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FOR IMMEDIATE RELEASE

NMI Holdings, Inc. Reports Third Quarter 2025 Financial Results
EMERYVILLE, Calif., Nov. 4, 2025 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $96.0 million, or $1.22 per diluted share, for the third quarter ended September 30, 2025, compared to $96.2 million, or $1.21 per diluted share, for the second quarter ended June 30, 2025 and $92.8 million, or $1.15 per diluted share, for the third quarter ended September 30, 2024.
Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the third quarter, we again delivered strong operating performance, consistent growth in our high-quality insured portfolio, and standout financial results. Our products and the support we provide are more important today than ever before, and we’re delivering unique solutions for our customers and their borrowers. We have built an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, our credit performance continues to stand ahead, and we have 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 third quarter 2025 highlights include:
•Primary insurance-in-force at quarter end was $218.4 billion, compared to $214.7 billion at the end of the second quarter and $207.5 billion at the end of the third quarter of 2024.
•Net premiums earned were $151.3 million, compared to $149.1 million in the second quarter and $143.3 million in the third quarter of 2024.
•Total revenue was $178.7 million, compared to $173.8 million in the second quarter and $166.1 million in the third quarter of 2024.
•Insurance claims and claim expenses were $18.6 million, compared to $13.4 million in the second quarter and $10.3 million in the third quarter of 2024. Loss ratio was 12.3%, compared to 9.0% in the second quarter and 7.2% in the third quarter of 2024.
•Underwriting and operating expenses were $29.2 million, compared to $29.5 million in the second quarter and $29.2 million in the third quarter of 2024. Expense ratio was 19.3%, compared to 19.8% in the second quarter and 20.3% in the third quarter of 2024.
•Net income was $96.0 million, compared to $96.2 million in the second quarter and $92.8 million in the third quarter of 2024. Diluted EPS was $1.22, compared to $1.21 in the second quarter and $1.15 in the third quarter of 2024.
•Adjusted net income was $95.7 million, compared to $96.5 million in the second quarter and $92.8 million in the third quarter of 2024. Adjusted diluted EPS was $1.21, compared to $1.22 in the second quarter and $1.15 in the third quarter of 2024.
•Shareholders’ equity was $2.5 billion at quarter end and book value per share was $32.62. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $33.32, up 4% compared to $32.08 in the second quarter and 16% compared to $28.71 in the third quarter of 2024.
•Annualized return on equity for the quarter was 15.6%, compared to 16.2% in the second quarter and 17.5% in the third quarter of 2024. Annualized adjusted return on equity was 15.5%, compared to 16.3% in the second quarter and 17.5% in the third quarter of 2024.
•At quarter-end, total PMIERs available assets were $3.4 billion and net risk-based required assets were $2.0 billion.
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Quarter EndedQuarter EndedQuarter Ended
Change (1)
Change (1)
9/30/20256/30/20259/30/2024Q/QY/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force $218.4 $214.7 $207.5 2 %5 %
New Insurance Written - NIW 13.0 12.5 12.2 4 %6 %
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned$151.3 $149.1 $143.3 2 %6 %
Net Investment Income
26.8 24.9 22.5 7 %19 %
Insurance Claims and Claim Expenses
18.6 13.4 10.3 38 %80 %
Underwriting and Operating Expenses 29.2 29.5 29.2 (1)%— %
Adjusted Net Income 95.7 96.5 92.8 (1)%3 %
Adjusted Diluted EPS
$1.21 $1.22 $1.15 — %6 %
Book Value per Share (excluding net unrealized gains and losses) (2)
$33.32 $32.08 $28.71 4 %16 %
Loss Ratio12.3 %9.0 %7.2 %
Expense Ratio 19.3 %19.8 %20.3 %

(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, November 4, 2025, 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, 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
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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, 2024, 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-
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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

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Consolidated statements of operations and comprehensive income (unaudited)
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
(In Thousands, except for per share data)
Revenues
Net premiums earned$151,323$143,343$449,755$421,168
Net investment income26,77322,47475,40862,598
Net realized investment gains (losses)321(10)(55)(10)
Other revenues262285596711
Total revenues178,679166,092525,704484,467
Expenses
Insurance claims and claim expenses18,55410,32136,47714,291
Underwriting and operating expenses29,15629,16088,83987,305
Service expenses162208388539
Interest expense7,1247,07621,34529,794
Total expenses54,99646,765147,049131,929
Income before income taxes123,683119,327378,655352,538
Income tax expense 27,68426,51783,94678,599
Net income $95,999$92,810$294,709$273,939
Earnings per share
Basic$1.24$1.17$3.78$3.42
Diluted$1.22$1.15$3.72$3.36
Weighted average common shares outstanding
Basic77,410 79,549 77,93580,129
Diluted78,830 81,045 79,31581,484
Loss ratio (1)
12.3%7.2%8.1%3.4%
Expense ratio (2)
19.3%20.3%19.8%20.7%
Combined ratio (3)
31.5%27.5%27.9%24.1%

(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.

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Consolidated balance sheets (unaudited)September 30, 2025December 31, 2024
Assets(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,078,294 and $2,876,343)
$3,015,560 $2,723,541 
Cash and cash equivalents
130,439 54,308 
Premiums receivable, net
85,733 82,804 
Accrued investment income25,790 22,386 
Deferred policy acquisition costs, net64,192 64,327 
Software and equipment, net22,762 25,681 
Intangible assets and goodwill3,634 3,634 
Reinsurance recoverable 35,315 32,260 
Prepaid federal income taxes322,175 322,175 
Other assets21,593 18,857 
Total assets$3,727,193 $3,349,973 
Liabilities
Debt$416,548 $415,146 
Unearned premiums49,796 65,217 
Accounts payable and accrued expenses93,407 103,164 
Reserve for insurance claims and claim expenses180,347 152,071 
Deferred tax liability, net463,264 386,192 
Other liabilities
8,960 10,751 
Total liabilities1,212,322 1,132,541 
Shareholders' equity
Common stock: 77,095,871 and 78,600,726 shares outstanding as of September 30, 2025 and December 31, 2024, respectively
884 879 
Additional paid-in capital1,010,550 1,004,692 
Treasury Stock, at cost: 11,275,594 and 9,301,900 common shares as of September 30, 2025 and December 31, 2024, respectively(320,877)(246,594)
Accumulated other comprehensive loss, net of tax(53,654)(124,804)
Retained earnings 1,877,968 1,583,259 
Total shareholders' equity2,514,871 2,217,432 
Total liabilities and shareholders' equity$3,727,193 $3,349,973 












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Non-GAAP Financial Measure Reconciliations (unaudited)
As of and for the three months ended
For the nine months ended
9/30/20256/30/20259/30/20249/30/20259/30/2024
 As Reported(In Thousands, except for per share data)
Revenues
Net premiums earned$151,323 $149,066 $143,343 $449,755 $421,168 
Net investment income26,773 24,949 22,474 75,408 62,598 
Net realized investment gains (losses)321 (400)(10)(55)(10)
Other revenues262 164 285 596 711 
Total revenues178,679 173,779 166,092 525,704 484,467 
Expenses
Insurance claims and claim expenses18,554 13,445 10,321 36,477 14,291 
Underwriting and operating expenses29,156 29,508 29,160 88,839 87,305 
Service expenses162 110 208 388 539 
Interest expense7,124 7,115 7,076 21,345 29,794 
Total expenses54,996 50,178 46,765 147,049 131,929 
Income before income taxes123,683 123,601 119,327 378,655 352,538 
Income tax expense 27,684 27,450 26,517 83,946 78,599 
Net income $95,999 $96,151 $92,810 $294,709 $273,939 
Adjustments:
Net realized investment (gains) losses(321)400 10 55 10 
Capital markets transaction costs— — — — 6,966 
Adjusted income before taxes123,362 124,001 119,337 378,710 359,514 
Income tax (benefit) expense on adjustments (1)
(67)84 2 12 1,465 
Adjusted net income$95,745 $96,467 $92,818 $294,752 $279,450 
Weighted average diluted shares outstanding 78,830 79,256 81,045 79,315 81,484 
Diluted EPS $1.22 $1.21 $1.15 $3.72 $3.36 
Adjusted diluted EPS $1.21 $1.22 $1.15 $3.72 $3.43 
Return on equity 15.6 %16.2 %17.5 %16.6 %17.7 %
Adjusted return on equity15.5 %16.3 %17.5 %16.6 %18.1 %
Expense ratio (2)
19.3 %19.8 %20.3 %19.8 %20.7 %
Adjusted expense ratio (3)
19.3 %19.8 %20.3 %19.8 %20.7 %
Combined ratio (4)
31.5 %28.8 %27.5 %27.9 %24.1 %
Adjusted combined ratio (5)
31.5 %28.8 %27.5 %27.9 %24.1 %
Book value per share (6)
$32.62 $31.14 $27.67 
Book value per share (excluding net unrealized gains and losses) (7)
$33.32 $32.08 $28.71 

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(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.


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Historical Quarterly Data
2025
2024
September 30
June 30
March 31
December 31
September 30
(In Thousands, except for per share data)
Revenues
Net premiums earned$151,323 $149,066 $149,366 $143,520 $143,343 
Net investment income26,773 24,949 23,686 22,718 22,474 
Net realized investment gains (losses)321 (400)24 33 (10)
Other revenues262 164 170 233 285 
Total revenues178,679 173,779 173,246 166,504 166,092 
Expenses
Insurance claims and claim expenses18,554 13,445 4,478 17,253 10,321 
Underwriting and operating expenses29,156 29,508 30,175 31,092 29,160 
Service expenses162 110 116 184 208 
Interest expense7,124 7,115 7,106 7,102 7,076 
Total expenses54,996 50,178 41,875 55,631 46,765 
Income before income taxes123,683 123,601 131,371 110,873 119,327 
Income tax expense 27,684 27,450 28,812 24,706 26,517 
Net income $95,999 $96,151 $102,559 $86,167 $92,810 
Earnings per share
Basic$1.24 $1.23 $1.31 $1.09 $1.17 
Diluted$1.22 $1.21 $1.28 $1.07 $1.15 
Weighted average common shares outstanding
Basic77,410 77,987 78,407 78,997 79,549 
Diluted78,830 79,256 79,858 80,623 81,045 
Other data
Loss ratio (1)
12.3 %9.0 %3.0 %12.0 %7.2 %
Expense ratio (2)
19.3 %19.8 %20.2 %21.7 %20.3 %
Combined ratio (3)
31.5 %28.8 %23.2 %33.7 %27.5 %

(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.
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Portfolio Statistics
The table below highlights trends in our primary portfolio as of the date and for the periods indicated.
Primary portfolio trendsAs of and for the three months ended
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
($ Values In Millions, except as noted below)
New insurance written (NIW)$13,012 $12,464 $9,221 $11,925 $12,218 
New risk written3,399 3,260 2,428 3,134 3,245 
Insurance-in-force (IIF) (1)
218,376 214,653 211,308 210,183 207,538 
Risk-in-force (RIF) (1)
58,538 57,496 56,515 56,113 55,253 
Policies in force (count) (1)
677,010 668,638 661,490 659,567 654,374 
Average loan size ($ value in thousands) (1)
$323 $321 $319 $319 $317 
Coverage percentage (2)
26.8 %26.8 %26.7 %26.7 %26.6 %
Loans in default (count) (1)
7,093 6,709 6,859 6,642 5,712 
Default rate (1)
1.05 %1.00 %1.04 %1.01 %0.87 %
Risk-in-force on defaulted loans (1)
$600 $569 $567 $545 $468 
Average net premium yield (3)
0.28 %0.28 %0.28 %0.27 %0.28 %
Earnings from cancellations$0.7 $0.7 $0.6 $0.8 $0.8 
Annual persistency (4)
83.9 %84.1 %84.3 %84.6 %85.5 %
Quarterly run-off (5)
4.3 %4.3 %3.9 %4.5 %4.0 %
(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
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In Millions)
Monthly$12,727 $12,214 $9,049 $11,688 $11,978 
Single285 250 172 237 240 
Total
$13,012 $12,464 $9,221 $11,925 $12,218 
Primary IIF
As of
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In Millions)
Monthly$201,671 $197,608 $193,856 $192,228 $189,241 
Single16,705 17,045 17,452 17,955 18,297 
Total
$218,376 $214,653 $211,308 $210,183 $207,538 

