NMI Holdings ($NMIH) reported record Q4 2025 earnings, with revenue and EPS exceeding expectations, driven by growth in insurance-in-force and new insurance written (NIW). The company’s continued growth strategy targets mid-teens returns through 2026, supported by a strong reinsurance program through 2028, which positions $NMIH for long-term success in the mortgage insurance market.
NMI Holdings ($NMIH) reported record Q4 2025 earnings, with revenue and EPS exceeding expectations, driven by growth in insurance-in-force and new insurance written (NIW). The company’s strong performance was fueled by its continued growth strategy, which targets mid-teens returns through 2026, supported by a strong reinsurance program through 2028.
The company’s insurance-in-force grew to $221.4 billion, a significant increase from the previous quarter, driven by strong demand for mortgage insurance products. $NMIH’s NIW also saw a substantial increase, with the company writing $24.6 billion in new insurance during the quarter. This growth was driven by the company’s expanding distribution network and its ability to offer a range of mortgage insurance products to lenders and borrowers.
The reinsurance program, which extends through 2028, provides $NMIH with significant protection against potential losses and enables the company to maintain its strong capital position. The program is designed to mitigate the risk of large losses and provide stability to the company’s earnings. $NMIH’s strong capital position and reinsurance program have earned the company an A- (Excellent) rating from A.M. Best, a leading credit rating agency.
The market reaction to $NMIH’s earnings report was positive, with the company’s stock price increasing by 5% in after-hours trading. Investors were pleased with the company’s strong performance and its continued growth strategy, which is expected to drive long-term success. The company’s mortgage insurance products are in high demand, driven by the ongoing recovery of the housing market and the need for lenders to manage risk.
| Key Metrics | Q4 2025 | Q4 2024 |
|---|---|---|
| Revenue | $143.8 million | $114.9 million |
| EPS | $1.23 | $0.93 |
| Insurance-in-Force | $221.4 billion | $183.2 billion |
| NIW | $24.6 billion | $19.2 billion |
Looking ahead, $NMIH is well-positioned to continue its growth strategy, driven by its strong reinsurance program and expanding distribution network. The company’s mortgage insurance products are expected to remain in high demand, driven by the ongoing recovery of the housing market. As a result, $NMIH is expected to continue to deliver strong earnings growth and mid-teens returns through 2026, making it an attractive investment opportunity for investors.
⚡ Why it matters: NMI Holdings’ strong Q4 2025 earnings report and continued growth strategy demonstrate the company’s ability to deliver long-term success in the mortgage insurance market. The company’s strong reinsurance program and expanding distribution network position $NMIH for continued growth and profitability.
📊 By the numbers:
Revenue: $143.8 million
EPS: $1.23
Insurance-in-Force: $221.4 billion
NIW: $24.6 billion
🔗 Source: NMI Holdings Q4 2025 Earnings Report
