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Nmi Holdings, Inc. (NMIH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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NMIH Annual Reports

Nmi Holdings, Inc.

CIK: 1547903 Ticker: NMIH
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NMI Holdings, Inc. Reports Fourth Quarter and Full Year 2021 Financial Results;
Announces $125 Million Share Repurchase Authorization
EMERYVILLE, Calif., Feb. 15, 2022 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $60.5 million, or $0.69 per diluted share, for the fourth quarter ended December 31, 2021, which compares to $60.2 million, or $0.69 per diluted share, in the third quarter ended September 30, 2021 and $48.3 million, or $0.56 per diluted share, in the fourth quarter ended December 31, 2020.
Adjusted net income for the quarter was $63.5 million or $0.73 per diluted share, which compares to $61.8 million or $0.71 per diluted share in the third quarter ended September 30, 2021 and $50.8 million or $0.59 per diluted share in the fourth quarter ended December 31, 2020.

Net income for the full year ended December 31, 2021 was $231.1 million or $2.65 per diluted share, which compares to $171.6 million, or $2.13 per diluted share, for the year ended December 31, 2020. Adjusted net income for the year was $236.8 million or $2.73 per diluted share, which compares to $173.6 million, or $2.19 per diluted share, for the year ended December 31, 2020. The non-GAAP financial measures adjusted net income, adjusted diluted earnings per share and adjusted return on equity are presented in this release to enhance the comparability of financial results between periods. See "Use of Non-GAAP Financial Measures" and our reconciliation of such measures to their most comparable GAAP measures, below.

The company also announced today that its Board of Directors has authorized a $125 million share repurchase plan effective through December 31, 2023.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, “The fourth quarter capped a year of standout success for National MI. In 2021, we delivered record NIW volume, grew our high-quality insured portfolio, and achieved record profitability and consistently strong mid-teen returns. We ended the year with a robust funding position and are pleased to announce our $125 million debut share repurchase program. We are excited to progress along our capital roadmap and provide investors with the ability to directly access value as we continue to perform, grow our earnings and compound book value. National MI is leading with impact; helping a record number of borrowers gain access to housing and providing them support as they build long-term value and community. Looking forward, we see a compelling opportunity to continue to support borrowers in need, drive strong growth in our high-quality insurance in-force and deliver strong risk-adjusted returns.”

Selected fourth quarter 2021 highlights include:

New insurance written was $18.3 billion, compared to $18.1 billion in the third quarter and $19.8 billion in the fourth quarter of 2020, primarily reflecting a decline in refinancing origination volume year-on-year

Primary insurance-in-force at quarter-end was $152.3 billion, up 6% from $143.6 billion in the third quarter and 37% compared to $111.3 billion in the fourth quarter of 2020

Net premiums earned were $113.9 million, compared to $113.6 million in the third quarter and $100.7 million in the fourth quarter of 2020

Underwriting and operating expenses were $38.8 million, including $2.5 million of costs incurred in connection with our CEO transition and $1.5 million of capital market transaction costs, compared to $34.7 million in the third quarter and $35.0 million in the fourth quarter of 2020

1

The following information was filed by Nmi Holdings, Inc. (NMIH) on Tuesday, February 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Nmi Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Nmi Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Operations And Comprehensive Income (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Payment Due Under Operating Leases (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Right-Of-Use Asset And Lease Liability Assumptions (Details)
Common Stock
Common Stock - Narrative (Details)
Debt
Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Assets And Liabilities At Fair Value (Details)
Fair Value Of Financial Instruments - Narrative (Details)
Fair Value Of Financial Instruments - Rollfoward Of Level 3 Liabilities (Details)
Fair Value Of Financial Instruments - Valuation Assumptions For Warrant Liabilities (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Deferred Tax Asset And Liabilities (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Details)
Intangible Assets And Goodwill (Tables)
Investments
Investments (Tables)
Investments - Aging Of Unrealized Losses (Details)
Investments - Corporate Debt Securities By Industry Group (Details)
Investments - Fair Values And Gross Unrealized Gains And Losses (Details)
Investments - Narrative (Details)
Investments - Net Investment Income (Details)
Investments - Net Realized Investments Gains (Losses) (Details)
Investments - Scheduled Maturities (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Regulatory Information
Regulatory Information (Tables)
Regulatory Information - Narrative (Details)
Regulatory Information - Schedule Of Combined Statutory Net Loss, Statutory Surplus, Contingency Reserve And Rtc Ratios (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Amounts Ceded Related To Qsr Transactions (Details)
Reinsurance - Effect Of Reinsurance Agreements On Premiums Written And Earned (Details)
Reinsurance - Iln Transactions (Details)
Reinsurance - Narrative (Details)
Reserve For Insurance Claims And Claim Expenses
Reserves For Insurance Claims And Claim Expenses (Tables)
Reserves For Insurance Claims And Claim Expenses - Average Annual Percentage Payout Of Incurred Claims By Age, Net Of Reinsurance (Details)
Reserves For Insurance Claims And Claim Expenses - Claim Development By Accident Year And Reconciliation Of Reserve For Insurance Claims And Claims Expense (Details)
Reserves For Insurance Claims And Claim Expenses - Narrative (Details)
Reserves For Insurance Claims And Claim Expenses - Reconciliation Of Disclosure Of Incurred And Paid Claims Development To The Liability For Unpaid Claims And Claims Adjustment Expenses (Details)
Reserves For Insurance Claims And Claim Expenses - Reconciliation Of Reserve Balances For Insurance Claims And Claim Expense (Details)
Schedule I - Summary Of Investments - Other Than Investments In Related Parties
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Balance Sheets - Parent Company Only (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Balance Sheets Additional Information - Parent Company Only (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Statement Of Operations - Parent Company Only (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Statement Of Operations Additional Information - Parent Company Only (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Statements Of Cash Flows - Parent Company Only (Details)
Schedule Ii - Financial Information Of Registrant- Parent Company Only - Supplemental Notes - Parent Company Only (Details)
Schedule Iv - Financial Information Of Registrant Reinsurance
Schedule Iv - Financial Information Of Registrant Reinsurance (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Restricted Stock Units Activity (Details)
Share-Based Compensation - Stock Option Activity (Details)
Share-Based Compensation - Stock Option Valuation Assumptions (Details)
Software And Equipment
Software And Equipment (Tables)
Software And Equipment - Narrative (Details)
Software And Equipment - Net Balances (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Accounting Principles
Summary Of Accounting Principles (Details)
Summary Of Accounting Principles (Policies)
Warrants
Warrants (Details)
Ticker: NMIH
CIK: 1547903
Form Type: 10-K Annual Report
Accession Number: 0001547903-22-000060
Submitted to the SEC: Tue Feb 15 2022 9:45:31 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Surety Insurance

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