Milliman’s fourth quarter (4Q) 2025 update on the private mortgage insurance (PMI) market offers a snapshot of mortgage market industry statistics—including new insurance written (NIW), insurer performance, and delinquency trends—across six key insurers: Arch, Enact, Essent, MGIC, NMI, and Radian.
Since 2018, Milliman has been tracking the PMI NIW landscape and insurance in-force (IIF) performance. We have compiled this data to build a view of the quarter for each insurer and an aggregate for the industry as a whole. The PMI issuers reported 4Q 2025 earnings in February 2026, and this report provides information and context regarding trends and differences among their businesses during that time.
The full 4Q 2025 report provides more than 20 pages of figures and commentary covering:
- Summary of NIW
- Annual insurer-level composition
- Summary of IIF
- Volume, policy count, and persistency
- Performance
- Summary of capital markets insurance-linked note issuances
- Structure enhancements
- Appendix: Additional excerpts from earnings calls
The data used to compile this report includes publicly available PMI carriers’ disclosures (earnings releases, financial supplements, and 10-K/Qs) as well as additional aggregated industry data extracted from Milliman’s M-PIRe platform.