PresentationUnknown Attendee Hello, everybody. I would like to thank you very much for attending this conference, which is for Alten for the presentation of the activity and the turnover by the end of December 2025. The situations are different according to different geographical sectors. By the end of December '25, the turnover is at EUR 4,143 billion compared to last year, more than EUR 100 million roughly. In France, the activity has -- I'm sorry, I was mixing up with the global level. The activity has ...

MGIC Investment (MTG) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +3.21%. A quarter ago, it was expected that this mortgage insurance company would post earnings of $0.72 per share when it actually produced earnings of $0.83, delivering a surprise of +15.28%.Over the last four qua ...

Full Year 2025 Adjusted Net Operating Income (Non-GAAP) of $738.4 million or $3.14 per Diluted Share Fourth Quarter 2025 Net Income of $169.3 million or $0.75 per Diluted Share MILWAUKEE, Feb. 2, 2026 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the fourth quarter of 2025. Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We closed 2025 on a strong note, once again delivering solid financial results and ending the ...

Financial Performance - Fourth Quarter 2025 net income was $169.3 million, or $0.75 per diluted share, compared to $184.7 million, or $0.72 per diluted share in Q4 2024[2][22] - Full Year 2025 net income totaled $738.3 million, or $3.14 per diluted share, reflecting a decrease from $762.99 million, or $2.89 per diluted share in 2024[2][22] - For the three months ended December 31, 2025, the adjusted pre-tax operating income was $211,547 thousand, compared to $234,454 thousand for the same period in 2024, reflecting a decrease of approximately 9.7%[24] - The net income per diluted share for 2025 was $0.75, an increase from $0.72 in 2024, representing a growth of about 4.2%[25] - For the twelve months ended December 31, 2025, the adjusted pre-tax operating income was $928,612 thousand, down from $975,623 thousand in 2024, indicating a decline of approximately 4.8%[26] - The total assets as of December 31, 2025, were $6,639,486 thousand, an increase from $6,547,235 thousand in 2024, marking a growth of about 1.4%[29] - The total liabilities increased to $1,491,935 thousand in 2025 from $1,374,860 thousand in 2024, reflecting an increase of approximately 8.5%[30] Insurance Metrics - New insurance written (NIW) for Q4 2025 was $17.1 billion, an increase from $15.9 billion in Q4 2024[5] - Insurance in force reached $303.1 billion, up from $295.4 billion in Q4 2024[5][10] - The primary insurance in force (IIF) reached $303.1 billion in Q4 2025, up from $295.4 billion in Q4 2024, representing an increase of about 2.5%[32] - New primary insurance written (NIW) for Q4 2025 was $17.1 billion, compared to $15.9 billion in Q4 2024, indicating a growth of approximately 7.5%[31] - The annual persistency rate was 84.8%, consistent with Q4 2024[5] - The annual persistency rate for 2025 was 84.8%, slightly down from 85.0% in 2024[32] Shareholder Returns - The company returned $915 million to shareholders in 2025 through dividends and share repurchases[3] - A dividend of $0.15 per common share was declared for shareholders, payable on March 6, 2026[8] Claims and Losses - Losses incurred in Q4 2025 were $31.2 million, significantly higher than $8.7 million in Q4 2024, resulting in a loss ratio of 13.2%[5] - The GAAP loss ratio for Q4 2025 was 13.2%, significantly higher than the 4.5% reported in Q3 2025, indicating increased claims relative to premiums[37] - The primary IIF delinquency rate rose to 2.43% in Q4 2025, compared to 2.32% in Q3 2025, indicating a worsening trend in loan performance[34] - The net paid claims for Q4 2025 were $16 million, an increase from $14 million in Q3 2025, representing a 14.3% rise[35] - Total gross loss reserves reached $475 million in Q4 2025, up from $452 million in Q3 2025, marking a 5.1% increase[35] Reinsurance and Risk Management - The company executed a $250 million reinsurance coverage transaction effective December 1, 2025, and a 40% quota share reinsurance transaction for eligible NIW in 2027[8] - The percentage of new insurance written (NIW) subject to reinsurance was 86.2% in Q4 2025, slightly down from 88.2% in Q3 2025[37] - The company has various reinsurance transactions in place that reduce premiums but have a lesser impact on overall results[100] Market and Regulatory Environment - The company faces uncertainties regarding the future role of GSEs and FHA in the housing finance system, which could impact business operations[46] - Regulatory changes or actions could have a material adverse effect on the company's reputation and financial results[57] - The company is currently in compliance with PMIERs but risks non-compliance if Available Assets fall below Minimum Required Assets[48] - Changes in GSE pricing and guaranty fees could lead to increased costs for borrowers, impacting the company's competitiveness[43] - The FHA's market share of low down payment residential mortgages was 33.5% in 2024, up from 33.2% in 2023, indicating a competitive landscape for private mortgage insurance[75] - The VA's market share for low down payment residential mortgages was 24.5% in 2024, consistent with previous years, highlighting ongoing competition[76] Operational Risks - The company relies on third-party reporting for mortgage loans, which may lead to inaccuracies affecting financial results[86] - The company is susceptible to disruptions in mortgage loan servicing, particularly from non-bank servicers, which could affect liquidity and operational efficiency[80] - Cybersecurity breaches pose a significant risk, with potential for financial losses and damage to reputation[94] - The company relies on information technology systems for operations, and failures in these systems could materially impact business and financial results[89] Competitive Landscape - The mortgage insurance industry is experiencing increased competition, with a potential new market entrant expected to begin writing mortgage insurance in 2026, which may adversely impact the company's results[115] - The company's competitive position may be impacted if it fails to develop and maintain technologies that meet changing customer preferences, particularly in AI and machine learning[119] Investment and Financial Risks - The company's investment portfolio is subject to credit and interest rate risks, which could lead to reduced returns or material losses, impacting overall profitability[124] - Changes in interest rates could negatively affect the company's investment income and operating results, with declining rates reducing returns on new fixed investments[125] - The company is subject to regulatory approval for dividend payments, which could impact its ability to meet cash requirements and obligations[131] Customer Concentration - The company's top ten customers accounted for approximately 32% and 37% of new insurance written (NIW) in 2025 and 2024, respectively, with the largest customer contributing about 16% and 21% of NIW in the same years[117]

