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NMI Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net premiums earned of $143.3 million, up from $130.1 million in the same quarter the previous year. This increase is attributed to growth in monthly insurance-in-force and a decline in premiums ceded under reinsurance arrangements.
Net investment income for the quarter was $22.5 million, compared to $17.9 million in the previous year, driven by an increase in the book yield of the investment portfolio.
Insurance claims and claim expenses were reported at $10.3 million for the quarter, compared to $4.8 million in the previous year, primarily due to new defaults and increased reserves on existing defaults.
Underwriting and operating expenses increased to $29.2 million from $27.7 million, reflecting higher employee compensation costs and changes in deferred policy acquisition cost amortization.
Net income for the quarter was $92.8 million, up from $84.0 million in the previous year. The increase was driven by higher revenues, partially offset by increased expenses.
Cash provided by operating activities was $357.8 million for the nine months ended September 30, 2024, compared to $312.6 million in the previous year, reflecting higher net premium receipts and investment income.
Total cash and investments were $2.8 billion as of September 30, 2024, up from $2.5 billion at the end of 2023, due to positive cash flow from operations and changes in the unrealized loss position of the investment portfolio.
The company's risk-based required assets under PMIERs were $1.7 billion, with available assets of $3.0 billion, indicating compliance with regulatory requirements.
NMI Holdings repurchased 2.1 million shares during the nine months ended September 30, 2024, with $108.1 million remaining under its share repurchase program.
The company continues to monitor macroeconomic factors such as inflation and interest rates, which could impact future business performance and claims experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NMI Holdings Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.