It has been about a month since the last earnings report for NMI Holdings (NMIH Quick QuoteNMIH - Free Report) . Shares have added about 6.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is NMI Holdings due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for NMI Holdings Inc before we dive into how investors and analysts have reacted as of late.

NMI Holdings Q2 Earnings & Revenues Top Estimates on Higher Premiums

NMI Holdings reported second-quarter 2025 operating net income per share of $1.22, which beat the Zacks Consensus Estimate by 5.2%. The bottom line increased 1.7% year over year. The quarterly results reflected higher premiums, driven by a high-quality insured portfolio and net investment income but lower persistency.

Operational Update

NMI Holdings’ total operating revenues of $173.8 million increased 7.2% year over year on higher net premiums earned (up 5.6%) and net investment income (up 20.6%). Revenues beat the Zacks Consensus Estimate by 1.9%.
Primary insurance in force increased 5.5% to $214.7 billion. Annual persistency was 84.1%, down 140 basis points (bps) year over year.

New insurance written was $12.5 billion, flat year over year. Underwriting and operating expenses totaled $29.5 million, up 4% year over year.

Insurance claims and claim expenses were $13.5 million versus $0.3 million in the year-ago quarter. The loss ratio of 9% deteriorated 600 bps year over year. The expense ratio improved 30 bps year over year, while the adjusted combined ratio of 23.2 deteriorated 580 bps year over year.

Financial Update

Book value per share, a measure of net worth, was up 16% year over year to $32.08 as of June 30, 2025. NMI Holdings had $84 million in cash and cash equivalents, which increased 54.7% from 2024 end. The debt balance of $416 million increased 0.1% from the end of 2024. The annualized adjusted return on equity was 16.3%, which contracted 310 bps year over year.  Total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates revision.

VGM Scores

At this time, NMI Holdings has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, NMI Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

NMI Holdings is part of the Zacks Insurance - Property and Casualty industry. Over the past month, Chubb (CB Quick QuoteCB - Free Report) , a stock from the same industry, has gained 2.5%. The company reported its results for the quarter ended June 2025 more than a month ago.

Chubb reported revenues of $14.81 billion in the last reported quarter, representing a year-over-year change of +6.9%. EPS of $6.14 for the same period compares with $5.38 a year ago.

For the current quarter, Chubb is expected to post earnings of $5.39 per share, indicating a change of -5.8% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.6% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Chubb. Also, the stock has a VGM Score of C.