NMI (NMIH) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $99.3 million ($1.28 per diluted share), up from Q4 2025 but down 3% year-over-year; adjusted net income was $99.4 million.

• Insurance-in-force reached a record $222.3 billion, up 5% year-over-year, with new insurance written (NIW) at $12.3 billion, a 33% increase year-over-year.

• Persistency rate was 82.2%, slightly lower than 84.3% a year ago, with portfolio quality supported by 50% of IIF having FICO ≥760 and weighted average LTV of 91.4%.

• Delivered standout operating performance, supported by a robust balance sheet and disciplined expense management.

• Continued to see a resilient macro environment and housing market, fueling sustained new business opportunities.

Financial highlights

• Total revenue reached $183.5 million, up 2% sequentially and 6% year-over-year.

• Net premiums earned were $154.8 million, up 4% year-over-year; net investment income rose 21% to $28.6 million.

• Insurance claims and claim expenses increased to $20.7 million (loss ratio 13.3%), up from $4.5 million (3.0%) in Q1 2025.

• Underwriting and operating expenses were $30.6 million, with an expense ratio of 19.8%.

• Book value per share (excluding net unrealized gains/losses) was $35.46, up 3% sequentially and 15% year-over-year.

Outlook and guidance

• Management expects macroeconomic headwinds, including inflation and elevated interest rates, to impact housing demand and default rates.

• The company plans to continue expanding its customer base and insured portfolio, focusing on disciplined risk selection and pricing.

• Well-positioned to continue serving customers, investing in employees, and driving growth in the insured portfolio.

• No formal guidance provided, but anticipate 2026 volume trends similar to 2025, supported by secular demand drivers.