NMI Holdings Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 results included $187.9M in revenue, $106M adjusted net income, and $16B NIW, with strong portfolio growth and disciplined expense management. The insured book remains high quality, macro conditions are supportive, and capital returns continue via buybacks.
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The meeting covered director elections, executive compensation, and auditor ratification, all of which passed with strong support. Management addressed a question on loss ratios, noting expectations for normalization as the portfolio matures. Risks and uncertainties were acknowledged.
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Q1 2026 saw record revenue and strong earnings, with $12.3B NIW and $222.3B insurance in force. Credit performance remains robust, expenses are well-managed, and capital position is strong. The outlook is positive, with continued disciplined growth expected.
Fiscal Year 2025
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Record Q4 and full-year 2025 results featured strong revenue, net income, and portfolio growth, with robust credit performance and disciplined expense management. New reinsurance treaties and continued share buybacks support a positive 2026 outlook amid stable industry conditions.
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Q3 2025 saw record revenue, net income, and insurance in force, driven by strong portfolio growth and disciplined expense management. Persistency and credit quality remain high, with robust capital and reinsurance positions supporting continued outperformance.
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Record Q2 results with $173.8M revenue and $96.5M adjusted net income, driven by strong new insurance written and disciplined expense management. Portfolio quality remains high, with robust capital and proactive risk management amid evolving market conditions.
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Record Q1 2025 results with $173.2M revenue and $102.6M net income, driven by $9.2B NIW and portfolio growth. Expense ratio improved, capital position remains strong, and share repurchases continued. Management expects ongoing strong performance through market cycles.
Fiscal Year 2024
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Record Q4 and full-year results featured strong revenue, earnings, and portfolio growth, with robust credit performance and disciplined capital return. The outlook for 2025 remains positive, supported by a resilient housing market and stable MI pricing.
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Management outlined a strategy focused on disciplined growth, risk management, and operational efficiency, leveraging technology and a strong culture to deliver industry-leading returns and shareholder value. The company maintains a conservative risk posture, robust capital position, and expects continued growth in a resilient housing market.
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Record Q3 results with $166.1M revenue and $92.8M net income, driven by strong NIW and portfolio growth. New reinsurance treaties and S&P upgrades strengthen risk management and capital position. Industry outlook remains positive for 2024 and 2025.
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Record Q2 results included $162.1M in revenue, $97.6M adjusted net income, and $203.5B insurance in force. Strong credit performance, disciplined expense management, and robust capital position support a positive outlook despite some macro risks.