second quarter 2026
Filed Jul 30, 2026NMI Holdings, Inc. Reports Record Second Quarter 2026 Financial Results
Record net income, adjusted net income and total revenue were supported by growth in insurance-in-force, net premiums earned and net investment income, while claims expense and the loss ratio declined sequentially and year over year.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Primary Insurance-in-Forceother | $227.1 billion | 2 % | 6 % |
| New Insurance Written - NIWother | 16.1 | 31 % | 29 % |
| Net Premiums EarnedGAAP | $157.5 million | 2 % | 6 % |
| Net Investment IncomeGAAP | 30.3 | 6 % | 22 % |
| Total revenueGAAP | $187.9 million | – | – |
| Insurance Claims and Claim ExpensesGAAP | $13.1 million | (36) % | (2) % |
| Loss Ratioother | 8.3% | – | – |
| Underwriting and Operating ExpensesGAAP | $30.5 million | — % | 3 % |
| Expense Ratioother | 19.4% | – | – |
| Net incomeGAAP | $105.8 million | – | – |
| Diluted EPSGAAP | $1.38 per diluted share | – | – |
| Adjusted Net Incomenon-GAAP | $106.0 million | 7 % | 10 % |
| Adjusted Diluted EPSnon-GAAP | $1.38 per diluted share | 8 % | 14 % |
| Shareholders' equityGAAP | $2.7 billion | – | – |
| Book value per shareGAAP | $35.89 | – | – |
| Book Value per Share (excluding net unrealized gains and losses)other | $36.88 | 4 % | 15 % |
| Annualized return on equityGAAP | 15.9% | – | – |
| Annualized adjusted return on equitynon-GAAP | 15.9% | – | – |
| Total PMIERs available assetsother | $3.7 billion | – | – |
| Net risk-based required assetsother | $2.1 billion | – | – |
What drove it
- Primary Insurance-in-Force was $227.1 billion, with 2 % Q/Q growth and 6 % Y/Y growth.
- New Insurance Written - NIW was 16.1, with 31 % Q/Q growth and 29 % Y/Y growth.
- Net Premiums Earned were $157.5 million, with 2 % Q/Q growth and 6 % Y/Y growth.
- Net Investment Income was 30.3, with 6 % Q/Q growth and 22 % Y/Y growth.
- Insurance Claims and Claim Expenses were $13.1 million, down (36) % Q/Q and (2) % Y/Y.
Concerns
- Annualized return on equity was 15.9%, compared to 16.2% in the second quarter of 2025.
- Annualized adjusted return on equity was 15.9%, compared to 16.3% in the second quarter of 2025.
- The filing identifies changes in economic conditions, interest rates, inflation, housing-market conditions, home prices and mortgage insurance markets as risks to results.
What to watch
- The pace of Primary Insurance-in-Force growth following the reported $227.1 billion quarter-end balance.
- New Insurance Written following 16.1 of quarterly NIW.
- Loss ratio performance following the reported 8.3% ratio.
- Net investment income following the reported 30.3.
- PMIERs capital resources, with total PMIERs available assets of $3.7 billion and net risk-based required assets of $2.1 billion.
Balance sheet and cash flow
- Shareholders' equity was $2.7 billion at quarter end.
- At quarter-end, total PMIERs available assets were $3.7 billion and net risk-based required assets were $2.1 billion.
Analysis
NMI Holdings reported record second-quarter 2026 financial results, with GAAP net income of $105.8 million and adjusted net income of $106.0 million. GAAP diluted EPS was $1.38 per diluted share and adjusted diluted EPS was $1.38 per diluted share. Both GAAP and adjusted earnings exceeded the first-quarter and second-quarter 2025 amounts reported in the release.
Top-line performance was supported by an expanding insured portfolio and higher investment income. Primary Insurance-in-Force reached $227.1 billion, up 2 % Q/Q and 6 % Y/Y, while New Insurance Written - NIW was 16.1, up 31 % Q/Q and 29 % Y/Y. Net Premiums Earned were $157.5 million, up 2 % Q/Q and 6 % Y/Y. Total revenue was $187.9 million, compared with $183.5 million in the first quarter and $173.8 million in the second quarter of 2025. Net Investment Income was 30.3, up 6 % Q/Q and 22 % Y/Y.
Underwriting results improved meaningfully on claims. Insurance Claims and Claim Expenses were $13.1 million, down (36) % Q/Q and (2) % Y/Y, and the loss ratio was 8.3%, compared with 13.3% in the first quarter and 9.0% a year earlier. Underwriting and Operating Expenses were $30.5 million, compared with $30.6 million in the first quarter and $29.5 million a year earlier. The expense ratio improved to 19.4% from 19.8% in both comparison periods.
Capital and book-value measures remained substantial. Shareholders' equity was $2.7 billion, and book value per share was $35.89. Book Value per Share (excluding net unrealized gains and losses) was $36.88, up 4 % Q/Q and 15 % Y/Y. The company reported $3.7 billion of total PMIERs available assets and $2.1 billion of net risk-based required assets at quarter-end. Annualized return on equity was 15.9%, above the first-quarter 15.2% but below the 16.2% reported for the second quarter of 2025.
The release provided no forward financial guidance, capital-return activity, cash flow statement metrics, cash balance or debt balance. The principal reported operating indicators to follow are NIW, insurance-in-force growth, claims and loss-ratio performance, net investment income and PMIERs capital resources.
Management, verbatim
“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.”
Adam Pollitzer, President and Chief Executive Officer of National MI
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax-rate or other financial guidance
- Previous-release outlook for comparison with actual results
- Gross profit and gross margin
- Operating income
- GAAP total-revenue Q/Q and Y/Y percentage changes
- GAAP net-income Q/Q and Y/Y percentage changes
- GAAP diluted-EPS Q/Q and Y/Y percentage changes
- Loss-ratio and expense-ratio Q/Q and Y/Y percentage changes
- Cash balance
- Debt balance
- Operating cash flow
- Free cash flow
- Share repurchases
- Dividends
- Segment revenue disclosure
- CFO commentary
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.