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Core Insights - NMI Holdings (NMIH) reported a revenue of $180.74 million for Q4 2025, marking an 8.6% year-over-year increase and exceeding the Zacks Consensus Estimate of $178.97 million by 0.99% [1] - The company's EPS for the same quarter was $1.20, up from $1.07 a year ago, and also surpassed the consensus EPS estimate of $1.17 by 2.35% [1] Financial Performance Metrics - Insurance-in-force (IIF) reached $221.45 billion, exceeding the average estimate of $218.97 billion from three analysts [4] - Risk-in-force (RIF) was reported at $59.31 billion, above the estimated $57.84 billion [4] - The combined ratio stood at 34.3%, slightly better than the average estimate of 34.8% [4] - The loss ratio was 13.9%, compared to the average estimate of 13.7% [4] - The expense ratio was reported at 20.4%, lower than the average estimate of 21.1% [4] - Net investment income was $27.53 million, exceeding the average estimate of $25.22 million, reflecting a year-over-year increase of 21.2% [4] - Net premiums earned were $152.46 million, slightly below the estimated $153.38 million, but still showing a 6.2% increase compared to the previous year [4] - Other revenues were reported at $0.26 million, matching the average estimate and indicating a 12.9% year-over-year increase [4] Stock Performance - NMI Holdings' shares have returned +1.6% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - The company reported a record total revenue of $180.7 million in Q4, with a GAAP net income of $94.2 million, translating to $1.20 per diluted share and a return on equity of 14.8% [1] - For the full year 2025, the company achieved a GAAP net income of $388.9 million, an 8% increase from 2024, and a diluted EPS of $4.92, up 11% [2][7] - The company ended 2025 with a total new insurance written (NIW) of $49 billion and a record $221.4 billion of primary insurance in force (IIF) [3][7] Financial Performance - In Q4, net premiums earned reached a record $152.5 million, compared to $151.3 million in Q3 and $143.5 million in the same quarter last year [8] - The company reported a default rate of 1.12% at year-end, with total defaults increasing to 7,661 from 7,093 in the previous quarter [10] - The expense ratio for the fourth quarter was 20.4%, with total expenses remaining unchanged at $31.1 million compared to Q4 2024 [18] Reinsurance and Capital Management - The company secured new quota-share and excess-loss treaties for new business through 2028 at an estimated 4% pre-tax cost of capital [6][15] - Since 2022, the company has repurchased $349 million of stock, with $226 million remaining under its buyback authorization [17] - At year-end, the company reported $3.5 billion of total available assets under PMIERs, with excess available assets of $1.4 billion [16] Industry Outlook - The company anticipates a constructive industry backdrop with an expected NIW volume of over $310 billion in 2025 and a similarly attractive environment in 2026 [5][20][21] - Management noted broad resiliency in the macro environment and housing market, despite some risks such as slower hiring and high consumer debt [12] - Conversations in Washington regarding the private mortgage insurance industry's role in supporting affordability remain active and constructive [22]

分组1 - NMI Holdings (NMIH) reported quarterly earnings of $1.2 per share, exceeding the Zacks Consensus Estimate of $1.17 per share, and up from $1.07 per share a year ago, representing an earnings surprise of +2.35% [1] - The company posted revenues of $180.74 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.99%, and an increase from $166.5 million year-over-year [2] - NMI Holdings has surpassed consensus EPS estimates three times and revenue estimates four times over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 2.1% since the beginning of the year compared to the S&P 500's gain of 1.7% [3] - The current consensus EPS estimate for the coming quarter is $1.25 on revenues of $183.85 million, and for the current fiscal year, it is $5.05 on revenues of $740.21 million [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024 [4] - Diluted EPS reached $4.92, up 11% from 2024, with a return on equity of 16.2% [4][10] - Total revenue for the quarter was a record $180.7 million, compared to $166.5 million in Q4 2024, marking a 9% increase [10][12] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force grew to $221.4 billion, up 5.4% year-over-year [12] - The persistency rate was 83.4% in Q4, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, demonstrating strength despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership [5][6] - There is an emphasis on maintaining a disciplined approach to risk management while growing the insured portfolio [6][10] - The company is committed to building value for shareholders and delivering strong returns while prudently distributing excess capital [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment and housing market, noting broad resiliency and low unemployment [29] - There are concerns about consumer debt levels and confidence, but the overall outlook remains positive [29] - The company is well-positioned to capitalize on opportunities in the private MI market, with expectations for continued strength in 2026 [11][46] Other Important Information - The company repurchased $31 million of common