NMI Holdings, Inc. Reviews Fourth Quarter and Full 12 months 2025 Monetary Outcomes – Worldwide Dispatch

EMERYVILLE, Calif., Feb. 10, 2026 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) in the present day reported internet earnings of $94.2 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025, in comparison with $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. Web earnings for the complete yr ended December 31, 2025 was $388.9 million or $4.92 per diluted share, which compares to $360.1 million, or $4.43 per diluted share, for the yr ended December 31, 2024.

Adam Pollitzer, President and Chief Government Officer of Nationwide MI, stated, “The fourth quarter capped one other yr of success for Nationwide MI. In 2025, we delivered sturdy working efficiency, generated vital NIW quantity and constant development in our insured portfolio, and achieved file monetary outcomes and a 16.2% return on fairness. Now we have a powerful buyer franchise, a proficient staff driving us ahead every single day, an exceptionally high-quality e-book lined by a complete set of danger switch options, and a sturdy stability sheet supported by the numerous earnings energy of our platform. Wanting ahead, we’re well-positioned to proceed delivering differentiated development, returns and worth for our shareholders.”

Chosen fourth quarter 2025 highlights embrace:

• Major insurance-in-force at quarter finish was $221.4 billion, in comparison with $218.4 billion on the finish of the third quarter and $210.2 billion on the finish of the fourth quarter of 2024.
• Web premiums earned had been $152.5 million, in comparison with $151.3 million within the third quarter and $143.5 million within the fourth quarter of 2024.
• Whole income was $180.7 million, in comparison with $178.7 million within the third quarter and $166.5 million within the fourth quarter of 2024.
• Insurance coverage claims and declare bills had been $21.2 million, in comparison with $18.6 million within the third quarter and $17.3 million within the fourth quarter of 2024. Loss ratio was 13.9%, in comparison with 12.3% within the third quarter and 12.0% within the fourth quarter of 2024.
• Underwriting and working bills had been $31.1 million, in comparison with $29.2 million within the third quarter and $31.1 million within the fourth quarter of 2024. Expense ratio was 20.4%, in comparison with 19.3% within the third quarter and 21.7% within the fourth quarter of 2024.
• Web earnings was $94.2 million, in comparison with $96.0 million within the third quarter and $86.2 million within the fourth quarter of 2024. Diluted EPS was $1.20, in comparison with $1.22 within the third quarter and $1.07 within the fourth quarter of 2024.
• Adjusted internet earnings was $93.8 million, in comparison with $95.7 million within the third quarter and $86.1 million within the fourth quarter of 2024. Adjusted diluted EPS was $1.20, in comparison with $1.21 within the third quarter and $1.07 within the fourth quarter of 2024.
• Shareholders’ fairness was $2.6 billion at quarter finish and e-book worth per share was $33.98. Guide worth per share excluding the affect of internet unrealized good points and losses within the funding portfolio was $34.58, up 4% in comparison with $33.32 within the third quarter and 16% in comparison with $29.80 within the fourth quarter of 2024.
• Annualized return on fairness for the quarter was 14.8%, in comparison with 15.6% within the third quarter and 15.6% within the fourth quarter of 2024. Annualized adjusted return on fairness was 14.7%, in comparison with 15.5% within the third quarter and 15.6% within the fourth quarter of 2024.
• At quarter-end, complete PMIERs out there belongings had been $3.5 billion and internet risk-based required belongings had been $2.1 billion.

(1) Percentages will not be replicated primarily based on the rounded figures offered within the desk.
(2) Guide worth per share (excluding internet unrealized good points and losses) is outlined as complete shareholders’ fairness, excluding the after-tax results of unrealized good points and losses on our funding portfolio, divided by shares excellent.

Convention Name and Webcast Particulars

The corporate will maintain a convention name, which will likely be webcast dwell in the present day, February 10, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Japanese Time. The webcast will likely be out there on the corporate’s web site, www.nationalmi.com, within the “Investor Relations” part. The convention name will also be accessed by dialing (844) 481-2708 within the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

About NMI Holdings, Inc.

