NMIH · NMI Holdings, Inc.

NMI Holdings delivered a solid first quarter 2026, characterized by sequential improvement in profitability and consistent growth in its insured portfolio. Net income rose to $99.3 million, or $1.28 per diluted share, representing a 5.4% increase over the fourth quarter of 2025, though it declined slightly from the $102.6 million reported in the prior year period. The sequential growth was driven by a 2% increase in net premiums earned to $154.8 million and a 4% rise in net investment income to $28.6 million. Total revenue reached $183.5 million, up from $180.7 million in the prior quarter. The company maintained disciplined expense management, with the expense ratio improving to 19.8% from 20.4% in the prior quarter. However, the loss ratio increased significantly to 13.3% from 3.0% in the year-ago quarter, reflecting higher insurance claims and claim expenses of $20.7 million compared to $4.5 million in the first quarter of 2025. Despite the year-over-year increase in claims, the loss ratio improved sequentially from 13.9%. Primary insurance-in-force grew to $222.3 billion, a 5% increase year-over-year, while new insurance written (NIW) was $12.3 billion, down 14% sequentially but up 33% from the prior year. Book value per share, excluding the impact of net unrealized gains and losses, increased 15% year-over-year to $35.46. President and CEO Adam Pollitzer highlighted the company's strong operating performance, high-quality insured portfolio, and robust balance sheet, noting the firm is well-positioned to continue delivering differentiated growth and returns. The company's PMIERs available assets of $3.6 billion substantially exceeded net risk-based required assets of $2.2 billion, indicating strong capital adequacy.