NMI Holdings, Inc. (NASDAQ:NMIH) Q4 2022 Earnings Conference Call February 14, 2023 5:00 PM ET Company Participants John Swenson ??? Vice President-Investor Relations and Treasury Brad Shuster ??? Executive Chairman Adam Pollitzer ??? President and Chief Executive Officer Ravi Mallela ??? Chief Financial Officer Conference Call Participants Mark DeVries ??? Barclays Bose George ??? KBW Rick Shane ??? JPMorgan Mark Hughes ??? Truist Arren Cyganovich ??? Citi Geoffrey Dunn ??? Dowling & Partners Operator Good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36174 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 (State or other jurisdiction of i ...

NM HOLDINGS, INC. ■ INVESTOR DAY 2022 2022 Investor Day ▪ Welcome to NMI Holdings, Inc. – 2022 Investor Day ▪ Today's presentation is being delivered in person in New York City and simulcast on the web at https://nmiholdingsinvestorday.gcs-web.com/ ▪ For those joining remotely, presentation materials have been made available online alongside the webcast and on our website at https://ir.nationalmi.com/events-and-presentations ▪ We will host a Q&A session following today's formal presentations and our webcast ...

Financial Data and Key Metrics Changes - The company reported record net income of $76.8 million or $0.90 per diluted share, with a return on equity of 20.1% for the quarter [12][21][26] - The primary insurance-in-force grew to $179.2 billion, up 6% from the end of the second quarter and 25% compared to the third quarter of 2021 [21][26] - Net premiums earned were $118.3 million, a slight decrease from $120.9 million in the second quarter [22] - The expense ratio reached a record low of 22.9%, down from 25.4% in the previous quarter [60] Business Line Data and Key Metrics Changes - The company generated $17.2 billion of new insurance written (NIW) volume in the third quarter [11][21] - The 12-month persistency in the primary portfolio improved to 80.1%, compared to 76% in the second quarter [21] Market Data and Key Metrics Changes - Mortgage rates are at a 20-year high, impacting affordability for prospective buyers and leading to a reevaluation of planned moves by existing homeowners [13] - House prices have begun to trend down sequentially from their pandemic peaks, indicating new tensions in buyer-seller negotiations [13] Company Strategy and Development Direction - The company is focused on maintaining a durable, risk-responsible approach, with a comprehensive credit risk management framework [9] - The company has secured comprehensive reinsurance protection for nearly the entirety of its insured portfolio, enhancing its ability to perform across market cycles [9][16] - The company is proactively adjusting policy pricing and managing its mix of new business by risk cohort and geography in response to evolving risks [15][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges growing macroeconomic headwinds but does not expect a deterioration similar to the financial crisis [6] - The company is confident in its ability to navigate through potential stress periods due to its strong credit profiles and embedded equity in homes [7][9] - Management expects unemployment to rise and an increasing number of households to face stress in the event of a recession [13] Other Important Information - The company repurchased $21 million of its common stock, retiring 1 million shares at an average price of $20.94 [27] - Total cash and investments were reported at $2.1 billion, with a significant portion available for future needs [26][30] Q&A Session Summary Question: Are competitors also increasing pricing in response to changing risks? - Management confirmed that there is a broad discipline across the market, with rates hardening as macro volatility increases [36] Question: What is the impact of recent pricing changes on the enterprise pricing framework? - Management noted that the elimination of upfront fees for lower-income borrowers could lead to a significant market impact, with an estimated 15% of current FHA and VA volume potentially migrating to the conforming market [38] Question: How do you approach lifetime losses and pricing adjustments? - Management stated that pricing adjustments are necessary to cover anticipated loss costs, emphasizing the importance of maintaining rate adequacy [41][43] Question: What are the reserving expectations for new defaults? - Management indicated that credit trends remain strong, with default rates declining and cure rates holding constant [50][51] Question: How do you view the impact of unemployment on the existing book? - Management expressed confidence in the existing portfolio's equity buffer, suggesting that a rise in unemployment alone may not significantly impact claims experience [72][74]

