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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 30, 2026

NMI Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 001-36174 45-4914248
(State or Other Jurisdiction
 of Incorporation)		 (Commission
 File Number)		 (IRS Employer
 Identification No.)

2100 Powell Street, 12th Floor, Emeryville, CA
(Address of Principal Executive Offices)
94608
(Zip Code)
(855) 530-6642
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 NMIH Nasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 


Item 2.02.    Results of Operations and Financial Condition
On July 30, 2026, NMI Holdings, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information included in, or furnished with, this report has been "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01.          Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No.    Description
99.1    NMI Holdings, Inc. Press Release, dated July 30, 2026
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


NMI Holdings, Inc.
(Registrant)

                
Date: July 30, 2026 By: /s/ William J. Leatherberry
William J. Leatherberry
EVP, Chief Administrative Officer and General Counsel

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EX-99.1 2 exhibit991q22026.htm EX-99.1 Document
EXHIBIT 99.1
FOR IMMEDIATE RELEASE

NMI Holdings, Inc. Reports Record Second Quarter 2026 Financial Results
EMERYVILLE, Calif., July 30, 2026 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $105.8 million, or $1.38 per diluted share, for the second quarter ended June 30, 2026, compared to $99.3 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.2 million, or $1.21 per diluted share, for the second quarter ended June 30, 2025. Adjusted net income for the quarter was $106.0 million, or $1.38 per diluted share, compared to $99.4 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026 and $96.5 million, or $1.22 per diluted share, for the second quarter ended June 30, 2025.
Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the second quarter, we again delivered standout operating performance, consistent growth in our high-quality insured portfolio, and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well positioned to continue delivering differentiated growth, returns and value for our shareholders.”
Selected second quarter 2026 highlights include:
•Primary insurance-in-force at quarter end was $227.1 billion, compared to $222.3 billion at the end of the first quarter and $214.7 billion at the end of the second quarter of 2025.
•Net premiums earned were $157.5 million, compared to $154.8 million in the first quarter and $149.1 million in the second quarter of 2025.
•Total revenue was $187.9 million, compared to $183.5 million in the first quarter and $173.8 million in the second quarter of 2025.
•Insurance claims and claim expenses were $13.1 million, compared to $20.7 million in the first quarter and $13.4 million in the second quarter of 2025. Loss ratio was 8.3%, compared to 13.3% in the first quarter and 9.0% in the second quarter of 2025.
•Underwriting and operating expenses were $30.5 million, compared to $30.6 million in the first quarter and $29.5 million in the second quarter of 2025. Expense ratio was 19.4%, compared to 19.8% in the first quarter and 19.8% in the second quarter of 2025.
•Net income was $105.8 million, compared to $99.3 million in the first quarter and $96.2 million in the second quarter of 2025. Diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.21 in the second quarter of 2025.
•Adjusted net income was $106.0 million, compared to $99.4 million in the first quarter and $96.5 million in the second quarter of 2025. Adjusted diluted EPS was $1.38, compared to $1.28 in the first quarter and $1.22 in the second quarter of 2025.
•Shareholders' equity was $2.7 billion at quarter end and book value per share was $35.89. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $36.88, up 4% compared to $35.46 in the first quarter and up 15% compared to $32.08 in the second quarter of 2025.
•Annualized return on equity for the quarter was 15.9%, compared to 15.2% in the first quarter and 16.2% in the second quarter of 2025. Annualized adjusted return on equity was 15.9%, compared to 15.2% in the first quarter and 16.3% in the second quarter of 2025.
•At quarter-end, total PMIERs available assets were $3.7 billion and net risk-based required assets were $2.1 billion.
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EXHIBIT 99.1
Quarter Ended Quarter Ended Quarter Ended
Change (1)
Change (1)
6/30/2026 3/31/2026 6/30/2025 Q/Q Y/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force $ 227.1  $ 222.3  $ 214.7  2  % 6  %
New Insurance Written - NIW 16.1  12.3  12.5  31  % 29  %
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned $ 157.5  $ 154.8  $ 149.1  2  % 6  %
Net Investment Income
 30.3  28.6  24.9  6  % 22  %
Insurance Claims and Claim Expenses
 13.1  20.7  13.4  (36) % (2) %
Underwriting and Operating Expenses 30.5  30.6  29.5  —  % 3  %
Adjusted Net Income 106.0  99.4  96.5  7  % 10  %
Adjusted Diluted EPS
 $ 1.38  $ 1.28  $ 1.22  8  % 14  %
Book Value per Share (excluding net unrealized gains and losses) (2)
$ 36.88  $ 35.46  $ 32.08  4  % 15  %
Loss Ratio 8.3  % 13.3  % 9.0  %
Expense Ratio 19.4  % 19.8  % 19.8  %

