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 ...

MGIC Investment Corp (NYSE:MTG) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Dianna Higgins - SVP, IR Timothy Mattke - CEO & Director Nathaniel Colson - EVP & CFO Conference Call Participants Bose George - KBW Mark DeVries - Barclays Bank Mihir Bhatia - Bank of America Merrill Lynch Eric Hagen - BTIG Geoffrey Dunn - Dowling & Partners Securities Operator Ladies and gentlemen, thank you for standing by, and welcome to the MGIC Investment Corporation First Quarter 2023 Earnings ...

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 March 31, 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 juri ...

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, including area code) FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION ...

MGIC Investment Corporation (NYSE:MTG) Q3 2022 Earnings Conference Call November 3, 2022 10:00 AM ET Company Participants Dianna Higgins - Head, Investor Relations Tim Mattke - Chief Executive Officer Nathan Colson - Chief Financial Officer Conference Call Participants Mark DeVries - Barclays Bose George - KBW Douglas Harter - Credit Suisse Mihir Bhatia - Bank of America Geoffrey Dunn - Dowling Operator Ladies and gentlemen, thank you for standing by and welcome to the MGIC Investment Corporation Third Quar ...