NMI Holdings, Inc. (NMIH), a Delaware corporation specializing in private mortgage insurance (MI) through its subsidiaries NMIC and Re One, reported a net income of $388.9 million for the year ended December 31, 2025, an 8% increase from $360.1 million in 2024. The company's total revenues reached $706.4 million, a 9% rise from $651.0 million in the previous year. This growth was primarily driven by a 7% increase in net premiums earned, which amounted to $602.2 million in 2025 compared to $564.7 million in 2024, and a 21% increase in net investment income, which reached $102.9 million.
Key operational metrics for NMIH include new insurance written (NIW) of $48.9 billion for 2025, a 6% increase from $46.0 billion in 2024. Primary insurance-in-force (IIF) also saw a 5% increase, reaching $221.4 billion at the end of 2025. The company's risk-in-force (RIF) stood at $59.3 billion as of December 31, 2025. NMIH's customer base included 2,193 lenders with master policies as of December 31, 2025. The company's average net premium yield remained consistent at 0.28% for both 2025 and 2024. The number of full-time and part-time employees was 225 as of December 31, 2025.
NMIH's financial performance was also influenced by its strategic use of reinsurance. The company actively manages its risk exposure and capital requirements through quota share and excess-of-loss reinsurance agreements. These agreements impact net premiums written and earned, as well as the risk-based capital requirements under the Private Mortgage Insurer Eligibility Requirements (PMIERs) set by Fannie Mae and Freddie Mac. As of December 31, 2025, NMIH's PMIERs available assets exceeded its risk-based required assets by 70%.
Looking ahead, NMIH aims to expand its customer base and grow its insured portfolio by focusing on long-term customer relationships, disciplined risk selection and pricing, and responsive customer service. The company's proprietary risk-based pricing platform, Rate GPS®, is expected to play a key role in evaluating and pricing risk. NMIH also plans to continue managing its risk through reinsurance and maintaining a strong capital position to support future growth. The company's common stock continues to trade on the Nasdaq under the symbol "NMIH."
About NMI Holdings, Inc.
NMI Holdings, Inc. provides private mortgage insurance (MI) to protect lenders and investors against default losses on high-LTV residential loans. Through its subsidiaries, it offers primary MI, loan review services, and reinsurance solutions. Serving a broad network of mortgage lenders across the U.S., the company leverages proprietary risk-based pricing, advanced technology, and risk management to support the U.S. housing finance system and facilitate access to homeownership.
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