NMI Holdings, Inc. (NASDAQ: NMIH), is the mother or father firm of Nationwide Mortgage Insurance coverage Company (Nationwide MI), a U.S.-based, non-public mortgage insurance coverage firm enabling low down fee debtors to comprehend dwelling possession whereas defending lenders and buyers towards losses associated to a borrower’s default. To be taught extra, please go to www.nationalmi.com.

Cautionary Observe Relating to Ahead-Wanting Statements

Sure statements contained on this press launch or another written or oral statements made by or on behalf of the Firm in connection therewith could represent forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, Part 21E of the Securities Alternate Act of 1934, as amended, and the U.S. Personal Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA gives a “secure harbor” for any forward-looking statements. All statements apart from statements of historic reality included in or included by reference on this launch are forward-looking statements, together with any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, goals, assumptions or future occasions or efficiency. These statements are sometimes, however not at all times, made by means of the usage of phrases or phrases equivalent to “anticipate,” “imagine,” “can,” “might,” “could,” “predict,” “assume,” “potential,” “ought to,” “will,” “estimate,” “understand,” “plan,” “mission,” “persevering with,” “ongoing,” “count on,” “intend” and comparable phrases or phrases. All forward-looking statements are solely predictions and contain estimates, recognized and unknown dangers, assumptions and uncertainties which will become inaccurate and will trigger precise outcomes to vary materially from these expressed in them. Many dangers and uncertainties are inherent in our trade and markets. Others are extra particular to our enterprise and operations. Essential elements that might trigger precise occasions or outcomes to vary materially from these indicated in such statements embrace, however should not restricted to: adjustments basically financial, market and political circumstances and insurance policies (together with adjustments in rates of interest and inflation) and funding outcomes or different circumstances that have an effect on the U.S. housing market or the U.S. markets for dwelling mortgages, mortgage insurance coverage, reinsurance and credit score danger switch markets, together with the danger associated to geopolitical instability, inflation, an financial downturn (together with any decline in dwelling costs) or recession, worldwide commerce insurance policies in areas equivalent to tariffs or different commerce restrictions, and their impacts on our enterprise, operations and personnel; adjustments within the charters, enterprise practices, insurance policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which can embrace choices which have the affect of lowering or discontinuing the usage of mortgage insurance coverage as credit score enhancement typically, or with first time homebuyers or on very excessive loan-to-value mortgages; or adjustments within the course of housing coverage goals of the Federal Housing Finance Company (“FHFA”), such because the FHFA’s precedence to extend the accessibility to and affordability of homeownership for low-and-moderate earnings debtors and underrepresented communities; our capability to stay an eligible mortgage insurer beneath the non-public mortgage insurer eligibility necessities (“PMIERs”) and different necessities imposed by the GSEs, which they could change at any time; retention of our present certificates of authority in every state and the District of Columbia (“D.C.”) and our capability to stay a mortgage insurer in good standing in every state and D.C.; our future profitability, liquidity and capital assets; actions of present opponents, together with different non-public mortgage insurers and authorities mortgage insurers such because the Federal Housing Administration, the U.S. Division of Agriculture’s Rural Housing Service and the U.S. Division of Veterans Affairs, and potential market entry by new opponents or consolidation of present opponents; adoption of recent or adjustments to present legal guidelines, guidelines and laws that affect our enterprise or monetary situation straight or the mortgage insurance coverage trade typically or their enforcement and implementation by regulators, together with the implementation of the ultimate guidelines defining and/or regarding “Certified Mortgage” and “Certified Residential Mortgage”; U.S. federal tax reform and different potential adjustments in tax legislation and their affect on us and our operations; legislative or regulatory adjustments to the GSEs’ function within the secondary mortgage market or different adjustments that might have an effect on the residential mortgage trade typically or mortgage insurance coverage trade particularly; potential authorized and regulatory claims, investigations, actions, audits or inquiries that might lead to opposed judgments, settlements, fines or different reliefs that might require vital expenditures or produce other unfavourable results on our enterprise; our capability to efficiently execute and implement our capital plans, together with our capability to entry the fairness, credit score and reinsurance markets and to enter into, and obtain approval of, reinsurance preparations on phrases and circumstances which are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or different market members looking for alternate options to non-public mortgage insurance coverage; our capability to implement our enterprise technique, together with our capability to put in writing mortgage insurance coverage on top quality low down fee residential mortgage loans, implement efficiently and on a well timed foundation, advanced infrastructure, methods, procedures, and inside controls to assist our enterprise and regulatory and reporting necessities of the insurance coverage trade; our capability to draw and retain a various buyer base, together with the most important mortgage originators; failure of danger administration or pricing or funding methods; lower within the size of time our insurance coverage insurance policies are in pressure; emergence of sudden declare and protection points, together with claims exceeding our reserves or quantities we had anticipated to expertise; potential opposed impacts arising from pure disasters together with, with respect to affected areas, a decline in new enterprise, opposed results on dwelling costs, and a rise in notices of default on insured mortgages; local weather danger and efforts to handle or regulate local weather danger by authorities businesses might have an effect on our enterprise and operations; potential opposed impacts arising from the prevalence of any man-made disasters or public well being emergencies, together with pandemics; the lack of our counter-parties, together with third occasion reinsurers, to fulfill their obligations to us; failure to keep up, enhance and proceed to develop mandatory info expertise methods or the failure of expertise suppliers to carry out; effectiveness and safety of our info expertise methods and digital services, together with the dangers these methods, services or products could fail to function as anticipated or deliberate, or expose us to cybersecurity or third-party dangers (together with the publicity of our confidential buyer and different info); and skill to recruit, practice and retain key personnel. These dangers and uncertainties additionally embrace, however should not restricted to, these set forth beneath the heading “Danger Elements” detailed in Merchandise 1A of Half I of our Annual Report on Kind 10-Okay for the yr ended December 31, 2024, as subsequently up to date by means of different experiences we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Firm or individuals appearing on its behalf are expressly certified of their entirety by these cautionary statements. We warning you to not place undue reliance on any forward-looking assertion, which speaks solely as of the date on which it’s made, and we undertake no obligation to publicly replace or revise any forward-looking assertion to replicate new info, future occasions or circumstances that happen after the date on which the assertion is made or to replicate the prevalence of unanticipated occasions besides as required by legislation.

