NMI Holdings, Inc. Reports Record Second Quarter 2026 Financial Results (Form 8-K)

NMI Holdings, Inc. Reports Record Second Quarter 2026 Financial Results

EMERYVILLE, Calif., July 30, 2026 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $105.8 million, or $1.38 per diluted share, for the second quarter ended June 30, 2026, compared to $99.3 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.2 million, or $1.21 per diluted share, for the second quarter ended June 30, 2025. Adjusted net income for the quarter was $106.0 million, or $1.38 per diluted share, compared to $99.4 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.5 million, or $1.22 per diluted share, for the second quarter ended June 30, 2025.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, "In the second quarter, we again delivered standout operating performance, consistent growth in our high-quality insured portfolio, and record financial results. 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. Looking forward, we're well positioned to continue delivering differentiated growth, returns and value for our shareholders."

Selected second quarter 2026 highlights include:

•Primary insurance-in-force at quarter end was $227.1 billion, compared to $222.3 billion at the end of the first quarter and $214.7 billion at the end of the second quarter of 2025.

•Net premiums earned were $157.5 million, compared to $154.8 million in the first quarter and $149.1 million in the second quarter of 2025.

•Total revenue was $187.9 million, compared to $183.5 million in the first quarter and $173.8 million in the second quarter of 2025.

•Insurance claims and claim expenses were $13.1 million, compared to $20.7 million in the first quarter and $13.4 million in the second quarter of 2025. Loss ratio was 8.3%, compared to 13.3% in the first quarter and 9.0% in the second quarter of 2025.

•Underwriting and operating expenses were $30.5 million, compared to $30.6 million in the first quarter and $29.5 million in the second quarter of 2025. Expense ratio was 19.4%, compared to 19.8% in the first quarter and 19.8% in the second quarter of 2025.

•Net income was $105.8 million, compared to $99.3 million in the first quarter and $96.2 million in the second quarter of 2025. Diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.21 in the second quarter of 2025.

•Adjusted net income was $106.0 million, compared to $99.4 million in the first quarter and $96.5 million in the second quarter of 2025. Adjusted diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.22 in the second quarter of 2025.

•Shareholders' equity was $2.7 billion at quarter end and book value per share was $35.89. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $36.88, up 4% compared to $35.46 in the first quarter and up 15% compared to $32.08 in the second quarter of 2025.

•Annualized return on equity for the quarter was 15.9%, compared to 15.2% in the first quarter and 16.2% in the second quarter of 2025. Annualized adjusted return on equity was 15.9%, compared to 15.2% in the first quarter and 16.3% in the second quarter of 2025.

•At quarter-end, total PMIERs available assets were $3.7 billion and net risk-based required assets were $2.1 billion.

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						Quarter Ended			Quarter Ended			Quarter Ended			Change (1)			Change (1)
						6/30/2026			3/31/2026			6/30/2025			Q/Q			Y/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force						$	227.1		$	222.3		$	214.7		2		%	6		%
New Insurance Written - NIW						16.1			12.3			12.5			31		%	29		%
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned						$	157.5		$	154.8		$	149.1		2		%	6		%
Net Investment Income						30.3			28.6			24.9			6		%	22		%
Insurance Claims and Claim Expenses						13.1			20.7			13.4			(36)		%	(2)		%
Underwriting and Operating Expenses						30.5			30.6			29.5			-		%	3		%
Adjusted Net Income						106.0			99.4			96.5			7		%	10		%
Adjusted Diluted EPS						$	1.38		$	1.28		$	1.22		8		%	14		%
Book Value per Share (excluding net unrealized gains and losses) (2)						$	36.88		$	35.46		$	32.08		4		%	15		%
Loss Ratio						8.3		%	13.3		%	9.0		%
Expense Ratio						19.4		%	19.8		%	19.8		%

(1) Percentages may not be replicated based on the rounded figures presented in the table.

(2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

Conference Call and Webcast Details

The company will hold a conference call, which will be webcast live today, July 30, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the "Investor Relations" section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S. or (412) 317-0664 internationally and referencing NMI Holdings, Inc.

About NMI Holdings, Inc.

NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.