What is the market's earnings forecast for NMI Holdings next quarter?

What is NMI Holdings's gross profit margin?

Did NMI Holdings beat or miss consensus estimates last quarter?

What were the key takeaways from NMI Holdings's earnings call?

What guidance did NMI Holdings's management provide for the next earnings period?

What is NMI Holdings's latest dividend and current dividend yield?

What factors drove the changes in NMI Holdings's revenue and profit?

What is the revenue and EPS growth rate for NMI Holdings year over year?

- **Record financial results**: 2025 net income up 8% to $388.9M, EPS of $4.92, and ROE of 16.2%.
- **Market leadership**: Q4 NIW of $14.2B, insurance-in-force at $221.4B (5.4% YoY growth), and 1,700+ lender accounts.
- **Reinsurance strength**: 2028 forward-flow coverage at 4% cost, with improved terms and $3.5B PMIERs assets.
- **AI-driven efficiency**: Streamlined operations across 9 departments, maintaining smallest MI sector headcount.
- **Share buybacks**: $31M repurchased in Q4, $349M total since 2022, with $226M remaining.
- **2026 outlook**: Stable core yields, balanced market, and focus on risk discipline amid macro resilience.

**【Management Opening Remarks】**
- **Record financial performance**: 2025 net income of $388.9M (+8% YoY), EPS of $4.92 (+11% YoY), and ROE of 16.2%.
- **Strategic priorities**: Focus on people, customer differentiation, risk discipline, and shareholder value through earnings growth and buybacks.
- **Policy environment**: Advocacy for private MI's role in affordability, with bipartisan support for low-cost solutions.

**【CEO Summary Section】**
- **Q4 2025 results**: $14.2B NIW, $221.4B insurance-in-force (up 5.4% YoY), and $180.7M revenue (record high).
- **Customer growth**: 90 new lenders activated in 2025, ending with 1,700+ active accounts.
- **Reinsurance success**: Secured 2028 forward-flow coverage at 4% pretax cost, with improved terms compared to prior deals.
- **AI adoption**: Streamlining operations across underwriting, IT, finance, and legal, with focus on efficiency rather than cost-cutting.

**【CFO Financial Commentary】**
- **Q4 2025 financials**: GAAP net income $94.2M, EPS $1.20, and ROE 14.8%.
- **Revenue drivers**: Net premiums $152.5M (up 6% YoY), investment income $27.5M (up 21% YoY).
- **Expense management**: 20.4% expense ratio, stable core yield at 34bps, and persistency 83.0% (down 0.9pts QoQ due to rate-driven runoff).
- **Share buybacks**: $31M repurchased in Q4, $349M total since 2022, with $226M remaining under authorization.

**【Q&A Highlights】**
- **Competitive landscape**: Balanced market with stable core yields, no expectation for FHA rate cuts due to private MI industry strength.
- **Consumer health**: Macro resilience (low unemployment, spending) offset by risks (high debt, K-shaped economy), with no regional credit stress in portfolio.
- **Persistency trends**: Q4 runoff acceleration (50bps decline) expected to normalize, with 2022+ vintages driving future credit normalization.
- **Capital allocation**: $25M/Q buyback pace expected, no incremental AI investment needed beyond current efficiency gains.


NMI Holdings, Inc. (NMIH) Q4 2025 Earnings Call Transcript

- **Record Financials**: Q3 revenue ($178.7M) and net income ($96M) hit new highs, with 15.6% ROE.
- **Portfolio Growth**: Insurance-in-force up 5% YoY to $218.4B, supported by 83.9% persistency.
- **Credit Resilience**: Default rate of 1.05% reflects seasonal trends, with muted macro stress.
- **Reinsurance Strength**: 2025-2027 reinsurance placements secure forward coverage; XOL market preference for cost efficiency.
- **Share Buybacks**: $24.6M repurchased in Q3, with $256M remaining under program.

**【Management Opening Remarks】**
- John Swenson introduced the call, noting the release of Q3 2025 financial results and reminding participants of forward-looking statements and non-GAAP measures.

