National MI Delivers Standout Operating Performance, Sets Record for Primary Insurance in Force
National MI, a leading mortgage insurance company, has announced its outstanding operating performance for the fourth quarter of 2024. The company delivered broad success in customer development, continued innovation in the capital and reinsurance markets, and achieved industry-leading credit performance.
In a press conference call on February 25, National MI's executives shared the highlights of their recent quarterly performance. The company closed the year with $46 billion of total New Issue Written (NIW) volume and a record $210.2 billion of high-quality primary insurance in force, capping a year of tremendous success.
According to Adam Pollitzer, President and Chief Executive Officer, National MI continued to perform significantly well in the fourth quarter, delivering consistent growth in their insured portfolio and strong financial results. The company generated $11.9 billion of NIW volume and ended the period with a record $210.2 billion of high-quality primary insurance in force.
Total revenue in the fourth quarter reached a record $166.5 million, and adjusted net income was $86.1 million or $1.07 per diluted share. The company also achieved an impressive 15.6% adjusted return on equity. As Adam Pollitzer noted, National MI had a "terrific quarter" and closed 2024 in a position of real strength.
The year 2024 was marked by record performance for National MI, with the company generating $46 billion of NIW volume during the year and exiting with $210.2 billion of high-quality primary insurance in force. The company's adjusted net income reached $365.6 million, up 13% compared to 2023, while record adjusted earnings per share (EPS) of $4.50 were achieved, representing a 17% increase from the previous year.
Brad Shuster, Executive Chairman of National MI, emphasized the company's focus on building value for their shareholders through continued growth in earnings, compounding book value, and delivering strong mid-teens returns. As he noted, the mortgage market is evolving, and National MI will continue to stand out with its customer service, value-added engagement, technology leadership, and comprehensive credit risk management framework.
With the new administration taking office, National MI looks forward to working with them to advance their important housing goals. The company has never been stronger or better positioned to provide support than it is today. As Brad Shuster noted, there is bipartisan recognition of the unique and valuable role that the private mortgage insurance industry plays in expanding access to homeownership while placing private capital in front of taxpayers.
