Nmi Holdings Stock Earnings Reports

National MI reported a strong Q3 2025 with record revenue and continued growth in its insured portfolio. Key operating and financial highlights: $13 billion of new insurance written (NIW); primary insurance-in-force of $218.4 billion (record); total revenue $178.7 million (record); GAAP net income $96 million ($1.22 diluted EPS); ROE 15.6%; net premiums earned $151.3 million; core yield 34.2 bps and net yield 28 bps; 12-month persistency 83.9%; default rate 1.05%; claims expense $18.6 million (seasonal); total cash & investments $3.1 billion with $148 million at the holding company; shareholders’ equity $2.5 billion and book value per share $32.62 (book value ex-AOCI $33.32). The company repurchased $24.6 million of stock in the quarter and has repurchased $319 million year-to-date with remaining repurchase capacity. PMIERs available assets totaled $3.4 billion vs. risk-based required assets of $2.0 billion, giving $1.4 billion in excess available assets. Management emphasized a resilient macro/housing backdrop, high portfolio credit quality, proactive pricing/risk selection, strong reinsurance market access (preference recently for XOL for forward coverage), and discipline on expenses and capital allocation. Management reiterated readiness to capture growth if mortgage rates fall or refi activity rises while noting seasonality and continued normalization in credit metrics over time.