MGIC Investment Q1 Earnings Top, Insurance in Force Rises

Core Viewpoint - MGIC Investment Corporation reported strong first-quarter 2025 results with operating net income per share of 75 cents, exceeding estimates and showing a year-over-year increase of 15.4% [1] Financial Performance - Total operating revenues reached $305 million, a 0.7% increase year over year, but fell short of consensus estimates by 1.5% [2] - Book value per share increased by 2.8% year over year to $21.40 as of March 31, 2025 [6] - Shareholder equity was $5.1 billion, down 0.6% from the end of 2024 [6] Operational Metrics - Insurance in force rose by 1% year over year to $293.8 billion, below the Zacks Consensus Estimate of $297 billion [3] - New insurance written was $10.2 billion, reflecting a 12.1% year-over-year increase [3] - Primary delinquency increased by 5.3% to 25,438 loans [4] Investment Income and Premiums - Net premiums written increased by 0.7% year over year to $235 million, which was lower than the estimate of $238.4 million [4] - Net investment income rose by 2.8% year over year to $61.4 million, also below the estimate of $64.3 million [4] Capital Management - The company repurchased 9.2 million shares for $224.3 million in the first quarter and an additional 2.8 million shares for $65.8 million in April [7] - An additional share repurchase program was approved, allowing for the purchase of up to $750 million of common stock by December 31, 2027 [7] Dividend Information - MGIC Investment paid $400 million in dividends to the holding company and declared a dividend of 13 cents per share for shareholders [8]