(1)    Percentages may not be replicated based on the rounded figures presented in the table.
(2)    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.


Conference Call and Webcast Details
The company will hold a conference call, which will be webcast live today, July 30, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S. or (412) 317-0664 internationally and referencing NMI Holdings, Inc.
About NMI Holdings, Inc.
NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize homeownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, international trade policies in areas such as tariffs or other trade restrictions, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and
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EXHIBIT 99.1
Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first-time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low- and moderate-income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgments, settlements, fines or other relief that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high-quality low down payment residential mortgage loans, successfully and timely implement complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counterparties, including third-party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and our ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.
Use of Non-GAAP Financial Measures
We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhance the comparability of our fundamental financial performance between periods and provide relevant information to investors. These non-GAAP financial measures align with the way the company's business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.
Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.
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EXHIBIT 99.1
Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.
Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.
Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders' equity for the period.
Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.
Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.
Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.
Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.
(1)    Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.
(2)    Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.
(3)    Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provide clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.
(4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and are not reflective of ongoing operations.


Investor Contact
John M. Swenson
Vice President, Investor Relations & Treasury
John.Swenson@nationalmi.com

4
EXHIBIT 99.1
Consolidated statements of operations and comprehensive income (unaudited)
 For the three months ended June 30, For the six months ended June 30,
2026 2025 2026 2025
(In Thousands, except for per share data)
Revenues
Net premiums earned $ 157,524 $ 149,066 $ 312,330 $ 298,432
Net investment income 30,331 24,949 58,935 48,635
Net realized investment losses (229) (400) (376) (376)
Other revenues 265 164 477 334
Total revenues 187,891 173,779 371,366 347,025
Expenses
Insurance claims and claim expenses 13,147 13,445 33,808 17,923
Underwriting and operating expenses 30,492 29,508 61,115 59,683
Service expenses 190 110 329 226
Interest expense 7,116 7,115 14,225 14,221
Total expenses 50,945 50,178 109,477 92,053
Income before income taxes 136,946 123,601 261,889 254,972
Income tax expense 31,158 27,450 56,771 56,262
Net income $ 105,788 $ 96,151 $ 205,118 $ 198,710
Earnings per share
Basic $ 1.40 $ 1.23 $ 2.70 $ 2.54
Diluted $ 1.38 $ 1.21 $ 2.66 $ 2.50
Weighted average common shares outstanding
Basic 75,779  77,987  75,977 78,197
Diluted 76,585  79,256  77,010 79,557
Loss ratio (1)
8.3% 9.0% 10.8% 6.0%
Expense ratio (2)
19.4% 19.8% 19.6% 20.0%
Combined ratio
 27.7% 28.8% 30.4% 26.0%

(1)    Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
(2)    Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.


5
EXHIBIT 99.1
Consolidated balance sheets (unaudited) June 30, 2026 December 31, 2025
Assets (In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,346,838 and $3,190,174)
 $ 3,257,940  $ 3,137,023 
Cash and cash equivalents
 72,122  43,937 
Premiums receivable, net
 86,778  86,259 
Accrued investment income 30,874  27,253 
Deferred policy acquisition costs, net 64,647  64,372 
Software and equipment, net 20,755  21,727 
Intangible assets and goodwill 3,634  3,634 
Reinsurance recoverable 40,434  38,577 
Prepaid federal income taxes 400,258  400,258 
Other assets 19,933  18,058 
Total assets $ 3,997,375  $ 3,841,098 
Liabilities
Debt $ 418,021  $ 417,031 
Unearned premiums 41,506  46,660 
Accounts payable and accrued expenses 98,597  101,595 
Reserve for insurance claims and claim expenses 214,583  196,429 
Deferred tax liability, net 511,347  478,890 
Other liabilities
 8,125  8,507 
Total liabilities 1,292,179  1,249,112 
Shareholders' equity
Common stock: 75,367,346 and 76,285,242 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
 890  884 
Additional paid-in capital 1,012,534  1,016,772 
Treasury stock, at cost: 13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively (411,207) (351,772)
Accumulated other comprehensive loss, net of tax (74,324) (46,083)
Retained earnings 2,177,303  1,972,185 
Total shareholders' equity 2,705,196  2,591,986 
Total liabilities and shareholders' equity $ 3,997,375  $ 3,841,098 












