National MI Q4 Revenue Climbs 8.5% to $180.7M, EPS $1.20 Matches Estimates
National MI reported Q4 revenue of $180.7 million, up 8.5% year-on-year, with net premiums earned rising 6.2% to $152.5 million and adjusted EPS of $1.20 matching consensus. Book value per share jumped 20.4% to $33.98, and primary insurance-in-force reached $221.4 billion, underpinning a 16.2% annual return on equity for 2025.
1. Q4 Earnings Highlights
National MI posted Q4 revenue of $180.7 million, an 8.5% increase year-on-year, driven by net premiums earned of $152.5 million, up 6.2%. Adjusted EPS reached $1.20, in line with analyst expectations, while the combined ratio improved by 40 basis points to 34.3%.
2. Capital Position Strengthens
Book value per share rose 20.4% year-on-year to $33.98, supported by a primary insurance-in-force of $221.4 billion. New insurance written volume grew to $14.2 billion, a 19% increase from Q4 2024, and shareholders’ equity stood at $2.6 billion with robust risk transfer capacity.
3. Record Full-Year Performance and Outlook
For full-year 2025, net income climbed to $388.9 million ($4.92 per diluted share) from $360.1 million, delivering a 16.2% return on equity. Management highlighted a strong customer franchise, a high-quality insured portfolio, comprehensive risk transfer solutions, and a solid balance sheet as drivers for continued growth.