Financial Performance - Total revenues for the three months ended September 30, 2022, increased to $130,577 thousand, up from $124,041 thousand in the same period of 2021, representing a growth of 4.1%[21] - Net premiums earned for the nine months ended September 30, 2022, rose to $355,682 thousand, compared to $330,361 thousand for the same period in 2021, reflecting a year-over-year increase of 7.7%[21] - Net income for the three months ended September 30, 2022, was $76,838 thousand, an increase of 27.5% from $60,193 thousand in the prior year[21] - Earnings per share (EPS) for the three months ended September 30, 2022, were $0.91 (basic) and $0.90 (diluted), compared to $0.70 and $0.69, respectively, for the same period in 2021[21] - Net income for the nine months ended September 30, 2022, was $219,962,000, an increase of 28.9% compared to $170,606,000 for the same period in 2021[28] Assets and Liabilities - Total assets as of September 30, 2022, were $2,403,843 thousand, a decrease from $2,450,581 thousand as of December 31, 2021[19] - Total liabilities decreased to $877,977 thousand as of September 30, 2022, from $884,795 thousand as of December 31, 2021[19] - Shareholders' equity as of September 30, 2022, was $1,525,866 thousand, down from $1,565,786 thousand at the end of 2021[19] - The company’s cash and cash equivalents increased to $125,812 thousand as of September 30, 2022, from $76,646 thousand as of December 31, 2021[19] Investment Performance - Net investment income for the three months ended September 30, 2022, was $11.9 million, compared to $9.8 million for the same period in 2021, representing a 21.5% increase[51] - The total unrealized investment gains/losses for the period included a net tax benefit of $11,997,000, resulting in a loss of $45,133,000[25] - The investment portfolio had gross unrealized losses of $275.2 million, with $173.4 million associated with securities in an unrealized loss position for twelve months or longer[46] - The amortized cost of total investments as of September 30, 2022, was $2,248.7 million, with a fair value of $1,973.9 million, indicating a significant decline in market value[42] Reinsurance and Risk Management - NMIC ceded aggregate premiums to the Oaktown Re Vehicles of $10.7 million and $31.8 million during the three and nine months ended September 30, 2022, respectively[74] - As of September 30, 2022, NMIC's first layer aggregate retained loss exposure under the 2022-1 and 2022-2 XOL Transactions was $133.4 million and $78.9 million, respectively[83] - The outstanding reinsurance coverage amount provided under the 2022-1 and 2022-2 XOL Transactions was $284.0 million and $152.3 million, respectively[83] - NMIC did not cede any incurred losses on covered policies under the XOL Transactions during the three and nine months ended September 30, 2022[84] Claims and Defaults - The default rate for primary insured loans was 0.71% as of September 30, 2022, compared to 1.56% as of September 30, 2021[105] - The company had 4,096 loans in default as of September 30, 2022, a decrease from 7,670 loans in default as of September 30, 2021[105] - The total claims and claim expenses incurred for the nine months ended September 30, 2022, were $(7.0) million, compared to $12.8 million for the same period in 2021[109] - The ending reserve balance for claims and claim expenses as of September 30, 2022, was $94,944 million, a decrease from $104,604 million in the previous year[206] Strategic Initiatives - The company plans to continue focusing on enhancing its underwriting and operational efficiencies to drive future growth[21] - The company’s strategy focuses on expanding its customer base and growing its insured portfolio of high-quality residential loans through long-term relationships and disciplined risk selection[141] - The company introduced a proprietary risk-based pricing platform, Rate GPS, in June 2018, which enhances its ability to evaluate and price risk, contributing to a high-quality mortgage insurance portfolio[148] - The company aims to maintain a strong and credible counter-party status while delivering high-quality customer service and transparent claim payment practices[141] Market Conditions - The company remains cautious about the potential impact of COVID-19 on the mortgage insurance market and its business performance[34] - The impact of COVID-19 on the housing market and mortgage insurance industry has begun to recede, but ongoing macroeconomic factors may still affect future performance[145]

