NMI Holdings, Inc.

Second quarter revenue was a record $187.9 million, up 2.4% from the first quarter and 8.1% from the second quarter of 2025. Adjusted net income was a record $106 million, or $1.38 per diluted share, up 7% sequentially and 10% year over year; return on equity was 15.9%. Net premiums earned were $157.5 million, investment income was $30.3 million, underwriting and operating expenses were $30.5 million, and claims expense was $13.1 million. NIW was $16 billion, primary insurance in force was a record $227.1 billion, 12-month persistency was 81.4%, and the default rate was 1.16%. Book value per share was $35.89, or $36.88 excluding net unrealized gains and losses; the company repurchased $31.4 million of stock and had $167 million of remaining authorization. At quarter end, total available assets under PMIERs were $3.7 billion, risk-based required assets were $2.1 billion, and excess available assets were $1.6 billion.

Adam Pollitzer said National MI is seeing strong demand, high-quality production, and a resilient housing backdrop, which he believes supports continued outperformance. He emphasized that the company is still benefiting from secular affordability needs, a high-quality insured book, and disciplined pricing, risk selection, and reinsurance. His tone was confident but measured, noting that macro risks still remain even as credit and housing data look constructive.

Aurora Swithenbank highlighted the record revenue and earnings, with net premiums earned of $157.5 million, investment income of $30.3 million, and adjusted EPS of $1.38. She noted expense efficiency, with underwriting and operating expenses of $30.5 million and an expense ratio of 19.4%, down from 19.8% in the first quarter. She also pointed to continued balance-sheet strength and capital return, including $31.4 million of buybacks in the quarter, $408 million repurchased since 2022, and $167 million remaining under the current authorization.

Analysts focused on credit, competition, capital return, and reinsurance. Management said home prices remain supportive overall, though some pressure persists in Florida, Texas, parts of the Sun Belt, Mountain West, and the West Coast; they also said the market is in constructive balance and they are not seeing signs of underwriting strain in the 2026 book. On capital, management said future allocation will depend on organic NIW growth and the company’s excess capital position, and on reinsurance they said they prefer diverse sources but have recently leaned more toward traditional reinsurance because of execution, flexibility, and forward-flow certainty. They also said the new housing legislation is positive for supply and affordability long term, but unlikely to materially change the private MI business in the near term.