NMI Holdings, Inc. reported a solid financial performance for the third quarter of 2025, with total revenues reaching $178.7 million, an increase of 8% from $166.1 million in the same period last year. The growth was primarily driven by a 6% rise in net premiums earned, which amounted to $151.3 million, up from $143.3 million in Q3 2024. Additionally, net investment income rose by 19% to $26.8 million, compared to $22.5 million in the prior year. The company’s net income for the quarter was $96.0 million, reflecting a 3% increase from $92.8 million in Q3 2024, resulting in diluted earnings per share of $1.22, up from $1.15.
In terms of operational metrics, NMI Holdings reported a total of 677,010 policies in force as of September 30, 2025, a 3% increase from 654,374 policies a year earlier. The company’s primary insurance-in-force (IIF) grew to $218.4 billion, a 5% increase year-over-year. The persistency rate, which measures the percentage of IIF remaining on the books after a year, was 83.9%, slightly down from 85.5% in the previous year. The company also noted a rise in the number of loans in default, which increased to 7,093, representing a default rate of 1.05%, compared to 0.87% a year prior.
NMI Holdings has been active in managing its capital structure, with a focus on share repurchases. During the nine months ended September 30, 2025, the company repurchased 2.0 million shares at an average price of $37.33 per share, with $256.4 million of repurchase authority remaining as of the end of the quarter. The company’s total assets increased to $3.73 billion, up 11% from $3.35 billion at the end of 2024, driven by higher cash and investment balances.
Looking ahead, NMI Holdings expressed cautious optimism regarding its future performance, acknowledging potential macroeconomic challenges such as inflation and rising interest rates that could impact the housing market and mortgage insurance industry. The company aims to continue expanding its customer base and enhancing its portfolio of high-quality residential loans while maintaining a disciplined approach to risk management and pricing. The outlook remains contingent on market conditions and the company’s ability to adapt to evolving economic factors.
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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