NMI Holdings, Inc. (NMIH) reported new insurance written (NIW) of $46.0 billion for the year ended December 31, 2024, a 14% increase compared to the $40.4 billion in NIW for 2023. The increase was attributed to growth in the company's customer base and market penetration, including the activation of 118 new lenders. As of December 31, 2024, NMIH had issued master policies with 2,086 customers and had $210.2 billion of primary insurance-in-force (IIF) and $56.1 billion of primary risk-in-force (RIF). The company employed 230 full-time and part-time employees at year-end.
Net premiums earned increased by 11% to $564.7 million in 2024 compared to $510.8 million in 2023, primarily driven by growth in monthly IIF and monthly premium receipts. Net investment income also rose sequentially each year, reaching $85.3 million in 2024, primarily due to higher book yields and growth in the invested asset base. Net income for 2024 was $360.1 million, up from $322.1 million in 2023. The company's loss ratio was 5.6% in 2024, and its expense ratio was 21%.
Significant developments during the year included the termination of reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd. in July and December 2024, respectively. The company also entered into new quota share and excess-of-loss reinsurance treaties in October 2024, covering production in 2025, 2026, and 2027. In January 2025, NMIH terminated its engagement with one reinsurer under several quota share transactions, resulting in the recapture of approximately $100 million of previously ceded primary RIF. The company also repurchased 2.8 million shares of common stock during 2024 at a total cost of $97.7 million.
The company's investment portfolio, valued at $2.7 billion as of December 31, 2024, consisted primarily of investment-grade fixed maturity securities. The portfolio had gross unrealized losses of $158.6 million at year-end, primarily due to fluctuations in interest rates. NMIH's debt totaled approximately $415.1 million at December 31, 2024, following the issuance of $425 million in senior unsecured notes in May 2024. The company's credit ratings were "A-" by Fitch Ratings and S&P, and "A3" by Moody's.
NMIH's outlook is subject to various risks, including competition, changes in GSE practices, regulatory changes, macroeconomic conditions, and cybersecurity threats. The company noted the uncertainty surrounding the future role of the GSEs and the potential impact of ongoing implementation of Basel IV regulations. The company also highlighted the potential for increased losses due to unforeseen risks and the inherent uncertainties in estimating claims reserves. The Board of Directors authorized a new $250 million share repurchase program in February 2025, extending existing programs through December 31, 2027.
About NMI Holdings, Inc.
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