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NMI Holdings Inc (NMIH+0.11%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details NMI Holdings' operations, which involve providing private mortgage insurance through its subsidiaries. The company reported $46.0 billion in new insurance written (NIW) for 2024, an increase from $40.5 billion in 2023. As of December 31, 2024, the company had $210.2 billion in insurance-in-force (IIF).
Net premiums earned for 2024 were $564.7 million, compared to $510.8 million in 2023. The increase was driven by growth in monthly insurance-in-force and premium receipts.
Net investment income rose to $85.3 million in 2024 from $67.5 million in 2023, reflecting an increase in the book yield of the investment portfolio.
Insurance claims and claim expenses incurred were $31.5 million in 2024, up from $22.6 million in 2023. The increase was attributed to a rise in the number of newly defaulted loans and changes in reserve estimates.
NMI Holdings reported net income of $360.1 million for 2024, compared to $322.1 million in 2023. The increase was primarily due to higher net premiums earned and investment income.
The company’s total assets as of December 31, 2024, were $3.3 billion, up from $2.9 billion at the end of 2023. Total liabilities were $1.1 billion, and shareholders' equity was $2.2 billion.
NMI Holdings highlighted that its insurance subsidiary, NMIC, is subject to compliance with the Private Mortgage Insurer Eligibility Requirements (PMIERs) set by the GSEs. As of December 31, 2024, NMIC's available assets were $3.1 billion, exceeding the required minimum of $1.8 billion.
The company continues to focus on expanding its customer base and growing its insured portfolio by maintaining strong customer relationships and disciplined risk management practices.
NMI Holdings also noted that it does not currently pay dividends on its common stock and may not do so in the future.
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 annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.