stock in Q4, with a total of $349 million repurchased since the buyback program began in 2022 [15][16] - New reinsurance treaties were secured, extending coverage through 2028 at an estimated 4% pre-tax cost of capital [16][50] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain stable [21][22] Question: Regulatory concerns regarding potential FHA premium reductions - Management highlighted the private MI industry's role and expressed skepticism about the need for FHA rate adjustments given existing challenges [23][24] Question: Health of the consumer and credit trends by region - Management reported continued resiliency in the macro environment, with no notable emerging issues in default experience by geography [28][31] Question: Outlook for persistency and quarterly runoff trends - Management acknowledged a decline in persistency but expects it to remain above historical trends [33][34] Question: Implications of different portfolio vintages on credit - Management discussed the potential for normalization in credit experience as older vintages run off, with a focus on maintaining strong credit characteristics [40][41] Question: NIW market share and outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026, contingent on stable rates [43][46] Question: Quota share and capital management in 2026 - Management confirmed plans for continued share buybacks at a pace of approximately $25 million per quarter, depending on market conditions [50]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024, and record diluted EPS of $4.92, up 11% year-over-year [4][10] - Total revenue for Q4 was a record $180.7 million, compared to $166.5 million in Q4 2024, representing a 9% increase [10][12] - The return on equity for the quarter was 14.8%, while the full-year return on equity was 16.2% [12][10] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force reached a record $221.4 billion, up 5.4% compared to Q4 2024 [12][10] - The persistency rate for the twelve-month period was 83.4%, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, indicating a strong market despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership to differentiate itself in the evolving mortgage market [5][6] - The management emphasized the importance of maintaining a disciplined approach to risk management while growing the insured portfolio [6][10] - The company is committed to building value for shareholders through earnings growth, compounding book value, and prudent capital distribution [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment and housing market, noting broad resiliency and continued opportunities in the private MI industry [11][28] - The management highlighted the importance of planning for potential stress in the economy while remaining optimistic about growth opportunities [28][29] - The company is well-positioned to continue delivering value for its stakeholders, supported by a strong customer franchise and a high-quality insured portfolio [11][18] Other Important Information - The company repurchased $31 million of common stock in Q4, retiring 811,000 shares at an average price of $37.72 [15][16] - The company entered into new reinsurance treaties that extend its credit risk management program through 2028 [16][17] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain generally stable [20][21] Question: Regulatory concerns regarding potential FHA premium reductions - Management indicated that the private MI industry is well-positioned to provide support and does not foresee a need for additional FHA rate adjustments [22][23] Question: Health of the consumer and credit trends by region - Management reported continued resiliency in the macro environment, with no notable emerging issues in default or claims experience across regions [26][30] Question: Outlook for persistency and quarterly runoff trends - Management expects persistency to remain above historical trends despite a recent decline, driven by refinancing activity [32][33] Question: Implications of different portfolio vintages on credit - Management discussed the potential normalization of credit experience as newer vintages age, with a focus on managing exposure in stressed markets [39][40] Question: NIW market share outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026, contingent on stable rates [42][45] Question: Quota share and capital management in 2026 - Management confirmed plans to continue share buybacks at a similar pace, with an emphasis on capital management [48][49]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024 [4][10] - Diluted EPS reached $4.92, up 11% from 2024, with a return on equity of 16.2% [4][10] - Total revenue for Q4 was a record $180.7 million, compared to $166.5 million in Q4 2024, marking a 9% increase [10][12] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force grew to $221.4 billion, up 5.4% year-over-year [12][14] - The persistency rate was 83.4% in Q4, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, demonstrating strength despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership [5][6] - Plans to maintain discipline and risk responsibility while growing the insured portfolio [5] - The company is committed to building value for shareholders and delivering strong mid-teens returns [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro environment and housing market resilience, with expectations for