NMI Holdings, Inc. Reports First Quarter 2017 Financial Results
May 04, 2017
NMI Holdings, Inc. Reports First Quarter 2017 Financial Results103.1 KB

EMERYVILLE, CA -- (Marketwired) -- 05/04/17 --

NMI Holdings, Inc.(NASDAQ: NMIH)today reported net income of $5.5 million, or $0.09 per share, for the first quarter ended Mar. 31, 2017. Results for the quarter include fees and expenses of approximately $1.6 million related to repricing and extension of the company's Term Loan and the previously announced issuance of Insurance-Linked Notes. The company reported a net loss of $3.9 million, or $0.07 per share, in the first quarter of 2016.

Bradley Shuster, chairman and CEO of National MI, said, "We had another great quarter at National MI, achieving new records in the important metrics of insurance in force, premiums earned, master policies and customers generating NIW. Also, subsequent to the end of the quarter, we executed an Insurance-Linked Notes transaction that enhances National MI's financial strength by providing a layer of protection against adverse losses, while at the same time providing expected additional writing capacity under PMIERs of approximately $200 million. Our estimated after-tax cost of this coverage and capital relief is approximately three percent."

  • As of March 31, 2017, the company had primary insurance-in-force of $34.8 billion, up 8% from $32.2 billion at the prior quarter end and up 87% over $18.6 billion as of March 31, 2016.
  • Premiums earned for the quarter were $33.2 million, including $2.5 million attributable to cancellation of single premium policies, which compares with $32.8 million, including $5.1 million related to cancellations, in the prior quarter. Premiums earned in the first quarter of 2017 were up 68% over premium revenue of $19.8 million in the same quarter a year ago, which included $2.3 million related to cancellations.
  • NIW mix was 81% monthly premium product, which compares with 75% in the prior quarter and 59% in the first quarter of 2016.
  • Total underwriting and operating expenses in the first quarter were $26.0 million, including share-based compensation expense of $1.9 million. Expense in the quarter includes fees and expenses of approximately $1.6 million related to repricing and extension of the company's Term Loan and the previously announced issuance of Insurance-Linked Notes. This compares with total underwriting and operating expenses of $23.3 million, including $1.9 million of share-based compensation, in the prior quarter, and $22.7 million, including $1.4 million of share-based compensation, in the same quarter a year ago.
  • Loss expense for the quarter was $0.6 million, resulting in a loss ratio of 2%.
  • At quarter-end, cash and investments were $671 million, including $59 million at the holding company, and book equity was $484 million, equal to $8.09 per share.
  • At quarter-end, the company had total PMIERs available assets of $467 million, which compares with risk- based required assets under PMIERs of $399 million.
Quarter Quarter QuarterGrowthGrowth
Ended Ended EndedQ/QY/Y
3/31/2017 12/31/2016(1) 3/31/2016
Primary Insurance-in-Force ($billions) 34.78 32.17 18.56 8 % 87 %
New Insurance Written - NIW ($billions)
Monthly premium 2.89 3.9 2.49 -26 % 16 %
Single premium 0.67 1.34 1.76 -50 % -62 %
Total 3.56 5.24 4.25 -32 % -16 %
Premiums Earned ($millions) 33.23 32.83 19.81 1 % 68 %
Underwriting & Operating Expense ($millions) 25.99 23.28 22.67 12 % 15 %
Loss Expense ($millions) 0.64 0.80 0.46 -20 % 39 %
Loss Ratio 2 % 2 % 2 %
Cash & Investments ($millions) 671 677 630 -1 % 7 %
Book Equity ($millions) 484 476 410 2 % 18 %
Book Value per Share 8.09 8.04 6.94 1 % 17 %
Approved Master Policies 1,174 1,131 1,023 4 % 15 %
Customers Generating NIW 537 532 469 1 % 14 %
(1) The 2016 prior period balance sheet has been revised. Please refer to our Form 10-Q for the quarter ended March 31, 2017 for further details.

Conference Call and Webcast Details
 The company will hold a conference call and live webcast today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the "Investor Relations" section. The call also can be accessed by dialing (888) 734-0328 in the U.S., or (914) 495-8578 for international callers using Conference ID: 3499361, or by referencing NMI Holdings, Inc.

About National MI
 National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc.(NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.

