NMI Holdings, Inc. Files Q3 2024 10-Q Report

TL;DR

NMI Holdings Q3 2024 10-Q is in. Financials look solid.

AI Summary

NMI Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company, which operates in the surety insurance sector. Key financial data and operational updates are presented for the reporting period.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of NMI Holdings, Inc., crucial for understanding the company's health and future prospects in the surety insurance market.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• NMI Holdings, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the report
• SURETY INSURANCE [6351] (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 NMIH Nasdaq Indicate by check mark w

Filing Documents

• nmih-20240930.htm (10-Q) — 1812KB
• ex311q32024.htm (EX-31.1) — 10KB
• ex312q32024.htm (EX-31.2) — 10KB
• ex321q32024.htm (EX-32.1) — 7KB
• 0001547903-24-000159.txt ( ) — 7321KB
• nmih-20240930.xsd (EX-101.SCH) — 46KB
• nmih-20240930_cal.xml (EX-101.CAL) — 79KB
• nmih-20240930_def.xml (EX-101.DEF) — 201KB
• nmih-20240930_lab.xml (EX-101.LAB) — 483KB
• nmih-20240930_pre.xml (EX-101.PRE) — 337KB
• nmih-20240930_htm.xml (XML) — 1110KB

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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52 PART II 53

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54

Exhibits

Item 6. Exhibits 55

Signatures

Signatures 58 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 September 30, 2024 (Unaudited) and December 31, 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, June 30, and September 30, 2024 and 2023 (Unaudited) 8 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 5 NMI HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2024 December 31, 2023 Assets (In Thousands, except for share data) Fixed maturities, available-for-sale, at fair value (amortized cost of $ 2,806,886 and $ 2,542,862 as of September 30, 2024 and December 31, 2023, respectively) $ 2,708,286 $ 2,371,021 Cash and cash equivalents (including restricted cash of $ 88 and $ 1,338 as of September 30, 2024 and December 31, 2023, respectively) 133,319 96,689 Premiums receivable 78,454 76,456 Accrued investment income 21,634 19,785 Deferred policy acquisition costs, net 63,803 62,905 Software and equipment, net 27,251 30,252 Intangible assets and goodwill 3,634 3,634 Reinsurance recoverable 29,214 27,514 Prepaid federal income taxes 235,286 235,286 Other assets 19,244 16,965 Total assets $ 3,320,125 $ 2,940,507 Liabilities Debt $ 414,694 $ 397,595 Unearned premiums 71,592 92,295 Accounts payable and accrued expenses 110,968 86,189 Reserve for insurance claims and claim expenses 135,520 123,974 Deferred tax liability, net 380,879 301,573 Other liabilities (1) 11,286 12,877 Total liabilities 1,124,939 1,014,503 Commitments and contingencies Shareholders' equity Common stock - $ 0.01 par value; 87,901,225 shares issued and 79,320,863 shares outstandin