NMI Holdings, Inc. Reports First Quarter 2026 Financial Results

EMERYVILLE, Calif., April 30, 2026 (GLOBE NEWSWIRE) -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $99.3 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026, compared to $94.2 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025 and $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025. Adjusted net income for the quarter was $99.4 million, or $1.28 per diluted share, compared to $93.8 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025 and $102.5 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered strong operating performance, consistent growth in our high-quality insured portfolio, and standout financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well positioned to continue delivering differentiated growth, returns and value for our shareholders.”

Selected first quarter 2026 highlights include:

• Primary insurance-in-force at quarter end was $222.3 billion, compared to $221.4 billion at the end of the fourth quarter and $211.3 billion at the end of the first quarter of 2025.
• Net premiums earned were $154.8 million, compared to $152.5 million in the fourth quarter and $149.4 million in the first quarter of 2025.
• Total revenue was $183.5 million, compared to $180.7 million in the fourth quarter and $173.2 million in the first quarter of 2025.
• Insurance claims and claim expenses were $20.7 million, compared to $21.2 million in the fourth quarter and $4.5 million in the first quarter of 2025. Loss ratio was 13.3%, compared to 13.9% in the fourth quarter and 3.0% in the first quarter of 2025.
• Underwriting and operating expenses were $30.6 million, compared to $31.1 million in the fourth quarter and $30.2 million in the first quarter of 2025. Expense ratio was 19.8%, compared to 20.4% in the fourth quarter and 20.2% in the first quarter of 2025.
• Net income was $99.3 million, compared to $94.2 million in the fourth quarter and $102.6 million in the first quarter of 2025. Diluted EPS was $1.28, compared to $1.20 in the fourth quarter and $1.28 in the first quarter of 2025.
• Adjusted net income was $99.4 million, compared to $93.8 million in the fourth quarter and $102.5 million in the first quarter of 2025. Adjusted diluted EPS was $1.28, compared to $1.20 in the fourth quarter and $1.28 in the first quarter of 2025.
• Shareholders’ equity was $2.6 billion at quarter end and book value per share was $34.57. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $35.46, up 3% compared to $34.58 in the fourth quarter and 15% compared to $30.85 in the first quarter of 2025.
• Annualized return on equity for the quarter was 15.2%, compared to 14.8% in the fourth quarter and 18.1% in the first quarter of 2025. Annualized adjusted return on equity was 15.2%, compared to 14.7% in the fourth quarter and 18.1% in the first quarter of 2025.
• At quarter-end, total PMIERs available assets were $3.6 billion and net risk-based required assets were $2.2 billion.

		Quarter Ended			Quarter Ended			Quarter Ended			Change (1)		Change (1)
		3/31/2026			12/31/2025			3/31/2025			Q/Q		Y/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force		$	222.3		$	221.4		$	211.3		—	%	5	%
New Insurance Written - NIW			12.3			14.2			9.2		(14	)%	33	%
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned		$	154.8		$	152.5		$	149.4		2	%	4	%
Net Investment Income			28.6			27.5			23.7		4	%	21	%
Insurance Claims and Claim Expenses			20.7			21.2			4.5		(2	)%	361	%
Underwriting and Operating Expenses			30.6			31.1			30.2		(1	)%	1	%
Adjusted Net Income			99.4			93.8			102.5		6	%	(3	)%
Adjusted Diluted EPS		$	1.28		$	1.20		$	1.28		7	%	—	%
Book Value per Share (excluding net unrealized gains and losses) (2)		$	35.46		$	34.58		$	30.85		3	%	15	%
Loss Ratio			13.3	%		13.9	%		3.0	%
Expense Ratio			19.8	%		20.4	%		20.2	%

(1) Percentages may not be replicated based on the rounded figures presented in the table.
(2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

Conference Call and Webcast Details

The company will hold a conference call, which will be webcast live today, April 30, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

About NMI Holdings, Inc.

NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: 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 or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, international trade policies in areas such as tariffs or other trade restrictions, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first-time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Use of Non-GAAP Financial Measures

We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhance the comparability of our fundamental financial performance between periods, and provide relevant information to investors. These non-GAAP financial measures align with the way the company's business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders' equity for the period.

Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

(1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

(2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

(3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provide clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

(4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and are not reflective of ongoing operations.