continued strength in the private MI market [10][11] - There is a recognition of the unique role the private mortgage insurance industry plays in supporting borrowers [6][11] - Management noted potential risks, including consumer debt levels and labor market strains, while remaining optimistic about future opportunities [26][28] Other Important Information - The company repurchased $31 million of common stock in Q4, with a total of $349 million repurchased since the buyback program began in 2022 [14][15] - New reinsurance treaties were secured, extending coverage through 2028 at an estimated 4% pre-tax cost of capital [15][16] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain generally stable [19][21] Question: Regulatory concerns regarding potential FHA premium reductions - Management highlighted the private MI industry's role and expressed skepticism about the need for FHA rate adjustments given existing challenges [22][23] Question: Health of the consumer and credit trends by state - Management reported broad resiliency in the macro environment, with no notable emerging issues in default experience across regions [26][30] Question: Outlook for persistency and quarterly runoff trends - Management acknowledged a decline in persistency but expects it to remain above historical trends moving forward [32][34] Question: Implications of different portfolio vintages on credit - Management discussed the potential for normalization in credit experience as older vintages run off, while newer vintages may have different characteristics [37][39] Question: NIW market share outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026 [41][44] Question: Future of quota share and capital management - Management confirmed plans for continued share buybacks and indicated a stable expense ratio target for 2026 [47][49]

EXHIBIT 99.1 FOR IMMEDIATE RELEASE NMI Holdings, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results EMERYVILLE, Calif., Feb. 10, 2026 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $94.2 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025, compared to $96.0 million, or $1.22 per diluted share, for the third quarter ended September 30, 2025 and $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024. Net income ...

Core Insights - NMI Holdings, Inc. reported a net income of $94.2 million for Q4 2025, a slight decrease from $96.0 million in Q3 2025 but an increase from $86.2 million in Q4 2024, with diluted earnings per share at $1.20 [1][5] - For the full year 2025, net income reached $388.9 million, up from $360.1 million in 2024, indicating strong annual growth [1][5] Financial Performance - The company achieved a return on equity of 16.2% in 2025, reflecting strong operational performance and a robust balance sheet [2] - Total revenue for Q4 2025 was $180.7 million, compared to $178.7 million in Q3 2025 and $166.5 million in Q4 2024, marking a year-over-year increase of 8.1% [5][24] - Net premiums earned were $152.5 million in Q4 2025, up 6% from $143.5 million in Q4 2024 [4][24] Insurance Metrics - Primary insurance-in-force at the end of Q4 2025 was $221.4 billion, a 5% increase from $210.2 billion in Q4 2024 [3][5] - New insurance written (NIW) for Q4 2025 was $14.2 billion, representing a 19% increase year-over-year [3][36] Expense and Claims Analysis - Insurance claims and claim expenses for Q4 2025 were $21.2 million, a 23% increase from $17.3 million in Q4 2024, resulting in a loss ratio of 13.9% [4][5] - Underwriting and operating expenses were $31.1 million, consistent with Q4 2024, leading to an expense ratio of 20.4% [5][6] Shareholder Value - Book value per share, excluding net unrealized gains and losses, increased to $34.58, up 16% from $29.80 in Q4 2024 [5][6] - Shareholders' equity at the end of Q4 2025 was $2.6 billion, reflecting a strong capital position [5][27]

Company Overview - NMI Holdings, Inc. (NASDAQ:NMIH) is a leading provider of private mortgage guaranty insurance services in the United States, established in 2011 and headquartered in Emeryville, California, serving a diverse client base including national and regional mortgage banks, credit unions, and non-bank lenders [1] Stock Performance and Analyst Outlook - The consensus price target for NMIH's stock has shown stability over the past year, with the average price target at $43, slightly down from $43.5 in the previous quarter and year, indicating a steady outlook from analysts [2] - UBS analyst Doug Harter has set a lower price target of $39, reflecting a more cautious perspective on the company's future performance [2][5] Earnings Performance - NMIH is expected to release its fourth-quarter 2025 earnings results on February 10th, with analysts forecasting earnings of $1.17 per share and revenue of approximately $180.7 million [3] - In the recent Q3 2025 earnings call, NMIH reported earnings of $1.21 per share, meeting the Zacks Consensus Estimate and showing improvement from the previous year's earnings of $1.15 per share [3][5] Market Trends - Despite a recent 8.8% decline in stock price, placing NMIH in oversold territory, the company has experienced a 6.2% increase since its last earnings report, suggesting a potential trend reversal [4] - There is a strong consensus among Wall Street analysts to raise earnings estimates for NMIH, indicating positive sentiment regarding the company's future performance [4]