NMI Holdings, Inc. Q2 2026 Earnings Recap

Shares in National MI Holdings were essentially unchanged (-0.1%) following a quarter that delivered steady growth and record revenue, but showed slight persistency decline and stable yields, which neither clearly impressed nor disappointed investors.

Key Takeaways

• New insurance in force (NIW) volume reached $16 billion, sustaining growth momentum.
• Primary insurance in force rose to a record $227.1 billion, reflecting portfolio expansion.
• Adjusted net income hit a record $106 million, with earnings per share of $1.38 and 15.9% return on equity.
• Net premiums earned increased to $157.5 million, up modestly quarter-over-quarter.
• 12-month persistency declined slightly to 81.4% from 82.2% last quarter; net and core yields remained stable.