NMI Holdings Inc (NMIH) 2023 Q1 法說會逐字稿

Good day, and welcome to the NMI Holdings, Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 NMI Holdings, Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to John Swenson. Please go ahead.

我現在想把會議交給約翰·斯文森。請繼續。

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 Shuster, Executive Chairman; Adam Pollitzer, President and Chief Executive Officer; Ravi Mallela, Chief Financial Officer; and Nick Realmuto, our Controller.

謝謝。下午好，歡迎參加國家 MI 2023 年第一季度電話會議。我是約翰·斯文森 (John Swenson)，投資者關係和財務部副總裁。今天加入我們電話會議的有執行主席布拉德·舒斯特 (Brad Shuster)； Adam Pollitzer，總裁兼首席執行官；拉維·馬萊拉 (Ravi Mallela)，首席財務官；以及我們的財務總監 Nick Realmuto。

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.

該季度的財務業績於今天收盤後發布。該新聞稿可在 NMI 網站Nationalmi.com 的“投資者”選項卡下訪問。

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.

在這次電話會議期間，我們可能會就我們對未來的期望發表評論。實際結果可能與這些前瞻性陳述中包含的結果存在重大差異。有關可能導致實際結果或趨勢與電話會議中討論的結果或趨勢存在重大差異的因素的更多信息，可以在我們的網站或通過我們向 SEC 提交的監管文件中找到。如果公司做出前瞻性陳述，我們不承擔任何義務在未來根據後續發展更新這些陳述。此外，任何人都不應依賴這樣的事實：此類聲明的指導在本次電話會議之外的任何時間都是最新的。

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.

另請注意，在本次電話會議中，我們可能會參考某些非公認會計原則措施。在今天的新聞稿和我們的網站上，我們提供了這些衡量標準與公認會計準則下最可比衡量標準的調節表。

Now I'll turn the call over to Brad.

現在我將把電話轉給布拉德。

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.

謝謝約翰，大家下午好。我很高興地向大家報告，第一季度，National MI 再次實現了強勁的運營業績、保險組合的持續增長和出色的財務業績，並以巨大的勢頭開啟了新的一年。

We generated $8.7 billion of NIW volume and ended the quarter with a record $186.7 billion of high-quality, high-performing primary insurance-in-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 GAAP net income and delivered a 17.9% return on equity in the first quarter.

我們產生了 87 億美元的 NIW 金額，本季度結束時，高質量、高性能的有效主要保險金額達到創紀錄的 1,867 億美元。我們在客戶開發方面取得廣泛成功，在再保險市場持續創新，信用業績再次保持行業領先。總而言之，我們第一季度的 GAAP 淨利潤為 7,450 萬美元，股本回報率為 17.9%。

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 1, we have focused on building National MI in a durable and sustainable manner, with discipline and risk responsibility at the core.

在整個銀行業的動盪引發人們對信貸和資本可用性的擔憂之際，我們認為我們的業績實力以及私人抵押貸款保險行業更廣泛的穩定性和彈性脫穎而出。從第一天起，我們就專注於以持久和可持續的方式建設國家MI，以紀律和風險責任為核心。

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 homeownership 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 homeownership 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.

我們很自豪迄今為止已為超過 160 萬借款人提供不間斷的支持，幫助在全國各地的社區打開負擔得起且可持續的住房所有權的大門，同時提供覆蓋範圍和交易對手實力，以防止其影響住房金融體系的壓力和損失風險。我們相信，華盛頓廣泛認可國家 MI 和更廣泛的私人抵押貸款保險行業在這方面提供的價值，致力於不斷擴大獲得住房所有權及其提供的所有福利的機會，同時將私人資本置於納稅人面前確保傳統抵押貸款市場的安全和穩健。

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.

總體而言，我們第一季度的表現非常出色，並且處於有利位置，可以繼續為我們的員工、客戶及其借款人和股東帶來影響力和價值。

With that, let me turn it over to Adam.

那麼，讓我把它交給亞當。

Thank you, Brad, and good afternoon, everyone. National MI continued to outperform in the first quarter, delivering significant new business production, continued growth in our high-quality insured portfolio and standout financial success.

謝謝布拉德，大家下午好。國家保險在第一季度繼續表現出色，實現了顯著的新業務產出，高質量保險組合的持續增長以及出色的財務成功。

We generated $8.7 billion of NIW volume and ended the period with a record $186.7 billion of high-quality, high-performing insurance-in-force. Total revenue in the first quarter was a record $136.8 million, and we delivered GAAP net income of $74.5 million or $0.88 per diluted share and a 17.9% return on equity.

我們產生了 87 億美元的 NIW 金額，並以創紀錄的 1,867 億美元的優質、高性能有效保險結束了這一時期。第一季度的總收入達到創紀錄的 1.368 億美元，我們實現了 GAAP 淨利潤 7450 萬美元，即稀釋後每股收益 0.88 美元，股本回報率為 17.9%。

Overall, we had an exceptionally strong quarter and are confident as we look ahead. We have a talented and dedicated team driving us forward every day. Our lenders and their borrowers continue to rely on us for critical down payment support, providing us with an attractive and sustained new business opportunity. We have an exceptionally high-quality insured portfolio covered by a comprehensive set of risk transfer solutions, and our credit performance stands ahead. Our existing borrowers are well positioned to weather stress with strong credit profiles, significant embedded equity in their homes and most benefiting from having locked in record-low 30-year fixed rate mortgages with manageable debt service obligations.

總體而言，我們度過了一個異常強勁的季度，並且對未來充滿信心。我們擁有一支才華橫溢、敬業的團隊，每天都在推動我們前進。我們的貸方及其借款人繼續依賴我們提供關鍵的首付支持，為我們提供了有吸引力且持續的新商機。我們擁有極其優質的受保投資組合，涵蓋一整套風險轉移解決方案，並且我們的信用表現處於領先地位。我們現有的借款人擁有良好的信用狀況、房屋內含大量股權，並且受益於鎖定創紀錄低位的 30 年期固定利率抵押貸款和可管理的償債義務，因此能夠很好地應對壓力。

Persistency remains well above historical trend and has helped to drive continued growth in embedded value in our insured book, and we continue to manage our expenses and capital position with discipline and efficiency, building a robust balance sheet that is supported by the significant earnings power of our platform.

