Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- Research date
- Sep 24, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
- Operating-model context
- 18 connected conceptsPart of the reviewed Mortgage Insurance Operating Economics; issuer definitions remain distinct where disclosed.
- Company examples
- 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
mortgage insurance net premium yield is net premiums earned divided by average insurance in force for the period.
Why it matters
Net premium yield connects the size of the insured mortgage book with the premium revenue retained after the issuer's reported premium adjustments and reinsurance effects. MGIC reported a 2025 net premium yield of 32.2 basis points.
Investor caution
Net premium yield is not the same as the direct rate charged on newly written policies or the in-force portfolio yield. Ceded premiums, profit commissions, assumed premiums, premium refunds, accelerated single-premium earnings, and changes in book mix can all move the reported net yield.
Primary source: MGIC Investment Corporation 2025 Form 10-K.
Part of the Mortgage Insurance Operating Economics
Connect new insured business, portfolio runoff and persistency, insured exposure, premium yield, credit performance, and PMIERs capital capacity to understand private mortgage-insurance economics.
How the model fits together
- New business quality and insured-book growth: New insurance written adds insured principal to the portfolio, while cancellations and principal payments reduce the existing book. FICO, LTV, DTI, and purchase mix describe important underwriting characteristics of new business, and the resulting flows determine insurance in force and risk in force without making principal balance equivalent to insured loss exposure.
- Persistency and premium monetization: Annual persistency describes how much insurance remains from the prior year. In-force portfolio yield measures the underlying direct premium rate on the insured book, total direct premium yield incorporates direct premium adjustments, and net premium yield reflects the additional effect of ceded and assumed premium economics.
- Credit performance and capital capacity: Insured-loan count is the denominator behind delinquency statistics, delinquent inventory and the delinquency rate show emerging credit stress, and claims received inventory is a later-stage credit measure. PMIERs available assets and excess available assets connect that risk profile to GSE-required capital capacity without equating regulatory eligibility assets with distributable cash.
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
Continue Research
Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.
Continue Research
Compare public companies
Compare valuation and company research across the reviewed Grizzly Bulls stock universe.
Explore more topics in the Financial Research Encyclopedia.