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Core Insights - MGIC Investment Corporation (NYSE:MTG) is recognized among the 15 Dividend Growth Stocks with the highest growth rates [1] - Barclays has raised its price target for MGIC to $30 from $28, maintaining an Equal Weight rating, citing a positive outlook for consumer finance in 2026 [2] Financial Performance - In Q3 2025, MGIC reported a net income of $191 million and an annualized return on equity of 14.8% [3] - The book value per share increased to $22.87, reflecting an 11% rise compared to the same period last year [3] Shareholder Returns - MGIC returned $980 million to shareholders through dividends and share repurchases, reducing its share count by 12% [4] - The company achieved a significant milestone by surpassing $300 billion in insurance in force, marking a first in the industry [4] Business Operations - MGIC operates primarily through its subsidiary, Mortgage Guaranty Insurance Corporation, providing mortgage insurance to lenders across the United States [4]

Core Viewpoint - MGIC Investment Corporation is set to release its fourth quarter 2025 financial results on February 2, 2026, after market close, with a conference call scheduled for February 3, 2026, to discuss the results [1]. Group 1 - The conference call will take place at 10:00 a.m. Eastern Time on February 3, 2026 [1]. - Individuals interested in joining the call must register to receive the dial-in number and unique PIN [2]. - A replay of the webcast will be available on the Company's website until March 3, 2026 [2]. Group 2 - MGIC, the principal subsidiary of MGIC Investment Corporation, provides private mortgage insurance to lenders across the United States [3]. - The company aims to facilitate homeownership by making low-down-payment mortgages accessible [3]. Group 3 - MGIC Investment Corporation will continue to release important information through its corporate website and encourages investors to enroll for email alerts and RSS feeds [4].

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores provide a framework for evaluating stocks based on value, growth, and momentum, aiding investors in selecting securities likely to outperform the market [2] Zacks Style Scores Overview - Stocks are rated from A to F based on their value, growth, and momentum characteristics, with higher scores indicating a better chance of outperforming the market [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Score targets investors looking for undervalued stocks, utilizing ratios such as P/E, PEG, and Price/Sales to identify attractive investment opportunities [3] Growth Score - The Growth Score emphasizes a company's financial health and future potential, analyzing projected earnings, sales, and cash flow to find stocks with sustainable growth [4] Momentum Score - The Momentum Score focuses on capitalizing on price trends, using metrics like short-term price changes and earnings estimate revisions to identify optimal entry points for stocks [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies, highlighting stocks with strong value, growth, and momentum [6] Zacks Rank Integration - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.81% since 1988, significantly outperforming the S&P 500 [7] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B to maximize potential returns [9] Company Spotlight: MGIC Investment - MGIC Investment Corp., established in 1957, is the largest private mortgage insurer in the U.S., providing essential services for sustainable homeownership and protecting mortgage investors from credit losses [11] - MGIC has a Zacks Rank of 2 (Buy) and a VGM Score of B, with a Value Style Score of B, supported by a forward P/E ratio of 9.42, making it attractive for value investors [12] - Recent earnings estimates for fiscal 2025 have been revised upward, with the Zacks Consensus Estimate increasing by $0.11 to $3.12 per share, and an average earnings surprise of +14.2% [12][13]