持續性仍遠高於歷史趨勢，有助於推動我們保險賬簿內含價值的持續增長，我們繼續以紀律和效率管理我們的費用和資本狀況，建立了穩健的資產負債表，並得到了強大盈利能力的支持。我們的平台。

We do, however, continue to see risk in the macro environment and housing market. Mortgage rates, despite a modest pullback over the past few months, continue to strain affordability for many prospective borrowers and weigh on origination activity. House prices have trended down from their peaks across most local markets, and recent turbulence in the banking sector further highlights the potential for future macroeconomic volatility. Against this backdrop, we remain proactive, doing even more from a pricing, risk selection and reinsurance standpoint as the macro environment has continued to evolve.

然而，我們確實繼續看到宏觀環境和房地產市場存在風險。儘管抵押貸款利率在過去幾個月略有回落，但仍繼續對許多潛在藉款人的承受能力造成壓力，並對發起活動造成壓力。大多數當地市場的房價已從峰值回落，而近期銀行業的動盪進一步凸顯了未來宏觀經濟波動的可能性。在此背景下，隨著宏觀環境的不斷變化，我們仍然保持積極主動，從定價、風險選擇和再保險的角度採取更多措施。

In the first quarter, we again increased policy pricing and made additional changes to further manage our mix of new business by risk cohort and geography. We also continue to innovate and find success in the risk transfer markets, entering into a new excess of loss reinsurance agreement during the period that provides incremental risk protection for policies originated in the fourth quarter of 2022 as well as those originated on a forward flow basis in the first and second quarters of 2023. The deal serves to further extend our credit risk transfer program and, with its success, approximately 99% of our insured portfolio is now covered by a comprehensive reinsurance solution.

在第一季度，我們再次提高了保單定價，並做出了額外的改變，以進一步按風險群體和地理位置管理我們的新業務組合。我們還繼續創新並在風險轉移市場取得成功，在此期間簽訂了新的超額損失再保險協議，為源自 2022 年第四季度的保單以及基於遠期流量的保單提供增量風險保護2023 年第一和第二季度。該交易進一步擴展了我們的信用風險轉移計劃，隨著其成功，我們約 99% 的保險投資組合現已覆蓋全面的再保險解決方案。

More broadly, we remain encouraged by the discipline that we see across the private MI market. Underwriting standards remain rigorous and pricing continues to ladder higher in view of potential macro risks.

更廣泛地說，我們仍然對整個私人 MI 市場的紀律感到鼓舞。鑑於潛在的宏觀風險，承保標準依然嚴格，定價繼續走高。

Overall, we had a terrific quarter, delivering strong operating performance, continued growth in our insured portfolio and standout financial results. Looking ahead, we're well positioned to continue to serve our customers and their borrowers, invest in our employees and their success and deliver through-the-cycle growth, returns and value for our shareholders.

總體而言，我們度過了一個出色的季度，實現了強勁的運營業績、保險投資組合的持續增長和出色的財務業績。展望未來，我們有能力繼續為我們的客戶及其借款人提供服務，投資於我們的員工及其成功，並為我們的股東帶來整個週期的增長、回報和價值。

With that, I'll turn it over to Ravi.

有了這個，我會把它交給拉維。

Thank you, Adam. We delivered standout financial results in the first quarter with significant new business production, continued growth in our high-quality insured portfolio, strong top line performance, favorable credit experience, record expense efficiency and strong bottom line profitability and returns.

謝謝你，亞當。我們在第一季度取得了出色的財務業績，新業務產量顯著，高質量的保險組合持續增長，強勁的營收表現，良好的信貸體驗，創紀錄的費用效率以及強勁的盈利能力和回報。

Total revenue in the first quarter was $136.8 million, GAAP net income was $74.5 million or $0.88 per diluted share, and our return on equity was 17.9%. We generated $8.7 billion of NIW, and our primary insurance-in-force grew to $186.7 million, up 1.5% from the end of the fourth quarter and up 17.5% compared to the first quarter of 2022.

第一季度的總收入為 1.368 億美元，GAAP 淨利潤為 7450 萬美元，即稀釋後每股收益 0.88 美元，股本回報率為 17.9%。我們產生了 87 億美元的國家利益豁免，我們的有效主要保險增至 1.867 億美元，比第四季度末增長 1.5%，比 2022 年第一季度增長 17.5%。

12-month persistency in our primary portfolio improved again, reaching 85.1% compared to 83.5% in the fourth quarter. Persistency continues to serve as an important driver of the growth in embedded value of our insured portfolio.

我們的主要投資組合的 12 個月持續性再次提高，達到 85.1%，而第四季度為 83.5%。持續性繼續成為我們保險投資組合內含價值增長的重要驅動力。

Net premiums earned in the first quarter were $121.8 million compared to $119.6 million in the fourth quarter. We earned $1.4 million from the cancellation of single premium policies in the first quarter compared to $1.5 million in the fourth quarter.

第一季度淨保費收入為 1.218 億美元，而第四季度為 1.196 億美元。第一季度我們通過取消躉繳保費保單賺取了 140 萬美元，而第四季度為 150 萬美元。

Net yield for the quarter was 26 basis points, and core yield, which excludes the cost of our reinsurance coverage and the contribution from cancellation earnings, was 34 basis points, both unchanged from the fourth quarter.

該季度的淨收益率為 26 個基點，核心收益率（不包括再保險成本和取消收益的貢獻）為 34 個基點，均與第四季度持平。

Investment income was $14.9 million in the first quarter compared to $13.3 million in the fourth quarter. We saw continued acceleration in investment income during the quarter as we deployed new cash flows and reinvested rolling maturities at favorable new money rates.

第一季度的投資收入為 1,490 萬美元，而第四季度的投資收入為 1,330 萬美元。由於我們部署了新的現金流並以有利的新貨幣利率對滾動期限進行再投資，我們看到本季度投資收入持續加速。

Underwriting and operating expenses were $25.8 million in the first quarter compared to $26.7 million in the fourth quarter. Our expense ratio was a record-low 21.2%, highlighting the significant operating leverage embedded in our business and the success we have achieved in efficiently managing our cost base as we have scaled our insured portfolio.