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    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, and 2025 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, and 2025 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
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In Thousands)
The QSR Transactions (1)
Ceded risk-in-force$12,699,082 $12,764,708 $12,888,870 $13,024,200 $12,968,039 
Ceded premiums earned(39,847)(40,227)(41,011)(41,596)(41,761)
Ceded claims and claim expenses4,123 3,253 523 4,075 2,449 
Ceding commission earned10,246 9,669 9,768 9,997 10,152 
Profit commission19,083 19,958 23,398 20,149 21,883 
The XOL Transactions
Ceded Premiums$(10,656)$(10,350)$(10,168)$(9,969)$(9,760)
The ILN Transactions (2)
Ceded premiums$(3,036)$(3,244)$(3,311)$(4,217)$(4,302)
(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.
(2)    Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
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 endedFor the nine months ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
(In Millions)
>= 760$6,789 $6,523 $6,615 $18,283 $18,300 
740-7592,395 2,281 2,057 6,429 6,008 
720-7391,626 1,585 1,529 4,388 4,286 
700-7191,094 1,061 1,040 2,820 2,904 
680-699617 590 652 1,620 1,817 
<=679491 424 325 1,157 804 
Total$13,012 $12,464 $12,218 $34,697 $34,119 
Weighted average FICO756 756 757756 757 
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NIW by LTV
For the three months ended For the nine months ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
(In Millions)
95.01% and above$1,566 $1,544 $1,568 $4,257 $4,398 
90.01% to 95.00%5,809 5,486 5,720 15,569 15,779 
85.01% to 90.00%4,062 3,887 3,584 10,700 10,254 
85.00% and below1,575 1,547 1,346 4,171 3,688 
Total$13,012 $12,464 $12,218 $34,697 $34,119 
Weighted average LTV92.1 %92.0 %92.3 %92.1 %92.3 %

NIW by purchase/refinance mix
For the three months endedFor the nine months ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
(In Millions)
Purchase$12,416 $11,813 $11,708 $33,051 $33,122 
Refinance
596 651 510 1,646 997 
Total$13,012 $12,464 $12,218 $34,697 $34,119 
The table below presents a summary of our primary IIF and RIF by book year as of September 30, 2025.
Primary IIF and RIFAs of September 30, 2025
IIFRIF
Book Year
(In Millions)
2025$33,375 $8,739 
202439,821 10,576 
202330,781 8,138 
202243,051 11,563 
202142,925 11,836 
2020 and before28,423 7,686 
Total$218,376 $58,538 
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    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 FICOAs of
September 30, 2025June 30, 2025September 30, 2024
(In Millions)
>= 760$109,470 $107,677 $103,764 
740-75939,273 38,426 36,830 
720-73930,275 29,825 28,930 
700-71920,355 20,049 19,654 
680-69913,447 13,381 13,326 
<=6795,556 5,295 5,034 
Total$218,376 $214,653 $207,538 

Primary RIF by FICOAs of
September 30, 2025June 30, 2025September 30, 2024
(In Millions)
>= 760$29,084 $28,596 $27,396 
740-75910,589 10,342 9,850 
720-7398,211 8,086 7,788 
700-7195,575 5,483 5,337 
680-6993,662 3,635 3,590 
<=679 1,417 1,354 1,292 
Total$58,538 $57,496 $55,253 

Primary IIF by LTVAs of
September 30, 2025June 30, 2025September 30, 2024
(In Millions)
95.01% and above$25,978 $25,052 $22,644 
90.01% to 95.00%107,914 106,017 101,872 
85.01% to 90.00%65,815 65,109 63,568 
85.00% and below18,669 18,475 19,454 
Total$218,376 $214,653 $207,538 

Primary RIF by LTVAs of
September 30, 2025June 30, 2025September 30, 2024
(In Millions)
95.01% and above$8,151 $7,843 $7,054 
90.01% to 95.00%31,850 31,302 30,100 
85.01% to 90.00%16,318 16,152 15,777 
85.00% and below2,219 2,199 2,322 
Total$58,538 $57,496 $55,253 

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Primary RIF by Loan TypeAs of
September 30, 2025June 30, 2025September 30, 2024
Fixed98 %98 %98 %
Adjustable rate mortgages:
Less than five years— — — 
Five years and longer2 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 IIFAs of and for the three months ended
September 30, 2025June 30, 2025September 30, 2024
(In Millions)
IIF, beginning of period$214,653 $211,308 $203,501 
NIW13,012 12,464 12,218 
Cancellations, principal repayments and other reductions(9,289)(9,119)(8,181)
IIF, end of period$218,376 $214,653 $207,538 
Geographic Dispersion
    The following table shows the distribution by state of our primary RIF as of the periods indicated.
Top 10 primary RIF by stateAs of
September 30, 2025June 30, 2025September 30, 2024
California10.1 %10.1 %10.1 %
Texas8.3 8.4 8.7 
Florida7.2 7.2 7.4 
Georgia4.0 4.0 4.1 
Illinois4.0 3.9 3.9 
Washington3.7 3.8 3.9 
Virginia3.7 3.7 3.8 
Pennsylvania3.5 3.5 3.4 
Ohio3.4 3.4 3.2 
New York3.3 3.2 3.1 
Total51.2 %51.2 %51.6 %

