NMI (NMIH) investor relations material

Executive summary

• Net income for Q3 2025 was $96.0 million ($1.22 per diluted share), up 3% year-over-year, reflecting strong revenue growth and disciplined expense management.

• Primary insurance-in-force reached $218.4 billion, up 2% sequentially and 5% year-over-year, driven by higher new insurance written and high persistency rates.

• Total revenue grew to $178.7 million, a 3% increase sequentially and 8% year-over-year.

• Management remains confident in continued outperformance, citing a high-quality insured portfolio, robust balance sheet, and disciplined expense and capital management.

• The company maintained strong customer relationships and continued to provide critical down payment support, helping expand homeownership.

Financial highlights

• Net premiums earned were $151.3 million, up 2% from Q2 and 6% year-over-year.

• Net investment income was $26.8 million, up 7% sequentially and 19% year-over-year.

• GAAP net income was $96 million ($1.22 per diluted share), with adjusted net income of $95.7 million and adjusted EPS of $1.21.

• Book value per share (excluding net unrealized gains/losses) was $33.32, up 4% from Q2 and 16% year-over-year.

• Annualized return on equity was 15.6%; adjusted ROE was 15.5%.

Outlook and guidance

• Management expects continued growth and embedded value gains in the insured portfolio, supported by secular trends and recent improvements in mortgage rates.

• Persistency rates are expected to remain high due to limited refinancing activity, though some sensitivity to interest rate changes remains.

• Macro risks remain, including inflation, elevated interest rates, and housing demand impacts, but proactive pricing, risk selection, and reinsurance strategies are in place.

• Management plans to continue disciplined risk selection, portfolio growth, and capital management.