第一季度的承保和運營費用為 2580 萬美元，而第四季度為 2670 萬美元。我們的費用比率為 21.2%，創下歷史新低，凸顯了我們業務中蘊藏的巨大運營槓桿，以及我們在擴大保險投資組合的同時，在有效管理成本基礎方面取得的成功。

We had 4,475 defaults in our primary portfolio at March 31 compared to 4,449 at December 31. And our default rate held constant at 75 basis points quarter-on-quarter.

截至 3 月 31 日，我們的主要投資組合中有 4,475 筆違約，而 12 月 31 日為 4,449 筆。我們的違約率環比穩定在 75 個基點。

Claims expense in the first quarter was $6.7 million compared to $3.4 million in the fourth quarter. Cure activity remains strong, and we again released a portion of the reserves we've previously established for potential claims outcomes in our COVID default population. At the same time, we continue to take a conservative stance when setting reserves across our remaining default population, generally increasing the reserves we established for both new and existing defaults in light of the evolving risk environment.

第一季度的索賠費用為 670 萬美元，而第四季度的索賠費用為 340 萬美元。治療活動依然強勁，我們再次釋放了之前為新冠違約人群的潛在索賠結果建立的部分儲備金。與此同時，我們在為剩餘違約群體設定準備金時繼續採取保守立場，根據不斷變化的風險環境，總體上增加了為新違約和現有違約建立的準備金。

Interest expense in the quarter was $8 million. Net income was $74.5 million or $0.88 per diluted share compared to $0.86 per diluted share in the fourth quarter and $0.77 per diluted share in the first quarter of 2022.

本季度利息支出為 800 萬美元。淨利潤為 7450 萬美元，即稀釋後每股收益 0.88 美元，而 2022 年第四季度稀釋後每股收益為 0.86 美元，稀釋後每股收益為 0.77 美元。

Total cash and investments were $2.3 billion at quarter end. Shareholders' equity as of March 31 was $1.7 billion, and book value per share was $20.49. Book value per share, excluding the impact of net unrealized gains and losses in the investment portfolio, was $22.56, up 4% compared to the fourth quarter and 19% compared to the first quarter of last year.

截至季度末，現金和投資總額為 23 億美元。截至 3 月 31 日，股東權益為 17 億美元，每股賬面價值為 20.49 美元。扣除投資組合中未實現淨損益的影響，每股賬面價值為22.56美元，比第四季度增長4%，比去年第一季度增長19%。

In the first quarter, we repurchased $14.8 million of common stock, retiring 667,000 shares at an average price of $22.19. To date, we have repurchased a total of $71 million of stock under the original $125 million authorization, retiring 3.6 million shares at an average price of $19.87. We have $54 million of repurchase capacity remaining under our existing program.

第一季度，我們回購了 1,480 萬美元的普通股，以 22.19 美元的平均價格回購了 667,000 股。迄今為止，我們已根據最初的 1.25 億美元授權回購了總計 7100 萬美元的股票，以平均價格 19.87 美元回購了 360 萬股股票。根據我們現有的計劃，我們還有 5400 萬美元的回購能力。

In the first quarter, we entered into a new excess of loss reinsurance agreement, covering policies originated in the fourth quarter of 2022 as well as those originated on a forward flow basis in the first and second quarters of 2023. The treaty is new for us, providing excess of loss coverage for both an in-force book of business as well as forward flow capacity for future NIW volume and serves to further extend our comprehensive risk transfer program. The new deal provides working layer loss protection from an initial attachment point up to a maximum PMIERs detachment and carries an estimated 6.25% weighted average lifetime pretax costs.

第一季度，我們簽訂了新的超額損失再保險協議，涵蓋源自 2022 年第四季度的保單以及源自 2023 年第一季度和第二季度的遠期流量保單。該條約對我們來說是新的，為有效的業務賬簿提供超額損失保險，並為未來 NIW 數量提供遠期流動能力，並有助於進一步擴展我們的全面風險轉移計劃。新協議提供從初始附著點到最大 PMIER 分離的工作層損失保護，並帶來估計 6.25% 的加權平均生命週期稅前成本。

Our continued ability to compress the cycle time between transactions, execute on favorable terms and secure coverage for both our most recent quarterly and forward flow production is particularly valuable as it serves to minimize our warehouse exposure and limit the credit risk retained in our high-quality insured portfolio during a period of increased macro uncertainty.

我們持續壓縮交易週期時間、以優惠條件執行並確保最近季度和遠期生產的安全保障的能力尤其有價值，因為它有助於最大限度地減少我們的倉庫風險並限制我們高質量產品中保留的信用風險在宏觀不確定性增加的時期為投資組合提供保險。

At quarter end, we reported total available assets under PMIERs of $2.5 billion and risk-based required assets of $1.2 billion. Excess available assets were $1.2 billion.

截至季度末，我們報告 PMIER 下的可用資產總額為 25 億美元，基於風險的所需資產為 12 億美元。剩餘可用資產為 12 億美元。

In summary, we delivered standout financial results during the first quarter with continued growth in our high-quality insured portfolio and strong top line performance, favorable credit experience and record expense efficiency, driving strong bottom line profitability and returns.

總而言之，我們在第一季度取得了出色的財務業績，高質量的保險投資組合持續增長，強勁的營收表現，良好的信貸體驗和創紀錄的費用效率，推動了強勁的盈利能力和回報。

With that, let me turn it back to Adam.

說到這裡，讓我把話題轉回到亞當身上。

Thank you, Ravi. Overall, we had a terrific quarter, once again delivering significant new business production, continued growth in our high-quality insured portfolio and standout financial performance.

謝謝你，拉維。總體而言，我們度過了一個出色的季度，再次實現了重大的新業務生產，高質量的保險投資組合持續增長，財務業績出色。

Looking forward, we're confident. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions and a robust balance sheet supported by the significant earnings power of our platform.

展望未來，我們充滿信心。我們擁有強大的客戶群、每天推動我們前進的才華橫溢的團隊、包含一整套風險轉移解決方案的高質量書籍，以及由我們平台的巨大盈利能力支持的穩健的資產負債表。

Taken together, we are well positioned to continue to serve our customers and their borrowers, invest in our employees and their success, drive growth in our high-quality insured portfolio and deliver strong performance for our shareholders.

