MGIC Investment Corporation Reports First Quarter 2024 Results First Quarter 2024 Net Income of $174.1 million or $0.64 per Diluted Share First Quarter 2024 Adjusted Net Operating Income (Non-GAAP) of $178.4 million or $0.65 per Diluted Share Exhibit 99 Investor Relations: Dianna Higgins | (414) 347-2635 | dianna_higgins@mgic.com MILWAUKEE (May 1, 2024) - MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the first quarter of 2024. Tim Mattke, CEO of MTG and Mortgage ...

MILWAUKEE, April 25, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced its board of directors has approved an additional share repurchase program with authorization to purchase up to $750 million of its common stock. The company is authorized to repurchase shares of its common stock from time to time through privately negotiated, open market or other transactions (including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, ...

FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the transition period from ______ to ______ Commission file number 1-10816 MGIC Investment Corporation (Exact name of registrant as specified in its charter) Wisconsin 39-1486475 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 250 E. Kilbourn Avenue Milwaukee, Wisconsin 53202 (Address of principal executive offices) (Zip Code) (414) 347-6480 (Registrant's telephone number ...

MGIC Investment Corporation (NYSE:MTG) Q4 2023 Earnings Conference Call February 1, 2024 10:00 AM ET Company Participants Dianna Higgins - Head, Investor Relations Tim Mattke - Chief Executive Officer Nathan Colson - Chief Financial Officer Conference Call Participants Bose George - KBW Terry Ma - Barclays Geoffrey Dunn - Dowling & Partners Eric Hagen - BTIG Mihir Bhatia - Bank of America Operator Ladies and gentlemen, thank you for standing by. Welcome to the MGIC Investment Corporation Fourth Quarter 2023 ...

As used below, "we," "our" and "us" refer to MGIC Investment Corporation's consolidated operations or to MGIC Investment Corporation, as the context requires, and "MGIC" refers to Mortgage Guaranty Insurance Corporation. We are not undertaking any obligation to update any forward-looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. No person should rely on the f ...

Financial Data and Key Metrics Changes - The company reported net income of $183 million, with an annualized return on equity of 15.1% [59] - Earnings per diluted share decreased to $0.64 from $0.81 a year ago, while adjusted net operating income also fell from $0.86 to $0.64 [9][59] - Book value per share increased by 14% year-over-year to $17.37, driven by strong results and share repurchases [11] Business Line Data and Key Metrics Changes - New insurance written (NIW) was $14.6 billion, while insurance in force remained stable at $294 billion [59] - The in-force premium yield was flat at 38.6 basis points, consistent with expectations [48] - Operating expenses decreased to $53 million from $57 million last quarter and $62 million a year ago, with full-year expenses expected to be at the lower end of the $235 million to $245 million range [31] Market Data and Key Metrics Changes - The delinquency inventory increased by 4% to 24,700 loans, remaining historically low [10] - New delinquency notices rose to 12,300 from 10,600 last quarter, but were still 13% below pre-pandemic levels [10] - The company noted that home prices have remained resilient despite affordability challenges, with a tight supply of homes available for sale [43] Company Strategy and Development Direction - The company is focused on capital management, having redeemed $21 million of junior convertible debentures and paid a $300 million dividend to the holding company [44][45] - The strategy includes concentrating reinsurance coverage on recent or future new insurance written [50] - The company aims to navigate a dynamic economic landscape while maintaining financial strength and flexibility [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market's resilience and the potential for long-term mortgage insurance opportunities [43] - The company anticipates an increase in capital return payouts due to improved financial conditions [8] - Management acknowledged the challenges posed by higher interest rates but noted that these rates could positively impact the earnings potential of the investment portfolio in the long term [11] Other Important Information - The company experienced favorable loss reserve development of $48 million, with minimal losses reported this quarter [47][64] - The company has been active in its reinsurance program, including a 30% quota share agreement for policies written in 2024 [67] - The company completed its seventh ILN transaction, providing $330 million of loss protection [87] Q&A Session Summary Question: What is the outlook for capital return? - Management indicated that capital return payouts are expected to increase, with leverage remaining stable [15][52] Question: Can you discuss the pricing environment and competitive dynamics? - Management noted that while the marketplace is competitive, pricing actions taken previously have positioned the company well for good credit quality and returns [94] Question: What are the expectations for new delinquency notices? - Management expects a seasonal increase in new delinquency notices but emphasized that the overall credit environment remains strong compared to pre-pandemic levels [96] Question: How do reinsurance market conditions affect pricing? - Management stated that reinsurance market conditions are improving, which could positively influence pricing and competitiveness in the primary market [98][81]

