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PR Newswire | 30. Juli 2025, 16:03

MGIC Investment Corporation Reports Second Quarter 2025 Results

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MILWAUKEE, July 30, 2025

Second Quarter 2025 Net Income of $192.5 million or $0.81 per Diluted Share

Second Quarter 2025 Adjusted Net Operating Income (Non-GAAP) of $194.0 million or $0.82 per Diluted Share

MILWAUKEE, July 30, 2025 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the second quarter of 2025.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "For the second quarter we earned net income of $192.5 million and recorded an annualized 15% return on equity building upon the momentum we've maintained over the past few years. The strength of our capital position was again demonstrated during the quarter as we returned $212 million of capital to our shareholders through a combination of share repurchases and dividends. Our capital position further supports the 15% increase in our common stock dividend that was announced last week," concluded Mattke.

SUMMARY FINANCIAL METRICS	Quarter ended
($ in millions, except where otherwise noted)	Q2 2025	Q1 2025	Q2 2024
Net income	$ 192.5	$ 185.5	$ 204.2
Net income per diluted share	$ 0.81	$ 0.75	$ 0.77
Adjusted net operating income	$ 194.0	$ 185.2	$ 204.9
Adjusted net operating income per diluted share	$ 0.82	$ 0.75	$ 0.77
New insurance written (NIW) (billions)	$ 16.4	$ 10.2	$ 13.5
Net premiums earned	$ 244.3	$ 243.7	$ 243.5
Insurance in force (billions)	$ 297.0	$ 293.8	$ 291.6
Annual persistency	84.7 %	84.7 %	85.4 %
Losses incurred, net	$ (2.8)	$ 9.6	$ (18.3)
Primary delinquency inventory	24,444	25,438	23,370
Primary IIF delinquency rate (count based)	2.21 %	2.30 %	2.09 %
Loss ratio	(1.2 %)	3.9 %	(7.5 %)
Underwriting expense ratio	21.9 %	22.5 %	23.1 %
In force portfolio yield (bps)	38.3	38.4	38.4
Net premium yield (bps)	33.0	33.0	33.4
Annualized return on equity	15.0 %	14.3 %	16.0 %
Book value per common share outstanding	$ 22.11	$ 21.40	$ 19.58
Adjust for AOCI	$ 0.88	$ 0.98	$ 1.27
Tangible book value per share	$ 22.99	$ 22.38	$ 20.85

CAPITAL AND LIQUIDITY	As of
($ in billions, except where otherwise noted)	June 30, 2025	March 31, 2025	June 30, 2024
PMIERs available assets	$ 5.7	$ 5.9	$ 5.8
PMIERs excess	$ 2.4	$ 2.6	$ 2.4
Holding company liquidity (millions)	$ 1,046	$ 824	$ 990

SECOND QUARTER 2025 HIGHLIGHTS

We executed two traditional excess-of-loss reinsurance transactions which provide up to $160 million and $184 million of reinsurance coverage on eligible NIW in 2025 and 2026, respectively.
We repurchased 7.1 million shares of our common stock for $180.7 million.
We paid a dividend of $0.13 per common share to shareholders during the second quarter of 2025.
MGIC paid a $400 million dividend to our holding company.
In April 2025, our board of directors approved an additional share repurchase program, authorizing us to purchase up to $750 million of common stock prior to December 31, 2027.

THIRD QUARTER 2025 HIGHLIGHTS

Through July 25, 2025 we repurchased an additional 2.6 million shares of our common stock for $68.0 million.
We declared a dividend of $0.15 per common share to shareholders payable on August 21, 2025, to shareholders of record at the close of business on August 7, 2025.

Conference Call and Webcast Details

MGIC Investment Corporation will hold a conference call July 31, 2025, at 9:30 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. Individuals interested in joining by telephone should register for the call at https://register-conf.media-server.com/register/BIe8cf5581bd3f4f7a8745aff79750cba5 to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed at the company's website at http://mtg.mgic.com/ under "Newsroom." A replay of the webcast will be available on the company's website through September 1, 2025.

