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Article for NMI Holdings
NMI Holdings, Inc. (NASDAQ:NMIH) today reported results for the first quarter ended Mar. 31, 2016. In the first quarter, monthly premium new insurance written (NIW) was $2.5 billion, up 23% over $2.0 billion in the prior quarter and up 170% compared with the first quarter of 2015.
The company reported a net loss for the first quarter of $3.9 million, or $0.07 per share, which compares with a net loss of $4.8 million, or $0.08 per share, in the prior quarter and a net loss of $7.8 million, or $0.13 per share, in the first quarter of 2015. In the first quarter, total revenue was $22.2 million, which compares with $18.9 million in the prior quarter and $9.1 million in the first quarter of 2015.
Bradley Shuster, chairman and CEO of National MI, said, “National MI delivered another excellent quarter, achieving total NIW of $4.3 billion, up more than 150% over the first quarter of 2015. Importantly, in the first quarter we grew monthly product by 23% over the prior quarter. This was on top of the 28% sequential increase achieved in the fourth quarter of 2015. Primary insurance-in-force grew 25% to $18.6 billion, driving record levels of earned premiums. We continue to expect GAAP profitability in the second half of 2016 and thereafter to demonstrate the growing earnings leverage this business produces as we scale into our largely fixed expense base. In addition, we currently are negotiating reinsurance relationships that we believe will provide substantial capital credit while allowing for continued growth in net premiums and the generation of internal capital. We expect that reinsurance will become a permanent part of our capital structure and will allow us to defer indefinitely an equity capital raise.”
— Total NIW of $4.3 billion in the first quarter compares with total NIW
of $4.5 billion in the prior quarter and total NIW of $1.7 billion in
the first quarter of 2015.
— Monthly premium NIW was $2.5 billion, an increase of 23% over $2.0
billion in the prior quarter and an increase of 170% over the first
quarter of 2015. Single premium NIW of $1.8 billion was down 30% from
the prior quarter and up 128% compared with the same quarter a year ago.
— Premiums earned for the quarter were $19.8 million, up from $16.9
million in the prior quarter and $6.9 million in the same quarter a year
ago.
— Investment income in the first quarter was $3.2 million, up from $2.1
million in the prior quarter and $1.6 million in the first quarter of
2015.
— Total underwriting and operating expenses in the first quarter were
$22.7 million, including share-based compensation expense of $1.4
million. This compares with total underwriting and operating expenses of
$21.7 million, including $2.3 million of share-based compensation, in
the prior quarter, and $18.4 million, including $2.0 million of share-
based compensation, in the same quarter a year ago.
— As of the end of the first quarter, the company had approved master
policies in place with 1,023 customers, up from 964 as of the end of the
prior quarter, and up from 777 as of the end of the first quarter of
2015. Customers delivering NIW in the quarter grew to a new high of 469,
which compares with 427 in the prior quarter and 291 in the same quarter
a year ago. On an ever-to-date basis, customers delivering NIW grew to
594.
— As of Mar. 31, 2016, the company had primary insurance-in-force of $18.6
billion, which compares with $14.8 billion at the prior quarter end and
$4.8 billion as of Mar. 31, 2015. Pool insurance-in-force as of the end
of the first quarter was $4.1 billion, which compares with $4.2 billion
at the prior quarter-end and $4.6 billion as of Mar. 31, 2015.
— At quarter-end, cash and investments were $630 million, including $84
million at the holding company, and book equity was $410 million, equal
to $6.94 per share. This book value excludes any benefit attributable to
the company’s deferred tax asset of approximately $66 million as of Dec.
31, 2015.
— At quarter-end, the company had total PMIERs available assets of $434
million and based on its current risk- in-force was required to maintain
PMIERs assets of $303 million.
Outlook
— The company currently expects to write in the range of $19- $20 billion
of new insurance in 2016.
— To support this growth, the company expects in 2016 to execute
reinsurance arrangements that would defer indefinitely the need for
additional equity capital.
— The company currently expects to achieve GAAP profitability in the
second half of 2016. This outlook includes the impact of expected NIW
growth, growth in volume-related expenses, and reinsurance.
Source – NMIH Press Release
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
Broad Street Alerts was previously compensated eighteen thousand five hundred dollars by star media llc for the mention of FNJN however, that contract has expired.
