Q1 2026 NMI Holdings Inc Earnings Call Transcript
Key Points
- NMI Holdings Inc (NMIH) reported a record $183.5 million in total revenue for the first quarter of 2026.
- The company achieved a record $222.3 billion of high-quality, high-performing primary insurance in-force.
- Adjusted net income was $99.4 million, or $1.28 per diluted share, with an adjusted return on equity of 15.2%.
- NMI Holdings Inc (NMIH) generated $12.3 billion of new insurance written (NIW) volume, reflecting strong business production.
- The company maintained a robust balance sheet with $3.6 billion of total available assets under PMIERs and $1.5 billion in excess available assets.
- The 12-month persistency rate decreased to 82.2% in the first quarter from 83.4% in the previous quarter.
- The default rate increased slightly to 1.17% at the end of the quarter, with 8,044 defaults reported.
- Claims expenses rose to $20.7 million in the first quarter, compared to $4.5 million in the same period last year.
- The reserve per new notice of default (NOD) was slightly higher, reflecting larger loan sizes and less embedded equity in newer vintages.
- The profit commission from reinsurance has been trending lower, attributed to normalizing credit defaults.
Good day, and welcome to the NMI Holdings Inc first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I'd now like to turn the conference over to John Swenson of management. Please go ahead.
Thank you, operator. Good afternoon, and welcome to the 2026 first quarter conference call for National MI. I'm John Swenson, Vice President of Investor Relations and Treasury.
Joining us on the call today are Brad Shuster, Executive Chairman; Adam Pollitzer, President and Chief Executive Officer; and Aurora Swithenbank, our Chief Financial Officer.
Financial results for the quarter were released after the close today. The press release may be accessed on NMI's website located at nationalmi.com under the Investors tab.
During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