**【Bradley Shuster - Executive Chairman】**
- Reported standout Q3 performance with $13 billion NIW and record $218.4 billion insurance-in-force.
- Highlighted the industry's role in supporting borrowers with low-cost down payment solutions and protecting taxpayers.
- Emphasized the strength of the private MI industry and ongoing collaboration with regulators.

**【Adam Pollitzer - President & CEO】**
- Announced record Q3 revenue ($178.7M), net income ($96M), and ROE (15.6%).
- Noted 5% YoY growth in insurance-in-force and 83.9% 12-month persistency.
- Highlighted disciplined underwriting, risk management, and reinsurance strategies to mitigate macro risks.
- Discussed macro resilience, housing market strength, and potential impacts of interest rate changes on persistency.

**【Aurora Swithenbank - CFO】**
- Detailed financial results: GAAP EPS of $1.22, core yield of 34.2 bps, and expense ratio of 19.3% (record low).
- Reported claims expense of $18.6M (seasonal increase) and 7,093 defaults (1.05% default rate).
- Highlighted $3.1 billion in cash and investments, with $1.4 billion excess PMIERs assets.
- Noted $24.6M in share repurchases and $256M remaining under the buyback program.

**【Q&A Highlights】**
- **Credit Performance**: Default rate of 1.05% (up 5% YoY) due to seasonal trends and portfolio seasoning. Encouraged by muted seasonality and borrower resilience.
- **Competitive Environment**: 6 incumbent MI players dominate, with high barriers to entry for new competitors.
- **Housing Market**: Strength in Northeast/Midwest vs. softness in Sunbelt markets. Consumer confidence cautious amid labor market strain.
- **Reinsurance Strategy**: Active in XOL market for forward coverage, with 2025-2027 reinsurance placements. ILN market also remains a source of capital.
- **Interest Rate Impact**: Potential refi activity could pressure persistency but also drive new business. 5.2% WAC note rate underpins portfolio stability.
- **Expense Ratio**: Record-low 19.3% driven by operating leverage; Q4 may see slight increase due to people-related expenses.

NMI Holdings, Inc. (NMIH) Q3 2025 Earnings Call Transcript

- **Record Financials**: Q2 revenue ($173.8M) and adjusted EPS ($1.22) set new highs, driven by $12.5B NIW and 5% YoY growth in primary insurance.
- **Disciplined Underwriting**: 19.8% expense ratio and 84.1% persistency reflect operational excellence. Reinsurance fully placed for 2025-2026.
- **Capital Allocation**: $25M/Q share buybacks planned, with $281M remaining under program. No material impact expected from regulatory changes.
- **Market Resilience**: Despite housing market cooling, defaults declined 2% QoQ, supported by strong cure rates and labor market health.

**【Management Opening Remarks】**
- **Brad Shuster**: Highlighted Q2 standout performance with $12.5B NIW and record $214.7B primary insurance in force. Noted recognition as a "Great Place to Work" for the 10th consecutive year, emphasizing team quality and culture.
- **Adam Pollitzer**: Reported record Q2 revenue ($173.8M), adjusted net income ($96.5M), and 16.3% ROE. Highlighted macro resilience, disciplined underwriting, and risk management. Emphasized long-term secular growth drivers in mortgage insurance.

**【CFO Financial Commentary】**
- **Aurora Swithenbank**: Delivered detailed financials:
  - Total revenue: $173.8M (vs. $162.1M YoY)
  - Adjusted EPS: $1.22 (vs. $1.08 YoY)
  - NIW: $12.5B (up 5% YoY)
  - 12-month persistency: 84.1%
  - Expense ratio: 19.8% (record low)
  - Defaults: 6,709 (down 2% QoQ)
  - Claims expense: $13.4M
- Highlighted balance sheet strength with $3B total assets and $2.4B shareholders' equity.
- Noted $23.2M share buybacks in Q2, with $281M remaining under the program.

