NMI Holdings (6NM) Q2 2026 Earnings Report

The call reported multiple record operational and financial achievements — including record revenue, adjusted net income, NIW, and insurance in force — alongside improving expense efficiency, strong investment income, robust capital metrics, and continued buybacks. The primary negatives were modest: a small decline in 12-month persistency, expected seasonal increases in defaults later in the year, and localized housing pressure in some markets. Management emphasized proactive risk management (pricing, selection, reinsurance) and balance-sheet strength, signaling confidence in their runway. Overall, positive operational momentum and strong capital positions materially outweigh the manageable headwinds mentioned.

Management reiterated forward-looking confidence while emphasizing a prudent, proactive stance on pricing, risk selection and reinsurance and expecting continued outperformance, citing Q2 metrics: $16.0 billion NIW, $227.1 billion primary insurance in force (>$500 billion insurance ever written), ~2.2 million borrowers helped, ~1,700 lenders served, total revenue $187.9 million, net premiums earned $157.5 million, adjusted net income $106.0 million ($1.38 adjusted diluted EPS), 15.9% ROE, net yield 28 bps and core yield 34 bps, investment income $30.3 million, underwriting & operating expenses $30.5 million (expense ratio 19.4%), 8,020 defaults (default rate 1.16%), claims $13.1 million, shareholders’ equity $2.7 billion, book value per share $35.89 ($36.88 ex‑unrealized gains, +4% q/q, +15% y/y), $31.4 million repurchased in the quarter (827k shares at $37.99) with $408 million repurchased since 2022 (13.6M shares, avg $29.95) and $167 million repurchase capacity remaining, and PMIERs available assets $3.7 billion vs. required $2.1 billion (excess $1.6 billion); they noted defaults may trend modestly higher seasonally into Q3/Q4 and see an attractive sustained new‑business opportunity, with no near‑term material impact expected from recent housing legislation.