NMI Holdings, Inc. Reports Record Q1 2025 Financial Results

NMI Holdings, Inc. (Nasdaq: NMIH) reported record net income of $102.6 million, or $1.28 per diluted share, for Q1 2025—up from $86.2 million ($1.07 per share) in Q4 2024 and $89.0 million ($1.08 per share) in Q1 2024. Adjusted net income mirrored these results at $102.5 million, reinforcing the company’s operational consistency.

CEO Adam Pollitzer attributed the performance to the firm’s high-quality insured portfolio, risk transfer solutions, and disciplined management, emphasizing National MI’s readiness for long-term value creation.

Key Q1 2025 Metrics:
Primary Insurance-in-Force: $211.3 billion (up 1% QoQ, 6% YoY)

New Insurance Written (NIW): $9.2 billion (down 23% QoQ, down 2% YoY)

Net Premiums Earned: $149.4 million (up 4% QoQ, 9% YoY)

Net Investment Income: $23.7 million (up 4% QoQ, 22% YoY)

Loss Ratio: 3.0% (down from 12.0% in Q4 2024)

Expense Ratio: 20.2% (improved from 21.7% in Q4 2024)

Combined Ratio: 23.2% (down from 33.7% in Q4 2024)

Book Value per Share: $29.65; Excluding AOCI: $30.85 (up 17% YoY)

ROE: 18.1% (vs. 15.6% in Q4 2024 and 18.2% in Q1 2024)

The company continued executing capital returns, with treasury stock repurchases totaling $272.6 million. Assets rose to $3.46 billion while PMIERs available assets reached $3.23 billion—well above the $1.87 billion risk-based requirement.

Portfolio Insights:
Weighted Average FICO of NIW: 758

Weighted Average LTV: 92.2%

Purchase Transactions Share: 96% of NIW

Persistency Rate: 84.3%

Defaults: 6,859 loans (default rate: 1.04%)