Nmi Holdings Inc · NASDAQ:NMIH
Nmi — Investor Presentation (May 2026)
27 slides from Nmi's investor presentation, May 19, 2026
Slide 1: Investor Presentation
Investor Presentation May 19, 2026 © 2017 Copyright. NMI Holdings Inc.
Slide 2: Disclaimers
Disclaimers Certain statements contained in this presentation or any other written or oral statements made by or on behalf of NMI Holdings, Inc. (the “Company”) in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amend
Slide 3: National MI: Company Overview
National MI: Company Overview ◼ Leading private mortgage insurance provider serving an attractive and growing U.S. housing market Private MI Industry Market Share ➢ Our MI products help to increase both housing access & affordability and market safety & soundness National MI 16% RDN NMIH Arch 16% ◼
Slide 4: Q1'26 Highlights
Q1’26 Highlights Summary Financial Results ($ millions except where noted and per share amounts) 1Q’26 2025 ✓ Secular Dynamics Driving Long- Term Growth Opportunity NIW (bn) IIF (bn) $12.3 $222.3 $48.9 $221.4 Net premiums $154.8 $602.2 Total revenue $183.5 $706.4 ✓ High-Quality, High-Performing Insu
Slide 5: Key Investment Highlights
Key Investment Highlights ✓ Proven strategy: Track record of success with our people, customers, portfolio and financials ✓ Best-in-class insured portfolio: High-quality, high-performing, high-value insured book ✓ Robust risk management: Comprehensive credit framework and expansive reinsurance progr
Slide 6: Focus on Corporate Culture
Focus on Corporate Culture ➢ Lead with Mission, Values and Purpose Award Winning ➢ 225 engaged, motivated employees Culture ➢ Corporate culture – a key differentiator Mission Values Purpose Homeownership Partnership Teammates Community Service Customers Access Integrity Policyholders Support Excelle
Slide 7: Long-Standing Track Record of Success
Long-Standing Track Record of Success Strong Operating and Winning with Customers Best-in-Class Insured Portfolio Financial Performance Customer Franchise Portfolio Characteristics Financial Outperformance Large scale, Best-in-class Value High-quality, Strong growth & Operating continued sales team
Slide 8: Comprehensive Credit Risk Management Framework
Comprehensive Credit Risk Management Framework National MI has an industry-leading credit risk management approach and consistently delivers best-in-class credit performance Individual risk Rate GPS® Comprehensive underwriting Granular Pricing System reinsurance program ✓ Losses occur at a loan leve
Slide 9: Rate GPS: Powerful Credit Risk Management Tool
Rate GPS: Powerful Credit Risk Management Tool Actively Managing Risk Mix of New Business Flow Borrower Risk Attributes Loan-Level Risk Attributes ✓ Proprietary pricing engine ➢ Payment history – FICO ➢ Loan-to-value % ➢ Credit capacity – DTI ratio ➢ Occupancy / property type ➢ Single vs. co-borrowe
Slide 10: Highest-Quality Insured Portfolio
Highest-Quality Insured Portfolio Credit Risk Standards & High-Quality Rigorous Underwriting Process In-Force Portfolio - $59.5bn RIF ➢ No pre-financial crisis exposure <680 FICO RIF concentration1 6% ➢ High-quality by FICO, LTV and DTI 2% ➢ Minimal layered risk concentration NMIH Peer Average ➢ 100
Slide 11: Portfolio Quality Drives Credit Outperformance
Portfolio Quality Drives Credit Outperformance Commitment to Credit Discipline Across All Market Cycles Peak COVID Default Rates1 Current Default Rates1 6.01% 3.78% 2.53% 1.17% NMIH Peer Average NMIH Peer Average (1) Default rates as reported by ACT, ESNT, MTG, RDN in SEC filings, earnings releases,
Slide 12: Comprehensive Reinsurance Coverage
Comprehensive Reinsurance Coverage 94% of insured portfolio covered by a comprehensive Quota share reinsurance risk transfer solution ➢ 12 treaties since 2016 Excess-of-loss reinsurance ➢ 10 treaties since 2022 $222.3 billion insurance in-force Insurance-linked notes ➢ 7 offerings since 2017 Leading
Slide 13: Comprehensive Reinsurance Program
Comprehensive Reinsurance Program Reinsurance “Tower” Illustration ◼ National MI utilizes reinsurance as both: NMI “back on risk” when losses ➢ Source of efficient funding for PMIERs and state regulatory exceed 2008 Financial Crisis-like levels capital needs; and ➢ Risk management tool to limit cred
Slide 14: Focus on Operating Efficiency and Expense Management
