NMI Holdings Reports Record Full-Year 2025 Results, Q4 Net Income Slightly Down Sequentially

summarizeSummary

NMI Holdings, Inc. announced record full-year 2025 financial results, with net income and diluted EPS reaching new highs, despite a slight sequential dip in fourth-quarter earnings, alongside an increase in the loss ratio.

check_boxKey Events

• Record Full-Year 2025 Performance

  The company reported record net income of $388.9 million and diluted EPS of $4.92 for the full year ended December 31, 2025, up from $360.1 million and $4.43, respectively, in 2024.

• Mixed Fourth Quarter Results

  Fourth-quarter 2025 net income was $94.2 million ($1.20 diluted EPS), a slight decrease from $96.0 million ($1.22 diluted EPS) in Q3 2025, but an increase from $86.2 million ($1.07 diluted EPS) in Q4 2024.

• Strong Portfolio and Book Value Growth

  Primary insurance-in-force grew to $221.4 billion, up from $210.2 billion in Q4 2024. Book value per share (excluding net unrealized gains and losses) increased 16% year-over-year to $34.58.

• Increased Loss Ratio

  The loss ratio for Q4 2025 was 13.9%, up from 12.3% in Q3 2025 and 12.0% in Q4 2024, indicating a higher proportion of claims relative to earned premiums.

auto_awesomeAnalysis

NMI Holdings, Inc. delivered strong full-year 2025 financial results, achieving record net income and diluted EPS, driven by robust operating performance and consistent growth in its insured portfolio. While fourth-quarter net income and diluted EPS saw a slight sequential decrease, they remained significantly higher year-over-year. The company demonstrated healthy growth in primary insurance-in-force and book value per share, indicating continued business expansion and shareholder value creation. However, investors should note the increase in the loss ratio, which warrants monitoring in future reports.