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NationalMi NMI Holdings , Inc. Reports Second Quarter 2021 Financial Results August 3 , 2021 EMERYVILLE , Calif . , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) -- NMI Holdings , Inc. ( Nasdaq : NMIH ) today reported net income of $ 57.5 million , or $ 0.65 per diluted share , for the second quarter ended June 30 , 2021 , which compares to $ 52.9 million , or $ 0.61 per diluted share , in the first quarter ended March 31 , 2021 and $ 26.8 million , or $ 0.36 per diluted share , in the second quarter ended June 30 , 2020. Adjusted net income for the quarter was $ 58.1 million , or $ 0.67 per diluted share , which compares to $ 53.4 million , or $ 0.62 per diluted share , in the first quarter ended March 31 , 2021 and $ 29.7 million , or $ 0.40 per diluted share , in the second quarter ended June 30 , 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 delivered strong operating performance , significant growth in our high - quality insured portfolio and record financial results in the second quarter . Our credit performance continued to trend in a favorable direction , and we remain optimistic about the broad strength of the economic recovery and resiliency of the housing market . We believe we are well positioned to continue to win with customers , drive disciplined growth in our insurance in - force , deliver strong returns and consistently compound book value going forward . " Selected second quarter 2021 highlights include : • Primary insurance - in - force at quarter end was $ 136.6 billion , up 10 % from $ 123.8 billion in the first quarter and 38 % compared to $ 98.9 billion in the second quarter of 2020 • Net premiums earned were $ 110.9 million , up 5 % compared to $ 105.9 million in the first quarter and 12 % compared to $ 98.9 million in the second quarter of 2020 • Underwriting and operating expenses were $ 34.7 million , including $ 1.6 million of capital market transaction costs , compared to $ 34.1 million in the first quarter and $ 30.4 million in the second quarter of 2020 • Insurance claims and claim expenses were $ 4.6 million , compared to $ 5.0 million in the first quarter and $ 34.3 million in the second quarter of 2020 • Shareholders ' equity was $ 1.5 billion at quarter end , equal to $ 17.03 per share , up 6 % compared to $ 16.13 per share in the first quarter and 15 % compared to $ 14.82 per share in the second quarter of 2020 • Annualized return on equity for the quarter was 16.2 % and annualized adjusted return on equity was 16.4 % • At quarter - end , total PMIERs available assets were $ 1.9 billion and net risk - based required assets were $ 1.2 billion INSURANCE METRICS ( $ billions ) Primary Insurance - in - Force New Insurance Written - NIW Monthly premium Single premium Total ( 2 ) Quarter Ended Quarter Ended Quarter Ended 6/30/2021 3/31/2021 6/30/2020 $ 136.6 $ 123.8 $ 98.9 Change ( 1 ) Change ( 1 ) Q / Q Y / Y 10 % 38 % 19.4 23.8 11.9 ( 18 ) % 63 % 3.3 2.6 1.2 26 % 169 % 22.8 26.4 13.1 ( 14 ) % 73 % FINANCIAL HIGHLIGHTS ( $ millions , except per share amounts ) Net Premiums Earned Insurance Claims and Claim Expenses Underwriting and Operating Expenses Net Income Adjusted Net Income Cash and Investments Shareholders ' Equity Book Value per Share Loss Ratio Expense Ratio $ 110.9 $ 105.9 $ 98.9 5 % 12 % 4.6 5.0 34.3 ( 6 ) % ( 86 ) % 34.7 34.1 30.4 2 % 14 % 57.5 52.9 26.8 9 % 114 % 58.1 53.4 29.7 9 % 96 % 2,062 1,947 1,855 6 % 11 % 1,460 1,380 1,257 6 % 16 % 17.03 16.13 14.82 6 % 15 % 4.2 % 4.7 % 34.7 % 31.3 % 32.2 % 30.7 %