NMI Holdings Earnings Call Transcripts
Fiscal Year 2026
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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 results with $173.2M revenue and $102.6M net income, driven by $9.2B NIW and a high-quality insured portfolio. Expense efficiency, strong credit performance, and disciplined risk management support robust returns and continued share repurchases.
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, robust risk management, and technology-driven efficiency, supporting industry-leading returns and strong capital positions. Shareholder value is prioritized through continued share repurchases and a high-quality insured portfolio.
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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.