NMI Holdings, Inc. (NASDAQ:NMIH) Q1 2018 Earnings Conference Call - Preliminary Transcript
May 01, 2018 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the NMI Holdings First Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Later, we'll conduct a question-and-answer session and instructions will follow at that time. As a reminder, today's conference may be recorded. I'd now like to introduce your host for today's conference, Mr. John Swenson of Management. Sir, please go ahead.
Thank you. Good afternoon and welcome to the 2018 first quarter conference call for National MI. I'm John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Shuster, Chairman and CEO; Claudia Merkle, Chief Operating Officer, Adam Pollitzer, our Chief Financial Officer; and Julie Norberg, our Controller.
Financial results for the quarter were released after the close of the market today. The press release may be accessed on NMI's website located at www.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.
If, and to the extent, the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in the light of subsequent events. Further, no interested party 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 in today's press release and on our website, we have provided a reconciliation of certain non-GAAP measures used on this call to the most comparable measures under GAAP. Now to our conference call. Brad will open with an overview of the quarter, Claudia will provide an update on the customer development and the market environment and then Adam will discuss the financial results in detail.
After some closing remarks from Brad, we will take your questions. With that, let me turn the call over to Brad Shuster.
Thank you, John. And good afternoon, everyone. In the first quarter of 2018 it was another record quarter for National MI as we achieved new highs across every key metric we used to measure success. We wrote $6.5 billion of new, high quality mortgage insurance up 82% over the first quarter of 2017. Primary insurance and force of more than $53 billion was up 10% sequentially over the fourth quarter of 2017 and up 54% over the first quarter of last year.
We continued to deliver the fastest rate of growth of insurance and force in the industry. Net premiums earned were a record $55 million, up 10% sequentially and 65% over the first quarter of last year. Our top line growth continues to drive record bottom line results. Adjusted net income was a $22 million or $0.34 per