總而言之，我們有能力繼續為我們的客戶及其借款人提供服務，投資於我們的員工及其成功，推動我們高質量保險投資組合的增長，並為我們的股東帶來強勁的業績。

Thank you for joining us today. I'll now ask the operator to come back on so we can take your questions.

感謝您今天加入我們。我現在請接線員回來，以便我們回答您的問題。

(Operator Instructions) Our first question comes from Arren Cyganovich with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Arren Cyganovich。

I was wondering if you could talk a little bit about the stability of your earned premium rate. It looked like it was flat with the prior quarter and had been kind of declining along with the other industry participants for a while. What's your outlook there? And what's the competitive environment for pricing today?

我想知道您是否可以談談您賺取的保費率的穩定性。它看起來與上一季度持平，並且與其他行業參與者一起下降了一段時間。你在那裡的前景如何？如今的定價競爭環境如何？

Arren, this is Ravi. I'll take that question. I think we mentioned on our previous call that we expected our core yield to be stable. And I think we've seen that quarter-over-quarter. It remained at 34 basis points. In terms of the trend going forward, I mean we expect our core yield, which strips away the impact of movements in our reinsurance cost and cancellation earnings, generally to be stable through the rest of the year, with strong persistency in our recent rate actions really providing valuable support. And I'd say just balance that somewhat with the exceptionally high quality of our current production which, in a rate risk-based pricing environment, just naturally comes with a different rate profile.

阿倫，這是拉維。我來回答這個問題。我想我們在之前的電話會議中提到，我們預計核心收益率將保持穩定。我認為我們每個季度都看到了這種情況。仍維持在34個基點。就未來的趨勢而言，我的意思是，我們預計我們的核心收益率（剔除再保險成本和取消收益變動的影響）在今年剩餘時間內總體保持穩定，並且我們最近的利率行動具有很強的持久性確實提供了寶貴的支持。我想說，只是在某種程度上平衡我們當前產品的卓越質量，在基於利率風險的定價環境中，自然會帶來不同的利率概況。

So we expect core strength, the trend in our net yield, will probably depend on our reinsurance activity and also our loss experience because profit commission fluctuates with changes in our seeded claims expense. And that's going to be a function of how the macroeconomic environment develops, but ultimately, we still see stable yields going forward.

因此，我們預計核心實力，即淨收益率的趨勢，可能取決於我們的再保險活動以及我們的損失經驗，因為利潤佣金隨著我們的種子索賠費用的變化而波動。這將取決於宏觀經濟環境的發展，但最終，我們仍然看到未來穩定的收益率。

And then, Arren, you also asked about the pricing environment. It's an encouraging environment still. We're seeing broad discipline remain across the market. Particularly, as the risk environment continues to evolve, we've generally observed and have been able to achieve that rates continue to harden and ladder higher, with increased macro volatility remaining in focus. So it's an encouraging environment where we're able to capture price where we believe it's necessary and appropriate, and it's coming through and contributing to some yield stability that we're seeing.

然後，Arren，您還詢問了定價環境。這仍然是一個令人鼓舞的環境。我們看到整個市場仍然存在廣泛的紀律。特別是，隨著風險環境的不斷演變，我們普遍觀察到並能夠實現利率繼續走強並走高，而宏觀波動性的加劇仍然是人們關注的焦點。因此，這是一個令人鼓舞的環境，我們能夠在我們認為必要且適當的情況下獲得價格，並且它正在實現並有助於我們所看到的一定程度的收益率穩定性。

Great. And then maybe on the production side, are you expecting kind of the typical seasonal increase in the second and third quarter. There's a pretty sharp decline, I guess, year-over-year because of the rate environment. Would it be a similar level of decline are you expecting? Or maybe would that lessen a little bit?

偉大的。然後，也許在生產方面，您是否預計第二季度和第三季度會出現典型的季節性增長。我想，由於利率環境的原因，同比下降幅度相當大。您預計會出現類似的下降水平嗎？或者也許會減少一點？

Yes. Why don't I touch on the market side and then we'll talk about how we see the pattern developing for us. Look, I think, as you know, the private MI NIW opportunity is driven by the size of the total origination market, particularly purchase origination. On our last call, we shared our expectation that we would see total purchase origination volume this year of roughly $1.2 trillion to $1.3 trillion, and then that would translate to a private MI market size of, I think we said, give or take, $300 billion. And our expectation remains the same today. One caveat, that forecasting mortgage origination volume, in a period of increased interest rate volatility, is always challenging. But we see 2023 developing in line with the expectations that we had shared on our last call. That remains our perspective.

是的。我為什麼不談談市場方面，然後我們將討論如何看待我們的模式發展。我認為，正如您所知，私人 MI NIW 機會是由總發起市場的規模（尤其是購買發起）驅動的。在我們上次的電話會議上，我們分享了我們的預期，即今年的總購買發起量約為 1.2 萬億至 1.3 萬億美元，然後這將轉化為私人 MI 市場規模，我想我們說過，給予或接受 300 美元十億。今天我們的期望仍然如此。需要注意的是，在利率波動加劇的時期預測抵押貸款發放量始終具有挑戰性。但我們認為 2023 年的發展符合我們在上次電話會議中分享的預期。這仍然是我們的觀點。

As for our performance, first and foremost, we're delighted with the results that we achieved in the first quarter. And we do see a sizable and sustained opportunity to continue supporting our customers and their borrowers and really an opportunity to continue to write a large volume of high-quality, high-return, high-value business going forward. In terms of specific development through the year, we do obviously have seasonal patterns, with our second and third quarters typically coming in stronger than the first and the fourth. And we expect that to remain the case in 2023.

至於我們的表現，首先，我們對第一季度取得的成績感到滿意。我們確實看到了繼續支持我們的客戶及其借款人的巨大且持續的機會，並且確實是一個繼續撰寫大量高質量、高回報、高價值業務的機會。就全年的具體發展而言，我們確實存在明顯的季節性模式，第二季度和第三季度的表現通常強於第一季度和第四季度。我們預計 2023 年情況仍將如此。

Our next question comes from Rick Shane with JPMorgan.

我們的下一個問題來自摩根大通的 Rick Shane。

Sort of a strategic question, and there are a lot of folks on this call who followed you a long time, we are watching your company go through sort of the transition on the S curve and becoming a mature business with market share on the origination side at parity or close to parity with your peers, the insurance-in-force moving in that direction. This is a long-tail business, and I know that you manage it with a long horizon. As you move through that S curve, what's going to change in terms of how you think about the business? Will you use capital in different ways, either to enhance returns or reduce risk?

