MGIC Investment (MTG) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.33%. A quarter ago, it was expected that this mortgage insurance company would post earnings of $0.57 per share when it actually produced earnings of $0.67, delivering a surprise of 17.54%.Over the last four quart ...

[Forward Looking and Other Statements](index=2&type=section&id=Forward%20Looking%20and%20Other%20Statements) This section clarifies that the report contains forward-looking statements, which are not historical facts and are subject to risks, advising readers not to rely on these statements being current beyond the filing date and disclaiming any obligation to update them - Forward-looking statements are identified by words such as "believe," "anticipate," or "expect" and relate to future events, not historical facts[4](index=4&type=chunk) - Actual results may differ materially from forward-looking statements due to various risk factors[4](index=4&type=chunk) - The company does not undertake any obligation to update forward-looking statements or other statements after the filing date[4](index=4&type=chunk) [Glossary of terms and acronyms](index=4&type=section&id=Glossary%20of%20terms%20and%20acronyms) This section provides definitions for key terms and acronyms used throughout the report, essential for understanding the company's financial condition and operations, particularly in the mortgage insurance industry - Defines industry-specific terms such as "**Annual Persistency**," "**Delinquency Rate**," "**Insurance in force (IIF)**," "**Risk in force (RIF)**," and "**PMIERs**"[8](index=8&type=chunk)[14](index=14&type=chunk)[23](index=23&type=chunk)[20](index=20&type=chunk) - Explains financial metrics like "**EPS**" (Earnings per share), "**Loss ratio**," and "**Underwriting profit**"[11](index=11&type=chunk)[15](index=15&type=chunk)[26](index=26&type=chunk) - Clarifies acronyms for regulatory bodies and financial instruments, including "**GSEs**" (Fannie Mae and Freddie Mac), "**NAIC**," "**QSR Transaction**" (Quota share reinsurance), and "**XOL Transactions**" (Excess-of-loss reinsurance)[12](index=12&type=chunk)[17](index=17&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk) [PART I — FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1 Financial Statements](index=8&type=section&id=Item%201%20Financial%20Statements) This section presents the unaudited consolidated financial statements for MGIC Investment Corporation and its subsidiaries for the quarter ended March 31, 2024, including balance sheets, statements of operations, comprehensive income, shareholders' equity, and cash flows, along with detailed notes [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show the company's financial position at March 31, 2024, compared to December 31, 2023, indicating a slight decrease in total assets and liabilities, while shareholders' equity increased | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Total assets | $6,535,246 | $6,538,380 | (0.05%) | | Total liabilities | $1,432,903 | $1,466,363 | (2.28%) | | Total shareholders' equity | $5,102,343 | $5,072,017 | 0.60% | | Cash and cash equivalents | $431,347 | $363,666 | 18.62% | | Loss reserves | $504,447 | $505,379 | (0.18%) | | Senior notes | $643,563 | $643,196 | 0.06% | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show an increase in net income for the three months ended March 31, 2024, compared to the same period in 2023, driven by higher investment income and lower losses and expenses | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (%) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | | Net premiums earned | $242,644 | $242,015 | 0.26% | | Investment income, net of expenses | $59,744 | $49,223 | 21.37% | | Net gains (losses) on investments | $(8,509) | $(7,698) | 10.53% | | Total revenues | $294,361 | $283,965 | 3.66% | | Losses incurred, net | $4,555 | $6,446 | (29.34%) | | Other underwriting and operating expenses, net | $59,018 | $70,063 | (15.80%) | | Total losses and expenses | $74,481 | $88,361 | (15.71%) | | Income before tax | $219,880 | $195,604 | 12.41% | | Net income | $174,097 | $154,547 | 12.65% | | Basic EPS | $0.64 | $0.53 | 20.75% | | Diluted EPS | $0.64 | $0.53 | 20.75% | [Consolidated Statements of Comprehensive Income](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The consolidated statements of comprehensive income show a decrease in comprehensive income for the three months ended March 31, 2024, primarily due to a change from unrealized investment gains to losses, despite an increase in net income | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (%) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | | Net income | $174,097 | $154,547 | 12.65% | | Change in unrealized investment gains and losses | $(10,392) | $80,659 | (112.88%) | | Benefit plan adjustments | $539 | $5,353 | (89.92%) | | Other comprehensive income (loss), net of tax | $(9,853) | $86,012 | (111.45%) | | Comprehensive income (loss) | $164,244 | $240,559 | (31.73%) | [Consolidated Statements of Shareholders' Equity](index=11&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) The consolidated statements of shareholders' equity show an increase in total shareholders' equity for the three months ended March 31, 2024, primarily driven by net income, partially offset by treasury stock repurchases and cash dividends | Metric | March 31, 2024 (in thousands) | March 31, 2023 (in thousands) | Change (%) | | :----------------------------------- | :---------------------------- | :---------------------------- | :--------- | | Common stock | $371,353 | $371,353 | 0.00% | | Paid-in capital | $1,788,050 | $1,791,609 | (0.20%) | | Treasury stock | $(1,466,224) | $(1,119,048) | 31.02% | | Accumulated other comprehensive income (loss) | $(326,134) | $(395,499) | (17.54%) | | Retained earnings | $4,735,298 | $4,129,229 | 14.68% | | Total shareholders' equity | $5,102,343 | $4,777,644 | 6.79% | - Repurchase of common stock amounted to **$(94,053) thousand** in Q1 2024, compared to $(78,523) thousand in Q1 2023[34](index=34&type=chunk) - Cash dividends paid were **$(31,924) thousand** in Q1 2024, compared to $(29,612) thousand in Q1 2023[34](index=34&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows show a net increase in cash and cash equivalents for the three months ended March 31, 2024, primarily due to positive cash flow from operating and investing activities, partially offset by financing activities | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (%) | | :------------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | | Net cash provided by (used in) operating activities | $190,537 | $212,286 | (10.25%) | | Net cash provided by (used in)

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 ...