Investor Contact
John M. Swenson
Vice President, Investor Relations & Treasury
John.Swenson@nationalmi.com

Consolidated statements of operations and comprehensive income (unaudited)	For the three months ended March 31,
	2026				2025
	(In Thousands, except for per share data)
Revenues
Net premiums earned	$	154,806			$	149,366
Net investment income		28,604				23,686
Net realized investment (losses) gains		(147	)			24
Other revenues		212				170
Total revenues		183,475				173,246
Expenses
Insurance claims and claim expenses		20,661				4,478
Underwriting and operating expenses		30,623				30,175
Service expenses		139				116
Interest expense		7,109				7,106
Total expenses		58,532				41,875
Income before income taxes		124,943				131,371
Income tax expense		25,613				28,812
Net income	$	99,330			$	102,559
Earnings per share
Basic	$	1.30			$	1.31
Diluted	$	1.28			$	1.28
Weighted average common shares outstanding
Basic		76,175				78,407
Diluted		77,435				79,858
Other data
Loss ratio (1)		13.3	%			3.0	%
Expense ratio (2)		19.8	%			20.2	%
Combined ratio		33.1	%			23.2	%

(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.

Consolidated balance sheets (unaudited)	March 31, 2026				December 31, 2025
Assets	(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,255,203 and $3,190,174)	$	3,174,107			$	3,137,023
Cash and cash equivalents		70,679				43,937
Premiums receivable, net		86,861				86,259
Accrued investment income		29,726				27,253
Deferred policy acquisition costs, net		64,330				64,372
Software and equipment, net		20,887				21,727
Intangible assets and goodwill		3,634				3,634
Reinsurance recoverable		39,703				38,577
Prepaid federal income taxes		400,258				400,258
Other assets		19,453				18,058
Total assets	$	3,909,638			$	3,841,098
Liabilities
Debt	$	417,522			$	417,031
Unearned premiums		43,680				46,660
Accounts payable and accrued expenses		104,835				101,595
Reserve for insurance claims and claim expenses		211,204				196,429
Deferred tax liability, net		491,879				478,890
Other liabilities		8,086				8,507
Total liabilities		1,277,206				1,249,112
Shareholders' equity
Common stock: 76,149,574 and 76,285,242 shares outstanding as of March 31, 2026 and December 31, 2025, respectively		890				884
Additional paid-in capital		1,007,682				1,016,772
Treasury stock, at cost: 12,801,970 and 12,086,223 common shares as of March 31, 2026 and December 31, 2025, respectively		(379,495	)			(351,772	)
Accumulated other comprehensive loss, net of tax		(68,160	)			(46,083	)
Retained earnings		2,071,515				1,972,185
Total shareholders' equity		2,632,432				2,591,986
Total liabilities and shareholders' equity	$	3,909,638			$	3,841,098

Non-GAAP Financial Measure Reconciliations (unaudited)
	As of and for the three months ended
	3/31/2026				12/31/2025				3/31/2025
As Reported	(In Thousands, except for per share data)
Revenues
Net premiums earned	$	154,806			$	152,457			$	149,366
Net investment income		28,604				27,529				23,686
Net realized investment (losses) gains		(147	)			487				24
Other revenues		212				263				170
Total revenues		183,475				180,736				173,246
Expenses
Insurance claims and claim expenses		20,661				21,172				4,478
Underwriting and operating expenses		30,623				31,069				30,175
Service expenses		139				213				116
Interest expense		7,109				7,133				7,106
Total expenses		58,532				59,587				41,875
Income before income taxes		124,943				121,149				131,371
Income tax expense		25,613				26,932				28,812
Net income	$	99,330			$	94,217			$	102,559
Adjustments:
Net realized investment losses (gains)		147				(487	)			(24	)
Adjusted income before taxes		125,090				120,662				131,347
Income tax expense (benefit) on adjustments (1)		31				(102	)			(5	)
Adjusted net income	$	99,446			$	93,832			$	102,540
Weighted average diluted shares outstanding		77,435				78,208				79,858
Diluted EPS	$	1.28			$	1.20			$	1.28
Adjusted diluted EPS	$	1.28			$	1.20			$	1.28
Return on equity		15.2	%			14.8	%			18.1	%
Adjusted return on equity		15.2	%			14.7	%			18.1	%
Expense ratio (2)		19.8	%			20.4	%			20.2	%
Adjusted expense ratio (3)		19.8	%			20.4	%			20.2	%
Combined ratio (4)		33.1	%			34.3	%			23.2	%
Adjusted combined ratio (5)		33.1	%			34.3	%			23.2	%
Book value per share (6)	$	34.57			$	33.98			$	29.65
Book value per share (excluding net unrealized gains and losses) (7)	$	35.46			$	34.58			$	30.85

