NMI Holdings, Inc. (NASDAQ:NMIH) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET

Company Participants

John Swenson - Investor Relations

Brad Shuster - Executive Chairman

Adam Pollitzer - President and Chief Executive Officer

Ravi Mallela - Chief Financial Officer

Nick Realmuto - Controller

Conference Call Participants

Mark DeVries - Barclays

Rick Shane - JPMorgan

Doug Harter - Credit Suisse

Bose George - KBW

Mark Hughes - Truist

Geoffrey Dunn - Dowling & Partners

Operator

Hello and welcome to the NMI Holdings, Inc. Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to John Swenson. Please go ahead, John.

John Swenson

Thank you. Good afternoon and welcome to the 2022 third quarter conference call for National MI. I am John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Shuster, Executive Chairman; Adam Pollitzer, President and Chief Executive Officer; Ravi Mallela, Chief Financial Officer; and Nick Realmuto, our Controller. Financial results for the quarter were released after the close today. The press release maybe accessed on NMI’s website located at nationalmi.com under the Investors tab.

During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results or trends to differ materially from those discussed on the call can be found on our website or through our regulatory filings with the SEC. And to the extent the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments. Further, no one should rely on the fact that the guidance of such statements is current at any time other than the time of this call. Also note that on this call, we refer to certain non-GAAP measures. In today’s press release and on our website, we’ve provided a reconciliation of these measures to the most comparable measures under GAAP.

Now, I will turn the call over to Brad.

Brad Shuster

Thank you, John and good afternoon everyone. We had a terrific third quarter with strong operating performance, significant growth in our insured portfolio and record financial results. Through the course of today’s call, we’ll share with you the details behind our numbers and the implications for the periods ahead. I’d like to focus, however, on the macroeconomic environment. I’ve been in this business for almost 30 years. I have seen a number of economic cycles over that time. And importantly, I’ve seen how the mortgage insurance industry overall, and National MI specifically, have learned from and been transformed by past experience. We do see a growing set of macro headwinds. However, we do not expect the economy or housing market to deteriorate as they did during the financial crisis.