National MI Delivers Standout Performance in Q1 2026, Sets New Records for NIW Volume and Insurance in Force
The latest conference call transcript from National MI Holdings, Inc. has revealed a stellar performance by the company in the first quarter of 2026. The firm has set new records for Net Issue Written (NIW) volume and insurance in force, further solidifying its position as a leader in the private mortgage insurance industry.
According to the transcript, National MI generated $12.3 billion of NIW volume in Q1 2026, ending the period with a record $222.3 billion of high-quality, high-performing primary insurance in force. This impressive growth is attributed to the company's ability to provide critical down payment support to lenders and their borrowers.
In his remarks, Executive Chairman Brad Shuster noted that National MI has always been stronger or better positioned to provide support than ever before, with a clear mandate and purpose to offer a low-cost, high-value solution for homebuyers. He also highlighted the bipartisan recognition of the private mortgage insurance industry's unique role in making homeownership more affordable and achievable.
President and CEO Adam Pollitzer added that National MI continued to outperform in Q1 2026, delivering significant new business production, consistent growth in its insured portfolio, and strong financial results. The company reported a record $183.5 million in total revenue and adjusted net income of $99.4 million, or $1.28 per diluted share.
The firm's credit performance has also continued to stand ahead, with an exceptionally high-quality insured portfolio covered by a comprehensive set of risk transfer solutions. National MI has managed its expenses and capital position with discipline and efficiency, building a robust balance sheet supported by significant earnings power.
Despite the strong positives, macro risks do remain, and the company has maintained a proactive stance with respect to pricing, risk selection, and reinsurance decisioning. However, National MI is confident in its ability to continue delivering outperformance, driven by long-term secular trends and a sustained new business opportunity.