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EXHIBIT 99.1
Non-GAAP Financial Measure Reconciliations (unaudited)
As of and for the three months ended
 For the six months ended
6/30/2026 3/31/2026 6/30/2025 6/30/2026 6/30/2025
 As Reported (In Thousands, except for per share data)
Revenues
Net premiums earned $ 157,524  $ 154,806  $ 149,066  $ 312,330  $ 298,432 
Net investment income 30,331  28,604  24,949  58,935  48,635 
Net realized investment losses (229) (147) (400) (376) (376)
Other revenues 265  212  164  477  334 
Total revenues 187,891  183,475  173,779  371,366  347,025 
Expenses
Insurance claims and claim expenses 13,147  20,661  13,445  33,808  17,923 
Underwriting and operating expenses 30,492  30,623  29,508  61,115  59,683 
Service expenses 190  139  110  329  226 
Interest expense 7,116  7,109  7,115  14,225  14,221 
Total expenses 50,945  58,532  50,178  109,477  92,053 
Income before income taxes 136,946  124,943  123,601  261,889  254,972 
Income tax expense 31,158  25,613  27,450  56,771  56,262 
Net income $ 105,788  $ 99,330  $ 96,151  $ 205,118  $ 198,710 
Adjustments:
Net realized investment losses 229  147  400  376  376 
Adjusted income before taxes 137,175  125,090  124,001  262,265  255,348 
Income tax expense on adjustments (1)
48  31  84  79  79 
Adjusted net income $ 105,969  $ 99,446  $ 96,467  $ 205,415  $ 199,007 
Weighted average diluted shares outstanding 76,585  77,435  79,256  77,010  79,557 
Diluted EPS $ 1.38  $ 1.28  $ 1.21  $ 2.66  $ 2.50 
Adjusted diluted EPS $ 1.38  $ 1.28  $ 1.22  $ 2.67  $ 2.50 
Return on equity 15.9  % 15.2  % 16.2  % 15.5  % 17.1  %
Adjusted return on equity 15.9  % 15.2  % 16.3  % 15.5  % 17.2  %
Expense ratio (2)
19.4  % 19.8  % 19.8  % 19.6  % 20.0  %
Adjusted expense ratio (3)
19.4  % 19.8  % 19.8  % 19.6  % 20.0  %
Combined ratio (4)
27.7  % 33.1  % 28.8  % 30.4  % 26.0  %
Adjusted combined ratio (5)
27.7  % 33.1  % 28.8  % 30.4  % 26.0  %
Book value per share (6)
$ 35.89  $ 34.57  $ 31.14 
Book value per share (excluding net unrealized gains and losses) (7)
$ 36.88  $ 35.46  $ 32.08 

(1)    Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
(2)    Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
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EXHIBIT 99.1
(3)    Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
(4)    Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
(5)    Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
(6)    Book value per share is calculated by dividing total shareholders' equity by shares outstanding.
(7)    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.