Use of Non-GAAP Monetary Measures

We imagine the usage of the non-GAAP measures of adjusted earnings earlier than tax, adjusted internet earnings, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted mixed ratio and e-book worth per share (excluding internet unrealized good points and losses) improve the comparability of our elementary monetary efficiency between durations, and supply related info to buyers. These non-GAAP monetary measures align with the way in which the corporate’s enterprise efficiency is evaluated by administration. These measures should not ready in accordance with GAAP and shouldn’t be seen as alternate options to GAAP measures of efficiency. These measures have been offered to extend transparency and improve the comparability of our elementary working tendencies throughout durations. Different firms could calculate these measures in a different way; their measures will not be similar to these we calculate and current.

Adjusted earnings earlier than tax is outlined as GAAP earnings earlier than tax, excluding the pre-tax results of internet realized good points or losses from our funding portfolio, periodic prices incurred in reference to capital markets transactions, and different rare, uncommon or non-operating gadgets within the durations wherein such gadgets are incurred.

Adjusted internet earnings is outlined as GAAP internet earnings, excluding the after-tax results of internet realized good points or losses from our funding portfolio, periodic prices incurred in reference to capital markets transactions, and different rare, uncommon or non-operating gadgets within the durations wherein such gadgets are incurred. Changes to parts of pre-tax earnings are tax effected utilizing the relevant federal statutory tax charge for the respective durations.

Adjusted diluted EPS is outlined as adjusted internet earnings divided by adjusted weighted common diluted shares excellent. Adjusted weighted common diluted shares excellent is outlined as weighted common diluted shares excellent, adjusted for adjustments within the dilutive impact of non-vested shares that may in any other case have occurred had GAAP internet earnings been calculated in accordance with adjusted internet earnings. There will likely be no adjustment to weighted common diluted shares excellent within the durations that non-vested shares are anti-dilutive beneath GAAP.

Adjusted return on fairness is calculated by dividing adjusted internet earnings on an annualized foundation by the common shareholders’ fairness for the interval.

Adjusted expense ratio is outlined as GAAP underwriting and working bills, excluding the pre-tax results of periodic prices incurred in reference to capital markets transactions, divided by internet premiums earned.

Adjusted mixed ratio is outlined as the full of GAAP underwriting and working bills, excluding the pre-tax results of periodic prices incurred in reference to capital markets transactions and insurance coverage claims and claims bills, divided by internet premiums earned.