About MGIC

Mortgage Guaranty Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. At June 30, 2025, MGIC had $297.0 billion of primary insurance in force covering 1.1 million mortgages.

This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics, are all available on the Company's website at https://mtg.mgic.com/ under "Newsroom."

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

Safe Harbor Statement

Forward Looking Statements and Risk Factors:

Our actual results could be affected by the risk factors below. These risk factors should be reviewed in connection with this press release and our periodic reports to the Securities and Exchange Commission ("SEC"). These risk factors may also cause actual results to differ materially from the results contemplated by forward looking statements that we may make. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as "believe," "anticipate," "will" or "expect," or words of similar import, are forward looking statements. 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 investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public.

While we communicate with security analysts from time to time, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, investors should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report, and such reports are not our responsibility.

Use of Non-GAAP financial measures

We believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as alternatives to GAAP measures of performance.

Adjusted pre-tax operating income (loss) is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable.

Adjusted net operating income (loss) is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%.

Adjusted net operating income (loss) per diluted share is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units

Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us.

(1)	Net realized investment gains (losses). The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles.
(2)	Gains and losses on debt extinguishment. Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile.
(3)	Infrequent or unusual non-operating items. Items that are non-recurring in nature and are not part of our primary operating activities.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands, except per share data)	2025	2024	2025	2024

Net premiums written	$ 237,384	$ 233,478	$ 472,730	$ 467,278
Revenues
Net premiums earned	$ 244,322	$ 243,528	$ 488,041	$ 486,172
Net investment income	60,995	61,479	122,438	121,223
Net gains (losses) on investments and other financial instruments	(1,426)	(276)	(685)	(8,785)
Other revenue	354	546	685	1,028
Total revenues	304,245	305,277	610,479	599,638
Losses and expenses
Losses incurred, net	(2,835)	(18,272)	6,756	(13,717)
Underwriting and other expenses, net	52,092	54,825	105,155	115,852
Interest expense	8,899	8,899	17,798	17,798
Total losses and expenses	58,156	45,452	129,709	119,933
Income before tax	246,089	259,825	480,770	479,705
Provision for income taxes	53,607	55,597	102,828	101,380
Net income	$ 192,482	$ 204,228	$ 377,942	$ 378,325
Net income per diluted share	$ 0.81	$ 0.77	$ 1.56	$ 1.40

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands, except per share data)	2025	2024	2025	2024
Net income - basic and diluted	$ 192,482	$ 204,228	$ 377,942	$ 378,325
Basic weighted average common shares outstanding	236,333	265,315	240,218	267,814
Dilutive effect of unvested restricted stock units	1,638	1,557	1,991	2,176
Diluted weighted average common shares outstanding	237,971	266,872	242,209	269,990

Diluted earnings per share	$ 0.81	$ 0.77	$ 1.56	$ 1.40

NON-GAAP RECONCILIATIONS

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Three Months Ended June 30,

2025

2024

(In thousands, except per share amounts)

Pre-tax

Tax Effect

Net

(after-tax)

Pre-tax

Tax Effect

Net

(after-tax)

Income before tax / Net income

$ 246,089

$ 53,607

$ 192,482

$ 259,825

$ 55,597

$ 204,228

Adjustments:

Net realized investment (gains) losses

1,944

408

1,536

822

173

649

Adjusted pre-tax operating income / Adjusted

net operating income

$ 248,033

$ 54,015

$ 194,018

$ 260,647

$ 55,770

$ 204,877

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share

Weighted average shares - diluted

237,971

266,872

Net income per diluted share

$ 0.81

$ 0.77

Net realized investment (gains) losses

0.01

0.00

Adjusted net operating income per diluted share

$ 0.82

$ 0.77

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Six Months Ended June 30,

2025

2024

(In thousands, except per share amounts)

Pre-tax

Tax Effect

Net
(after-tax)

Pre-tax

Tax Effect

Net
(after-tax)

