NMI Holdings (NASDAQ:NMIH) reported first-quarter financial results on Thursday. The transcript from the company’s first-quarter earnings call has been provided below.
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Access the full call at https://edge.media-server.com/mmc/p/odxmij93/
Summary
NMI Holdings reported a record $183.5 million in total revenue for the first quarter, with an adjusted net income of $99.4 million or $1.28 per diluted share, and a 15.2% adjusted return on equity.
The company achieved $12.3 billion in new insurance written (NIW) and ended the quarter with a record $222.3 billion in primary insurance in force, highlighting strong business performance.
Management emphasized the resilience of the housing market and the macroeconomic environment, noting that while macro risks remain, the company is well-positioned due to its disciplined approach to risk management and underwriting.
Operational highlights include a strong customer franchise, disciplined expense management, and a robust balance sheet, supported by strategic investments in people and technology.
Management indicated confidence in future performance, citing consistent growth opportunities in the MI market, driven by long-term secular trends and sustained demand for mortgage insurance.
Full Transcript
OPERATOR
Good day and welcome to the NMI Holdings Inc. First quarter 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation there will be an opportunity for questions. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to John Swenson of Management. Please go ahead.
John Swenson (Vice President of Investor Relations and Treasury)
Thank you, operator. Good afternoon and welcome to the 2026 first quarter conference call for National MI. I’m John Swenson, Vice President of Investor Relations and Treasury. Joining us on the call today are Brad Schuster, Executive Chairman, Adam Pollitzer, President and Chief Executive Officer and Aurora Swithenbank, our Chief Financial Officer. Financial results for the quarter were released after the close today. The press release may be accessed on NMI Holdings’s website located at nationalmi.com under the Investors tab. During the course of this call we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward looking statements. Additional information about the factors that could cause actual results or trends to differ materially from those discussed on the call can be found on our website or through our filings with the SEC. If and to the extent the company makes forward looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments. Further, no one should rely on the fact that the guidance of such statements is current at any time other than the time of this call. Also note that on this call we may refer to certain non GAAP measures. In today’s press release and on our website, we’ve provided a reconciliation of these measures to the most comparable measures under GAAP. Now I’ll turn the call over to Brad. Thank you John and good afternoon everyone. I’m pleased to report that in the first quarter National MI again delivered standout operating performance, continued growth in our insured portfolio and strong financial results. Our lenders and their borrowers continued to turn to us for critical down payment support and in the first quarter we generated 12.3 billion of new insurance written (NIW) volume, ending the period with a record 222.3 billion of high quality, high performing primary insurance in force. In Washington, our conversations remain active and constructive. We have long noted that there is bipartisan recognition of the unique and valuable role that the private mortgage insurance industry plays. We are in the market every day with a clear mandate and purpose, offering a low cost, high value solution that helps borrowers bridge the down payment gap and meaningfully reduces the cash required at the closing table. In the process, we help to make homeownership more affordable and achievable for millions of Americans in communities across the country with coverage that works to insulate the GSEs and taxpayers from risk and loss in a downturn. National MI and the broader private MI industry have never been stronger or better positioned to provide support than we are today, and we’re looking forward to continuing to work with the administration to advance their important housing goals. With that, let me turn it over to Adam.
Brad Schuster (Executive Chairman)
Thank you Brad and good afternoon everyone. National MI continued to outperform in the first quarter, delivering significant new business production, consistent growth in our insured portfolio and strong financial Results. We generated $12.3 billion of new insurance written (NIW) volume and ended the period with a record $222.3 billion of high quality, high performing primary insurance in force. Total revenue in the first quarter was a record $183.5 million and we delivered adjusted net income of $99.4 million or $1.28 per diluted share and a …
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