Focus on Operating Efficiency and Expense Management ➢ Smallest employee base in industry Number of employees1 …by far 600 ➢ Smallest expense base in industry 514 542 419 …by far 225 ➢ Lowest expense ratio in industry …driving significant efficiency NMIH ACT ESNT MTG RDN LTM operating expenses2 LTM
Slide 15: National MI: Delivering Consistent Outperformance
National MI: Delivering Consistent Outperformance The “National MI Way” Private MI Industry: 5-year ROE distribution1 National MI Rest of industry2 Disciplined strategy National MI 5-year average: 17.4% ROE Consistent execution Lowest Rest of industry 5-year average: 14.9% ROE volatility Core operat
Slide 16: Macro Backdrop
Macro Backdrop Interest Rates Labor Market House Prices Credit Environment Unemployment House price Mortgage Elevated mortgage remains historically appreciation delinquencies rates continue to low, but signs job normalizing after remain at strain affordability market is cooling extended record run h
Slide 17: Secular Themes Drive Sustained Private MI Industry NIW Opportunity
Secular Themes Drive Sustained Private MI Industry NIW Opportunity Current: Robust MI new Total Private MI Industry Insurance In-Force business environment (despite elevated rates) $1,614bn $1,552bn Population growth and $1,407bn demographic tailwind $1,203bn Practical and emotional pull towards hom
Slide 18: National MI Uniquely Positioned to Deliver in a Growing Market
National MI Uniquely Positioned to Deliver in a Growing Market National MI: Unique Opportunity Private MI Industry Comparative NMI has embedded Insurance In-Force Growth1 portfolio growth advantage “Pull to Par” National MI Rest of industry +80% total growth +19% total growth +12% CAGR +3% CAGR 13.8
Slide 19: Growing Investment Income Contribution Drives Incremental Value
Growing Investment Income Contribution Drives Incremental Value Net Investment Income $29mm $27mm $28mm $25mm $22mm $23mm $24mm $19mm $21mm $18mm $18mm $17mm $15mm Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Every 1% increase in book yield drives ~100bps ROE expansi
Slide 20: Strong Balance Sheet
Strong Balance Sheet Capital Structure1 ✓ Highly efficient funding profile $2,831 $ millions $3,118 $418 $416 $2,415 $2,700 ✓ Robust regulatory capital position 3/31/25 3/31/26 Equity Debt GAAP leverage 15% 13% ✓ Strong liquidity profile $ millions 3/31/25 3/31/26 Available assets $3,231 $3,631 Requ
Slide 21: Unlocking Excess Capital and Direct Value for Shareholders
Unlocking Excess Capital and Direct Value for Shareholders ◼ $575 million total share repurchase Cumulative share repurchases authorization $377mm ◼ $377 million repurchased since 2022 inception at average price of $29.43 ◼ Retired 12.8 million shares $271mm ◼ ~15% of shares outstanding1 $173mm ◼ $1
Slide 22: National MI: A Premium Franchise
National MI: A Premium Franchise Winning with Three-year CAGR/average Five-year CAGR/average customers NMI Industry NMI Industry Technology ✓ Insurance in-force 6.0% 2.1% 12.4% 4.2% leadership Insured portfolio ✓ Net premium revenue 8.1% 1.4% 8.5% -0.4% quality and credit performance ✓ Net income 8.
Slide 23: Delivering Differentiated Growth, Returns and Value
Delivering Differentiated Growth, Returns and Value Driving long-term shareholder value: Delivering strong returns and compounding book value on accelerated basis 1Q’26 Book value per share, BVPS = $35.46 excluding AOCI ROE = 15.2% CAGR 5-yr: 17% 3-yr: 16% 1-yr: 15% 1Q’21 BVPS = $16.02 Long-term 1Q’
Slide 24: Well-Positioned to Outperform
Well-Positioned to Outperform Track record of Strong foundation standout success Differentiated approach “The National MI Way” Long-term secular Borrower need & market opportunity tailwinds Profitability and Financial performance capital strength 24
Slide 25: Appendix
Appendix © 2017 Copyright. 25 NMI Holdings Inc.
Slide 26: Five Quarter Trended Results
Five Quarter Trended Results ($ millions except per share amounts) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Net premiums earned $149.4 $149.1 $151.3 $152.5 $154.8 Net investment income $23.7 $24.9 $26.8 $27.5 $28.6 Claims and claims expenses $4.5 $13.4 $18.6 $21.2 $20.7 Underwriting & OpEx $30.2 $29.5 $29.2 $3
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Twelve months ended Twelve months ended Twelve months ended Twelve months ended First Quarter ($ in thousands, except per share values) 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 As Reported: Revenues Net premiums earned $475,266 $510,768 $564,688 $602,212 $154,806