Industry Overview - Multiline insurers are expected to grow due to better pricing, prudent underwriting, increased exposure, and faster economic recovery, with the industry rising 5.4% year to date compared to the Finance sector's 3.8% increase [1] - Accelerated digitalization and an improving rate environment are anticipated to enhance the industry's operational efficiency and investment income [2] - The transition to green energy and related insurance products, along with exposure to intangible assets, presents growth opportunities for the industry [4] Company Analysis - MGIC Investment has a market capitalization of $5.6 billion and provides private mortgage insurance and related services, while Enact Holdings has a market capitalization of $4.7 billion and offers similar products [3] - MGIC Investment's shares have increased by 9% year to date, outperforming the industry's growth of 5.4% and Enact Holdings' rise of 4.3% [7] - MGIC Investment has a Return on Equity (ROE) of 15%, exceeding Enact Holdings' ROE of 14.6% and the industry average of 14.1% [22] - MGIC Investment's debt-to-capital ratio is 11.2, significantly lower than the industry average of 36.1 and Enact Holdings' 13.6, indicating better leverage [23] - MGIC Investment's net margin for the trailing 12 months was 62.8%, higher than Enact Holdings' 55.8%, suggesting better profitability [27] Comparative Metrics - The Zacks Consensus Estimate for Enact Holdings' 2024 revenues implies a year-over-year increase of 7.4%, while MGIC Investment's estimate suggests a 4.6% increase [14] - Enact Holdings has a dividend yield of 2.46%, which is better than MGIC Investment's 2.19% [25] - MGIC Investment has a VGM Score of B, while Enact Holdings has a VGM Score of C, indicating that MGIC Investment is better positioned [13]

This multi-line insurer carries a Zacks Rank #3 (Hold) at present. The company's earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 15.45%. Will the Bull Run Continue? The Zacks Consensus Estimate for MGIC Investment's 2024 revenues is pegged at $1.23 billion, implying a year-over-year improvement of 5.4%. The consensus estimate for 2025 earnings per share and revenues indicates a year-over-year increase of 3.9% and 4.6%, respectively, from the corresponding 202 ...

MGIC Investment Corporation (MTG) reported first-quarter 2024 operating net income per share of 65 cents, which beat the Zacks Consensus Estimate by 8.3%. The better-than-expected earnings were driven by higher net investment income and lower underwriting and other expenses. The insurer continues to benefit from favorable credit trends and the resiliency of the housing market.  The bottom line improved 20.3% year over year.MGIC Investment recorded total operating revenues of $303 million, which increased 3. ...

Financial Data and Key Metrics Changes - The company reported net income of $174 million for the first quarter, resulting in an annualized return on equity of 13.7% [3] - Book value per share increased to $18.97, up 14% compared to a year ago, driven by strong results and accretive share repurchases [15] - Adjusted net operating income was $0.65 per diluted share compared to $0.54 last year [31] Business Line Data and Key Metrics Changes - The company wrote $9 billion of new insurance during the quarter, with total insurance in force at $291 billion, down 0.5% from a year ago [9] - The loss ratio for the quarter was 2%, reflecting continued strong credit performance [13] - The in-force premium yield was 38.5 basis points, flat quarter-over-quarter [33] Market Data and Key Metrics Changes - The mortgage origination industry is facing challenges due to elevated interest rates and affordability issues, impacting the overall origination market [10] - Annual persistency ended the first quarter at 86%, remaining flat quarter-over-quarter [28] Company Strategy and Development Direction - The company is focused on maintaining financial strength and adapting to varying macroeconomic environments, with a capital structure that includes $6 billion of balance sheet capital [29] - A new $750 million share repurchase program was authorized, reflecting confidence in capital generation expectations [11][30] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties in the economic landscape but expressed optimism about the resilience of the housing market [17] - The company expects the level of new delinquency notices may increase due to seasoning of prior book years, but overall credit quality remains strong [14][27] Other Important Information - Operating expenses decreased to $61 million from $73 million in the first quarter last year, with expectations for full-year operating expenses in the range of $215 million to $225 million [16] - S&P upgraded the company's financial strength and credit ratings to A- and BBB- for the holding company, with a stable outlook [16] Q&A Session Summary Question: About the NIW growth this quarter - Management acknowledged a slight loss of market share but emphasized a disciplined pricing approach and long-term perspective [19] Question: On the reserve release in the quarter - Management provided insights on the vintage of origination related to reserve releases, indicating a focus on recent delinquencies [40] Question: On the $750 million buyback decision - Management explained the rationale behind the buyback figure, considering macroeconomic scenarios and capital generation expectations [41] Question: Cure activity in the quarter - Management discussed the return of seasonality in cure activity and its broad-based nature across various loan characteristics [55] Question: Embedded equity in delinquent inventory - Management shared that the delinquent inventory is around 2%, with a focus on tail scenarios rather than average home price appreciation [44] Question: Delinquency rates normalization - Management indicated that delinquency rates may normalize in the 2% to 3% range, depending on macroeconomic conditions [62]

For the quarter ended March 2024, MGIC Investment (MTG) reported revenue of $302.87 million, up 3.8% over the same period last year. EPS came in at $0.65, compared to $0.54 in the year-ago quarter.The reported revenue represents a surprise of -0.40% over the Zacks Consensus Estimate of $304.08 million. With the consensus EPS estimate being $0.60, the EPS surprise was +8.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

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 ...