NMI Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Announces Additional $250 Million Share Repurchase Authorization

Core Insights - NMI Holdings, Inc. reported a net income of $86.2 million for Q4 2024, a decrease from$ 92.8 million in Q3 2024 but an increase from $83.4 million in Q4 2023 [1][6] - For the full year 2024, net income was$ 360.1 million, up from $322.1 million in 2023, with adjusted net income at$ 365.6 million compared to $322.1 million in the previous year [2][24] - The company announced a$ 250 million share repurchase plan effective through December 31, 2027, indicating confidence in its financial position [3][4] Financial Performance - Q4 2024 highlights include: - Primary insurance-in-force reached $210.2 billion, up 1% quarter-over-quarter and 7% year-over-year [5][6] - New Insurance Written (NIW) was$ 11.9 billion, down 2% from Q3 2024 but up 34% from Q4 2023 [5][6] - Net premiums earned were $143.5 million, a slight increase from$ 143.3 million in Q3 2024 and an 8% increase from $132.9 million in Q4 2023 [5][6] - Total revenue for Q4 2024 was$ 166.5 million, compared to $166.1 million in Q3 2024 and$ 151.4 million in Q4 2023 [6][24] - Insurance claims and claim expenses rose to $17.3 million, significantly higher than$ 10.3 million in Q3 2024 and $8.2 million in Q4 2023, resulting in a loss ratio of 12.0% [6][7] Shareholder Value - The company reported a book value per share of$ 28.21, up 4% from $28.71 in Q3 2024 and 17% from$ 25.54 in Q4 2023 [6][7] - The annualized return on equity for Q4 2024 was 15.6%, down from 17.5% in Q3 2024 and 18.0% in Q4 2023 [6][7] - Shareholders' equity at the end of Q4 2024 was $2.2 billion, reflecting a strong capital position [6][24]