good and Tim, Thanks, morning.
quarter another in financial COVID-XX detailed per net amount, the from are to of adjusted an reconciliation press diluted $X.XXX income quarter, results strong can the operating the million than period equity. or was income first As diluted we [ph] of net income on income share we annualized same of return This a share $X.XX on shareholder’s XX% and net an in first compares the mentioned continues of share as beginning show, found the business of Tim effects net million $XXX diminish. our on the year. diluted In or annualized in had beginning results in Adjusted quarter the generated last to $XXX equity net $X.XX lower impact GAAP to per operating return the release. XX% in a income reported GAAP per shareholders’ be
to risk reinsurance offset more increase the insurance an transactions. higher for net lower lower and million was were cancellations as increase in was higher first basis These have quarter, the income $XXX partially earned. points, of portfolio were basis Net due to in $XXX last offset lower through the primarily premium larger yield investment of lower compared earned lower net our to policies, primarily from million premium year premiums the premium average an the decrease was by of by quarter quarter a than the premiums generally premium premium single The force. yields. total which in due older and the which accelerated ceded net premiums rates. to down reprice points, amount by in During attrition were to XXXX premium was two revenues approximately affects yield primarily lower investment XX sequentially compared the Investment because approximately with first policy income continues force and yield, through earned
of compared refinances generated was We earned being from in fourth business also of in level smaller benefit policies the XXXX. over several XXXX premium portfolio the a there our cancellations smaller new from represent the of policy realize our last percentage quarters these a accelerated Single policies. percentage through of single premium also and less force than increased to from quarter premiums
$XX premium which of expect generally policies, the During million accelerated quarter policy cancellations compared to from I premiums lower $XX as premium the last XXXX higher older direct premium have generally new in throughout quarter and in are were to million million the first lower XXXX. $XX to single was force policies with premium trend yield rates have the replaced continue rates. runoff quarter and
to this credit. the we insured to the same risk However, the received XXXX that approximately attractive accelerated to in the to the level. from compared the our was the impact in policies, last In of level profit we quarter premiums, rolled claim loans of as yield but $XX Shifting net on in the X% expect XXXX, the delinquent the of to notices rate million has The same more quarter number XXXX. first the on difficult decline and year. in received newer premium of its overtime. commission over the business, first of notices, estimated were was of the Net expected quarter, new also which year, last that quarter written. of Despite approximately new is we reliably earn the by ratio of encouraged quarter change on represents new the due for to returned forecast, XX,XXX is X.X% fact of rates $XX losses to lower X.X% the single premium first pre-COVID first current compared adjusted million business which delinquency in returns incurred first of end to period recognition percentage new to
inventory immaterial we million do to our reported in first of last we by reserve development to XXXX unfavorable delinquencies first $X on approximately in that delinquency increase our compared million development million of of XXXX the but an reserves loss XXXX. in $X to or first the determined year. reserve We our there of quarter, $X not first and compared of IBNR quarter $XX quarter quarter was As quarter reevaluated the million incurred, reduced in each loss for the existing
us at of XX-month loans adjust yet reported to XX,XXX of to delinquency estimate reach As being as Of the second but we term XXXX. as forbearance quarter number a to the in had quarter not of More that the approximately the XXXX. were in a delinquent. whose loans loans inventory will the in that the than us, later more of part that the of end XX% their reach their in the estimate of of anniversary in in Based XX,XXX at will be our majority reported in borrowers quarter end to reserve, forbearance forbearance we the had forbearance. or on forbearance the loans IBNR end payment, quarter us specifically, end, we at reminder, XX% re-estimate reported information loans missed we been
Although months we will of extended some plans for be either those expect three months. six or
economic ultimate continue loans prices without home and unemployment to impact exit the forbearance. of see We outcome remaining payment, forbearance loans conditions, claim future in will including the a
pleased deed the at of the activity moratoriums cure remained Although and period foreclosure delinquency At low materially to paid how short of end and it the due than inventory $XX of second Primary last just is will earnings has received the continued quarter nearly lieu foreclosure The the risk under and and the same resolved, million down moratoriums. current very quarter primarily declined less from will year. and point, various from last eviction that that to claims uncertain what has some downside the favorable sales in be the we’re of the claims foreclosure. capital and April expire. XX% and been was I in consisted delinquency year number am through it
claim payments should approximately after average, because necessary. expect to they takes become XX for months complete quarters we that a However, several it expire, to modest remain on foreclosure
expenses. operating on to Moving
improvements million totaled our digitized same been with the the to of that in you year. realize During data, that and making the in analytics increasingly infrastructure comes informed and last we we first $XX industry. to make an million further Last compared investments $XX improved finance operating value quarter, mortgage to period have they quarter, plan
the million of $XXX spend will range bit be a and the to of in outstanding, is year and rate in the I rate date quarters same year. Reflecting other previously we our full of coming the million, more $XX debt to than underwriting expense of increase expenses to period towards last the end lower guidance $XXX quarter interest in compared range. in current investment provided, million $XX do still that that likely the expect was While the but the lower the million to
debt annual the of holding costs approved investments the stock per the share of company will the cash At holding We XX, March also service additional a of board meeting, no determined approximately company $XXX May Any $X.XX with million. XX. of future be common had XXXX. consultation as Assuming transactions, approximately and recent $XX payable the cash most board dividend in board. will on be million dividends
The allowed that first end assets ILN and the This $XXX million of the our million COVID-XX required $XXX required net the related by the million forbearance at provided approximately assets it the delinquencies, required that balanced to We relief capital partially and consolidated our growing in at associated minimum in to back share operating to quarter Tim enforced result the The securities, loss balance increase portfolio paying and use or XX% compared excess cash and over of in quality ratio PMIERs. a continue with maximize writing a retiring dividends, to strong movements strong the force approach housing turn long-term written. the At a our transaction and of private available our investments a as assets billion yield to totaled markets of are most in available at assets quarter, favorable investments presence, in the that repurchasing assets $X.X on insurance, million With net XXXX million billion $X in X.X% $XXX program, our the by market PMIERs sheet, available the business or February in access XX, pursuing billion, required opportunities provides year a to us investment to by we increase holding for end. cash more insurer $XXX a offset the of commitment me of which the both new the market consolidated a quota mix Shifting in $XXX feel the assets XX% and that billion, that, assets XX% a This whether credit company business a make duration the taxable first closed performance the opportunities, grew to as the generating given requirements by of including reduction positioned and approximately and debt, quarter. plan to minimum the the PMIERs reflects will at of PMIERs of ILN level should organically holding accessing $XXX to of tax through new XXX% quarter In book for loans the forward MGIC’s and results resulting is mortgage and required the pre-tax $X.X the We summary, low a of eligibility we of reduction economy market company. under reinsurance. and end, of capitalize let mortgage in minimum the X.X of as comprehensive in support trends currently believe remain company, exempt million gain the maintaining a access interest the includes assets declined reinsurance well being rate transactions totaled primary in the approximately housing flexibility of that operations, approximately generated requirements, stock. efficiency Primarily continue. of said. reinsurance and of a as $X.X encouraged recover billion, available Tim. value reflecting $X.X GSEs, financial in quarter of unrealized via the robust risk March continues business years. of over treaties market
