NMI Holdings, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income was $93.5 million ($1.23 diluted EPS), compared to $105.8 million ($1.38 diluted EPS) in Q2 2026 and $96.0 million ($1.22 diluted EPS) in Q3 2025.
• Adjusted net income was $93.7 million ($1.23 adjusted diluted EPS), compared to $106.0 million ($1.38 adjusted diluted EPS) in Q2 2026 and $95.7 million ($1.21 adjusted diluted EPS) in Q3 2025.
• Total revenue was $187.6 million, compared to $187.9 million in Q2 2026 and $178.7 million in Q3 2025.
• Net premiums earned were $155.5 million, compared to $157.5 million in Q2 2026 and $151.3 million in Q3 2025.
• Net investment income was $32.2 million, compared to $30.3 million in Q2 2026 and $26.8 million in Q3 2025.
• Insurance claims and claim expenses were $29.1 million, compared to $13.1 million in Q2 2026 and $18.6 million in Q3 2025.
• Loss ratio was 18.7%, compared to 8.3% in Q2 2026 and 12.3% in Q3 2025.
• Underwriting and operating expenses were $30.8 million, compared to $30.5 million in Q2 2026 and $29.2 million in Q3 2025.
• Expense ratio was 19.8%, compared to 19.4% in Q2 2026 and 19.3% in Q3 2025.
• Combined ratio was 38.5%, compared to 27.7% in Q2 2026 and 31.5% in Q3 2025.
• Shareholders' equity was $2.7 billion at quarter-end.
• Book value per share was $36.13; book value per share excluding net unrealized gains and losses was $38.13, up 3% from Q2 2026 ($36.88) and up 14% from Q3 2025 ($33.32).
• Annualized return on equity was 13.8%, compared to 15.9% in Q2 2026 and 15.6% in Q3 2025.
• Annualized adjusted return on equity was 13.9%, compared to 15.9% in Q2 2026 and 15.5% in Q3 2025.
• Debt was $418.5 million as of September 30, 2026, compared to $417.0 million as of December 31, 2025.
• Total assets were $4.0 billion as of September 30, 2026, compared to $3.8 billion as of December 31, 2025.

Business Segments and Product Lines:

• Primary insurance-in-force (IIF) at quarter-end was $229.7 billion, compared to $227.1 billion at the end of Q2 2026 and $218.4 billion at the end of Q3 2025.
• New insurance written (NIW) was nearly $13.6 billion, compared to $16.1 billion in Q2 2026 and $13.0 billion in Q3 2025.
• The company helped more than 53,000 borrowers write new coverage during the quarter.
• Average loan size was $329,000 as of September 30, 2026.
• Coverage percentage was 26.8% as of September 30, 2026.
• Loans in default count was 8,571, with a default rate of 1.23%.
• Risk-in-force (RIF) was $61.6 billion as of September 30, 2026.
• Annual persistency was 80.8% for the quarter ended September 30, 2026.
• Quarterly run-off was 4.9% for the quarter ended September 30, 2026.
• 97% of primary RIF was fixed-rate mortgages as of September 30, 2026.
• Geographic dispersion: Top 10 states represented 50.9% of primary RIF, with California (9.9%), Texas (7.9%), and Florida (7.0%) leading.

Other Key Points:

• Share repurchases totaled 626,383 shares for $27.1 million during the quarter.
• Total repurchase activity since inception reached 14.3 million shares or $435 million.
• At quarter-end, total PMIERs available assets were $3.8 billion and net risk-based required assets were $2.2 billion.
• Reinsurance recoverables were $44.4 million as of September 30, 2026.
• Reserve for insurance claims and claim expenses was $234.2 million as of September 30, 2026.
• Claims paid for the quarter totaled $15.3 million (excluding commutations/settlements), with an average amount paid per claim of $71,000.
• Average reserve per default was $27.3 thousand as of September 30, 2026.
• The company operates as a private mortgage insurance company enabling low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to borrower default.