(1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
(3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
(4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
(5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
(6) Book value per share is calculated by dividing total shareholders' equity by shares outstanding.
(7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

Historical Quarterly Data	2026				2025
	March 31				December 31				September 30				June 30				March 31
	(In Thousands, except for per share data)
Revenues
Net premiums earned	$	154,806			$	152,457			$	151,323			$	149,066			$	149,366
Net investment income		28,604				27,529				26,773				24,949				23,686
Net realized investment (losses) gains		(147	)			487				321				(400	)			24
Other revenues		212				263				262				164				170
Total revenues		183,475				180,736				178,679				173,779				173,246
Expenses
Insurance claims and claim expenses		20,661				21,172				18,554				13,445				4,478
Underwriting and operating expenses		30,623				31,069				29,156				29,508				30,175
Service expenses		139				213				162				110				116
Interest expense		7,109				7,133				7,124				7,115				7,106
Total expenses		58,532				59,587				54,996				50,178				41,875
Income before income taxes		124,943				121,149				123,683				123,601				131,371
Income tax expense		25,613				26,932				27,684				27,450				28,812
Net income	$	99,330			$	94,217			$	95,999			$	96,151			$	102,559
Earnings per share
Basic	$	1.30			$	1.23			$	1.24			$	1.23			$	1.31
Diluted	$	1.28			$	1.20			$	1.22			$	1.21			$	1.28
Weighted average common shares outstanding
Basic		76,175				76,700				77,410				77,987				78,407
Diluted		77,435				78,208				78,830				79,256				79,858
Other data
Loss ratio (1)		13.3	%			13.9	%			12.3	%			9.0	%			3.0	%
Expense ratio (2)		19.8	%			20.4	%			19.3	%			19.8	%			20.2	%
Combined ratio (3)		33.1	%			34.3	%			31.5	%			28.8	%			23.2	%

(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
(3) Combined ratio may not foot due to rounding.

Portfolio Statistics

The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

Primary portfolio trends	As of and for the three months ended
	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
	($ Values In Millions, except as noted below)
New insurance written (NIW)	$	12,259			$	14,203			$	13,012			$	12,464			$	9,221
New risk written		3,124				3,631				3,399				3,260				2,428
Insurance-in-force (IIF) (1)		222,318				221,448				218,376				214,653				211,308
Risk-in-force (RIF) (1)		59,517				59,313				58,538				57,496				56,515
Policies in force (count) (1)		684,977				684,058				677,010				668,638				661,490
Average loan size ($ value in thousands) (1)	$	325			$	324			$	323			$	321			$	319
Coverage percentage (2)		26.8	%			26.8	%			26.8	%			26.8	%			26.7	%
Loans in default (count) (1)		8,044				7,661				7,093				6,709				6,859
Default rate (1)		1.17	%			1.12	%			1.05	%			1.00	%			1.04	%
Risk-in-force on defaulted loans (1)	$	701			$	656			$	600			$	569			$	567
Average net premium yield (3)		0.28	%			0.28	%			0.28	%			0.28	%			0.28	%
Earnings from cancellations	$	0.6			$	0.8			$	0.7			$	0.7			$	0.6
Annual persistency (4)		82.2	%			83.4	%			83.9	%			84.1	%			84.3	%
Quarterly run-off (5)		5.1	%			5.1	%			4.3	%			4.3	%			3.9	%

(1) Reported as of the end of the period.
(2) Calculated as end of period RIF divided by end of period IIF.
(3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
(4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
(5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.

NIW, IIF and Premiums

The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

NIW	For the three months ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
	(In Millions)
Monthly	$	11,935		$	13,841		$	12,727		$	12,214		$	9,049
Single		324			362			285			250			172
Total	$	12,259		$	14,203		$	13,012		$	12,464		$	9,221

Primary IIF	As of
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
	(In Millions)
Monthly	$	206,025		$	204,925		$	201,671		$	197,608		$	193,856
Single		16,293			16,523			16,705			17,045			17,452
Total	$	222,318		$	221,448		$	218,376		$	214,653		$	211,308

The following table presents the amounts related to the company's quota-share reinsurance transactions (the 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, 2025 QSR Transaction, and 2026 QSR Transaction and collectively, the QSR Transactions), traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, 2025 XOL Transaction, and 2026-1 XOL Transaction and collectively, the XOL Transactions), and insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions) for the periods indicated.

