NMI Holdings Q1 Revenue Hits Record $183.5M, Adjusted Income $99.4M
NMI Holdings reported record Q1 revenue of $183.5 million and adjusted net income of $99.4 million, or $1.28 per diluted share, with adjusted ROE of 15.2%. New insurance written reached $12.3 billion, driving primary insurance in-force to $222.3 billion and supporting $1.5 billion in excess assets under PMIERs.
1. Record Q1 Financial Results
NMI Holdings posted record total revenue of $183.5 million in Q1 2026, up from prior period records. The company reported adjusted net income of $99.4 million, or $1.28 per diluted share, achieving a 15.2% adjusted return on equity.
2. Strong Insurance Growth
New insurance written volume reached $12.3 billion, boosting primary insurance in-force to $222.3 billion. Net premiums earned totaled $154.8 million, while investment income contributed $28.6 million to revenues.
3. Robust Capital and Repurchases
Available assets under PMIERs stood at $3.6 billion with $1.5 billion in excess, enabling the repurchase of $27.7 million in common stock, retiring 716,000 shares.
4. Expense and Credit Trends
Underwriting and operating expenses were $30.6 million, with claims expense rising to $20.7 million and an expense ratio of 19.8%. The 12-month persistency rate dipped to 82.2%, and the default rate rose modestly to 1.17%.