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FOR IMMEDIATE RELEASE

NMI Holdings, Inc. Reports Record Second Quarter 2026 Financial Results
EMERYVILLE, Calif., July 30, 2026 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $105.8 million, or $1.38 per diluted share, for the second quarter ended June 30, 2026, compared to $99.3 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.2 million, or $1.21 per diluted share, for the second quarter ended June 30, 2025. Adjusted net income for the quarter was $106.0 million, or $1.38 per diluted share, compared to $99.4 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.5 million, or $1.22 per diluted share, for the second quarter ended June 30, 2025.
Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the second quarter, we again delivered standout operating performance, consistent growth in our high-quality insured portfolio, and record 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 second quarter 2026 highlights include:
•Primary insurance-in-force at quarter end was $227.1 billion, compared to $222.3 billion at the end of the first quarter and $214.7 billion at the end of the second quarter of 2025.
•Net premiums earned were $157.5 million, compared to $154.8 million in the first quarter and $149.1 million in the second quarter of 2025.
•Total revenue was $187.9 million, compared to $183.5 million in the first quarter and $173.8 million in the second quarter of 2025.
•Insurance claims and claim expenses were $13.1 million, compared to $20.7 million in the first quarter and $13.4 million in the second quarter of 2025. Loss ratio was 8.3%, compared to 13.3% in the first quarter and 9.0% in the second quarter of 2025.
•Underwriting and operating expenses were $30.5 million, compared to $30.6 million in the first quarter and $29.5 million in the second quarter of 2025. Expense ratio was 19.4%, compared to 19.8% in the first quarter and 19.8% in the second quarter of 2025.
•Net income was $105.8 million, compared to $99.3 million in the first quarter and $96.2 million in the second quarter of 2025. Diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.21 in the second quarter of 2025.
•Adjusted net income was $106.0 million, compared to $99.4 million in the first quarter and $96.5 million in the second quarter of 2025. Adjusted diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.22 in the second quarter of 2025.
•Shareholders' equity was $2.7 billion at quarter end and book value per share was $35.89. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $36.88, up 4% compared to $35.46 in the first quarter and up 15% compared to $32.08 in the second quarter of 2025.
•Annualized return on equity for the quarter was 15.9%, compared to 15.2% in the first quarter and 16.2% in the second quarter of 2025. Annualized adjusted return on equity was 15.9%, compared to 15.2% in the first quarter and 16.3% in the second quarter of 2025.
•At quarter-end, total PMIERs available assets were $3.7 billion and net risk-based required assets were $2.1 billion.
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Quarter EndedQuarter EndedQuarter Ended
Change (1)
Change (1)
6/30/20263/31/20266/30/2025Q/QY/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force $227.1 $222.3 $214.7 2 %6 %
New Insurance Written - NIW 16.1 12.3 12.5 31 %29 %
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned$157.5 $154.8 $149.1 2 %6 %
Net Investment Income
30.3 28.6 24.9 6 %22 %
Insurance Claims and Claim Expenses
13.1 20.7 13.4 (36)%(2)%
Underwriting and Operating Expenses 30.5 30.6 29.5 — %3 %
Adjusted Net Income 106.0 99.4 96.5 7 %10 %
Adjusted Diluted EPS
$1.38 $1.28 $1.22 8 %14 %
Book Value per Share (excluding net unrealized gains and losses) (2)
$36.88 $35.46 $32.08 4 %15 %
Loss Ratio8.3 %13.3 %9.0 %
Expense Ratio 19.4 %19.8 %19.8 %

(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, July 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 and 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 homeownership 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
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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 judgments, settlements, fines or other relief 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, successfully and timely implement 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 counterparties, 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 our 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.
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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

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Consolidated statements of operations and comprehensive income (unaudited)
For the three months ended June 30,For the six months ended June 30,
2026202520262025
(In Thousands, except for per share data)
Revenues
Net premiums earned$157,524$149,066$312,330$298,432
Net investment income30,33124,94958,93548,635
Net realized investment losses(229)(400)(376)(376)
Other revenues265164477334
Total revenues187,891173,779371,366347,025
Expenses
Insurance claims and claim expenses13,14713,44533,80817,923
Underwriting and operating expenses30,49229,50861,11559,683
Service expenses190110329226
Interest expense7,1167,11514,22514,221
Total expenses50,94550,178109,47792,053
Income before income taxes136,946123,601261,889254,972
Income tax expense 31,15827,45056,77156,262
Net income $105,788$96,151$205,118$198,710
Earnings per share
Basic$1.40$1.23$2.70$2.54
Diluted$1.38$1.21$2.66$2.50
Weighted average common shares outstanding
Basic75,779 77,987 75,97778,197
Diluted76,585 79,256 77,01079,557
Loss ratio (1)
8.3%9.0%10.8%6.0%
Expense ratio (2)
19.4%19.8%19.6%20.0%
Combined ratio
27.7%28.8%30.4%26.0%

(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.