	For the three months ended
	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
	(In Thousands)
The QSR Transactions (1)
Ceded risk-in-force	$	12,189,562			$	12,805,761			$	12,699,082			$	12,764,708			$	12,888,870
Ceded premiums earned		(37,930	)			(40,131	)			(39,847	)			(40,227	)			(41,011	)
Ceded claims and claim expenses		4,890				4,682				4,123				3,253				523
Ceding commission earned		10,205				10,182				10,246				9,669				9,768
Profit commission		17,131				18,310				19,083				19,958				23,398
The XOL Transactions
Ceded Premiums	$	(10,998	)		$	(11,037	)		$	(10,656	)		$	(10,350	)		$	(10,168	)
The ILN Transactions
Ceded premiums	$	(2,383	)		$	(3,007	)		$	(3,036	)		$	(3,244	)		$	(3,311	)

(1) Effective July 1, 2025, NMIC terminated its coverage with all reinsurers under the 2016 QSR Transaction by mutual agreement on a cut-off basis.

The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

NIW by FICO	For the three months ended
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
>= 760	$	7,237		$	7,907		$	4,971
740-759		2,161			2,620			1,753
720-739		1,452			1,654			1,177
700-719		719			1,010			665
680-699		379			569			413
<=679		311			443			242
Total	$	12,259		$	14,203		$	9,221
Weighted average FICO		762			759			758

NIW by LTV	For the three months ended
	March 31, 2026				December 31, 2025				March 31, 2025
	(In Millions)
95.01% and above	$	1,506			$	1,606			$	1,147
90.01% to 95.00%		4,982				5,970				4,274
85.01% to 90.00%		3,840				4,627				2,751
85.00% and below		1,931				2,000				1,049
Total	$	12,259			$	14,203			$	9,221
Weighted average LTV		91.4	%			91.6	%			92.2	%

NIW by purchase/refinance mix	For the three months ended
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
Purchase	$	9,367		$	11,840		$	8,822
Refinance		2,892			2,363			399
Total	$	12,259		$	14,203		$	9,221

The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2026.

Primary IIF and RIF	As of March 31, 2026
	IIF			RIF
Book Year	(In Millions)
2026	$	12,189		$	3,106
2025		43,833			11,412
2024		35,260			9,394
2023		27,059			7,168
2022		40,061			10,834
2021 and before		63,916			17,603
Total	$	222,318		$	59,517

The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

Primary IIF by FICO	As of
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
>= 760	$	112,057		$	111,255		$	106,004
740-759		40,270			40,008			37,716
720-739		30,551			30,503			29,430
700-719		20,349			20,491			19,737
680-699		13,271			13,448			13,324
<=679		5,820			5,743			5,097
Total	$	222,318		$	221,448		$	211,308

Primary RIF by FICO	As of
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
>= 760	$	29,675		$	29,500		$	28,117
740-759		10,854			10,787			10,132
720-739		8,293			8,275			7,966
700-719		5,590			5,619			5,384
680-699		3,628			3,672			3,610
<=679		1,477			1,460			1,306
Total	$	59,517		$	59,313		$	56,515

Primary IIF by LTV	As of
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
95.01% and above	$	27,419		$	26,739		$	24,167
90.01% to 95.00%		109,554			109,228			104,312
85.01% to 90.00%		65,693			66,285			64,298
85.00% and below		19,652			19,196			18,531
Total	$	222,318		$	221,448		$	211,308

Primary RIF by LTV	As of
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Millions)
95.01% and above	$	8,631		$	8,404		$	7,546
90.01% to 95.00%		32,314			32,223			30,804
85.01% to 90.00%		16,250			16,412			15,957
85.00% and below		2,322			2,274			2,208
Total	$	59,517		$	59,313		$	56,515

Primary RIF by Loan Type	As of
	March 31, 2026			December 31, 2025			March 31, 2025
Fixed	98	%		98	%		98	%
Adjustable rate mortgages:
Less than five years	—			—			—
Five years and longer	2			2			2
Total	100	%		100	%		100	%

The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

Primary IIF	As of and for the three months ended
	March 31, 2026				December 31, 2025				March 31, 2025
	(In Millions)
IIF, beginning of period	$	221,448			$	218,376			$	210,183
NIW		12,259				14,203				9,221
Cancellations, principal repayments and other reductions		(11,389	)			(11,131	)			(8,096	)
IIF, end of period	$	222,318			$	221,448			$	211,308

Geographic Dispersion

The following table shows the distribution by state of our primary RIF as of the periods indicated.

