NMI Holdings, Inc. (NMIH) SEC Filings & Earnings Calls
EquiReason read 10 NMI Holdings, Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-07-31 — NMI Holdings reported Q2 2026 net income of $105.8M, up 10% YoY, with net premiums earned up 5.7% YoY..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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- Market cap
- 3.2B
- P/E TTM
- 8.4
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 5 Nov, in 12 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
31 Jul 202610-QNMI Holdings reported Q2 2026 net income of $105.8M, up 10% YoY, with net premiums earned up 5.7% YoY.earningsopen
Figures in the filing · each found in the filing text
| Net premiums earned · Q2-2026 | $158M | +6% y/y |
| Net income · Q2-2026 | $106M | +10% y/y |
| Net investment income · Q2-2026 | $30M | +22% y/y |
| Operating cash flow · H1-2026 | $259M | +13% y/y |
| Loss ratio · Q2-2026 | 8.3% | |
| Expense ratio · Q2-2026 | 19.4% |
Risks flagged
Interest rate sensitivity on investment portfolio
“Unrealized losses on fixed maturities increased from $86.3M at Dec 2025 to $99.1M at Jun 2026, driven by interest rate fluctuations.”
Reinsurer counterparty risk
“Reinsurance recoverable of $40.4M is supported by collateral trusts; allowance for credit loss deemed immaterial.”
30 Jul 20268-K · 2.02Net Income $106M (+10% y/y); Primary Insurance-in-Force $227.10B (+6% y/y); New Insurance Written $16.10B (+29% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Income · Consolidated · Q2-2026 | $106M | +10% y/y |
| Primary Insurance-in-Force · Consolidated · Q2-2026 | $227.10B | +6% y/y |
| New Insurance Written · Consolidated · Q2-2026 | $16.10B | +29% y/y |
| Net Premiums Earned · Consolidated · Q2-2026 | $158M | +6% y/y |
| Loss Ratio · Consolidated · Q2-2026 | 8.3% | |
| Adjusted Diluted EPS · Consolidated · Q2-2026 | $1.38 | +13% y/y |
1 May 202610-QNet premiums earned $155M (+4% y/y); Net income $99M (-3% y/y); Net investment income $29M (+21% y/y)open
Figures in the filing · each found in the filing text
| Net premiums earned · Q1-2026 | $155M | +4% y/y |
| Net income · Q1-2026 | $99M | -3% y/y |
| Net investment income · Q1-2026 | $29M | +21% y/y |
| Insurance claims and claim expenses · Q1-2026 | $21M | +361% y/y |
| Underwriting and operating expenses · Q1-2026 | $31M | +2% y/y |
| Cash and cash equivalents · 2026-03-31 | $71M |
Risks flagged
Increased claims expense
“Insurance claims and claim expenses $20,661 for the three months ended March 31, 2026, as compared with $4,478 for the same period in 2025.”
Housing market downturn risk
“changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market” · word for word
30 Apr 20268-K · 2.02Net income $99M (-3% y/y); Diluted EPS $1.28 (+0% y/y); Primary insurance-in-force $222.30B (+5% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income · Q1-2026 | $99M | -3% y/y |
| Diluted EPS · Q1-2026 | $1.28 | 0% y/y |
| Primary insurance-in-force · Q1-2026 | $222.30B | +5% y/y |
| Net premiums earned · Q1-2026 | $155M | +4% y/y |
| Total revenue · Q1-2026 | $184M | +6% y/y |
| Loss ratio · Q1-2026 | 13.3% | |
| Expense ratio · Q1-2026 | 19.8% | |
| Book value per share (excl. unrealized gains/losses) · Q1-2026 | $35.46 | +15% y/y |
| Annualized return on equity · Q1-2026 | 15.2% | |
| New Insurance Written (NIW) · Q1-2026 | $12.30B | +34% y/y |
Risks flagged
Higher loss ratio due to normalizing claims environment
“Loss ratio was 13.3%, compared to 3.0% in the first quarter of 2025.” · word for word
26 Mar 2026DEF 14AAnnual proxy statement (DEF 14A) filed, disclosing executive compensation, governance, and 2025 performance highlights.open
Figures in the filing · each found in the filing text
| New Insurance Written (NIW) · FY2025 | $48.90B | +6% y/y |
| Insurance In-Force (IIF) · FY2025 | $221.40B | +5% y/y |
| Net Premiums Earned · FY2025 | $602M | +7% y/y |
| Net Investment Income · FY2025 | $103M | +21% y/y |
| Total Revenue · FY2025 | $706M | +9% y/y |
| Net Income · FY2025 | $389M | +8% y/y |
| Return on Equity · FY2025 | 16.2% | |
| Diluted Earnings Per Share · FY2025 | $4.92 | +11% y/y |
| Default Rate · FY2025 | 1.1% | |
| Loss Ratio · FY2025 | 9.6% |
Risks flagged
Housing Market Downturn Risk
“Standard risk factor for mortgage insurer; no specific current evidence of downturn.”