Guide worth per share (excluding internet unrealized good points and losses) is outlined as complete shareholders’ fairness, excluding the after-tax results of unrealized good points and losses on investments, divided by shares excellent.

Though adjusted earnings earlier than tax, adjusted internet earnings, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted mixed ratio and e-book worth per share (excluding internet unrealized good points and losses) exclude sure gadgets which have occurred previously and are anticipated to happen sooner or later, the excluded gadgets: (1) should not seen as a part of the working efficiency of our major actions; or (2) are impacted by market, financial or regulatory elements and should not essentially indicative of working tendencies, or each. These changes, and the explanations for his or her therapy, are described beneath.

(1) Web realized funding good points and losses. The popularity of internet realized funding good points or losses can differ considerably throughout durations because the timing is very discretionary and is influenced by elements equivalent to market alternatives, tax and capital profile, and total market cycles that don’t replicate our present interval working outcomes.

(2) Capital markets transaction prices. Capital markets transaction prices consequence from actions which are undertaken to enhance our debt profile or improve our capital place by means of actions equivalent to debt refinancing and capital markets reinsurance transactions which will differ of their measurement and timing as a consequence of elements equivalent to market alternatives, tax and capital profile, and total market cycles.

(3) Different rare, uncommon or non-operating gadgets. Objects which are the results of unexpected or unusual occasions, and should not anticipated to recur with frequency sooner or later. Identification and exclusion of these things present readability concerning the affect particular or uncommon occurrences could have on our present monetary efficiency. Previous changes beneath this class embrace rare, uncommon or non-operating changes associated to severance, restricted inventory modification and different bills incurred in reference to the CEO transition introduced in September 2021 and the results of the discharge of the valuation allowance recorded towards our internet federal and sure state internet deferred tax belongings in 2016 and the re-measurement of our internet deferred tax belongings in reference to tax reform in 2017. We imagine such gadgets are rare or non-recurring in nature, and should not indicative of the efficiency of, or ongoing tendencies in, our major working actions or enterprise.

(4) Web unrealized good points and losses on investments. The popularity of internet unrealized good points or losses on funding can differ considerably throughout durations and is influenced by elements equivalent to rate of interest motion, total market and financial circumstances, and tax and capital profiles. These valuation changes could not essentially lead to financial good points or losses and should not reflective of ongoing operations.

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

(1) Loss ratio is calculated by dividing insurance coverage claims and declare bills by internet premiums earned.
(2) Expense ratio is calculated by dividing underwriting and working bills by internet premiums earned.

(1) Marginal tax affect of non-GAAP changes is calculated primarily based on our statutory U.S. federal company earnings tax charge of 21%, aside from these gadgets that aren’t eligible for an earnings tax deduction.
(2) Expense ratio is calculated by dividing underwriting and working bills by internet premiums earned.
(3) Adjusted expense ratio is calculated by dividing adjusted underwriting and working expense (underwriting and working bills excluding prices associated to capital markets reinsurance transactions) by internet premiums earned.
(4) Mixed ratio is calculated by dividing the full of underwriting and working bills and insurance coverage claims and declare bills by internet premiums earned.
(5) Adjusted mixed ratio is calculated by dividing the full of adjusted underwriting and working bills (underwriting and working bills excluding prices associated to capital market reinsurance transaction) and insurance coverage claims and declare bills by internet premiums earned.
(6) Guide worth per share is calculated by dividing complete shareholders’ fairness by shares excellent.
(7) Guide worth per share (excluding internet unrealized good points and losses) is outlined as complete shareholders’ fairness, excluding the after-tax results of unrealized good points and losses on our funding portfolio, divided by shares excellent.

(1) Loss ratio is calculated by dividing insurance coverage claims and declare bills by internet premiums earned.
(2) Expense ratio is calculated by dividing underwriting and working bills by internet premiums earned.
(3) Mixed ratio could not foot as a consequence of rounding.

Portfolio Statistics

The desk beneath highlights tendencies in our major portfolio as of the date and for the durations indicated.