8
EXHIBIT 99.1
Historical Quarterly Data
2026
 2025
June 30 March 31 December 31 September 30 June 30
(In Thousands, except for per share data)
Revenues
Net premiums earned $ 157,524  $ 154,806  $ 152,457  $ 151,323  $ 149,066 
Net investment income 30,331  28,604  27,529  26,773  24,949 
Net realized investment (losses) gains
 (229) (147) 487  321  (400)
Other revenues 265  212  263  262  164 
Total revenues 187,891  183,475  180,736  178,679  173,779 
Expenses
Insurance claims and claim expenses 13,147  20,661  21,172  18,554  13,445 
Underwriting and operating expenses 30,492  30,623  31,069  29,156  29,508 
Service expenses 190  139  213  162  110 
Interest expense 7,116  7,109  7,133  7,124  7,115 
Total expenses 50,945  58,532  59,587  54,996  50,178 
Income before income taxes 136,946  124,943  121,149  123,683  123,601 
Income tax expense 31,158  25,613  26,932  27,684  27,450 
Net income $ 105,788  $ 99,330  $ 94,217  $ 95,999  $ 96,151 
Earnings per share
Basic $ 1.40  $ 1.30  $ 1.23  $ 1.24  $ 1.23 
Diluted $ 1.38  $ 1.28  $ 1.20  $ 1.22  $ 1.21 
Weighted average common shares outstanding
Basic 75,779  76,175  76,700  77,410  77,987 
Diluted 76,585  77,435  78,208  78,830  79,256 
Other data
Loss ratio (1)
8.3  % 13.3  % 13.9  % 12.3  % 9.0  %
Expense ratio (2)
19.4  % 19.8  % 20.4  % 19.3  % 19.8  %
Combined ratio (3)
27.7  % 33.1  % 34.3  % 31.5  % 28.8  %

(1)    Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
(2)    Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
(3)    Combined ratio may not foot due to rounding.
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EXHIBIT 99.1
Portfolio Statistics
The table below highlights trends in our primary portfolio as of the date and for the periods indicated.
Primary portfolio trends As of and for the three months ended
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
($ Values In Millions, except as noted below)
New insurance written (NIW) $ 16,050  $ 12,259  $ 14,203  $ 13,012  $ 12,464 
New risk written 4,236  3,124  3,631  3,399  3,260 
Insurance-in-force (IIF) (1)
227,095  222,318  221,448  218,376  214,653 
Risk-in-force (RIF) (1)
60,825  59,517  59,313  58,538  57,496 
Policies in force (count) (1)
694,273 684,977 684,058 677,010 668,638
Average loan size ($ value in thousands) (1)
$ 327  $ 325  $ 324  $ 323  $ 321 
Coverage percentage (2)
26.8  % 26.8  % 26.8  % 26.8  % 26.8  %
Loans in default (count) (1)
8,020  8,044  7,661  7,093  6,709 
Default rate (1)
1.16  % 1.17  % 1.12  % 1.05  % 1.00  %
Risk-in-force on defaulted loans (1)
$ 708  $ 701  $ 656  $ 600  $ 569 
Average net premium yield (3)
0.28  % 0.28  % 0.28  % 0.28  % 0.28  %
Earnings from cancellations $ 0.8  $ 0.6  $ 0.8  $ 0.7  $ 0.7 
Annual persistency (4)
81.4  % 82.2  % 83.4  % 83.9  % 84.1  %
Quarterly run-off (5)
5.1  % 5.1  % 5.1  % 4.3  % 4.3  %
(1)    Reported as of the end of the period.
(2)    Calculated as end of period RIF divided by end of period IIF.
(3)    Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
(4)    Defined as the percentage of IIF that remains on our books after a given twelve-month period.
(5)    Defined as the percentage of IIF that is no longer on our books after a given three-month period.

NIW, IIF and Premiums
    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.
NIW
 For the three months ended
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(In Millions)
Monthly $ 15,661  $ 11,935  $ 13,841  $ 12,727  $ 12,214 
Single 389  324  362  285  250 
Total
 $ 16,050  $ 12,259  $ 14,203  $ 13,012  $ 12,464 

Primary IIF
 As of
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(In Millions)
Monthly $ 211,055  $ 206,025  $ 204,925  $ 201,671  $ 197,608 
Single 16,040  16,293  16,523  16,705  17,045 
Total
 $ 227,095  $ 222,318  $ 221,448  $ 218,376  $ 214,653 

