NMI (NMIH) Q4 2024 earnings summary

Executive summary

• Delivered record operating and financial results in Q4 2024, with strong growth in insured portfolio and profitability.

• Reported Q4 2024 net income of $86.2M ($1.07/diluted share), up year-over-year; full-year net income reached $360.1M ($4.43/diluted share), up from $322.1M in 2023.

• Achieved industry-leading credit performance and continued innovation in capital and reinsurance markets.

• Board authorized an additional $250M share repurchase plan through 2027.

• Recognized for strong corporate culture and customer franchise, with 118 new lenders activated and over 1,600 active accounts.

Financial highlights

• Q4 2024 total revenue reached a record $166.5 million; adjusted net income was $86.1 million ($1.07 per diluted share).

• Full-year 2024 adjusted net income was $365.6 million, up 13% year-over-year; adjusted EPS was $4.50, up 17%.

• Net premiums earned in Q4 were $143.5 million, up from $132.9 million in Q4 2023.

• Book value per share at year-end was $29.80 excluding unrealized gains/losses, up 17% year-over-year.

• Insurance claims and claim expenses rose to $17.3M (loss ratio 12.0%), up from $8.2M (6.2%) in Q4 2023.

Outlook and guidance

• Expect continued strength in the private MI market in 2025, supported by resilient macro and housing environments.

• Anticipate stable MI pricing and ongoing opportunity for disciplined growth.

• Management expects to continue delivering differentiated growth, returns, and value, supported by a robust balance sheet and risk transfer solutions.

• Plan to maintain consistent capital return via share repurchases, with flexibility to be opportunistic.