NMI Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NMI Holdings, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

NMI Holdings, Inc. (NMIH) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. NMI Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. NMI Holdings, Inc. is in the Surety Insurance industry (SIC 6351). The company's principal executive offices are located in Emeryville, CA.

Why It Matters

For investors and stakeholders tracking NMI Holdings, Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's operational status and make informed investment decisions.

Risk Assessment

Risk Level: low — NMI Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine report for publicly traded companies and does not contain unusual or high-risk information.

Analyst Insight

Monitor future 10-Q filings for trends in NMI Holdings, Inc.'s financial performance and operational metrics.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-01 — Filed As Of Date (Quarterly filing)
• 1231 — Fiscal Year End (Company data)
• 6351 — Standard Industrial Classification (Company data)

Key Players & Entities

• NMI Holdings, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• Emeryville, CA (location) — Business address
• 6351 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

NMI Holdings, Inc. operates within the surety insurance sector, a specialized area of the insurance industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information by public companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare Q1 2024 results with previous quarters and the same period last year.
3. Analyze any disclosed risk factors or forward-looking statements for potential impacts on the company.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 NMIH Nasdaq Indicate by check mark wh

Filing Documents

• nmih-20240331.htm (10-Q) — 1569KB
• a2014amendedandrestatedpla.htm (EX-10.8) — 164KB
• ex1031q12024.htm (EX-10.31) — 1070KB
• exhibit221q12024.htm (EX-22.1) — 3KB
• ex311q12024.htm (EX-31.1) — 10KB
• ex312q12024.htm (EX-31.2) — 10KB
• ex321q12024.htm (EX-32.1) — 7KB
• 0001547903-24-000103.txt (&nbsp;) — 8035KB
• nmih-20240331.xsd (EX-101.SCH) — 46KB
• nmih-20240331_cal.xml (EX-101.CAL) — 77KB
• nmih-20240331_def.xml (EX-101.DEF) — 180KB
• nmih-20240331_lab.xml (EX-101.LAB) — 464KB
• nmih-20240331_pre.xml (EX-101.PRE) — 321KB
• nmih-20240331_htm.xml (XML) — 988KB

Financial Statements

Item 1. Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 50 PART II 51

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53

Signatures

Signatures 56 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "perceive," "plan," "project," "continuing," "ongoing," "expect," "intend" or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy and financial needs. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially f

Financial Statements

Item 1. Financial Statements INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 8 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 5 NMI HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 Assets (In Thousands, except for share data) Fixed maturities, available-for-sale, at fair value (amortized cost of $ 2,577,990 and $ 2,542,862 as of March 31, 2024 and December 31, 2023, respectively) $ 2,393,525 $ 2,371,021 Cash and cash equivalents (including restricted cash of $ 1,137 and $ 1,338 as of March 31, 2024 and December 31, 2023, respectively) 139,726 96,689 Premiums receivable 75,362 76,456 Accrued investment income 19,860 19,785 Deferred policy acquisition costs, net 62,801 62,905 Software and equipment, net 30,308 30,252 Intangible assets and goodwill 3,634 3,634 Reinsurance recoverable 27,880 27,514 Prepaid federal income taxes 235,286 235,286 Other assets 17,730 16,965 Total assets $ 3,006,112 $ 2,940,507 Liabilities Debt $ 398,001 $ 397,595 Unearned premiums 85,784 92,295 Accounts payable and accrued expenses 81,831 86,189 Reserve for insurance claims and claim expenses 127,182 123,974 Deferred tax liability, net 322,651 301,573 Other liabilities (1) 12,282 12,877 Total liabilities 1,027,731 1,014,503 Commitments and contingencies Shareholders' equity Common stock - class A shares, $ 0.01 par value; 87,838,602 shares issued and 80,545,535 shares outstanding as of March 31, 2024 and 87,334,138 shar