NMI Holdings (NMIH) Q2 2026: 7.6% EPS Beat as New Insurance Surges 29%
As seen on the 24/7 Wall St. homepage on July 30, 2026.
Mortgage insurance giant NMI Holdings crushed Q2 earnings with a 7.6% EPS beat as new insurance written surged 29% year-over-year to $16.05 billion, with refinance activity nearly tripling. The combined ratio sharpened to 27.7% from 28.8% a year ago, profit margins expanded, and book value per share climbed to $35.89.
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NMI Holdings reported Q2 2026 earnings per share of $1.38, beating the consensus estimate of $1.28 by about 7.6%. Revenue also came in ahead of expectations at $187.9 million versus the $185.0 million analysts had forecast. The quarter marks the strongest EPS result in the company's recent eight-quarter history shown here, and continues a streak of beating estimates that was only interrupted in Q4 2024.
The headline driver behind the beat was a sharp acceleration in new insurance written, which jumped 29% year-over-year to $16.05 billion, with refinance activity nearly tripling. That volume growth fed directly into profitability: the combined ratio tightened to 27.7% from 28.8% a year ago, signaling that NMI is paying out less relative to premiums earned even as it writes more business. Profit margins expanded alongside the volume gains, and book value per share reached $35.89.
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For investors tracking NMIH's trajectory, the consistency of the beat pattern is notable — the company has now topped estimates in six of the past eight quarters. The refinance surge is a key variable to watch, as it reflects borrower sensitivity to mortgage rates and could moderate if rate conditions shift. The underlying combined ratio trend, however, suggests the core insurance business is running with improving efficiency regardless of volume swings.
Mentioned: NMIH