NMI Holdings (NMIH) Misses Q2 EPS by 1c, Beats on Revenues

NMI Holdings (NASDAQ: NMIH) reported Q2 EPS of $0.10, $0.01 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $42.2 million versus the consensus estimate of $38.24 million.

• As of June 30, 2017, the company had primary insurance-in-force of $38.6 billion, up 11% from $34.8 billion at the prior quarter end and up 64% over $23.6 billion as of June 30, 2016.
• Premiums earned for the quarter were $37.9 million, including $3.8 million attributable to cancellation of single premium policies, which compares with $33.2 million, including $2.5 million related to cancellations, in the prior quarter. Premiums earned in the second quarter of 2017 were up 46% over premium revenue of $26.0 million in the same quarter a year ago, which included $3.5 million related to cancellations.
• NIW mix was 81% monthly premium product, which compares with 81% in the prior quarter and 63% in the second quarter of 2016.
• Total underwriting and operating expenses in the second quarter were $28.0 million and include approximately $3.1 million of transaction costs related to the previously disclosed ILN issuance. This compares with total underwriting and operating expenses of $26.0 million, including financing-related transaction costs of $1.6 million in the prior quarter, and $23.2 million in the same quarter a year ago.
• Claims expense for the quarter was $1.4 million, resulting in a loss ratio of 3.6%.
• At quarter-end, cash and investments were $694 million, including $57 million at the holding company, and book equity was $495 million, equal to $8.27 per share.
• At quarter-end, the company had total PMIERs available assets of $485 million, which compares with risk- based required assets under PMIERs of $298 million.

For earnings history and earnings-related data on NMI Holdings (NMIH) click here.

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