GlobeNewswire·Nov 5, 2026, 4:01 PM ET

NMI Holdings, Inc. Reports Third Quarter 2026 Financial Results

NMIH

NMI Holdings reported Q3 2026 net income of $93.5 million ($1.23 diluted EPS), a decrease from $105.8 million ($1.38 diluted EPS) in Q2 2026 but slightly up from $96.0 million ($1.22 diluted EPS) in Q3 2025.
Adjusted net income for the quarter was $93.7 million ($1.23 adjusted diluted EPS), down from $106.0 million in Q2 2026 but up from $95.7 million in Q3 2025.
Primary insurance-in-force reached $229.7 billion at quarter-end, representing a 1% increase from Q2 2026 and a 5% increase from Q3 2025.
New insurance written totaled $13.6 billion, a 15% decrease from the previous quarter but a 4% increase year-over-year, supporting over 53,000 borrowers.
Insurance claims and claim expenses rose to $29.1 million in Q3 2026, significantly higher than $13.1 million in Q2 2026 and $18.6 million in Q3 2025, resulting in a loss ratio of 18.7%.
Underwriting and operating expenses were $30.8 million, with an expense ratio of 19.8% compared to 19.4% in Q2 2026 and 19.3% in Q3 2025.
Total revenue was $187.6 million, while net premiums earned were $155.5 million, up 3% year-over-year but down 1% from the prior quarter.
Shareholders' equity stood at $2.7 billion, with book value per share at $36.13 and $38.13 excluding net unrealized gains/losses.
The company repurchased 626,383 shares for $27.1 million during the quarter, bringing total repurchases to 14.3 million shares or $435 million since inception.
Annualized return on equity was 13.8%, down from 15.9% in Q2 2026 and 15.6% in Q3 2025.
PMIERs available assets were $3.8 billion against net risk-based required assets of $2.2 billion at quarter-end.
The loss ratio increase was primarily driven by higher claims incurred, including significant prior year claim payments totaling $13.2 million in the quarter.
Geographic dispersion of risk-in-force shows California at 9.9%, Texas at 7.9%, and Florida at 7.0% as of September 30, 2026.