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Consolidated balance sheets (unaudited)June 30, 2026December 31, 2025
Assets(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,346,838 and $3,190,174)
$3,257,940 $3,137,023 
Cash and cash equivalents
72,122 43,937 
Premiums receivable, net
86,778 86,259 
Accrued investment income30,874 27,253 
Deferred policy acquisition costs, net64,647 64,372 
Software and equipment, net20,755 21,727 
Intangible assets and goodwill3,634 3,634 
Reinsurance recoverable 40,434 38,577 
Prepaid federal income taxes400,258 400,258 
Other assets19,933 18,058 
Total assets$3,997,375 $3,841,098 
Liabilities
Debt$418,021 $417,031 
Unearned premiums41,506 46,660 
Accounts payable and accrued expenses98,597 101,595 
Reserve for insurance claims and claim expenses214,583 196,429 
Deferred tax liability, net511,347 478,890 
Other liabilities
8,125 8,507 
Total liabilities1,292,179 1,249,112 
Shareholders' equity
Common stock: 75,367,346 and 76,285,242 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
890 884 
Additional paid-in capital1,012,534 1,016,772 
Treasury stock, at cost: 13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively(411,207)(351,772)
Accumulated other comprehensive loss, net of tax(74,324)(46,083)
Retained earnings 2,177,303 1,972,185 
Total shareholders' equity2,705,196 2,591,986 
Total liabilities and shareholders' equity$3,997,375 $3,841,098 












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Non-GAAP Financial Measure Reconciliations (unaudited)
As of and for the three months ended
For the six months ended
6/30/20263/31/20266/30/20256/30/20266/30/2025
 As Reported(In Thousands, except for per share data)
Revenues
Net premiums earned$157,524 $154,806 $149,066 $312,330 $298,432 
Net investment income30,331 28,604 24,949 58,935 48,635 
Net realized investment losses(229)(147)(400)(376)(376)
Other revenues265 212 164 477 334 
Total revenues187,891 183,475 173,779 371,366 347,025 
Expenses
Insurance claims and claim expenses13,147 20,661 13,445 33,808 17,923 
Underwriting and operating expenses30,492 30,623 29,508 61,115 59,683 
Service expenses190 139 110 329 226 
Interest expense7,116 7,109 7,115 14,225 14,221 
Total expenses50,945 58,532 50,178 109,477 92,053 
Income before income taxes136,946 124,943 123,601 261,889 254,972 
Income tax expense 31,158 25,613 27,450 56,771 56,262 
Net income $105,788 $99,330 $96,151 $205,118 $198,710 
Adjustments:
Net realized investment losses229 147 400 376 376 
Adjusted income before taxes137,175 125,090 124,001 262,265 255,348 
Income tax expense on adjustments (1)
48 31 84 79 79 
Adjusted net income$105,969 $99,446 $96,467 $205,415 $199,007 
Weighted average diluted shares outstanding 76,585 77,435 79,256 77,010 79,557 
Diluted EPS $1.38 $1.28 $1.21 $2.66 $2.50 
Adjusted diluted EPS $1.38 $1.28 $1.22 $2.67 $2.50 
Return on equity 15.9 %15.2 %16.2 %15.5 %17.1 %
Adjusted return on equity15.9 %15.2 %16.3 %15.5 %17.2 %
Expense ratio (2)
19.4 %19.8 %19.8 %19.6 %20.0 %
Adjusted expense ratio (3)
19.4 %19.8 %19.8 %19.6 %20.0 %
Combined ratio (4)
27.7 %33.1 %28.8 %30.4 %26.0 %
Adjusted combined ratio (5)
27.7 %33.1 %28.8 %30.4 %26.0 %
Book value per share (6)
$35.89 $34.57 $31.14 
Book value per share (excluding net unrealized gains and losses) (7)
$36.88 $35.46 $32.08 

