NMI Holdings Inc

Good day, and welcome to the NMI Holdings, Inc. First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to John Swenson. Please go ahead.

Thank you. Good afternoon and welcome to the 2023 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 Pollitzer, President and Chief Executive Officer, Ravi Malela, Chief Financial Officer, and Nick Villamuto, our Controller. National 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 may 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'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, continued growth in our insured portfolio, and standout financial results, and has started the year with tremendous momentum. We generated 8.7 billion of NAW volumes and ended the quarter with a record 186.7 billion of high-quality, high-performing primary insurance and force. We achieved broad success in customer development, continued to innovate in the reinsurance market, and once again delivered industry-leading credit performance. All in, we generated $74.5 million of gap net income and delivered a 17.9% return on equity in the first quarter. At a time when turbulence across the banking sector has raised concerns about the availability of credit and capital, we think the strength of our performance and the broader stability and resiliency of the private mortgage insurance industry stand out. From day one, we have focused on building National MI in a durable and sustainable manner, with discipline and risk responsibility at the core. We're proud to have provided uninterrupted support to over 1.6 million borrowers to date, helping to open the door to affordable and sustainable home ownership in communities across the country. while at the same time providing coverage and counterparty strength to protect against the impact of stress and the risk of loss in the housing finance system. We believe there is broad recognition in Washington of the value that National MI and the broader private mortgage insurance industry provide in this regard. Working to consistently expand access to home ownership and all the benefits it provides, while also placing private capital in front of the taxpayer to ensure the safety and soundness of the conventional mortgage market. Overall, we had a terrific first quarter and are well-positioned to continue to lead with impact and drive value for our people, our customers and their borrowers, and our shareholders. With that, let me turn it over to Adam.