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 1-10816 MGIC Investment Corporation (Exact name of registrant as specified in its charter) Wisconsin 39-1486475 (State or other ...

MGIC Investment Corporation (NYSE:MTG) Q2 2023 Earnings Call Transcript August 3, 2023 10:00 AM ET Company Participants Dianna Higgins - Head of IR Tim Mattke - CEO Nathan Colson - CFO Conference Call Participants Bose George - KBW Mihir Bhatia - Bank of America Geoffrey Dunn - Dowling & Partners Eric Hagen - BTIG Operator Ladies and gentlemen, thank you for standing by, and welcome to the MGIC Investment Corporation Second Quarter 2023 Earnings Call. [Operator Instructions] I will now turn the conference o ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 1-10816 MGIC Investment Corporation (Exact name of registrant as specified in its charter) Wisconsin 39-1486475 (State or other juris ...

Financial Data and Key Metrics Changes - The company reported a net income of $155 million, or $0.53 per share, with an annualized return on equity of 13.3% [10] - Total revenues for the quarter were $284 million, down from $295 million in the same period last year [16] - Net premiums earned decreased to $242 million from $255 million year-over-year, primarily due to a decrease in accelerated single premium cancellations and an increase in ceded premiums [16] - Book value per share increased by 4.7% during the quarter to $16.57, and more than 12% compared to a year ago [17] Business Line Data and Key Metrics Changes - Insurance in force grew by 5.4% year-over-year, ending the quarter at $292 billion, despite lower volumes of new insurance written [5][10] - The company wrote $8 billion of new insurance written (NIW) in the quarter, reflecting a smaller NI origination market [36] - The loss ratio was reported at 3%, with net losses incurred of $6 million compared to negative $19 million in the same quarter last year [15][38] Market Data and Key Metrics Changes - The annual persistency rate increased to 82% from 67% a year ago, indicating improved retention of insurance policies [36] - The company expects its insurance in force portfolio to remain relatively flat this year due to affordability issues and high interest rates affecting home prices [6] Company Strategy and Development Direction - The company is focused on maintaining financial strength and flexibility while executing its business strategies for long-term success [35] - A comprehensive reinsurance program is in place to reduce volatility in losses and provide diversification of capital sources [14] - The company plans to continue advocating for the increased use of private mortgage insurance in housing finance [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the normalization of home prices, which is seen as healthy for the housing market and overall economy [6] - The company remains comfortable with its market position and believes it is well-situated to navigate current uncertainties [48] - Management noted that credit performance remains strong, with delinquency rates at historic lows [12] Other Important Information - The company repurchased 5.8 million shares for $78 million and paid a quarterly dividend of $0.10 per share [13] - A $300 million dividend was paid to the holding company to enhance liquidity and financial flexibility [14] - The company expects operating expenses to be down modestly in 2023, with a full-year guidance range of $235 million to $245 million [44] Q&A Session Summary Question: Does the expense guidance include the $8 million for this year? - Yes, the full-year guidance will include the settlement charges incurred in the first quarter [50] Question: What is the target debt to capital ratio? - The target debt to capital ratio is in the low to mid-teens, currently approximately 12% [52] Question: What changed last year regarding expenses? - Significant pension-related costs and continued investments in infrastructure and analytics contributed to increased expenses [66] Question: Are there specific concerns on the credit side? - Management feels comfortable with the current credit dynamics and borrower characteristics, despite some enhanced risks noted previously [69] Question: How does the company view the reinsurance market? - The reinsurance market remains active, and the company is comfortable transacting within a range of cost bands [94]