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NationalMi NMI Holdings , Inc. Reports Third Quarter 2021 Financial Results November 2 , 2021 EMERYVILLE , Calif . , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) -- NMI Holdings , Inc. ( Nasdaq : NMIH ) today reported net income of $ 60.2 million , or $ 0.69 per diluted share , for the third quarter ended September 30 , 2021 , which compares to $ 57.5 million , or $ 0.65 per diluted share , in the second quarter ended June 30 , 2021 and $ 38.2 million , or $ 0.45 per diluted share , in the third quarter ended September 30 , 2020. Adjusted net income for the quarter was $ 61.8 million , or $ 0.71 per diluted share , which compares to $ 58.1 million , or $ 0.67 per diluted share , in the second quarter ended June 30 , 2021 and $ 40.4 million , or $ 0.47 per diluted share , in the third quarter ended September 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 third quarter . Our credit performance continued to trend in a favorable direction , and we remain optimistic about the broad strength of the economy and resiliency of the housing market . We are an organization that is leading with impact , and believe we are well positioned to continue to support borrowers in need of down payment assistance , drive disciplined growth in our insurance in - force and deliver strong risk - adjusted returns going forward . " Selected third quarter 2021 highlights include : • Primary insurance - in - force at quarter end was $ 143.6 billion , up 5 % from $ 136.6 billion in the second quarter and 37 % compared to $ 104.5 billion in the third quarter of 2020 • Net premiums earned were $ 113.6 million , up 2 % compared to $ 110.9 million in the second quarter and 15 % compared to $ 98.8 million in the third quarter of 2020 • Underwriting and operating expenses were $ 34.7 million , including $ 1.3 million of costs incurred in connection with our CEO transition and $ 0.5 million of capital market transaction costs , compared to $ 34.7 million in the second quarter and $ 34.0 million in the third quarter of 2020 • Insurance claims and claim expenses were $ 3.2 million , compared to $ 4.6 million in the second quarter and $ 15.7 million in the third quarter of 2020 • Shareholders ' equity was $ 1.5 billion at quarter end , equal to $ 17.68 per share , up 4 % compared to $ 17.03 per share in the second quarter and 15 % compared to $ 15.42 per share in the third quarter of 2020 • Annualized return on equity for the quarter was 16.2 % and annualized adjusted return on equity was 16.6 % • At quarter - end , total PMIERs available assets were $ 2.0 billion and net risk - based required assets were $ 1.4 billion Quarter Ended 9/30/2021 Quarter Ended 6/30/2021 Quarter Ended 9/30/2020 Change ( 1 ) Q / Q Change ( 1 ) Y / Y INSURANCE METRICS ( $ billions ) Primary Insurance - in - Force 143.6 136.6 104.5 5 % 37 % New Insurance Written - NIW Monthly premium 16.9 19.4 16.5 ( 13 ) % 2 % Single premium Total ( 2 ) 1.2 3.3 2.0 ( 63 ) % ( 38 ) % 18.1 22.8 18.5 ( 21 ) % ( 2 ) % FINANCIAL HIGHLIGHTS ( Unaudited , $ millions , except per share amounts ) Net Premiums Earned 113.6 110.9 98.8 Insurance Claims and Claim Expenses 3.2 4.6 15.7 2 % ( 31 ) % 15 % ( 80 ) % Underwriting and Operating Expenses 34.7 34.7 34.0 % 2 % Net Income 60.2 57.5 38.2 5 % 58 % Adjusted Net Income 61.8 58.1 40.4 6 % 53 % Cash and Investments 2,152 2,062 1,884 4 % 14 %