Income before tax / Net income

$ 480,770

$ 102,828

$ 377,942

$ 479,705

$ 101,380

$ 378,325

Adjustments:

Net realized investment (gains) losses

1,625

341

1,284

6,251

1,313

4,938

Adjusted pre-tax operating income / Adjusted
net operating income

$ 482,395

$ 103,169

$ 379,226

$ 485,956

$ 102,693

$ 383,263

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share

Weighted average shares - diluted

242,209

269,990

Net income per diluted share

$ 1.56

$ 1.40

Net realized investment (gains) losses

0.01

0.02

Adjusted net operating income per diluted share

$ 1.57

$ 1.42

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	June 30,	December 31,	June 30,
(In thousands, except per share data)	2025	2024	2024
ASSETS
Investments ⁽¹⁾	$ 5,818,478	$ 5,867,560	$ 5,805,713
Cash and cash equivalents	294,871	229,485	281,788
Restricted cash and cash equivalents	4,024	5,142	6,020
Reinsurance recoverable on loss reserves ⁽²⁾	53,781	47,281	42,346
Home office and equipment, net	33,210	35,679	36,747
Deferred insurance policy acquisition costs	10,274	11,694	13,126
Deferred income taxes, net	41,818	69,875	90,629
Other assets	285,871	280,519	247,553
Total assets	$ 6,542,327	$ 6,547,235	$ 6,523,922

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Loss reserves ⁽²⁾	$ 452,154	$ 462,662	$ 477,614
Unearned premiums	105,049	120,360	138,885
Senior notes	645,402	644,667	643,931
Other liabilities	184,778	147,171	146,571
Total liabilities	1,387,383	1,374,860	1,407,001
Shareholders' equity	5,154,944	5,172,375	5,116,921
Total liabilities and shareholders' equity	$ 6,542,327	$ 6,547,235	$ 6,523,922
Book value per share ⁽³⁾	$ 22.11	$ 20.82	$ 19.58

⁽¹⁾ Investments include net unrealized gains (losses) on securities	$ (224,917)	$ (326,428)	$ (360,505)
⁽²⁾ Loss reserves, net of reinsurance recoverable on loss reserves	$ 398,373	$ 415,381	$ 435,268
⁽³⁾ Shares outstanding	233,138	248,449	261,390

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN

	2025		2024			Year-to-date
	Q2	Q1	Q4	Q3	Q2	2025	2024
New primary insurance written (NIW) (billions)	$ 16.4	$ 10.2	$ 15.9	$ 17.2	$ 13.5	$ 26.6	$ 22.6

Monthly (including split premium plans) and annual premium plans	16.0	9.9	15.5	16.8	13.2	25.9	22.0
Single premium plans	0.4	0.3	0.4	0.3	0.4	0.7	0.7

Product mix as a % of primary NIW
FICO < 680	4 %	4 %	4 %	4 %	4 %	4 %	4 %
>95% LTVs	13 %	13 %	13 %	13 %	14 %	13 %	15 %
>45% DTI	26 %	31 %	29 %	29 %	29 %	28 %	29 %
Singles	2 %	2 %	2 %	2 %	3 %	2 %	3 %
Refinances	6 %	6 %	8 %	3 %	2 %	6 %	2 %

New primary risk written (billions)	$ 4.3	$ 2.6	$ 4.1	$ 4.5	$ 3.5	$ 6.9	$ 5.9

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE

	2025		2024
	Q2	Q1	Q4	Q3		Q2
Primary Insurance In Force (IIF) (billions)	$ 297.0	$ 293.8	$ 295.4	$ 292.8	(1)	$ 291.6
Total # of loans	1,107,526	1,105,863	1,118,308	1,119,300		1,116,159

Premium Yield
In force portfolio yield ⁽²⁾	38.3	38.4	38.6	38.9	(1)	38.4
Premium refunds ⁽³⁾	(0.1)	0.0	0.0	(0.1)		0.2
Accelerated earnings on single premium	0.2	0.2	0.4	0.3		0.3
Total direct premium yield	38.4	38.6	39.0	39.1		38.9
Ceded premiums earned, net of profit commission and assumed premiums ⁽⁴⁾	(5.4)	(5.6)	(6.1)	(5.7)		(5.5)
Net premium yield	33.0	33.0	32.9	33.4		33.4

