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Mar 31, 2025
NMI Holdings Q1 2025 Earnings Report
Reported record first quarter 2025 financial results with increased net income and diluted EPS compared to the previous quarter and prior year.
Key Takeaways
NMI Holdings, Inc. achieved record financial results in the first quarter of 2025, driven by strong operating performance and continued growth in its insured portfolio. The company reported significant increases in net income and diluted EPS both sequentially and year-over-year, while maintaining a high-quality book of business and a robust balance sheet.
Net income for Q1 2025 was $102.6 million, a 19% increase from Q4 2024 and a 15% increase from Q1 2024.
Diluted EPS for Q1 2025 was $1.28, up 20% sequentially and 18% year-over-year.
Primary insurance-in-force grew to $211.3 billion at the end of Q1 2025, a 6% increase from the prior year.
The loss ratio significantly decreased to 3.0% in Q1 2025 from 12.0% in Q4 2024, indicating improved claims experience.
Revenue by Segment
Forward Guidance
The company is well-positioned for sustained performance and long-term value for shareholders, supported by a strong customer franchise, talented team, high-quality book with risk transfer solutions, and a robust balance sheet.
Positive Outlook
- Strong customer franchise.
- Talented team driving performance.
- Exceptionally high-quality book covered by comprehensive risk transfer solutions.
- Robust balance sheet.
- Significant earnings power of the platform.
Challenges Ahead
- Changes in general economic, market, and political conditions.
- Changes in the charters, business practices, policies, pricing, or priorities of Fannie Mae and Freddie Mac.
- Ability to remain an eligible mortgage insurer under PMIERs.
- Actions of existing competitors and potential market entry by new competitors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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