NMI (NMIH) Q2 2026 earnings summary

Executive summary

• Achieved record net income of $105.8 million ($1.38 per diluted share) for Q2 2026, up 10% year-over-year, with adjusted net income of $106 million and strong operational performance.

• New insurance written (NIW) was $16.1 billion, up 29% year-over-year, with primary insurance-in-force reaching $227.1 billion, a 6% increase year-over-year and 2% sequentially.

• Surpassed $500 billion of insurance ever written, highlighting long-term market presence.

• Maintained a diversified national customer base, serving over 1,700 lenders and supporting nearly 2.2 million borrowers.

• Positioned for continued outperformance, supported by a resilient macro environment and housing market.

Financial highlights

• Total revenue reached a record $187.9 million, up 8% year-over-year and 2% sequentially.

• Net premiums earned were $157.5 million, up 6% year-over-year and 2% sequentially; net investment income was $30.3 million, up 22% year-over-year.

• Adjusted net income was $106 million, up 10% year-over-year; adjusted EPS was $1.38, up 14% year-over-year.

• Book value per share (excluding unrealized gains/losses) increased 15% year-over-year to $36.88.

• Loss ratio improved to 8.3% from 9.0% in Q2 2025; expense ratio was 19.4%, down from 19.8% in Q1.

Outlook and guidance

• Management expects continued growth in NIW and IIF, supported by a robust balance sheet, high-quality insured portfolio, and disciplined risk selection.

• Macro risks persist, but proactive pricing, risk selection, and reinsurance strategies are in place.

• Expectation for default rates to trend higher in the second half due to seasonal factors.

• The company anticipates increased use of VantageScore 4.0 credit scoring in future periods.

• No material impact is expected from upcoming PMIERs updates.