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NationalMi NMI Holdings , Inc. Reports First Quarter 2021 Financial Results May 4 , 2021 EMERYVILLE , Calif . , May 04 , 2021 ( GLOBE NEWSWIRE ) -- NMI Holdings , Inc. ( Nasdaq : NMIH ) today reported net income of $ 52.9 million , or $ 0.61 per diluted share , for the first quarter ended March 31 , 2021 , which compares to $ 48.3 million , or $ 0.56 per diluted share , in the fourth quarter ended December 31 , 2020 and $ 58.3 million , or $ 0.74 per diluted share , in the first quarter ended March 31 , 2020. Adjusted net income for the quarter was $ 53.4 million , or $ 0.62 per diluted share , which compares to $ 50.8 million , or $ 0.59 per diluted share , in the fourth quarter ended December 31 , 2020 and $ 52.7 million , or $ 0.75 per diluted share , in the first quarter ended March 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 . Claudia Merkle , CEO of National MI , said , " We achieved record NIW volume , significant growth in our insured portfolio and strong financial performance in the first quarter . We helped more borrowers than ever before gain access to housing and continued to differentiate with our lender customers . Our credit performance remained favorable and we are increasingly optimistic as the stress of the COVID pandemic has begun to recede , the outlook for the economy has improved sharply and the housing market continues to strengthen . " Selected first quarter 2021 highlights include : • New insurance written was $ 26.4 billion , up 33 % compared to $ 19.8 billion in the fourth quarter and 134 % compared to $ 11.3 billion in the first quarter of 2020 • Primary insurance - in - force at quarter end was $ 123.8 billion , up 11 % from $ 111.3 billion at the end of the fourth quarter and 26 % compared to the first quarter of 2020 • Net premiums earned were $ 105.9 million , up 5 % compared to $ 100.7 million in the fourth quarter and 7 % compared to $ 98.7 million in the first quarter of 2020 • Underwriting and operating expenses were $ 34.1 million , including $ 378 thousand of capital market transaction costs , compared to $ 35.0 million in the fourth quarter and $ 32.3 million in the first quarter of 2020 • Insurance claims and claim expenses were $ 5.0 million , compared to $ 3.5 million in the fourth quarter and $ 5.7 million in the first quarter of 2020 • At quarter - end , cash and investments were $ 1.9 billion and shareholders ' equity was $ 1.4 billion , equal to $ 16.13 per share • Annualized return on equity for the quarter was 15.4 % and annualized adjusted return on equity was 15.5 % • At quarter - end , the company reported total PMIERS available assets of $ 1.8 billion and net risk - based required assets of $ 1.3 billion Concurrent with the release of first quarter earnings , the company has filed a Form 8 - K that includes selected operating statistics for the month ended April 30 , 2021. Investors may access the Form 8 - K on the company's website , www.nationalmi.com , in the " Investor Relations " section . INSURANCE METRICS ( $ billions ) Primary Insurance - in - Force New Insurance Written - NIW Monthly premium Single premium Total Quarter Ended 3/31/2021 Quarter Quarter Ended Ended 12/31/2020 3/31/2020 Change ( 1 ) Q / Q Change ( 1 ) Y / Y $ 123.8 $ 111.3 $ 98.5 11 % 26 % 23.8 17.8 10.5 34 % 127 % 2.6 26.4 2.0 0.8 32 % 215 % 19.8 11.3 33 % 134 % FINANCIAL HIGHLIGHTS ( $ millions , except per share amounts ) Net Premiums Earned $ 105.9 $ 100.7 $ 98.7 5 % 7 % Insurance Claims and Claim Expenses 5.0 3.5 5.7 40 % ( 13 ) % Underwriting and Operating Expenses 34.1 35.0 32.3 ( 3 ) % 6 % Net Income 52.9 48.3 58.3 10 % ( 9 ) %