Net income for 2025 was $674 million, a decrease from $688 million in 2024 and an increase from $666 million in 2023. Adjusted operating income for 2025 was $688 million, down from $718 million in 2024 and up from $676 million in 2023. New insurance written (NIW) increased slightly to $51.5 billion in 2025, up 1% from $51.0 billion in 2024, but down from $53.1 billion in 2023. Primary insurance in-force (IIF) grew by 2% to $273.1 billion as of December 31, 2025, from $268.8 billion in 2024. The company's PMIERs sufficiency ratio was 162% ($1,919 million above requirements) as of December 31, 2025, compared to 167% ($2,052 million above requirements) in 2024. The loss ratio increased to 11% in 2025 from 4% in 2024, primarily due to lower favorable reserve adjustments compared to the prior year and normal loss development patterns. The company paid quarterly dividends of $0.185 per share in Q1 2025, increasing to $0.21 per share for Q2, Q3, and Q4 2025. Share repurchases totaled $382 million in 2025, following $244 million in 2024. Fitch upgraded EMICO's financial strength rating to 'A' on January 17, 2025, and Moody's upgraded it to 'A2' on August 6, 2025.