NMI (NMIH) investor relations material

Company overview and market position

• Leading private mortgage insurer with a $3.0bn market cap and a nationally diversified customer base.

• Operates through National Mortgage Insurance Corp., founded in 2011, with a differentiated strategy and modern IT platform.

• Holds 16% private MI industry market share by NIW volume and $221.4bn of primary insurance in-force.

• Consistently delivers industry-leading operating and financial results, with high-quality, best-performing insured portfolio.

• Maintains strong ratings: Moody's A3, Fitch A, S&P A-.

Financial performance and shareholder value

• Q4'25 net income was $94.2m, with full-year 2025 net income at $388.9m and EPS of $4.92.

• Return on equity for 2025 was 16.2%, with book value per share (ex. AOCI) at $34.58.

• Loss ratio for 2025 was 9.6%, expense ratio 19.9%, and combined ratio 29.5%.

• $349m in share repurchases since 2022, retiring 14.1% of shares outstanding; $226m repurchase capacity remains.

• Book value per share CAGR (ex. AOCI) was 17% over five years, with ROE at 16.2% in 2025.

Portfolio quality and risk management

• Maintains a high-quality insured portfolio with minimal layered risk and broad geographic diversification.

• Default rate at 1.12% as of 12/31/25, significantly outperforming peers.

• Comprehensive credit risk management includes individual loan underwriting and proprietary Rate GPS® pricing.

• 94% of insured portfolio covered by comprehensive reinsurance, including quota share, excess-of-loss, and insurance-linked notes.

• Reinsurance program insulates against credit volatility and provides efficient regulatory capital funding.