NMI Holdings Inc

Good day and thank you for standing by. Welcome to the NMI Holdings, Inc. first quarter 2022 earnings conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require assistance during the conference, please press star zero. I would like to hand the conference over to our speaker today, Mr. John Swinton with management.

Thanks, Andrea. Good afternoon and welcome to the 2022 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 Schuster, Executive Chairman, Adam Politzer, President and Chief Executive Officer, Ravi Malela, Chief Financial Officer, and Julie Norberg, our Chief Accounting Officer. Financial results for the quarter were released after the close today. The press release may be 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. 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 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 provided a reconciliation of these measures to the most comparable measures under GAAP. Now I'll turn the call over to Brad.

Thank you, John, and good afternoon, everyone. I'm pleased to report that in the first quarter, National MI again delivered strong operating performance, significant growth in our insured portfolio, and record financial results. We also reached an important milestone with April marking National MI's 10-year anniversary. We founded the company in 2012 with a goal to provide a differentiated commitment and standard of service, and a clear vision as to how we should engage in the market to drive value for borrowers, our lender customers, our employees, our shareholders, and other important stakeholders. From the beginning, we focused on building National MI in a sustainable, risk-responsible manner. positioning our business to support our customers and their borrowers and deliver for shareholders across all market cycles. And we have had tremendous success over the past 10 years. We have helped over 1.4 million borrowers gain access to mortgage credit and opened the door to affordable and sustainable homeownership in communities across the country. We have established a national customer franchise with a foundation of partnership, trust, and innovation. We have built a talented, dedicated team and established a culture of collaboration, integrity, and performance where our employees feel energized and valued. Our success over the past 10 years traces directly to their hard work and dedication. We have developed a comprehensive credit risk management framework spanning individual risk underwriting, granular risk selection and pricing through rate GPS, and the comprehensive use of reinsurance to ensure our performance across all market cycles. We have built a large, high-quality, and high-performing insured portfolio with significant embedded value. with our outperformance through the stress of the COVID pandemic highlighting the unique strength and positioning of our book. And we have delivered consistently strong financial results for our shareholders, achieving a unique combination of both high growth and high returns. Looking forward, I believe National MI is well-positioned to continue to lead with impact, innovation, and success. We expect that we will continue to build franchise value by delivering important solutions for our customers and their borrowers. That will continue to build embedded value by growing our insured portfolio with discipline and a balanced focus on risk and return. And that will continue to build value for our shareholders, delivering strong growth, consistent returns through the cycle, and compound growth in book value per share. With that, let me turn it over to Adam.