NMI Holdings (NMIH) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $5.49 million, or $ 0.09 a share in the quarter, against a net loss of $3.91 million, or $0.07 a share in the last year period.
Revenue during the quarter surged 67.02 percent to $37.05 million from $22.18 million in the previous year period. Net premium earned for the quarter jumped 67.74 percent or $13.42 million to $33.22 million.
Total expenses move upOperating income for the quarter was $6.94 million, compared with an operating loss of $4.58 million in the previous year period. Net investment income was at $3.81 million for the quarter, up 17.83 percent or $0.58 million from year-ago period. The company has booked a loss on investments of $0.06 million in the quarter compared with a loss of $0.88 million for the previous year period.
Bradley Shuster, chairman and chief executive officer of National MI, said, "We had another great quarter at National MI, achieving new records in the important metrics of insurance in force, premiums earned, master policies and customers generating NIW. Also, subsequent to the end of the quarter, we executed an Insurance-Linked Notes transaction that enhances National MI’s financial strength by providing a layer of protection against adverse losses, while at the same time providing expected additional writing capacity under PMIERs of approximately $200 million. Our estimated after-tax cost of this coverage and capital relief is approximately three percent."
Total assets increased 22.77 percent or $155.85 million to $840.16 million on Mar. 31, 2017. On the other hand, total liabilities were at $356.25 million as on Mar. 31, 2017.
Return on assets was at 1.07 percent in the quarter against a negative 0.04 percent in the last year period. Return on equity was at 1.13 percent in the quarter against a negative 0.95 percent in the last year period.
Investments stood at $658.64 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.58 percent in the quarter.
Total debt was at $144.01 million as on Mar. 31, 2017. Shareholders equity stood at $483.91 million as on Mar. 31, 2017, up 18.01 percent or $73.85 million from year-ago. As a result, debt to equity ratio was at 0.30 percent in the quarter.
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