Core Insights - Zacks Premium offers various tools to enhance stock market investment confidence and knowledge [1][2] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [3] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [4][5][6][7] - Each stock is rated from A to F, with A indicating the highest potential for outperformance [4] Value Score - The Value Score identifies undervalued stocks using financial ratios such as P/E, PEG, and Price/Sales [4] Growth Score - The Growth Score assesses stocks based on projected earnings, sales, and cash flow to find those with sustainable growth potential [5] Momentum Score - The Momentum Score focuses on stocks with upward or downward price trends, utilizing recent price changes and earnings estimate revisions [6] VGM Score - The VGM Score combines all three Style Scores to provide a comprehensive evaluation of stocks based on value, growth, and momentum [7] Zacks Rank and Style Scores Integration - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors in stock selection [8] - Stocks rated 1 (Strong Buy) have historically outperformed the S&P 500, with an average annual return of +23.81% since 1988 [9] Stock Recommendation: MGIC Investment - MGIC Investment Corp. is a leading private mortgage insurer in the U.S., focusing on sustainable homeownership [12] - MGIC is rated 2 (Buy) with a VGM Score of B and a Momentum Style Score of A, indicating strong investment potential [13] - Recent upward revisions in earnings estimates suggest a positive outlook, with the Zacks Consensus Estimate increasing by $0.11 to $3.12 per share [13]

Core Insights - MGIC Investment Corporation (MTG) shares closed at $28.38, near its 52-week high of $29.01, indicating strong investor confidence and potential for further price appreciation [1] - The stock is trading above its 50-day and 200-day simple moving averages, suggesting solid upward momentum [1] Market Performance - MTG has a market capitalization of $6.54 billion, with an average trading volume of 1.83 million shares over the last three months [2] - Year-to-date, MTG shares have gained 19.7%, outperforming the Finance sector's growth of 13.2% and the Zacks S&P 500 composite's growth of 17.6% [3] - Compared to peers like Assurant, Inc. (AIZ), Horace Mann Educators Corporation (HMN), and Radian Group Inc. (RDN), which gained 7.2%, 17.4%, and 12% respectively, MTG has shown superior performance [4] Growth Drivers - MTG anticipates stronger insurance-in-force growth driven by new business and solid persistency, supported by higher home sales, increased cash purchases, and improved refinancing activity [7] - The company has a capital strength that allows for significant share buybacks, with $614 million authorized through 2027 [7] Valuation Metrics - MGIC Investment shares are trading at a price-to-book value of 1.23X, lower than the industry average of 2.24X, indicating a better entry point for investors [8] - The stock has a Value Score of B, highlighting its attractiveness as a value stock [8] Financial Performance - MTG's return on invested capital (ROIC) has been increasing, currently at 11%, significantly higher than the industry average of 2% [9] - Earnings have grown by 12% over the past five years, outperforming the industry average of 9.8% [11] - The company has consistently surpassed earnings estimates, with an average surprise of 14.21% over the last four quarters [12] Analyst Sentiment - Analysts have raised earnings estimates for MTG for 2025 and 2026, with the Zacks Consensus Estimate for 2025 earnings moving up by 3.6% [13] Future Projections - The Zacks Consensus Estimate for MGIC Investment's 2025 earnings per share indicates a year-over-year increase of 7.2%, with revenues projected at $1.22 billion, reflecting a 0.4% improvement [10] - For 2026, earnings and revenues are expected to increase by 0.4% and 2.6%, respectively, compared to 2025 estimates [10] Risk Management - MGIC Investment is experiencing a decline in claim filings, which is expected to strengthen its balance sheet and improve its financial profile [14] - The company is enhancing its capital position through capital contributions and reinsurance transactions [15] Shareholder Value - MTG's capital strength supports wealth distribution through share buybacks, reflecting strong mortgage credit performance [16] - The company is focused on growth through higher premiums, outstanding credit quality, and new business initiatives [17] - Solid growth projections and attractive valuations are expected to benefit MGIC Investment in the long term [18]