10
EXHIBIT 99.1
    The following table presents the amounts related to the company's quota-share reinsurance transactions (the 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, 2025 QSR Transaction, and 2026 QSR Transaction and collectively, the QSR Transactions), traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, 2025 XOL Transaction, 2026-1 XOL, and 2026-2 XOL Transaction and collectively, the XOL Transactions), and insurance-linked note transaction (the 2021-2 ILN Transaction) for the periods indicated.
For the three months ended
June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025
(In Thousands)
The QSR Transactions (1)
Ceded risk-in-force $ 12,637,648  $ 12,189,562  $ 12,805,761  $ 12,699,082  $ 12,764,708 
Ceded premiums earned (38,505) (37,930) (40,131) (39,847) (40,227)
Ceded claims and claim expenses 3,127  4,890  4,682  4,123  3,253 
Ceding commission earned 10,172  10,205  10,182  10,246  9,669 
Profit commission 19,400  17,131  18,310  19,083  19,958 
The XOL Transactions
Ceded Premiums $ (11,210) $ (10,998) $ (11,037) $ (10,656) $ (10,350)
The ILN Transactions (2)
Ceded premiums $ (1,549) $ (2,383) $ (3,007) $ (3,036) $ (3,244)
(1)    Effective July 1, 2025, NMIC terminated its coverage with all reinsurers under the 2016 QSR Transaction by mutual agreement on a cut-off basis.
(2)    Effective April 27, 2026, NMIC exercised its optional call to terminate and commute its previously outstanding excess-of-loss reinsurance agreement with Oaktown Re VI Ltd., and the associated insurance-linked notes were redeemed in full with a distribution of remaining collateral assets.


The tables below present our total NIW by credit score, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.
NIW by credit score (1)
For the three months ended For the six months ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
(In Millions)
>= 760 $ 9,039  $ 7,237  $ 6,523  $ 16,276  $ 11,494 
740-759 2,870  2,161  2,281  5,031  4,034 
720-739 2,029  1,452  1,585  3,481  2,762 
700-719 1,069  719  1,061  1,788  1,726 
680-699 602  379  590  981  1,003 
<=679 441  311  424  752  666 
Total $ 16,050  $ 12,259  $ 12,464  $ 28,309  $ 21,685 
Weighted average credit score 760  762  756 761  757 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores for the three and six months ended June 30, 2026.
11
EXHIBIT 99.1
NIW by LTV
 For the three months ended For the six months ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
(In Millions)
95.01% and above $ 2,095  $ 1,506  $ 1,544  $ 3,601  $ 2,691 
90.01% to 95.00% 7,382  4,982  5,486  12,364  9,760 
85.01% to 90.00% 4,611  3,840  3,887  8,451  6,638 
85.00% and below 1,962  1,931  1,547  3,893  2,596 
Total $ 16,050  $ 12,259  $ 12,464  $ 28,309  $ 21,685 
Weighted average LTV 92.1  % 91.4  % 92.0  % 91.8  % 92.1  %

NIW by purchase/refinance mix
 For the three months ended For the six months ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
(In Millions)
Purchase $ 14,291  $ 9,367  $ 11,813  $ 23,658  $ 20,635 
Refinance
1,759  2,892  651  4,651  1,050 
Total $ 16,050  $ 12,259  $ 12,464  $ 28,309  $ 21,685 

The table below presents a summary of our primary IIF and RIF by book year as of June 30, 2026.
Primary IIF and RIF As of June 30, 2026
IIF RIF
Book Year
 (In Millions)
2026 $ 27,724  $ 7,206 
2025 42,152  10,987 
2024 33,560  8,945 
2023 25,585  6,786 
2022 38,407  10,428 
2021 and before 59,667  16,473 
Total $ 227,095  $ 60,825 
12
EXHIBIT 99.1
    The tables below present our total primary IIF and RIF by credit score and LTV, and total primary RIF by loan type as of the dates indicated.
Primary IIF by credit score (1)
As of
June 30, 2026 March 31, 2026 June 30, 2025
(In Millions)
>= 760 $ 114,963  $ 112,057  $ 107,677 
740-759 41,243  40,270  38,426 
720-739 31,119  30,551  29,825 
700-719 20,493  20,349  20,049 
680-699 13,273  13,271  13,381 
<=679 6,004  5,820  5,295 
Total $ 227,095  $ 222,318  $ 214,653 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores as of June 30, 2026.
Primary RIF by credit score (1)
As of
June 30, 2026 March 31, 2026 June 30, 2025
(In Millions)
>= 760 $ 30,454  $ 29,675  $ 28,596 
740-759 11,118  10,854  10,342 
720-739 8,455  8,293  8,086 
700-719 5,641  5,590  5,483 
680-699 3,635  3,628  3,635 
<=679 1,522  1,477  1,354 
Total $ 60,825  $ 59,517  $ 57,496 
(1) Includes de minimis amounts related to loans with VantageScore 4.0 credit scores as of June 30, 2026.
Primary IIF by LTV As of
June 30, 2026 March 31, 2026 June 30, 2025
(In Millions)
95.01% and above $ 28,683  $ 27,419  $ 25,052 
90.01% to 95.00% 112,196  109,554  106,017 
85.01% to 90.00% 65,799  65,693  65,109 
85.00% and below 20,417  19,652  18,475 
Total $ 227,095  $ 222,318  $ 214,653 