**【Q&A Highlights】**
- **Capital Return**: Adam Pollitzer confirmed $25M/Q share buyback pace, with flexibility to adjust based on valuation and risk environment.
- **Underwriting Strategy**: Aurora emphasized disciplined pricing through Rate GPS, managing 950 MSAs. Reinsurance fully placed for 2025-2026 production.
- **Market Trends**: Adam noted housing market normalization, with supply-demand reset in Sunbelt markets. Default cure rates remain strong due to labor market resilience.
- **Regulatory Updates**: Discussed FHFA equitable housing program proposal and permanent renewal of MI tax deduction, expecting minimal impact on business.
- **Expense Efficiency**: Aurora highlighted Q2 expense decline due to annual FICA reset, with no one-time items.

NMI Holdings, Inc. (NMIH) Q2 2025 Earnings Call Transcript

- **Record Q1 Financials**: $173.2M revenue, $102.6M net income, 18.1% ROE.
- **Stable Credit Metrics**: 1% default rate, $4.5M claims expense, 73.2% LTV on defaults.
- **Operational Strength**: 20.2% expense ratio, $23.7M investment income, $29.65 book value per share.
- **Strategic Moves**: TCS partnership extension, $25.9M share buybacks, FHFA regulatory alignment.
- **Risk Management**: Disciplined underwriting with 3-5 year stress testing, no adverse selection trends.


**【Executive Chairman Opening Remarks】**
- Q1 2025 NIW volume reached $9.2 billion, ending with a record $211.3 billion in-force primary insurance.
- FHFA leadership under Director Bill Pulte is prioritizing housing market stability and private MI's role in risk mitigation.
- Company maintains constructive dialogue with regulators to support affordable homeownership solutions.

**【CEO Adam Pollitzer Key Highlights】**
- Record Q1 financials: $173.2M revenue, $102.6M GAAP net income, 18.1% ROE.
- Extended 7-year partnership with Tata Consultancy Services (TCS) to drive operational efficiency.
- Emphasized disciplined underwriting and risk management to maintain through-the-cycle performance.
- 1% default rate and $4.5M claims expense reflect stable credit quality.

**【CFO Aurora Swithenbank Financial Breakdown】**
- Net premiums earned: $149.4M (QoQ +4%, YoY +9.6%)
- Expense ratio: 20.2% (QoQ -160bps)
- Investment income: $23.7M (YoY +22%)
- Book value per share: $29.65 (YoY +17%)
- $25.9M share repurchases in Q1, $304M remaining under buyback program.

**【Q&A Key Takeaways】**
1. Credit Performance:
- 73.2% LTV on defaulted loans shows borrower equity buffer.
- Vintage 2022+ policies have higher loss ratios due to lower initial LTVs vs 2020-21 vintages.

2. Operational Efficiency:
- TCS partnership maintains current OpEx levels while enabling innovation.

3. Macroeconomic Risk Management:
- Pricing model incorporates 3-5 year stress scenarios.
- No material changes to credit loss expectations despite tariff concerns.

4. Portfolio Dynamics:
- 84.3% 12-month persistency reflects customer retention strength.
- $1.4B excess PMIERs assets provide regulatory compliance buffer.


NMI (NMIH)-29 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 NIW up 12% to $46 billion, insurance in force at $210.2 billion. 
- **Shareholder Returns**: $245 million returned via buybacks in 2024, with $330 million+ available in 2025. 
- **Credit Resilience**: 1% default rate, 29% cure rate, storm claims fully offset by reinsurance. 
- **Market Position**: Industry-leading ROE (17.6%), 1,600+ lender relationships, and $2.8 billion capital base.

**【CEO & Executive Chairman Summary】**
- **Record 2024 Performance**: Delivered $46 billion NIW, $210.2 billion primary insurance in force, and $365.6 million adjusted net income (+13% YoY). 
- **Strategic Priorities**: 
  - **People & Culture**: Invest in talent and collaboration. 
  - **Customer Growth**: Activated 118 new lenders, ending with 1,600+ active accounts. 
  - **Risk Management**: Secured best-in-class reinsurance treaties. 
  - **Shareholder Value**: Returned $245 million via buybacks in 2024. 
- **Market Outlook**: Positive macro environment, balanced MI pricing, and resilient housing market support continued growth.