Top 10 primary RIF by state	As of
	March 31, 2026			December 31, 2025			March 31, 2025
California	10.1	%		10.1	%		10.1	%
Texas	8.3			8.3			8.5
Florida	7.2			7.2			7.3
Georgia	4.0			4.0			4.1
Illinois	4.0			4.0			3.8
Virginia	3.7			3.7			3.7
Washington	3.6			3.6			3.9
Pennsylvania	3.6			3.5			3.4
Ohio	3.5			3.5			3.3
New York	3.3			3.3			3.2
Total	51.3	%		51.2	%		51.3	%

The table below presents selected primary portfolio statistics, by book year, as of March 31, 2026.

	As of March 31, 2026
Book Year	Original Insurance Written			Remaining Insurance in Force			% Remaining of Original Insurance			Policies Ever in Force		Number of Policies in Force		Number of Loans in Default		# of Claims Paid	Incurred Loss Ratio (Inception to Date) (1)			Cumulative Default Rate (2)			Current default rate (3)
	($ Values In Millions)
2017 and prior	$	58,804		$	3,112		5	%		237,512		17,167		360		617	2.1	%		0.4	%		2.1	%
2018		27,295			1,823		7	%		104,043		10,044		374		214	2.5	%		0.6	%		3.7	%
2019		45,141			4,717		10	%		148,423		21,671		402		126	2.2	%		0.4	%		1.9	%
2020		62,702			15,320		24	%		186,174		56,248		559		81	1.4	%		0.3	%		1.0	%
2021		85,574			38,944		46	%		257,972		134,406		1,632		191	3.3	%		0.7	%		1.2	%
2022		58,734			40,061		68	%		163,281		120,023		2,292		316	17.0	%		1.6	%		1.9	%
2023		40,473			27,059		67	%		111,994		80,907		1,183		110	16.3	%		1.2	%		1.5	%
2024		46,044			35,260		77	%		120,747		98,403		962		23	15.4	%		0.8	%		1.0	%
2025		48,900			43,833		90	%		125,570		115,779		280		—	8.3	%		0.2	%		0.2	%
2026		12,259			12,189		99	%		30,457		30,329		—		—	—	%		—	%		—	%
Total	$	485,926		$	222,318					1,486,173		684,977		8,044		1,678

(1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
(2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
(3) Calculated as the number of loans in default divided by number of policies in force.

The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

		For the three months ended March 31,
		2026				2025
	(In Thousands)
Beginning balance		$	196,429			$	152,071
Less reinsurance recoverables (1)			(38,577	)			(32,260	)
Beginning balance, net of reinsurance recoverables			157,852				119,811
Add claims incurred:
Claims and claim expenses incurred:
Current year (2)			47,150				34,559
Prior years (3)			(26,489	)			(30,081	)
Total claims and claim expenses incurred			20,661				4,478
Less claims paid:
Claims and claim expenses paid:
Current year (2)			—				—
Prior years (3)			8,682				4,076
Reinsurance terminations (4)			(1,670	)			(255	)
Total claims and claim expenses paid			7,012				3,821
Reserve at end of period, net of reinsurance recoverables			171,501				120,468
Add reinsurance recoverables (1)			39,703				31,379
Ending balance		$	211,204			$	151,847

(1) Related to ceded losses recoverable under the QSR Transactions. 
(2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $34.8 million attributed to net case reserves and $11.7 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.
(3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $15.2 million attributed to net case reserves and $10.8 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.
(4) Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR transactions.

The following table provides a reconciliation of the beginning and ending count of loans in default:

	For the three months ended March 31,
	2026			2025
Beginning default inventory	7,661			6,642
Plus: new defaults	2,717			2,421
Less: cures	(2,160	)		(2,094	)
Less: claims paid	(170	)		(95	)
Less: rescission and claims denied	(4	)		(15	)
Ending default inventory	8,044			6,859

The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

	For the three months ended March 31,
	2026				2025
	($ Values In Thousands)
Number of claims paid (1)		170				95
Total amount paid for claims	$	10,776			$	5,225
Average amount paid per claim	$	63			$	55
Severity (2)		88	%			69	%

(1) Count includes 12 and 20 claims settled without payment during the three months ended March 31, 2026 and 2025, respectively.
(2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.

The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

	As of March 31,
Average reserve per default:	2026			2025
	(In Thousands)
Case (1)	$	24.1		$	20.3
IBNR (1)(2)		2.2			1.8
Total	$	26.3		$	22.1

(1) Defined as the gross reserve per insured loan in default.
(2) Amount includes claims adjustment expenses.

The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

	As of
	March 31, 2026			December 31, 2025			March 31, 2025
	(In Thousands)
Available assets	$	3,630,735		$	3,496,971		$	3,230,653
Net risk-based required assets		2,165,418			2,058,467			1,867,414

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