Primary RIF by LTV As of
June 30, 2026 March 31, 2026 June 30, 2025
(In Millions)
95.01% and above $ 9,057  $ 8,631  $ 7,843 
90.01% to 95.00% 33,093  32,314  31,302 
85.01% to 90.00% 16,266  16,250  16,152 
85.00% and below 2,409  2,322  2,199 
Total $ 60,825  $ 59,517  $ 57,496 

13
EXHIBIT 99.1
Primary RIF by Loan Type As of
June 30, 2026 March 31, 2026 June 30, 2025
Fixed 98  % 98  % 98  %
Adjustable rate mortgages:
Less than five years —  —  — 
Five years and longer 2  2  2 
Total 100  % 100  % 100  %
The table below presents a summary of the change in total primary IIF for the dates and periods indicated.
Primary IIF As of and for the three months ended
June 30, 2026 March 31, 2026 June 30, 2025
(In Millions)
IIF, beginning of period $ 222,318  $ 221,448  $ 211,308 
NIW 16,050  12,259  12,464 
Cancellations, principal repayments and other reductions (11,273) (11,389) (9,119)
IIF, end of period $ 227,095  $ 222,318  $ 214,653 

Geographic Dispersion
    The following table shows the distribution by state of our primary RIF as of the periods indicated.
Top 10 primary RIF by state As of
June 30, 2026 March 31, 2026 June 30, 2025
California 10.0  % 10.1  % 10.1  %
Texas 8.1  8.3  8.4 
Florida 7.1  7.2  7.2 
Illinois 4.1  4.0  3.9 
Georgia 4.0  4.0  4.0 
Virginia 3.7  3.7  3.7 
Pennsylvania 3.6  3.6  3.5 
Ohio 3.6  3.5  3.4 
Washington 3.5  3.6  3.8 
North Carolina 3.4  3.3  3.2 
Total 51.1  % 51.3  % 51.2  %

14
EXHIBIT 99.1
    The table below presents selected primary portfolio statistics, by book year, as of June 30, 2026.
As of June 30, 2026
Book Year
 Original Insurance Written Remaining Insurance in Force % Remaining of Original Insurance Policies Ever in Force Number of Policies in Force Number of Loans in Default # of Claims Paid
Incurred Loss Ratio (Inception to Date) (1)
Cumulative Default Rate (2)
Current default rate (3)
($ Values In Millions)
2017 and prior $ 58,804  $ 2,889  5  % 237,512  15,865  338  625  2.0  % 0.4  % 2.1  %
2018 27,295  1,714  6  % 104,043  9,454  318  219  2.4  % 0.5  % 3.4  %
2019 45,141  4,203  9  % 148,423  19,481  383  132  2.2  % 0.3  % 2.0  %
2020 62,702  13,916  22  % 186,174  51,842  535  84  1.4  % 0.3  % 1.0  %
2021 85,574  36,945  43  % 257,972  128,554  1,574  230  3.3  % 0.7  % 1.2  %
2022 58,734  38,407  65  % 163,281  115,741  2,203  381  16.8  % 1.6  % 1.9  %
2023 40,473  25,585  63  % 111,994  76,980  1,221  147  16.6  % 1.2  % 1.6  %
2024 46,044  33,560  73  % 120,747  94,382  1,038  41  15.0  % 0.9  % 1.1  %
2025 48,900  42,152  86  % 125,570  112,435  401  2  9.0  % 0.3  % 0.4  %
2026 28,309  27,724  98  % 70,578  69,539  9  —  1.0  % —  % —  %
Total $ 501,976  $ 227,095  1,526,294  694,273  8,020  1,861 
(1)    Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
(2)    Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
(3)    Calculated as the number of loans in default divided by number of policies in force.

