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Expense Ratio
Operating and acquisition expenses measured against earned premiums, showing how efficiently the business turns premiums into profit after costs. Lower expense ratios support higher net margins, while rising expenses can squeeze profits even if premium growth is positive.NMI’s expense ratio has fallen steadily from the low‑30s in 2021 to sub‑20% in Q1 2026, reflecting clear operating leverage from rapidly growing insurance‑in‑force and disciplined cost control; the 19.8% readout materially boosts adjusted ROE and funds buybacks. Management expects only modest absolute expense increases going forward and cautions that volume/credit normalization could limit further margin gains, so treat recent efficiency improvements as meaningful but likely to produce incremental, not runaway, tailwinds to profitability.
Date | Expense Ratio |
|---|---|
Jun 30, 2026 | 19.40 |
Mar 31, 2026 | 19.80 |
Dec 31, 2025 | 20.40 |
Sep 30, 2025 | 19.30 |
Jun 30, 2025 | 19.80 |
Mar 31, 2025 | 20.20 |
Dec 31, 2024 | 21.70 |
Sep 30, 2024 | 20.30 |
Jun 30, 2024 | 20.10 |
Mar 31, 2024 | 21.80 |