NMI Holdings, Inc.

Listed Company

NMIHCIK 0001547903NasdaqLarge AcceleratedSurety InsuranceCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$706.44M

Net Income

$388.93M

Total Assets

$3.84B

Equity

$2.59B

Shares Out

76.03M

Op. Cash Flow

$419.30M

Business

NMI Holdings, Inc. provides private mortgage insurance through its insurance subsidiaries, principally National Mortgage Insurance Corporation (NMIC), and offers related services. It issues primary mortgage insurance coverage on first-lien residential loans, offers reinsurance arrangements, and provides outsourced loan review and policy servicing through its NMIS unit, using proprietary pricing (Rate GPS®) and underwriting platforms. Key operating components include NMIC as the primary MI writer, Re One as a licensed reinsurance subsidiary with no active exposures, and NMIS for loan review services. Its products are distributed across the United States to national and regional mortgage banks, community banks, credit unions, non-bank lenders and mortgage servicers via electronic integrations, delegated and non-delegated underwriting channels, and direct servicing relationships.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	602	565	511	475	444
Net investment income	103	85	68	46	38
Net realized investment gains (losses)	432,000	23,000	−33,000	481,000	729,000
Other revenues	859,000	944,000	756,000	1	2
Total revenues	706	651	579	523	485
Insurance claims and claim expenses	58	32	23	−4	12
Underwriting and operating expenses	120	118	111	117	142
Service expenses	601,000	723,000	771,000	1	3
Interest expense	28	37	32	32	—
Total expenses	207	188	166	146	188
Income before income taxes	500	463	413	377	297
Income tax expense	111	103	91	84	66
Net income	389	360	322	293	231
Basic (in dollars per share)	5.01	4.51	3.91	3.45	2.7
Diluted (in dollars per share)	4.92	4.43	3.84	3.39	2.65
Basic (in shares)	78	80	82	85	86
Diluted (in shares)	79	81	84	86	87
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $20,995, $3,921 and $17,113 for each of the years in the three-year period ended December 31, 2025, respectively	79	15	64	−205	−52
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $69, $0 and $(7) for each of the years in the three-years ended December 31, 2025, respectively	−262,000	0	26,000	−380,000	−576,000
Other comprehensive income, net of tax	79	15	64	−206	−52
Comprehensive income	468	375	387	87	179

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,190,174 and $2,876,343)	3,137	2,724	2,371	2,099	2,086
Cash and cash equivalents (including restricted cash of $0 and $90)	44	54	97	44	77
Premiums receivable, net	86	83	76	70	60
Accrued investment income	27	22	20	14	12
Deferred policy acquisition costs, net	64	64	63	59	60
Software and equipment, net	22	26	30	32	32
Intangible assets and goodwill	4	4	4	4	4
Reinsurance recoverable	39	32	28	22	20
Prepaid federal income taxes	400	322	235	154	89
Other assets	18	19	17	18	11
Total assets	3,841	3,350	2,941	2,516	2,451
Debt	417	415	398	396	—
Unearned premiums	47	65	92	123	139
Accounts payable and accrued expenses	102	103	86	75	72
Reserve for insurance claims and claim expenses	196	152	124	100	104
Deferred tax liability, net	479	386	302	194	164
Other liabilities	9	11	13	12	3
Total liabilities	1,249	1,133	1,015	902	885
Commitments and contingencies (see Note 15)	—	—	—	—	—
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)	884,000	879,000	873,000	865,000	858,000
Additional paid-in capital	1,017	1,005	991	973	955
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively	−352	−247	−149	−57	0
Accumulated other comprehensive loss, net of tax	−46	−125	−140	−204	1
Retained earnings	1,972	1,583	1,223	901	608
Total shareholders' equity	2,592	2,217	1,926	1,614	1,566
Total liabilities and shareholders' equity	3,841	3,350	2,941	2,516	2,451

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net realized investment (gains) losses	−432,000	−23,000	33,000	−481,000	−729,000
Depreciation and amortization	11	12	12	12	11
Net (accretion)/amortization of (discount)/premium on investment securities	−4	−1	481,000	6	7
Loss on extinguishment of debt	0	7	0	0	—
Amortization of debt discount and debt issuance costs	2	2	2	2	2
Deferred income taxes	72	81	91	84	66
Share-based compensation expense	20	20	17	15	17
Premiums receivable, net	−3	−6	−7	−9	−11
Accrued investment income	−5	−3	−6	−2	−2
Deferred policy acquisition costs, net	−45,000	−1	−4	1	3
Reinsurance recoverable	−6	−5	−6	−1	−3
Prepaid federal income taxes	−78	−87	−81	−65	−43
Other assets	−1	−2	−316,000	236,000	−218,000
Unearned premiums	−19	−27	−31	−16	20
Reserve for insurance claims and claim expenses	44	28	24	−4	13
Reinsurance balances, net	−131,000	−658,000	−859,000	−2	−683,000
Accounts payable and accrued expenses	−2	16	10	1	17
Net cash provided by operating activities	419	394	343	313	326
Purchase of short-term investments	−175	−170	−166	−314	−11
Purchase of fixed-maturity investments, available-for-sale	−724	−482	−489	−234	−514
Proceeds from maturities of short-term investments	174	114	321	152	0
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale	285	205	144	—	—
Proceeds from sales of fixed-maturity investments, available-for-sale	130	0	0	—	—
Additions to software and equipment	−7	−7	−9	−11	−12
Net cash used in investing activities	−316	−339	−200	−290	−374
Proceeds from issuance of common stock related to employee equity plans	3	4	11	5	4
Taxes paid related to net share settlement of equity awards	−11	−10	−9	−5	−5
Proceeds from senior unsecured notes	0	420	0	0	0
Repayments of senior secured notes	0	−405	0	0	0
Payments of debt issuance costs	0	−8	0	0	−1
Repurchases of common stock	−105	−98	−92	−57	0
Net cash used in financing activities	−113	−97	−90	−56	−2
Net (decrease) increase in cash, cash equivalents and restricted cash	−10	−42	52	−32	−50
Interest paid	31	14	30	30	30
Income taxes paid	42	20	20,000	−20,000	457,000

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