這是一個戰略問題，這次電話會議中有很多人長期以來一直關注您，我們正在觀察您的公司經歷 S 曲線上的過渡，並成為一家在起源方面擁有市場份額的成熟企業與同行持平或接近持平，有效的保險正朝這個方向發展。這是一項長尾業務，我知道你會以長遠的眼光來管理它。當您沿著 S 曲線移動時，您對業務的看法會發生什麼變化？您會以不同的方式使用資本，以提高回報或降低風險嗎？

Yes, Rick, it's a great question, right? It's one we certainly think about with frequency. I'd say at the core, right, our goal has been, from day 1 and remains the case now, to manage our business with discipline and risk responsibility so that we could be a successful, viable and long-term counterparty for our customers and honor the obligations that we make to them across all market cycles. And so that is goal number one.

是的，瑞克，這是一個很好的問題，對吧？這是我們經常思考的一個問題。我想說的是，我們的核心目標是，從第一天開始到現在仍然如此，以紀律和風險責任來管理我們的業務，以便我們能夠成為客戶成功、可行和長期的交易對手並履行我們在所有市場週期中對他們承擔的義務。這是第一個目標。

Building a business in the way that we have, that's infused with that perspective of discipline and risk responsibility, puts us in a position today where we have an incredibly strong franchise that's provided us, right, we translate that franchise into strength of balance sheet, built on the platform of significant earnings power and consistency. One of our key goals, particularly as we're in a period of potential volatility, is to make sure that we preserve all that we've achieved so far and that we can deliver similar consistency for customers, for their borrowers, for our shareholders, for our employees going forward.

以我們現有的方式建立業務，注入紀律和風險責任的視角，使我們今天擁有令人難以置信的強大特許經營權，為我們提供了，對，我們將這種特許經營權轉化為資產負債表的實力，建立在強大的盈利能力和一致性的平台之上。我們的關鍵目標之一，特別是在我們正處於潛在波動時期的情況下，是確保我們保留迄今為止所取得的所有成就，並確保我們能夠為客戶、他們的借款人、我們的股東提供類似的一致性，為了我們的員工前進。

In terms of how our strategy might deviate, boy, I think our strategy is working exceptionally well today, right? We look at it and, as you said, we've really emerged as a leader from a customer standpoint, a franchise standpoint. We've maintained discipline around risk, expenses and capital all along the way. And so we're delivering returns, profitability, expense experience, default experience that stands ahead across almost every measure that you can tally. And our goal is to preserve that.

就我們的戰略可能如何偏離而言，我認為我們的戰略今天運作得非常好，對吧？我們審視了這一點，正如您所說，從客戶的角度、特許經營的角度來看，我們確實已成為領導者。我們一直在風險、費用和資本方面保持嚴格的紀律。因此，我們提供的回報、盈利能力、費用體驗、默認體驗在您可以統計的幾乎所有指標中都處於領先地位。我們的目標是保持這一點。

That means we're going to stay primarily focused on the strategy that's worked well for us. We'll obviously make changes if the market dictates and demands that we do and we'll stay nimble. I think we've proven ourselves able to do that, in particular, over the last few years as we've dealt with just natural volatility through the pandemic and then with shift in interest rates and emergence of risk on the horizon.

這意味著我們將主要關注對我們來說效果良好的策略。如果市場決定並要求我們這樣做，我們顯然會做出改變，並且我們將保持靈活性。我認為我們已經證明自己有能力做到這一點，特別是在過去幾年中，因為我們已經應對了大流行期間的自然波動，然後應對了利率變化和即將出現的風險。

I think your question veers towards M&A and the prospect for capital distribution. So I'll touch on both of them. Look, we're in the enviable position today where we're able to both fund the significant growth opportunity that we're achieving and that we still see on the horizon and, at the same time, be able to advance capital distribution opportunities and give our shareholders the ability to directly participate in the value that we're creating. Our hope is and our expectation is that, that opportunity will continue to emerge for us as we go forward. Beyond that, in terms of taking our focus away from our core franchise, we set a very high mark for what we would say is additive to the MI business and are delighted with our focus and results today.

我認為你的問題轉向了併購和資本分配的前景。所以我會談談他們兩個。瞧，我們今天處於令人羨慕的地位，我們既能夠為我們正在實現的和即將出現的重大增長機會提供資金，同時又能夠推進資本分配機會和讓我們的股東能夠直接參與我們創造的價值。我們的希望和期望是，隨著我們的前進，這種機會將繼續出現。除此之外，在將我們的注意力從我們的核心特許經營權上移開方面，我們為 MI 業務的附加功能設定了非常高的標準，並對我們今天的重點和結果感到高興。

Our next question comes from Mark Hughes with Truist.

我們的下一個問題來自 Truist 的馬克·休斯 (Mark Hughes)。

The expense ratio, was there anything unusual in the quarter, any onetimers either way, and any guidance you can give about expenses for the full year?

費用比率，本季度是否有任何異常情況，是否有任何一次性的情況，以及您可以就全年費用提供任何指導嗎？

Yes. Mark, this is Ravi. Certainly, we were delighted in delivering a record-low 21.2% expense ratio in the quarter. I'll harken back to some of the items that we've talked about in the past, which are still true today. We've got the smallest head count by far in the industry, and we benefit from that. And we've talked a little bit about our IT platform that's scalable, flexible and efficient. And our TCS contract that's associated with it, we had a step down in expenses last year, and we're seeing that flow through. And certainly, our expense footprint is smaller than most of the industry overall, and we're benefiting from those.

是的。馬克，這是拉維。當然，我們很高興本季度的費用率為 21.2%，創下歷史新低。我將回顧一下我們過去討論過的一些內容，這些內容今天仍然適用。迄今為止，我們的員工人數是業內最少的，我們從中受益。我們已經討論了一些關於我們的可擴展、靈活和高效的 IT 平台。與我們相關的 TCS 合同，我們去年的開支有所減少，我們正在看到這一情況的發生。當然，我們的費用足跡比整個行業的大多數公司都要小，我們正在從中受益。

In this quarter, we had a little bit of benefit from lower deferred acquisition costs in the quarter, and that's what drove the quarter-over-quarter change. I'd say we're always focused on managing the business efficiently. We'll see modest movement as we continue to invest in systems, risk management strategies throughout the year, but we're happy with the performance this quarter.