(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.
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(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
2026
2025
June 30March 31December 31September 30June 30
(In Thousands, except for per share data)
Revenues
Net premiums earned$157,524 $154,806 $152,457 $151,323 $149,066 
Net investment income30,331 28,604 27,529 26,773 24,949 
Net realized investment (losses) gains
(229)(147)487 321 (400)
Other revenues265 212 263 262 164 
Total revenues187,891 183,475 180,736 178,679 173,779 
Expenses
Insurance claims and claim expenses13,147 20,661 21,172 18,554 13,445 
Underwriting and operating expenses30,492 30,623 31,069 29,156 29,508 
Service expenses190 139 213 162 110 
Interest expense7,116 7,109 7,133 7,124 7,115 
Total expenses50,945 58,532 59,587 54,996 50,178 
Income before income taxes136,946 124,943 121,149 123,683 123,601 
Income tax expense 31,158 25,613 26,932 27,684 27,450 
Net income $105,788 $99,330 $94,217 $95,999 $96,151 
Earnings per share
Basic$1.40 $1.30 $1.23 $1.24 $1.23 
Diluted$1.38 $1.28 $1.20 $1.22 $1.21 
Weighted average common shares outstanding
Basic75,779 76,175 76,700 77,410 77,987 
Diluted76,585 77,435 78,208 78,830 79,256 
Other data
Loss ratio (1)
8.3 %13.3 %13.9 %12.3 %9.0 %
Expense ratio (2)
19.4 %19.8 %20.4 %19.3 %19.8 %
Combined ratio (3)
27.7 %33.1 %34.3 %31.5 %28.8 %

(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
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
($ Values In Millions, except as noted below)
New insurance written (NIW)$16,050 $12,259 $14,203 $13,012 $12,464 
New risk written4,236 3,124 3,631 3,399 3,260 
Insurance-in-force (IIF) (1)
227,095 222,318 221,448 218,376 214,653 
Risk-in-force (RIF) (1)
60,825 59,517 59,313 58,538 57,496 
Policies in force (count) (1)
694,273684,977684,058677,010668,638
Average loan size ($ value in thousands) (1)
$327 $325 $324 $323 $321 
Coverage percentage (2)
26.8 %26.8 %26.8 %26.8 %26.8 %
Loans in default (count) (1)
8,020 8,044 7,661 7,093 6,709 
Default rate (1)
1.16 %1.17 %1.12 %1.05 %1.00 %
Risk-in-force on defaulted loans (1)
$708 $701 $656 $600 $569 
Average net premium yield (3)
0.28 %0.28 %0.28 %0.28 %0.28 %
Earnings from cancellations$0.8 $0.6 $0.8 $0.7 $0.7 
Annual persistency (4)
81.4 %82.2 %83.4 %83.9 %84.1 %
Quarterly run-off (5)
5.1 %5.1 %5.1 %4.3 %4.3 %
(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
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(In Millions)
Monthly$15,661 $11,935 $13,841 $12,727 $12,214 
Single389 324 362 285 250 
Total
$16,050 $12,259 $14,203 $13,012 $12,464 

Primary IIF
As of
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(In Millions)
Monthly$211,055 $206,025 $204,925 $201,671 $197,608 
Single16,040 16,293 16,523 16,705 17,045 
Total
$227,095 $222,318 $221,448 $218,376 $214,653 

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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, 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, 2026-1 XOL, and 2026-2 XOL Transaction and collectively, the XOL Transactions), and insurance-linked note transaction (the 2021-2 ILN Transaction) for the periods indicated.
For the three months ended
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(In Thousands)
The QSR Transactions (1)
Ceded risk-in-force$12,637,648 $12,189,562 $12,805,761 $12,699,082 $12,764,708 
Ceded premiums earned(38,505)(37,930)(40,131)(39,847)(40,227)
Ceded claims and claim expenses3,127 4,890 4,682 4,123 3,253 
Ceding commission earned10,172 10,205 10,182 10,246 9,669 
Profit commission19,400 17,131 18,310 19,083 19,958 
The XOL Transactions
Ceded Premiums$(11,210)$(10,998)$(11,037)$(10,656)$(10,350)
The ILN Transactions (2)
Ceded premiums$(1,549)$(2,383)$(3,007)$(3,036)$(3,244)
(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 April 27, 2026, NMIC exercised its optional call to terminate and commute its previously outstanding excess-of-loss reinsurance agreement with Oaktown Re VI Ltd., and the associated insurance-linked notes were redeemed in full with a distribution of remaining collateral assets.


The tables below present our total NIW by credit score, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.
NIW by credit score (1)
For the three months endedFor the six months ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(In Millions)
>= 760$9,039 $7,237 $6,523 $16,276 $11,494 
740-7592,870 2,161 2,281 5,031 4,034 
720-7392,029 1,452 1,585 3,481 2,762 
700-7191,069 719 1,061 1,788 1,726 
680-699602 379 590 981 1,003 
<=679441 311 424 752 666 
Total$16,050 $12,259 $12,464 $28,309 $21,685 
Weighted average credit score760 762 756761 757 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores for the three and six months ended June 30, 2026.
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NIW by LTV
For the three months ended For the six months ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(In Millions)
95.01% and above$2,095 $1,506 $1,544 $3,601 $2,691 
90.01% to 95.00%7,382 4,982 5,486 12,364 9,760 
85.01% to 90.00%4,611 3,840 3,887 8,451 6,638 
85.00% and below1,962 1,931 1,547 3,893 2,596 
Total$16,050 $12,259 $12,464 $28,309 $21,685 
Weighted average LTV92.1 %91.4 %92.0 %91.8 %92.1 %

NIW by purchase/refinance mix
For the three months endedFor the six months ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(In Millions)
Purchase$14,291 $9,367 $11,813 $23,658 $20,635 
Refinance
1,759 2,892 651 4,651 1,050 
Total$16,050 $12,259 $12,464 $28,309 $21,685 

The table below presents a summary of our primary IIF and RIF by book year as of June 30, 2026.
Primary IIF and RIFAs of June 30, 2026
IIFRIF
Book Year
(In Millions)
2026$27,724 $7,206 
202542,152 10,987 
202433,560 8,945 
202325,585 6,786 
202238,407 10,428 
2021 and before59,667 16,473 
Total$227,095 $60,825 
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    The tables below present our total primary IIF and RIF by credit score and LTV, and total primary RIF by loan type as of the dates indicated.
Primary IIF by credit score (1)
As of
June 30, 2026March 31, 2026June 30, 2025
(In Millions)
>= 760$114,963 $112,057 $107,677 
740-75941,243 40,270 38,426 
720-73931,119 30,551 29,825 
700-71920,493 20,349 20,049 
680-69913,273 13,271 13,381 
<=6796,004 5,820 5,295 
Total$227,095 $222,318 $214,653 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores as of June 30, 2026.
Primary RIF by credit score (1)
As of
June 30, 2026March 31, 2026June 30, 2025
(In Millions)
>= 760$30,454 $29,675 $28,596 
740-75911,118 10,854 10,342 
720-7398,455 8,293 8,086 
700-7195,641 5,590 5,483 
680-6993,635 3,628 3,635 
<=679 1,522 1,477 1,354 
Total$60,825 $59,517 $57,496 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores as of June 30, 2026.
Primary IIF by LTVAs of
June 30, 2026March 31, 2026June 30, 2025
(In Millions)
95.01% and above$28,683 $27,419 $25,052 
90.01% to 95.00%112,196 109,554 106,017 
85.01% to 90.00%65,799 65,693 65,109 
85.00% and below20,417 19,652 18,475 
Total$227,095 $222,318 $214,653 

Primary RIF by LTVAs of
June 30, 2026March 31, 2026June 30, 2025
(In Millions)
95.01% and above$9,057 $8,631 $7,843 
90.01% to 95.00%33,093 32,314 31,302 
85.01% to 90.00%16,266 16,250 16,152 
85.00% and below2,409 2,322 2,199 
Total$60,825 $59,517 $57,496 

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Primary RIF by Loan TypeAs of
June 30, 2026March 31, 2026June 30, 2025
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
June 30, 2026March 31, 2026June 30, 2025
(In Millions)
IIF, beginning of period$222,318 $221,448 $211,308 
NIW16,050 12,259 12,464 
Cancellations, principal repayments and other reductions(11,273)(11,389)(9,119)
IIF, end of period$227,095 $222,318 $214,653 

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
June 30, 2026March 31, 2026June 30, 2025
California10.0 %10.1 %10.1 %
Texas8.1 8.3 8.4 
Florida7.1 7.2 7.2 
Illinois4.1 4.0 3.9 
Georgia4.0 4.0 4.0 
Virginia3.7 3.7 3.7 
Pennsylvania3.6 3.6 3.5 
Ohio3.6 3.5 3.4 
Washington3.5 3.6 3.8 
North Carolina3.4 3.3 3.2 
Total51.1 %51.3 %51.2 %

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    The table below presents selected primary portfolio statistics, by book year, as of June 30, 2026.
As of June 30, 2026
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)
2017 and prior$58,804 $2,889 5 %237,512 15,865 338 625 2.0 %0.4 %2.1 %
201827,295 1,714 6 %104,043 9,454 318 219 2.4 %0.5 %3.4 %
201945,141 4,203 9 %148,423 19,481 383 132 2.2 %0.3 %2.0 %
202062,702 13,916 22 %186,174 51,842 535 84 1.4 %0.3 %1.0 %
202185,574 36,945 43 %257,972 128,554 1,574 230 3.3 %0.7 %1.2 %
202258,734 38,407 65 %163,281 115,741 2,203 381 16.8 %1.6 %1.9 %
202340,473 25,585 63 %111,994 76,980 1,221 147 16.6 %1.2 %1.6 %
202446,044 33,560 73 %120,747 94,382 1,038 41 15.0 %0.9 %1.1 %
202548,900 42,152 86 %125,570 112,435 401 2 9.0 %0.3 %0.4 %
202628,309 27,724 98 %70,578 69,539 9 — 1.0 %— %— %
Total$501,976 $227,095 1,526,294 694,273 8,020 1,861 
(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 June 30,For the six months ended June 30,
2026202520262025
(In Thousands)
Beginning balance$211,204 $151,847 $196,429 $152,071 
Less reinsurance recoverables (1)
(39,703)(31,379)(38,577)(32,260)
Beginning balance, net of reinsurance recoverables171,501 120,468 157,852 119,811 
Add claims incurred:
Claims and claim expenses incurred:
Current year (2)
27,303 26,797 74,453 61,356 
Prior years (3)
(14,156)(13,685)(40,645)(43,766)
Total claims and claim expenses incurred (4)
13,147 13,112 33,808 17,590 
Less claims paid:
Claims and claim expenses paid:
Current year (2)
39 110 39 110 
Prior years (3)
10,460 4,393 19,142 8,469 
Reinsurance terminations (5)
— (1,251)(1,670)(1,506)
Total claims and claim expenses paid10,499 3,252 17,511 7,073 
Reserve at end of period, net of reinsurance recoverables174,149 130,328 174,149 130,328 
Add reinsurance recoverables (1)
40,434 32,705 40,434 32,705 
Ending balance$214,583 $163,033 $214,583 $163,033 
(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 $61.4 million attributed to net case reserves and $11.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $51.5 million attributed to net case reserves and $8.8 million attributed to net IBNR reserves for the six months ended June 30, 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 $28.8 million attributed to net case reserves and $10.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $34.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the six months ended June 30, 2025.
(4)    Excludes aggregate termination fees of $0.3 million for the six months ended June 30, 2025 incurred in connection with the amendment of certain QSR Transactions.
(5)    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 June 30,For the six months ended June 30,
2026202520262025
Beginning default inventory8,044 6,859 7,661 6,642 
Plus: new defaults2,520 2,169 5,237 4,590 
Less: cures(2,356)(2,215)(4,516)(4,309)
Less: claims paid(183)(93)(353)(188)
Less: rescission and claims denied(5)(11)(9)(26)
Ending default inventory8,020 6,709 8,020 6,709 

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    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 June 30,For the six months ended June 30,
2026202520262025
($ Values In Thousands)
Number of claims paid (1)
183 93 353 188 
Total amount paid for claims$12,896 $5,512 $23,672 $10,737 
Average amount paid per claim
$70 $59 $67 $57 
Severity (2)
89 %82 %88 %75 %
(1)    Count includes 15 and 27 claims settled without payment during the three and six months ended June 30, 2026, respectively, and 16 and 36 claims settled without payment during the three and six months ended June 30, 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 June 30,
Average reserve per default:20262025
(In Thousands)
Case (1)
$24.6 $22.3 
IBNR (1)(2)
2.2 2.0 
Total$26.8 $24.3 
(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
June 30, 2026March 31, 2026June 30, 2025
(In Thousands)
Available assets
$3,656,115 $3,630,735 $3,244,517 
Net risk-based required assets
2,105,409 2,165,418 1,926,517 

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