Here are the 10-K annual reports from NMI Holdings Inc. (NMIH) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NMIH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NMIH filings page.
NMI Holdings, Inc. files its annual report describing a growing, technology-driven private mortgage insurance business. Through subsidiaries NMIC, Re One and NMIS, it insures high loan-to-value U.S. residential mortgages and provides loan review services.
As of December 31, 2025, the company had issued master policies with 2,193 customers and reported $221.4 billion of primary insurance-in-force and $59.3 billion of primary risk-in-force, with $48.9 billion of new insurance written for the year. It employed 225 people and used its proprietary Rate GPS® platform and AXIS system to price and manage risk.
NMI highlights extensive use of quota-share, excess-of-loss and insurance-linked note reinsurance, and states that its PMIERs available assets exceeded GSE-required assets by 70% as of December 31, 2025. The filing also notes significant regulation by state insurance departments and the GSEs, competitive pressure from five other private MIs and government programs, and an extended IT services agreement with Tata Consultancy Services through 2032.