Regulatory Change Risk
“Potential changes in GSE or MI regulation; no specific current evidence.”
12 Feb 202610-KPrimary insurance in force $221.40B; Primary risk in force $59.30B; New insurance written $48.90Bopen
Figures in the filing · each found in the filing text
| Primary insurance in force · FY2025 | $221.40B | |
| Primary risk in force · FY2025 | $59.30B | |
| New insurance written · FY2025 | $48.90B | |
| PMIERs sufficiency ratio · FY2025 | 70.0% | |
| Number of customers · FY2025 | 2,193 |
Risks flagged
Interest rate sensitivity
“Higher interest rates and mortgage rates may have an adverse impact on the refinancing origination market and purchase origination market.” · word for word
Competition from government MIs
“Government MIs may continue to maintain a strong combined market position and could increase their market share in the future.” · word for word
GSE policy risk
“Changes in the business practices of the GSEs... could reduce the private MI market opportunity, reduce our revenues or increase our losses.” · word for word
Credit risk from borrower defaults
“Unexpected material increases in borrower defaults could cause our actual losses to materially exceed our expected loss rates.” · word for word
12 Feb 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)SEC ↗
10 Feb 20268-K · 2.02Net Income $94M (+9% y/y); Diluted EPS $1.20 (+12% y/y); Primary Insurance-in-Force $221.40B (+5% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q4-2025 | $94M | +9% y/y |
| Diluted EPS · Q4-2025 | $1.20 | +12% y/y |
| Primary Insurance-in-Force · Q4-2025 | $221.40B | +5% y/y |
| New Insurance Written · Q4-2025 | $14.20B | +19% y/y |
| Net Premiums Earned · Q4-2025 | $153M | +6% y/y |
| Total Revenue · Q4-2025 | $181M | +9% y/y |
| Loss Ratio · Q4-2025 | 13.9% | |
| Expense Ratio · Q4-2025 | 20.4% | |
| Book Value per Share (ex AOCI) · Q4-2025 | $34.58 | +16% y/y |
| Annualized Return on Equity · Q4-2025 | 14.8% |
Risks flagged
Loss ratio increased QoQ from 12.3% to 13.9%, indicating potential claims normalization.
“Loss ratio was 13.9%, compared to 12.3% in the third quarter” · word for word
5 Nov 202510-QNMI Holdings reported Q3 2025 net income of $96.0M, up 3.4% YoY, with net premiums earned up 5.6% YoY.earningsopen
Figures in the filing · each found in the filing text
| Net premiums earned · Q3-2025 | $151M | +6% y/y |
| Net income · Q3-2025 | $96M | +3% y/y |
| Loss ratio · Q3-2025 | 12.3% | |
| Expense ratio · Q3-2025 | 19.3% | |
| Cash and cash equivalents · 2025-09-30 | $130M | |
| Operating cash flow · 9M-2025 | $358M | -0% y/y |
| Customer number · 2025-09-30 | 77,095,871 | |
| Assets available · 2025-09-30 | $3.73B | |
| Income investment net · Q3-2025 | $27M | +19% y/y |
Risks flagged
Claims increase
“Insurance claims and claim expenses $18,554 for the three months ended September 30, 2025 compared to $10,321 for the same period in 2024.”
4 Nov 20258-K · 2.02Net Income $96M (+3% y/y); Diluted EPS $1.22 (+6% y/y); Primary Insurance-in-Force $218.40B (+5% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q3-2025 | $96M | +3% y/y |
| Diluted EPS · Q3-2025 | $1.22 | +6% y/y |
| Primary Insurance-in-Force · Q3-2025 | $218.40B | +5% y/y |
| New Insurance Written (NIW) · Q3-2025 | $13.00B | +7% y/y |
| Net Premiums Earned · Q3-2025 | $151M | +6% y/y |
| Total Revenue · Q3-2025 | $179M | +8% y/y |
| Loss Ratio · Q3-2025 | 12.3% | |
| Expense Ratio · Q3-2025 | 19.3% | |
| Book Value per Share (excl. unrealized gains/losses) · Q3-2025 | $33.32 | +16% y/y |
| Annualized Return on Equity · Q3-2025 | 15.6% |
Risks flagged
Increased loss ratio due to higher claims, though still low historically.
“Loss ratio increased to 12.3% from 9.0% QoQ and 7.2% YoY.”
NMI Holdings, Inc. — questions
- What did NMI Holdings, Inc. file recently?
- 10 SEC filings in the last 12 months. Latest: 10-Q on 2026-07-31 — NMI Holdings reported Q2 2026 net income of $105.8M, up 10% YoY, with net premiums earned up 5.7% YoY.
Every figure on this page comes from NMI Holdings, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.