NMI Holdings, Inc. (NASDAQ:NMIH) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants John Swenson - VP, IR and Treasury Adam Pollitzer - President and CEO Brad Shuster - Executive Chairman Ravi Mallela - CFO Julie Norberg - Chief Accounting Officer Conference Call Participants Mark Devries - Barclays John Kilichowski - Credit Suisse Rick Shane - JPMorgan Bose George - KBW Mark Hughes - Truist Ryan Gilbert - BTIG Bill Dezellem - Tieton Capital Geoffrey Dunn - Dowling Partners Oper ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 NMI Holdings, Inc. FORM 10-Q (Exact name of registrant as specified in its charter) (Mark One) Delaware 45-4914248 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 2100 Powell Str ...

Financial Data and Key Metrics Changes - The company reported record GAAP net income of $67.7 million or $0.77 per diluted share, and record adjusted net income of $67.5 million also $0.77 per diluted share [11][19] - GAAP return on equity for the quarter was 17.5% and adjusted ROE was 17.4% [12] - Net premiums earned were a record $116.5 million, up from $113.9 million in the previous quarter [20][22] - The expense ratio was a record low of 28.3% for the quarter, and the adjusted expense ratio was a record low of 28% [22] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) volume, including $13.4 billion of purchase volume [19] - Primary insurance-in-force grew to $158.9 billion, up 4% from the end of the fourth quarter and up 28% compared to the first quarter of 2021 [19][20] - The 12-month persistency ratio improved to 71.5% at March 31, from 63.8% at year-end [15][20] Market Data and Key Metrics Changes - The mortgage insurance market environment remains constructive despite increased macroeconomic uncertainties [12][13] - The average 30-year fixed-rate mortgage is now 5.4%, which is well above the weighted average note rate in the in-force portfolio [15] - The company anticipates some degree of pullback in total industry NIW this year, but expects the MI market will remain large by historical standards [14] Company Strategy and Development Direction - The company aims to build franchise value by delivering solutions for customers and borrowers while growing the insured portfolio with a balanced focus on risk and return [10] - The company has established a comprehensive credit risk management framework and has built a high-quality insured portfolio [9][17] - The focus remains on innovation in risk transfer markets and maintaining a strong balance sheet with a robust funding position [18][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that despite macroeconomic headwinds, the job market remains healthy, consumer balance sheets are strong, and house prices continue to appreciate [16] - The company expects to continue delivering strong growth, consistent returns, and compound growth in book value per share [30] - Management noted that rising interest rates and accelerated house price appreciation will remain dominant themes through the remainder of the year [29] Other Important Information - The company repurchased $5 million of common stock and has $120 million of repurchase capacity remaining under the program announced in February [24][48] - An excess of loss reinsurance agreement of $290 million was completed, providing additional risk protection [25][26] Q&A Session Summary Question: Pricing stability amid macro uncertainties - Management indicated that pricing remains stable and balanced, with some adjustments made for higher-risk business [32] Question: Impact of COVID on expense ratio and operating leverage - Management explained that operating leverage is achieved through disciplined expense management and improved persistency [34] Question: Managing risk during competitive periods - Management emphasized the importance of utilizing established risk management strategies during uncertain times [40] Question: Trends in the ILN market - Management noted that better execution was found in the excess of loss market compared to the ILN market [44] Question: Purchase origination market outlook - Management expects a larger overall purchase market compared to last year, driven by demographic trends and affordability challenges [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-36174 2100 Powell St ...

NMI Holdings, Inc. (NASDAQ:NMIH) Q4 2021 Earnings Conference Call February 15, 2022 5:00 PM ET Company Participants John Swenson - Vice President, Investor Relations and Treasury Brad Shuster - Executive Chairman Adam Pollitzer - President and Chief Executive Officer Ravi Mallela - Chief Financial Officer Julie Norberg - Controller and Chief Accounting Officer Conference Call Participants Mark DeVries - Barclays Rick Shane - JPMorgan Doug Harter - Credit Suisse Bose George - KBW Cullen Johnson - B. Riley Se ...