在本季度，我們從本季度遞延收購成本的降低中獲得了一些好處，這就是推動季度環比變化的原因。我想說，我們始終專注於有效管理業務。隨著我們全年繼續投資於系統和風險管理策略，我們將看到適度的變化，但我們對本季度的表現感到滿意。

Yes. There's an accounting dynamic, but no onetimers at all. And as we look out over the remainder of the year, we see strength in our operating expense performance. We'll probably have some modest growth as we progress from Q1 run rate, just as we're making investments in our people, our systems, right, risk management strategies. But all around, no onetimers and a really strong quarter.

是的。有會計動態，但根本沒有一次性的。展望今年剩餘時間，我們看到運營費用表現強勁。隨著第一季度運行率的進步，我們可能會出現一些適度的增長，就像我們對我們的人員、我們的系統、風險管理策略進行投資一樣。但總的來說，沒有一次性的事情，而且這個季度非常強勁。

So modest growth sequentially in the expenses, is that right, Adam?

費用環比增長如此溫和，是嗎，亞當？

Yes, that's likely where we'll trend. I mean we'll do our best to not have that come through, but our expectation is there are certain items we're going to be taking on as we progress through the year that we'll see a little bit of a growth pattern from our Q1 level.

是的，這可能就是我們的趨勢。我的意思是，我們將盡最大努力避免這種情況發生，但我們的期望是，隨著這一年的進展，我們將採取某些項目，我們將看到一些增長模式我們的 Q1 水平。

Yes. And just looking at the FICO scores, the loan-to-value, kind of improvement sequentially in both measures, you're talking about pricing being up, are you just finding kind of the higher-quality risk is the more attractive niche at this point? Or is that somehow reflective of the broader market?

是的。只要看看 FICO 分數、貸款價值比、這兩項指標的連續改善，你就在談論定價上漲，你是否只是發現更高質量的風險在這方面更具吸引力觀點？或者這在某種程度上反映了更廣泛的市場？

Look, I think it's more reflective of our strategy, in general. We have, for a long period of time, consistently focused on managing our mix of business. Historically, we've been probably the most conservative MI provider in terms of the credit risk that we'll allow into our portfolio. And that remains the case now. That said, we're in the market every day offering support and solutions for our customers and their borrowers. It is our job to take risks, but it's also incumbent upon us to do that responsibly. And as the macro environment is evolving, one, it means that we're using price as a means to shape our mix of business. It's something we've always done and we continue to do proactively now. And we're also capturing incremental rate where we believe it's necessary and appropriate. Both of those items are coming through.

聽著，我認為這更能反映我們的總體戰略。長期以來，我們一直致力於管理我們的業務組合。從歷史上看，就我們允許進入投資組合的信用風險而言，我們可能是最保守的 MI 提供商。現在情況仍然如此。也就是說，我們每天都在市場上為我們的客戶及其借款人提供支持和解決方案。承擔風險是我們的工作，但我們也有責任負責任地這樣做。隨著宏觀環境的不斷變化，第一，這意味著我們正在使用價格作為塑造業務組合的手段。這是我們一直在做的事情，現在我們將繼續積極主動地做。我們還在我們認為必要且適當的地方獲取增量。這兩項都正在通過。

Our next question comes from Bose George with KBW.

我們的下一個問題來自 KBW 的 Bose George。

A couple of things. Your cures increased during the quarter, and was that just from the COVID vintage loans? And then your reserve per loan looked like it got a little bit more conservative. Can you just talk about the drivers of that?

有幾件事。本季度您的治療量有所增加，這只是來自新冠舊貸款嗎？然後你的每筆貸款準備金看起來變得更加保守了。您能談談其驅動因素嗎？

Bose, this is Ravi. I'd just say that cures have been sort of a bright spot for us. I'd say that the cures have been sort of both in our sort of COVID-related default population and across the board, so we're seeing nice cure activity sort of across the board. And with respect to what we're seeing quarter-over-quarter, there hasn't been any major trends, just been really high-quality performance.

博斯，這是拉維。我只想說治療對我們來說是一個亮點。我想說的是，這種治療方法既適用於我們與新冠病毒相關的默認人群，也適用於所有人群，因此我們看到了全面的良好治療活動。就我們所看到的季度環比而言，沒有任何重大趨勢，只是真正高質量的表現。

Bose, the other thing that comes through, there's also a bit of a seasonal pattern around it. What we typically see is that in Q1, a large number of borrowers, we see in Q4, I should say, a bit of seasonal deterioration as some borrowers redirect household funds to the holidays, and then we tend to see a rebound in cure activity in the first quarter aided by tax refunds. So there's a little bit of seasonal dynamic there. But as Ravi said, most of it really just traces to the quality of our book. We've really focused on building an exceptionally high-quality insured portfolio, and the value of that approach and our portfolio can be seen in the credit performance broadly that's coming through, including in our cure activity. .

Bose，另一件事，它也有一些季節性的模式。我們通常看到的是，在第一季度，大量借款人，我應該說，我們在第四季度看到，隨著一些借款人將家庭資金轉移到假期，我們看到了一些季節性惡化，然後我們往往會看到治療活動的反彈第一季度得益於退稅。所以那裡有一點季節性的動態。但正如拉維所說，其中大部分實際上只能追溯到我們書的質量。我們真正專注於建立一個異常高質量的保險投資組合，這種方法和我們的投資組合的價值可以從正在發生的廣泛信用表現中看到，包括我們的治療活動。 。

I think you asked a second question about the reserves that we're establishing.

我想你問了第二個問題，是關於我們正在建立的儲備金的。

Yes, any color on that.

是的，任何顏色都可以。

Yes, I can give you sort of a detail here on the reserves we've been establishing. So I'll give you a little bit of background here, Bose, to get to your question here. As you know, we don't apply blanket homogeneous reserve assumptions from quarter-to-quarter. So we look at every loan and its own risk characteristics and we individually evaluate and model all of those defaults that we have in our portfolio. There were 4,475 as of March 31, including the 1,558 new defaults that came through in the quarter.

