NMI Reports Record 2025 Results

Private mortgage insurer touts standout operating performance, expanded reinsurance, and ongoing share repurchases.

Published on Feb. 10, 2026

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NMI (NASDAQ:NMIH) executives said the private mortgage insurer ended 2025 with record production and profitability, citing continued growth in insurance in force, stable premium yields, and what management described as industry-leading credit performance. On the company's fourth-quarter earnings call, leadership also highlighted expanded reinsurance coverage through 2028 and ongoing share repurchases, while discussing persistency trends and the broader housing and policy environment heading into 2026.

Why it matters

NMI's strong 2025 results and outlook demonstrate the continued resilience and growth potential of the private mortgage insurance industry, which plays a crucial role in supporting homebuyer access to financing and reducing risk for government-sponsored enterprises and taxpayers.

The details

NMI reported record GAAP net income of $388.9 million for 2025, up 8% from 2024, and record diluted earnings per share of $4.92, up 11%. The company generated $49 billion of total new insurance written in 2025 and ended the year with a record $221.4 billion of primary insurance in force. In the fourth quarter, NMI posted record total revenue of $180.7 million and GAAP net income of $94.2 million, or $1.20 per diluted share. Management highlighted expanded reinsurance coverage through 2028 and ongoing share repurchases, while discussing persistency trends and the broader housing and policy environment.

  • NMI reported its Q4 2025 and full-year 2025 results on February 10, 2026.
  • The company entered into new quota share and excess of loss reinsurance treaties during Q4 2025 that provide forward-flow coverage for all new business produced through 2028.

The players

NMI Holdings, Inc.

A publicly traded mortgage insurance company that provides private mortgage insurance to lenders across the United States and Canada.

Brad Shuster

Executive Chairman of NMI Holdings, Inc.

Adam Pollitzer

President and CEO of NMI Holdings, Inc.

Aurora Swithenbank

Chief Financial Officer of NMI Holdings, Inc.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

NMI's strong 2025 results and outlook demonstrate the continued resilience and growth potential of the private mortgage insurance industry, which plays a crucial role in supporting homebuyer access to financing and reducing risk for government-sponsored enterprises and taxpayers.