**【CFO Financial Highlights】**
- **Q4 2024 Results**: 
  - Total revenue: $166.5 million (record). 
  - Adjusted net income: $86.1 million ($1.07 EPS). 
  - ROE: 15.6%. 
- **Key Metrics**: 
  - NIW: $11.9 billion. 
  - 12-month persistency: 84.6%. 
  - Default rate: 1%. 
  - Expense ratio: 21.7%. 
- **Capital Management**: $27.9 million repurchased in Q4, with $330 million remaining under current programs.

**【Q&A Key Takeaways】**
- **Capital Return Strategy**: 
  - $250 million new buyback authorization. 
  - Consistent $25 million/quarter pace expected. 
- **Credit Performance**: 
  - 29% cure rate in Q4. 
  - 1% default rate reflects portfolio quality. 
  - Storm-related claims ($1.5 million) offset by reinsurance. 
- **Regulatory Environment**: 
  - Bipartisan support for private MI's role in housing. 
  - Positive engagement with new administration.


Actual											0.75	0.4	0.47	0.59	0.62	0.67	0.71	0.73	0.77	0.86	0.9	0.86	0.88	0.95	1	1.01	1.08	1.2	1.15	1.07	1.28	1.22	1.21	1.2
Forecast											0.6679	0.3235	0.363	0.5075	0.5971	0.6414	0.7077	0.7054	0.7385	0.7618	0.8064	0.8399	0.8223	0.8484	0.9213	0.9575	0.9814	1.0477	1.1313	1.1243	1.1002	1.2034	1.1989	1.1863
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+12.29%	+23.65%	+29.48%	+16.26%	+3.84%	+4.46%	+0.32%	+3.49%	+4.27%	+12.89%	+11.61%	+2.39%	+7.02%	+11.98%	+8.54%	+5.48%	+10.05%	+14.54%	+1.65%	-4.83%	+16.34%	+1.38%	+0.93%	+1.15%

Actual	--	--	--	--	--	--	--	--	--	--	107.65M	98.94M	98.80M	100.71M	105.88M	110.89M	113.59M	113.93M	116.50M	120.87M	118.32M	119.58M	121.75M	125.98M	130.09M	132.94M	136.66M	141.17M	143.34M	143.52M	149.37M	149.07M	151.32M	152.46M
Forecast	--	--	--	--	--	--	--	--	--	--	99.28M	98.36M	97.17M	104.42M	106.38M	112.14M	119.60M	114.75M	116.65M	119.80M	123.97M	122.14M	121.22M	123.95M	128.18M	131.70M	133.76M	138.49M	142.56M	145.25M	144.85M	149.57M	151.36M	152.74M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+8.43%	+0.60%	+1.68%	-3.55%	-0.47%	-1.12%	-5.02%	-0.71%	-0.13%	+0.89%	-4.56%	-2.09%	+0.44%	+1.64%	+1.49%	+0.94%	+2.17%	+1.93%	+0.55%	-1.19%	+3.11%	-0.34%	-0.03%	-0.18%

NMIH

NMIH fundamentals

NMIH Q4 2025 Earnings

Earnings Call

You can ask Aime

NMIH

NMIH fundamentals

NMIH Q4 2025 Earnings

Earnings Call

NMIH Earnings Call Summary for Q4/20255:00 PM on Feb 10, 2026

NMIH Earnings Call Summary for Q3/20255:00 PM on Nov 4, 2025

NMIH Earnings Call Summary for Q2/20255:00 PM on Jul 29, 2025

NMIH Earnings Call Summary for Q1/20255:00 PM on Apr 29, 2025

NMIH Earnings Call Summary for Q4/20245:00 PM on Feb 6, 2025

You can ask Aime