15
EXHIBIT 99.1
The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:
For the three months ended June 30, For the six months ended June 30,
2026 2025 2026 2025
(In Thousands)
Beginning balance $ 211,204  $ 151,847  $ 196,429  $ 152,071 
Less reinsurance recoverables (1)
(39,703) (31,379) (38,577) (32,260)
Beginning balance, net of reinsurance recoverables 171,501  120,468  157,852  119,811 
Add claims incurred:
Claims and claim expenses incurred:
Current year (2)
27,303  26,797  74,453  61,356 
Prior years (3)
(14,156) (13,685) (40,645) (43,766)
Total claims and claim expenses incurred (4)
13,147  13,112  33,808  17,590 
Less claims paid:
Claims and claim expenses paid:
Current year (2)
39  110  39  110 
Prior years (3)
10,460  4,393  19,142  8,469 
Reinsurance terminations (5)
—  (1,251) (1,670) (1,506)
Total claims and claim expenses paid 10,499  3,252  17,511  7,073 
Reserve at end of period, net of reinsurance recoverables 174,149  130,328  174,149  130,328 
Add reinsurance recoverables (1)
40,434  32,705  40,434  32,705 
Ending balance $ 214,583  $ 163,033  $ 214,583  $ 163,033 
(1)    Related to ceded losses recoverable under the QSR Transactions.
(2)    Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $61.4 million attributed to net case reserves and $11.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $51.5 million attributed to net case reserves and $8.8 million attributed to net IBNR reserves for the six months ended June 30, 2025.
(3)    Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $28.8 million attributed to net case reserves and $10.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $34.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the six months ended June 30, 2025.
(4)    Excludes aggregate termination fees of $0.3 million for the six months ended June 30, 2025 incurred in connection with the amendment of certain QSR Transactions.
(5)    Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR transactions.

The following table provides a reconciliation of the beginning and ending count of loans in default:
For the three months ended June 30, For the six months ended June 30,
2026 2025 2026 2025
Beginning default inventory 8,044  6,859  7,661  6,642 
Plus: new defaults 2,520  2,169  5,237  4,590 
Less: cures (2,356) (2,215) (4,516) (4,309)
Less: claims paid (183) (93) (353) (188)
Less: rescission and claims denied (5) (11) (9) (26)
Ending default inventory 8,020  6,709  8,020  6,709 

16
EXHIBIT 99.1
    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:
For the three months ended June 30, For the six months ended June 30,
2026 2025 2026 2025
($ Values In Thousands)
Number of claims paid (1)
183  93  353  188 
Total amount paid for claims $ 12,896  $ 5,512  $ 23,672  $ 10,737 
Average amount paid per claim
$ 70  $ 59  $ 67  $ 57 
Severity (2)
89  % 82  % 88  % 75  %
(1)    Count includes 15 and 27 claims settled without payment during the three and six months ended June 30, 2026, respectively, and 16 and 36 claims settled without payment during the three and six months ended June 30, 2025, respectively.
(2)    Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:
As of June 30,
Average reserve per default: 2026 2025
(In Thousands)
Case (1)
$ 24.6  $ 22.3 
IBNR (1)(2)
2.2  2.0 
Total $ 26.8  $ 24.3 
(1)    Defined as the gross reserve per insured loan in default.
(2)    Amount includes claims adjustment expenses.
    The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:
As of
June 30, 2026 March 31, 2026 June 30, 2025
(In Thousands)
Available assets
 $ 3,656,115  $ 3,630,735  $ 3,244,517 
Net risk-based required assets
 2,105,409  2,165,418  1,926,517 

17