是的，我可以在這裡向您提供有關我們已經建立的儲備金的詳細信息。 Bose，我將在這裡向您介紹一些背景知識，以便回答您的​​問題。如您所知，我們不會按季度應用一攬子同質準備金假設。因此，我們會研究每筆貸款及其自身的風險特徵，並對投資組合中的所有違約情況進行單獨評估和建模。截至 3 月 31 日，共有 4,475 起違約事件，其中包括本季度新增的 1,558 起違約事件。

And while I would say the new defaults that emerged in Q1 just generally have similar attributes to those that have emerged in recent quarters in terms of, say, weighted average FICO, DTI and LTV and origination, they have a modestly lower mark-to-market equity position because of the observed path of home price depreciation. So we account for this both as a frequency and severity matter when we're establishing our reserves. And that actually drove a portion of the increase here we're seeing quarter-over-quarter. There's also an issue with the reserve roll-forward table itself. So when you're looking at the information, that magnifies this dynamic, and we provide some of the detail on the footnotes.

雖然我想說，第一季度出現的新違約通常與最近幾個季度出現的違約在加權平均 FICO、DTI 和 LTV 以及起源方面具有相似的屬性，但它們的標價比略低。由於觀察到的房價貶值路徑而導致的市場股票頭寸。因此，當我們建立儲備時，我們將其視為頻率和嚴重程度問題。這實際上推動了我們看到的季度環比增長的一部分。儲備前滾表本身也存在問題。因此，當您查看信息時，會放大這種動態，我們在腳註中提供了一些詳細信息。

So in the quarter, we established case reserves of $22.3 million for the 1,558 new defaults that came through in Q1, and we established an additional $4.9 million of net IBNR reserves during the period. But this amount is calculated based on the entirety of the default population in case reserve position at March 31, which includes both the current period and prior period cases. It's not just based on the new defaults in the period.

因此，在本季度，我們為第一季度出現的 1,558 起新違約建立了 2230 萬美元的案例準備金，並在此期間額外建立了 490 萬美元的淨 IBNR 準備金。但這個數額是根據3月31日案件儲備頭寸的全部違約人口計算的，其中包括當期案件和前期案件。這不僅僅是基於該時期的新默認值。

And so this dynamic kind of skews the current and prior period presentation on the face of the reserve roll-forward table and, by extension, the calculation you would run on the average reserve for NOD or new NOD that we're talking about. Once you normalize for that by subtracting the $3.5 million from the $4.9 million net IBNR reserve established in Q1 from the current period, you get to really the true number, which is really roughly about 15,000 reserve per new NOD in Q1. And hopefully, that gives you a perspective on sort of reserves and reserves for new NODs in the quarter.

因此，這種動態類型會扭曲儲備前滾表上當前和前期的呈現方式，進而影響您對我們正在討論的 NOD 或新 NOD 的平均儲備進行的計算。一旦你通過從當期第一季度設立的 490 萬美元淨 IBNR 準備金中減去 350 萬美元來標準化，你就得到了真正的真實數字，即第一季度每個新 NOD 的準備金大約為 15,000 美元。希望這能讓您了解本季度新 NOD 的儲備類型和儲備。

Okay. Great. That's very helpful. Can I just throw in one more? Kind of a follow-up to Rick's question on capital, is a dividend, at some point, something you consider?

好的。偉大的。這非常有幫助。我可以再扔一個嗎？作為里克關於資本的問題的後續，您在某些時候會考慮股息嗎？

Well, I would say that we certainly are thinking very thoughtfully about capital. Capital is a key for us. Broadly speaking, and I'll hand it over to Adam to fill in here, our philosophy is the same. We tend to take a conservative stance. We manage our needs carefully. We're building access to all markets. We're being programmatic in our approach. And we like the fact that we're in a pretty significant excess position. And I say, at this time, holding an additional amount of excess is prudent given sort of the macro environment.

嗯，我想說，我們確實對資本進行了非常深思熟慮的思考。資本是我們的關鍵。從廣義上講，我將把它交給 Adam 來填寫，我們的理念是相同的。我們傾向於採取保守立場。我們仔細管理我們的需求。我們正在建立進入所有市場的渠道。我們的方法是有計劃的。我們喜歡這樣一個事實：我們處於相當顯著的過剩地位。我想說，在這個時候，考慮到宏觀環境，持有額外的超額資金是謹慎的。

Maybe I'll hand it to Adam here to talk about dividend.

也許我會把它交給亞當來討論股息。

Yes. So I'd say, capital distribution is something that is both a near-term opportunity for us and also a long-term opportunity and a long-term expectation. It's also not tied exclusively, I would say, to our current repurchase program. But we think about what the future should look like in terms of additional authorizations if we have excess capital and other forms of distribution. .

是的。所以我想說，資本分配對我們來說既是一個近期的機會，也是一個長期的機會和長期的期待。我想說，它也不僅僅與我們當前的回購計劃掛鉤。但我們會考慮，如果我們有多餘的資本和其他形式的分配，未來在額外授權方面應該是什麼樣子。 。

Right now, we're focused on executing under the repurchase program that we've been under since last February. We see it as a way for shareholders to directly participate in the value that we're creating. But over time, as we continue to perform, deliver consistent operating results, grow the dividend stream from our operating company, our ordinary course dividend stream, we may have an ability to introduce a common dividend. But for now, repurchase is our primary focus. And truth be told, we're really excited with the success that we've achieved under our $125 million program to date.

目前，我們的重點是執行自去年二月以來一直實行的回購計劃。我們認為這是股東直接參與我們創造的價值的一種方式。但隨著時間的推移，隨著我們繼續表現，提供一致的經營業績，增加我們運營公司的股息流，我們的普通股息流，我們可能有能力引入共同股息。但就目前而言，回購是我們的首要關注點。說實話，我們對迄今為止 1.25 億美元計劃所取得的成功感到非常興奮。

Our next question comes from Geoffrey Dunn with Dowling & Partners.

我們的下一個問題來自 Dowling & Partners 的杰弗裡·鄧恩 (Geoffrey Dunn)。

Adam, I wanted to ask about your comment about continuing to shift the cohort and geography mix. As you make these underwriting changes, going into more challenged economic periods, is it entirely a credit decision? Or is part of what you're doing a capital management decision as well or a PMIERs asset management decision?

