage insurance sector, facilitating homeownership for low down payment borrowers while safeguarding lenders against borrower defaults.
NMI Holdings Inc. has reported its financial outcomes for the third quarter of 2024, showcasing a consistent growth trajectory in its insured portfolio and robust financial performance. The company has also announced new reinsurance agreements poised to provide extensive risk coverage for new business in the coming years.
The company achieved a net income of $92.8 million for the quarter, reflecting a slight increase from the previous quarter and a significant rise from the same quarter last year. Its primary insurance-in-force reached $207.5 billion, a notable increase from both the second quarter and the same period last year. Additionally, net premiums earned stood at $143.3 million, while total revenue amounted to $166.1 million, marking an upward trend. The loss ratio increased to 7.2%, and the annualized return on equity was recorded at 17.5%.
Furthermore, NMI Holdings has bolstered its financial strategy by entering into new reinsurance agreements. These agreements are set to enhance the company’s risk management and funding efficiency for business originating between 2025 and 2027.
Looking ahead, NMI Holdings remains confident in delivering differentiated growth and value to its shareholders, backed by a high-quality book of business and robust financial platform. The company is strategically positioned to sustain its growth momentum in the evolving market landscape.