Cautionary Note Regarding Forward-Looking Statements
 Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995 (PSLRA). The PSLRA provides a "safe harbor" for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "plan," "project," "continuing," "ongoing," "expect," "intend" and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: our ability to implement our business strategy, including our ability to attract and retain a diverse customer base and to achieve a diversified mix of business across the spectrum of our product offerings; changes in the business practices of the GSEs that may impact the use of private mortgage insurance; our ongoing ability to comply with the financial requirements of the PMIERs; our ability to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs; our ability to successfully execute and implement our capital plans, including our ability to access the reinsurance market and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; heightened competition for our mortgage insurance business from other private mortgage insurers and the FHA; adoption of new or changes to existing laws and regulations that impact the mortgage insurance industry or their enforcement and implementation by regulators; changes to the GSEs' role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance in particular; our implementation of complex infrastructure, systems, procedures and internal controls to support our business and regulatory and reporting requirements; potential future lawsuits, investigations or inquiries or resolution of current lawsuits or inquiries; emergence of unexpected claims and coverage issues, including claims exceeding our reserves or amounts we expected to experience; our ability to utilize our net operating loss carry forwards, which could be limited or eliminated in various ways, including if we experience an ownership change as defined in Section 382 of the Internal Revenue Code; and general economic downturns and volatility. These risks and uncertainties also include, but are not limited to, those set forth under the heading "Risk Factors" detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2016, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
(510) 788-8417

Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203) 513-2721
MaryMcGarity@StrategicVantage.com

Consolidated statements of operations and comprehensive income For the three months ended March 31,
2017 2016
Revenues (In Thousands, except for share data)
Net premiums earned $ 33,225 $ 19,807
Net investment income 3,807 3,231
Net realized investment gains (losses) (58 ) (885 )
Other revenues 80 32
Total revenues 37,054 22,185
Expenses
Insurance claims and claims expenses 635 458
Underwriting and operating expenses 25,989 22,672
Total expenses 26,624 23,130
Other (expense) income
(Loss) gain from change in fair value of warrant liability (196 ) 670
Interest expense (3,494 ) (3,632 )
Total other (expense) (3,690 ) (2,962 )
Income (loss) before income taxes 6,740 (3,907 )
Income tax expense 1,248 -
Net income (loss) $ 5,492 $ (3,907 )
Earnings (loss) per share
Basic $ 0.09 $ (0.07 )
Diluted $ 0.09 $ (0.07 )
Weighted average common shares outstanding
Basic 59,183,973 58,936,694
Diluted 62,338,856 58,936,694
Loss Ratio(1) 2 % 2 %
Expense Ratio(2) 78 114
Combined ratio 80 % 117 %
Net income (loss) $ 5,492 $ (3,907 )
Other comprehensive (loss) income, net of tax:
Net unrealized gains in accumulated other comprehensive income, net of tax expense of $664 and $0 for the quarters ended March 31, 2017 and March 31, 2016, respectively
1,175
9,101
Reclassification adjustment for losses included in net loss (gain), net of tax expense of $0 for the quarters ended March 31, 2017 and 2016
58
885
Other comprehensive (loss) income, net of tax 1,233 9,986
Comprehensive income $ 6,725 $ 6,079
(1) Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.
(2) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.
Consolidated balance sheets March 31, 2017 December 31, 2016(1)
Assets (In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $658,463 and
$630,688 as of March 31, 2017 and December 31, 2016, respectively) $ 658,640 $ 628,969
Cash and cash equivalents 12,543 47,746
Premiums receivable 15,566 13,728
Accrued investment income 3,900 3,421
Prepaid expenses 2,935 1,991
Deferred policy acquisition costs, net 32,165 30,109
Software and equipment, net 21,168 20,402
Intangible assets and goodwill 3,634 3,634
Prepaid reinsurance premiums 38,348 37,921
Deferred tax asset, net 50,529 51,434
Other assets 734 542
Total assets $ 840,162 $ 839,897
Liabilities
Term loan $ 144,010 $ 144,353
Unearned premiums 154,711 152,906
Accounts payable and accrued expenses 14,175 25,297
Reserve for insurance claims and claim expenses 3,761 3,001
Reinsurance funds withheld 31,243 30,633
Deferred ceding commission 4,790 4,831
Warrant liability, at fair value 3,563 3,367
Deferred tax liability, net - -
Total liabilities 356,253 364,388
Commitments and contingencies
Shareholders' equity
Common stock - class A shares, $0.01 par value; 59,783,358 and 59,145,161 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively (250,000,000 shares authorized)

598

591
Additional paid-in capital 578,081 576,927
Accumulated other comprehensive loss, net of tax (4,054 ) (5,287 )
Accumulated deficit (90,716 ) (96,722 )
Total shareholders' equity 483,909 475,509
Total liabilities and shareholders' equity $ 840,162 $ 839,897
(1) The 2016 prior period balance sheet has been revised. Please refer to our Form 10-Q for the quarter ended March 31, 2017 for further details.
Historical Quarterly Data 2017 2016 2015

March 31		 December
31,(4)		 September
30
June 30
March 31		 December
31
Revenues (In Thousands, except for share data)
Net premiums earned $ 33,225 $ 32,825 $ 31,808 $ 26,041 $ 19,807 $ 16,880
Net investment income 3,807 3,634 3,544 3,342 3,231 2,078
Net realized investment (losses) gains (58 ) 65 66 61 (885 ) (121 )
Other revenues 80 105 102 37 32 25
Total revenues 37,054 36,629 35,520 29,481 22,185 18,862
Expenses
Insurance claims and claims expenses 635 800 664 470 458 371
Underwriting and operating expenses 25,989 23,281 24,037 23,234 22,672 21,686
Total expenses 26,624 24,081 24,701 23,704 23,130 22,057
Other (expense) income (1) (3,690 ) (5,490 ) (4,530 ) (3,766 ) (2,962 ) (1,626 )
Income (loss) before income taxes 6,740 7,058 6,289 2,011 (3,907 ) (4,821 )
Income tax expense (benefit) 1,248 (52,664 ) 114 - - -
Net income (loss) $ 5,492 $ 59,722 $ 6,175 $ 2,011 $ (3,907 ) $ (4,821 )
Earnings (loss) per share
Basic $ 0.09 $ 1.01 $ 0.10 $ 0.03 $ (0.07 ) $ (0.08 )
Diluted $ 0.09 $ 0.98 $ 0.10 0.03 (0.07 ) (0.08 )
Weighted average common shares
outstanding
Basic 59,183,973 59,140,011 59,130,401 59,105,613 58,936,694 58,781,566
Diluted 62,338,856 61,229,338 60,284,746 59,830,899 58,936,694 58,781,566
Other data
Loss Ratio (2) 2 % 2 % 2 % 2 % 2 % 2 %
Expense Ratio (3) 78 % 71 % 76 % 89 % 114 % 128 %
Combined ratio 80 % 73 % 78 % 91 % 117 % 131 %
(1) Other (expense) income includes the gain from change in fair value of warrant liability, gain from settlement of warrants, and interest expense.
(2) Loss ratio is calculated by dividing the provision for insurance claims and claims expenses by net premiums earned.
(3) Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.
(4) The Q4 2016 quarterly data has been revised. Please refer to our Form 10-Q for the quarter ended March 31, 2017 for further details.

New Insurance Written (NIW), Insurance in Force (IIF) and Premiums

The tables below show primary and pool NIW and IIF, by quarter, for the last six quarters.

Primary NIW Three months ended
March 31, December 31, September 30, June 30, March 31, December 31,
2017 2016 2016 2016 2016 2015
(In Millions)
Monthly $ 2,892 $ 3,904 $ 4,162 $ 3,700 $ 2,492 $ 2,029
Single 667 1,336 1,695 2,138 1,762 2,518
Primary $ 3,559 $ 5,240 $ 5,857 $ 5,838 $ 4,254 $ 4,547
Primary and pool IIF As of
March 31, December 31, September 30, June 30, March 31, December 31,
2017 2016 2016 2016 2016 2015
(In Millions)
Monthly $ 21,511 $ 19,205 $ 16,038 $ 12,529 $ 9,210 $ 6,958
Single 13,268 12,963 12,190 11,095 9,354 7,866
Primary 34,779 32,168 28,228 23,624 18,564 14,824
Pool 3,545 3,650 3,826 3,999 4,136 4,238
Total $ 38,324 $ 35,818 $ 32,054 $ 27,623 $ 22,700 $ 19,062

Portfolio Statistics

The table below shows primary portfolio trends, by quarter, for the last six quarters.

Primary portfolio trends As of and for the quarter ended
March 31, December 31, September 30, June 30, March 31, December 31,
2017 2016 2016 2016 2016 2015
($ Values In Millions)
New insurance written $ 3,559 $ 5,240 $ 5,857 $ 5,838 $ 4,254 $ 4,547
New risk written 868 1,244 1,415 1,411 1,016 1,105
Insurance in force (1) 34,779 32,168 28,228 23,624 18,564 14,824
Risk in force (1) 8,444 7,790 6,847 5,721 4,487 3,586
Policies in force (count) (1) 145,632 134,662 119,002 100,547 79,700 63,948
Weighted-average coverage (2) 24.3 % 24.2 % 24.3 % 24.2 % 24.2 % 24.2 %
Loans in default (count) 207 179 115 79 55 36
Percentage of loans in default 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 %
Risk in force on defaulted loans $ 12 $ 10 $ 6 $ 4 $ 3 $ 2
Average premium yield (3) 0.40 % 0.44 % 0.48 % 0.47 % 0.45 % 0.49 %
Earnings from cancellations $ 2.5 $ 5.1 $ 5.8 $ 3.5 $ 2.3 $ 1.4
Annual persistency (4) 81.3 % 80.7 % 81.8 % 83.3 % 82.7 % 79.6 %
Quarterly persistency (5) 88.2 % 81.6 % 78.8 % 83.2 % 86.1 % 87.8 %
(1) Reported as of the end of the period.
(2) End of period risk in force (RIF) divided by IIF.
(3) Average premium yield is calculated by dividing net primary and pool premiums earned, net of reinsurance, by average gross IIF for the period, annualized.
(4) Defined as the percentage of IIF that remains on our books after any 12-month period.
(5) Defined as the percentage of IIF that remains on our books after any 3-month period, annualized.

The tables below reflect our total primary NIW by FICO, loan-to-value (LTV), and purchase/refinance mix.

Primary NIW by FICO Three months ended
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
> = 760 $ 1,683 $ 2,566 $ 2,283
740-759 551 846 712
720-739 456 647 473
700-719 396 560 411
680-699 264 375 245
< =679 209 246 130
Total $ 3,559 $ 5,240 $ 4,254
Primary NIW by LTV Three months ended
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
95.01% and above $ 274 $ 355 $ 209
90.01% to 95.00% 1,612 2,224 1,816
85.01% to 90.00% 1,101 1,580 1,420
85.00% and below 572 1,081 809
Total $ 3,559 $ 5,240 $ 4,254
Primary NIW by purchase/refinance mix Three months ended
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
Purchase $ 2,984 $ 3,776 $ 2,919
Refinance 575 1,464 1,335
Total $ 3,559 $ 5,240 $ 4,254

The tables below show the primary weighted average FICO and the weighted average LTV, by policy type, for NIW in the quarters presented.

Weighted Average FICO
March 31, 2017 December 31, 2016 March 31, 2016
Monthly 745 746 753
Single 764 764 759
Weighted Average LTV
March 31, 2017 December 31, 2016 March 31, 2016
Monthly 92 % 92 % 92 %
Single 91 90 91

The table below reflects a summary of our primary IIF and RIF by book year.

Primary IIF and RIF As of March 31, 2017
IIF RIF
(In Millions)
March 31, 2017 $ 3,544 $ 865
2016 19,774 4,756
2015 9,681 2,384
2014 1,735 428
2013 45 11
Total $ 34,779 $ 8,444

The tables below reflect our total primary IIF and RIF by FICO, average loan size, LTV, and loan type.

Primary IIF by FICO As of
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
> = 760 $ 17,408 $ 16,166 $ 9,146
740-759 5,658 5,248 3,045
720-739 4,460 4,130 2,515
700-719 3,533 3,245 1,877
680-699 2,336 2,151 1,305
< =679 1,384 1,228 676
Total $ 34,779 $ 32,168 $ 18,564
Primary RIF by FICO As of
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
> = 760 $ 4,253 $ 3,934 $ 2,206
740-759 1,383 1,281 747
720-739 1,081 1,000 614
700-719 851 782 453
680-699 556 511 312
< =679 320 282 155
Total $ 8,444 $ 7,790 $ 4,487
Primary Average Loan Size by FICO As of
March 31, 2017 December 31, 2016 March 31, 2016
(In Thousands)
> = 760 $ 250 $ 250 $ 247
740-759 241 241 237
720-739 235 235 232
700-719 233 233 229
680-699 224 224 220
< =679 210 210 206
Primary IIF by LTV As of
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
95.01% and above $ 1,931 $ 1,686 $ 699
90.01% to 95.00% 15,601 14,358 8,220
85.01% to 90.00% 11,058 10,282 6,326
85.00% and below 6,189 5,842 3,319
Total $ 34,779 $ 32,168 $ 18,564
Primary RIF by LTV As of
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
95.01% and above $ 533 $ 467 $ 196
90.01% to 95.00% 4,585 4,226 2,423
85.01% to 90.00% 2,626 2,439 1,498
85.00% and below 700 658 370
Total $ 8,444 $ 7,790 $ 4,487
Primary RIF by Loan Type As of
March 31, 2017 December 31, 2016 March 31, 2016
Fixed 99% 99% 98%
Adjustable rate mortgages:
Less than five years - - -
Five years and longer 1 1 2
Total 100% 100% 100%

As of March 31, 2017 and March 31, 2016, 100% of each of our pool IIF and RIF was comprised of insurance on fixed rate mortgages.

The table below reflects a summary of the change in total primary IIF for the following periods.

Primary IIF Three months ended
March 31, 2017 December 31, 2016 March 31, 2016
(In Millions)
IIF, beginning of period $ 32,168 $ 28,228 $ 14,824
NIW 3,559 5,240 4,254
Cancellations and other reductions (948 ) (1,300 ) (514 )
IIF, end of period $ 34,779 $ 32,168 $ 18,564

Geographic Dispersion

The following table shows the distribution by state of our primary RIF.

Top 10 primary RIF by state As of
March 31, 2017 December 31, 2016 March 31, 2016
California 13.8 % 13.6 % 13.2 %
Texas 7.2 7.0 6.8
Virginia 6.3 6.5 5.8
Florida 4.4 4.5 5.3
Arizona 4.1 3.9 3.8
Colorado 3.9 3.9 4.1
Maryland 3.7 3.7 3.1
Michigan 3.7 3.7 4.3
Utah 3.6 3.7 3.6
Pennsylvania 3.6 3.6 3.6
Total 54.3 % 54.1 % 53.6 %

The following table shows portfolio data by origination year.

As of March 31, 2017


Origination year
Original
Insurance
Written
Remaining
Insurance in
Force		 %
Remaining
of Original
Insurance
Policies
Ever in
Force
Number of
Policies in
Force
Number
of Loans
in Default
# of
Claims
Paid		 Incurred
Loss Ratio
(Inception to
Date)(1)

Cumulative
default rate(2)
($ Values in Millions)
2013 $ 162 $ 45 28 % 655 224 - 1 0.2 % 0.2 %
2014 3,451 1,735 50 % 14,786 8,527 47 5 2.7 % 0.4 %
2015 12,422 9,681 78 % 52,548 43,414 114 9 2.5 % 0.2 %
2016 21,188 19,774 93 % 83,628 79,595 46 - 0.9 % 0.1 %
2017 $ 3,559 $ 3,544 100 % 13,926 13,872 - - - % - %
Total $ 40,782 $ 34,779 165,543 145,632 207 15
(1) The ratio of losses incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
(2) The sum of claims paid ever to date and notices of default as of the end of the period divided by policies ever in force.

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:

For the three months ended
March 31, 2017 March 31, 2016
(In Thousands)
Beginning balance $ 3,001 $ 679
Less reinsurance recoverables (1) (297 ) -
Beginning balance, net of reinsurance recoverables 2,704 679
Add claims incurred:
Claims and claim expenses incurred:
Current year (2) 955 553
Prior years (3) (320 ) (95 )
Total claims and claims expenses incurred 635 458
Less claims paid:
Claims and claim expenses paid:
Current year (2) - -
Prior years (3) 142 -
Total claims and claim expenses paid 142 -
Reserve at end of period, net of reinsurance recoverables 3,197 1,137
Add reinsurance recoverables (1) 564 -
Balance, March 31 $ 3,761 $ 1,137
(1) Related to ceded losses recoverable on our 2016 quota-share reinsurance transaction. To date, ceded losses have been immaterial.
(2) Related to defaults occurring in the current year.
(3) Related to defaults occurring in prior years.

The following table provides a reconciliation of the beginning and ending count of loans in default.

For the three months ended
March 31, 2017 March 31, 2016
Beginning default inventory 179 36
Plus: new defaults 124 39
Less: cures (92 ) (20 )
Less: claims paid (4 ) -
Ending default inventory 207 55

The following tables provide details of our claims and reserves.

For the three months ended
March 31, 2017 March 31, 2016
($ Values In Thousands)
Number of claims paid 4 -
Total amount paid for claims $ 42 $ -
Average amount paid per claim $ 35 $ -
Severity 88 % -
 %
Average reserve per default: As of March 31, 2017 As of March 31, 2016
(In Thousands)
Case $ 16 $ 19
IBNR 2 2
Total $ 18 $ 21

The following table provides a comparison of the PMIERs financial requirements as reported by National MI.

As of
March 31, 2017 December 31, 2016 March 31, 2016
(In thousands)
Available Assets $ 466,982 $ 453,523 $ 434,138
Net Risk-Based Required Assets 398,859 366,584 302,852
Asset charge % (1) 6.14 % 6.15 % 6.12 %
(1) Asset charge represents the risk based required asset amount as defined in the PMIERs, divided by the outstanding RIF on performing primary loans.

Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
(510) 788-8417

Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203) 513-2721
MaryMcGarity@StrategicVantage.com

Source: NMI Holdings, Inc.

News Provided by Acquire Media

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

NMI Holdings Inc. published this content on 20 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2021 11:33:10 UTC.