Adam，我想問一下你對繼續改變人群和地域組合的評論。當您做出這些承保變更、進入更具挑戰性的經濟時期時，這完全是信貸決定嗎？或者您所做的工作也是資本管理決策或 PMIER 資產管理決策的一部分？

It's a good question, Geoff. I would say there's PMIERs implications for the decisioning, both in terms of the charge that we're required to hold against the business we're bringing on as it's performing and the risk that it will go into nonperforming status and see an increase in the amount of capital we have to hold against it. I think all of it, though, comes into the mix. What we're really doing is we're making a decision around, I'd say, risk-adjusted returns and capital allocation.

這是個好問題，傑夫。我想說的是，PMIER 對決策有影響，既包括我們需要對正在開展的業務承擔的費用，也包括該業務進入不良狀態並看到其增長的風險。我們必須持有一定數量的資本來對抗它。不過，我認為所有這些都融入其中。我想說，我們真正要做的是圍繞風險調整後的回報和資本配置做出決定。

In this environment where I think we're all anticipating that there'll be increased risk on horizon, that there's greater potential for a downturn, paired with the ability, what we've been able to achieve from a pricing standpoint, it has made the most sense for us to skew towards higher-quality risks in this environment. And we'll see. We will see what price is available for us in similar risk cohorts in the future, what our view of risk is as well and where we can find the best opportunity for risk-adjusted returns on deployed capital.

在這種環境下，我認為我們都預計未來的風險將會增加，經濟衰退的可能性更大，再加上我們從定價角度能夠實現的能力，這使得在這種環境下，我們轉向更高質量的風險是最明智的。我們拭目以待。我們將了解未來在類似的風險群體中我們可以獲得什麼價格，我們對風險的看法是什麼，以及我們在哪裡可以找到部署資本的風險調整回報的最佳機會。

Next question comes from Eric Hagen with BTIG.

下一個問題來自 BTIG 的 Eric Hagen。

I think it's a follow-up on the last point you just made. Can you talk about your ability in this environment to target the same risk profile and maintain the same kind of ROE that you've been achieving and maybe even like the kind of limitations that you see around finding that balance just given the environment?

我認為這是您剛才提出的最後一點的後續。您能否談談您在這種環境下針對相同風險狀況並維持已實現的相同 ROE 的能力，甚至可能喜歡在特定環境下尋找平衡時遇到的限制？

It's a good question. I guess what I would note is that, in any particular period, and for a long time going forward from where we are today, the overwhelming majority of our financial performance will be driven not by the business we're writing in those particular periods but by what's already in the portfolio. And so our ability to deliver consistent ROEs -- and look, we have a goal of delivering strong mid-teen ROEs through the cycle. It doesn't mean that we will always be in the high teens, and it doesn't mean that we'll always be in the high teens at every single quarter. If stress emerges broadly around us, right, there'll be some amount of that, that comes through.

這是一個好問題。我想我要指出的是，在任何特定時期，從我們今天的情況來看，在很長一段時間內，我們絕大多數的財務業績將不是由我們在這些特定時期編寫的業務驅動的，而是由我們在這些特定時期編寫的業務驅動的。通過投資組合中已有的內容。因此，我們有能力提供一致的股本回報率 - 而且看起來，我們的目標是在整個週期中提供強勁的中位數股本回報率。這並不意味著我們將永遠處於青少年時期，也不意味著我們每個季度都將始終處於青少年時期。如果我們周圍普遍存在壓力，那麼一定會有一定程度的壓力出現。

But from where we are today, right, our ROEs are driven by expense discipline, the existing in-force portfolio, the benefit that we're getting from persistency and the enormous embedded value that, that brings, from significant credit and claims outperformance tied to the quality of the portfolio itself, what we're finding is that we're writing business today that has what we believe to be strong risk-adjusted return characteristics that are supportive of our long-term return goals. It's paired also, though, with -- look, we're writing business today, but we're sitting on a significant amount of excess capital. I think in a period where volatility moves on the horizon, having a balance sheet with the strength that we do is hugely valuable, but we're also mindful that we need to manage the build of excess capital as we think about return potential going forward.

但從我們今天的情況來看，我們的股本回報率是由費用紀律、現有的有效投資組合、我們從堅持中獲得的好處以及從重大信貸和索賠表現中帶來的巨大內在價值驅動的。就投資組合本身的質量而言，我們發現我們今天正在撰寫的業務具有我們認為強大的風險調整回報特徵，這些特徵支持我們的長期回報目標。不過，它也與——看，我們今天正在撰寫業務，但我們坐擁大量過剩資本。我認為，在波動即將來臨的時期，擁有我們實力雄厚的資產負債表非常有價值，但我們也注意到，在考慮未來的回報潛力時，我們需要管理過剩資本的積累。

That's helpful detail. Last question, just how would you assess the impact of the GC cuts that were made earlier this year, its impact on the business, anything you see going forward related -- tracing back to that? .

這是有用的細節。最後一個問題，您將如何評估今年早些時候進行的 GC 削減的影響，其對業務的影響，以及您認為未來相關的任何內容 - 追溯到這一點？ 。

So this is Brad. You're referring to the LLPA changes that were announced in January and just became effective. So in terms of the impact on the MI market, we don't expect that to be meaningful. There'll be some shuffling of costs borne by different groups of borrowers, but we expect the overall split between public and private execution will remain the same. And the mix of risk coming through the private MI market will be largely unchanged.

這就是布拉德。您指的是 1 月份宣布並剛剛生效的 LLPA 變更。因此，就對 MI 市場的影響而言，我們認為這沒有意義。不同借款人群體所承擔的成本將會有所調整，但我們預計公共和私人執行之間的總體劃分將保持不變。來自私人 MI 市場的風險組合將基本保持不變。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Well, thank you all again for joining us. We'll be participating in the BTIG Housing Conference on May 9, the Truist Securities Financial Services Conference on May 23 and the KBW Real Estate Finance Conference on May 24. We look forward to speaking with you again soon.

好的，再次感謝大家加入我們。我們將參加 5 月 9 日的 BTIG 住房會議、5 月 23 日的 Truist 證券金融服務會議和 5 月 24 日的 KBW 房地產金融會議。我們期待很快再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。