(1) Reported as of the top of the interval.
(2) Calculated as finish of interval RIF divided by finish of interval IIF.
(3) Calculated as internet premiums earned, divided by common major IIF for the interval, annualized.
(4) Outlined as the proportion of IIF that continues to be on our books after a given twelve-month interval.
(5) Outlined as the proportion of IIF that’s not on our books after a given three-month interval.

NIW, IIF and Premiums

The tables beneath current NIW and first IIF, as of the dates and for the durations indicated.

The next desk presents the quantities associated to the corporate’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), conventional 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 observe transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions) for the durations indicated.

(1) Efficient July 1, 2025, NMIC terminated its protection with all reinsurers beneath the 2016 QSR Transaction by mutual settlement on a cut-off foundation.
(2) Efficient December 27, 2024, NMIC exercised its non-obligatory termination rights to terminate and commute its beforehand excellent excess-of-loss reinsurance agreements with Oaktown Re V Ltd., respectively. In reference to the terminations and commutations, the insurance-linked notes issued by Oaktown Re V Ltd. had been redeemed in full with a distribution of remaining collateral belongings.

The tables beneath current our complete NIW by FICO, loan-to-value (LTV) ratio, and buy/refinance combine for the durations indicated.

The desk beneath presents a abstract of our major IIF and RIF by e-book yr as of December 31, 2025.

The tables beneath current our complete major IIF and RIF by FICO and LTV, and complete major RIF by mortgage sort as of the dates indicated.

The desk beneath presents a abstract of the change in complete major IIF through the durations indicated.

Geographic Dispersion

The next desk reveals the distribution by state of our major RIF as of the durations indicated:

The desk beneath presents chosen major portfolio statistics, by e-book yr, as of December 31, 2025.

(1) Calculated as complete claims incurred (paid and reserved) divided by cumulative premiums earned, internet of reinsurance.
(2) Calculated because the sum of the variety of claims paid ever up to now and variety of loans in default divided by insurance policies ever in pressure.
(3) Calculated because the variety of loans in default divided by variety of insurance policies in pressure.

The next desk gives a reconciliation of the start and ending reserve balances for major insurance coverage claims and declare bills:

(1) Associated to ceded losses recoverable beneath the QSR Transactions.
(2) Associated to insured loans with their most up-to-date defaults occurring within the present yr. For instance, if a mortgage defaulted in a previous yr and subsequently cured and later re-defaulted within the present yr, the default could be included within the present yr. Quantities are offered internet of reinsurance and included $102.0 million attributed to internet case reserves and $10.8 million attributed to internet IBNR reserves for the yr ended December 31, 2025, $83.5 million attributed to internet case reserves and $8.1 million attributed to internet IBNR reserves for the yr ended December 31, 2024.
(3) Associated to insured loans with defaults occurring in prior years, which have been repeatedly in default earlier than the beginning of the present yr. Quantities are offered internet of reinsurance and included $48.4 million attributed to internet case reserves and $8.1 million attributed to internet IBNR reserves for the yr ended December 31, 2025, $54.1 million attributed to internet case reserves and $6.3 million attributed to internet IBNR reserves for the yr ended December 31, 2024.
(4) Excludes mixture charges $0.8 million for the yr ended December 31, 2025 incurred in reference to the termination or modification of sure QSR Transactions.
(5) Represents the settlement of reinsurance recoverables along with the termination or modification of sure QSR Transactions.

The next desk gives a reconciliation of the start and ending depend of loans in default:

The next desk gives particulars of our claims paid, earlier than giving impact to claims ceded beneath the QSR Transactions, for the durations indicated:

(1) Depend consists of 21 and 71 claims settled with out fee through the three months and yr ended December 31, 2025, respectively, and 32 and 88 claims settled with out fee through the three months and yr ended December 31, 2024, respectively.
(2) Severity represents the full quantity of claims paid together with declare bills divided by the associated RIF on the mortgage on the time the declare is perfected, and is calculated together with claims settled with out fee.

The next desk reveals our common reserve per default, earlier than giving impact to reserves ceded beneath the QSR Transactions, as of the dates indicated:

(1) Outlined because the gross reserve per insured mortgage in default.
(2) Quantity consists of claims adjustment bills.

The next desk gives a comparability of the PMIERs out there belongings and internet risk-based required asset quantity as reported by NMIC as of the dates indicated: