Mortgage insurance specialist NMI Holdings has reported net income of $75.4 million during the second quarter of 2022, up from $67.7 million for the same period last year.
President and CEO Adam Pollitzer described the results as “resoundingly strong” and highlighted the positive impact of new business production and expense discipline on the Q2 performance.
NMI’s primary insurance-in-force at quarter end was $168.6 billion, up 6% from $158.9 billion in the first quarter and 23% compared to $136.6 billion in the second quarter of 2021
Net premiums earned were similarly up 4% to $120.9 million, while underwriting and operating expenses were down 7% to $30.7 million.
Insurance claims and claim expenses was a benefit of $3.0 million, compared to a benefit of $0.6 million in the first quarter and an expense of $4.6 million in the second quarter of 2021
Meanwhile, annualized return on equity for the quarter was 19.7% and annualized adjusted return on equity was 19.4%
“We delivered resoundingly strong results in the second quarter, with significant new business production and increasing persistency driving growth in our high-quality insured portfolio, and favorable credit performance and expense discipline driving record profitability and strong returns,” said Pollitzer, who took over as head of the company last year.
“We have long been successful managing National MI with discipline and a focus on through-the-cycle performance, and are taking steps to further insulate our business from the impact of any economic volatility that may emerge,” he continued. “Looking forward, we’re well positioned to continue to serve our customers and their borrowers, drive growth in our high-quality insured portfolio and deliver strong performance for our shareholders.”
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