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    The table below presents selected primary portfolio statistics, by book year, as of September 30, 2025.
As of September 30, 2025
Book Year
Original Insurance WrittenRemaining Insurance in Force% Remaining of Original InsurancePolicies Ever in ForceNumber of Policies in ForceNumber 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)
2016 and prior$37,222 $1,877 5 %151,615 10,098 221 406 2.1 %0.4 %2.2 %
201721,582 1,574 7 %85,897 9,049 228 189 1.9 %0.5 %2.5 %
201827,295 2,065 8 %104,043 11,334 342 205 2.4 %0.5 %3.0 %
201945,141 5,325 12 %148,423 24,061 441 115 1.9 %0.4 %1.8 %
202062,702 17,582 28 %186,174 63,301 534 65 1.3 %0.3 %0.8 %
202185,574 42,925 50 %257,972 146,007 1,645 133 3.2 %0.7 %1.1 %
202258,734 43,051 73 %163,281 127,661 2,021 185 16.4 %1.4 %1.6 %
202340,473 30,781 76 %111,994 90,283 984 44 15.7 %0.9 %1.1 %
202446,044 39,821 86 %120,747 108,356 633 2 12.7 %0.5 %0.6 %
202534,697 33,375 96 %89,436 86,860 44 — 2.6 %— %0.1 %
Total$459,464 $218,376 1,419,582 677,010 7,093 1,344 
(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.

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The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
(In Thousands)
Beginning balance$163,033 $125,443 $152,071 $123,974 
Less reinsurance recoverables (1)
(32,705)(27,336)(32,260)(27,514)
Beginning balance, net of reinsurance recoverables130,328 98,107 119,811 96,460 
Add claims incurred:
Claims and claim expenses incurred:
Current year (2)
27,228 21,160 88,584 71,532 
Prior years (3)
(8,674)(10,839)(52,440)(57,241)
Total claims and claim expenses incurred (4)
18,554 10,321 36,144 14,291 
Less claims paid:
Claims and claim expenses paid:
Current year (2)
170 180 280 180 
Prior years (3)
4,138 1,942 12,607 4,265 
Reinsurance terminations (5)
(458)— (1,964)— 
Total claims and claim expenses paid3,850 2,122 10,923 4,445 
Reserve at end of period, net of reinsurance recoverables145,032 106,306 145,032 106,306 
Add reinsurance recoverables (1)
35,315 29,214 35,315 29,214 
Ending balance$180,347 $135,520 $180,347 $135,520 
(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 $77.2 million attributed to net case reserves and $9.8 million attributed to net IBNR reserves for the nine months ended September 30, 2025 and $63.2 million attributed to net case reserves and $7.0 million attributed to net IBNR reserves for the nine months ended September 30, 2024.
(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 $43.2 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the nine months ended September 30, 2025 and $49.8 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the nine months ended September 30, 2024.
(4)    Excludes aggregate termination fees of $0.3 million for the nine months ended September 30, 2025 incurred in connection with the termination of the 2016 QSR Transaction and amendment of the 2018 and 2021 QSR Transactions.
(5)    Represents the settlement of reinsurance recoverables in conjunction with the termination of the 2016 QSR Transaction and amendment of the 2018 and 2021 QSR Transactions.

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The following table provides a reconciliation of the beginning and ending count of loans in default:
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
Beginning default inventory6,709 4,904 6,642 5,099 
Plus: new defaults2,529 2,411 7,119 6,015 
Less: cures(2,044)(1,529)(6,353)(5,215)
Less: claims paid(93)(67)(281)(168)
Less: rescission and claims denied(8)(7)(34)(19)
Ending default inventory7,093 5,712 7,093 5,712 

    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 September 30,For the nine months ended September 30,
2025202420252024
($ Values In Thousands)
Number of claims paid (1)
93 67 281 168 
Total amount paid for claims$5,364 $2,692 $16,101 $5,714 
Average amount paid per claim
$58 $40 $57 $34 
Severity (2)
73 %64 %74 %58 %
(1)    Count includes 14 and 50 claims settled without payment during the three and nine months ended September 30, 2025, respectively, and 21 and 56 claims settled without payment during the three and nine months ended September 30, 2024, 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 September 30,
Average reserve per default:20252024
(In Thousands)
Case (1)
$23.3 $21.8 
IBNR (1)(2)
2.1 1.9 
Total$25.4 $23.7 
(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
September 30, 2025June 30, 2025September 30, 2024
(In Thousands)
Available assets
$3,369,950 $3,244,517 $3,006,892 
Net risk-based required assets
2,003,410 1,926,517 1,735,790 

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