Average Loan Size of IIF (thousands)	$ 268.2	$ 265.7	$ 264.1	$ 261.6		$ 261.3

Annual Persistency	84.7 %	84.7 %	84.8 %	85.3 %		85.4 %

Primary Risk In Force (RIF) (billions)	$ 79.5	$ 78.5	$ 78.8	$ 78.0		$ 77.3
By FICO (%) ⁽⁵⁾
FICO 760 & >	44 %	44 %	44 %	44 %		43 %
FICO 740-759	18 %	18 %	18 %	18 %		18 %
FICO 720-739	14 %	14 %	14 %	14 %		14 %
FICO 700-719	10 %	10 %	10 %	10 %		11 %
FICO 680-699	7 %	7 %	7 %	7 %		7 %
FICO 660-679	3 %	3 %	3 %	3 %		3 %
FICO 640-659	2 %	2 %	2 %	2 %		2 %
FICO 639 & <	2 %	2 %	2 %	2 %		2 %

Average Coverage Ratio (RIF/IIF)	26.8 %	26.7 %	26.7 %	26.6 %		26.5 %


(1)	In the third quarter of 2024, we updated our method for calculating the unpaid principal balance on our in force loans. This resulted in a $2.5 billion reduction in our insurance in force and resulted in a 0.2 basis point increase in our in force portfolio yield for the third quarter of 2024.
(2)	Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force.
(3)	Premium refunds and our estimate of refundable premium on our delinquency inventory divided by average primary insurance in force.
(4)	Ceded premiums earned, net of profit commissions and assumed premiums. Assumed premiums include our participation in GSE Credit Risk Transfer programs, of which the impact on the net premium yield was 0.5 bps in the second quarter of 2025.
(5)	The FICO credit score at the time of origination for a loan with multiple borrowers is the lowest of the borrowers' "decision FICO scores." A borrower's "decision FICO score" is determined as follows: if there are three FICO scores available, the middle FICO score is used; if two FICO scores are available, the lower of the two is used; if only one FICO score is available, it is used.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - DELINQUENCY STATISTICS

	2025				2024
	Q2		Q1		Q4		Q3		Q2
Primary IIF - Delinquent Roll Forward - # of Loans
Beginning Delinquent Inventory	25,438		26,791		25,089		23,370		24,142
New Notices	11,970		12,965		14,127		13,679		11,444
Cures	(12,588)		(13,981)		(12,040)		(11,591)		(11,786)
Paid claims	(341)		(312)		(306)		(347)		(313)
Rescissions and denials	(35)		(25)		(27)		(22)		(16)
Other items removed from inventory ⁽¹⁾	—		—		(52)		—		(101)
Ending Delinquent Inventory	24,444		25,438		26,791		25,089		23,370

Primary IIF Delinquency Rate (count based)	2.21 %		2.30 %		2.40 %		2.24 %		2.09 %
Primary claim received inventory included in ending delinquent inventory	295		304		319		299		273

Composition of Cures
Reported delinquent and cured intraquarter	3,268		4,321		3,619		3,926		3,051
Number of payments delinquent prior to cure
3 payments or less	5,708		6,379		5,456		4,743		5,358
4-11 payments	2,887		2,759		2,404		2,277		2,649
12 payments or more	725		522		561		645		728
Total Cures in Quarter	12,588		13,981		12,040		11,591		11,786

Composition of Paids
Number of payments delinquent at time of claim payment
3 payments or less	—		1		1		2		1
4-11 payments	32		28		27		28		23
12 payments or more	309		283		278		317		289
Total Paids in Quarter	341		312		306		347		313

Aging of Primary Delinquent Inventory
Consecutive months delinquent
3 months or less	8,552	35 %	8,497	33 %	10,352	38 %	9,621	38 %	8,245	35 %
4-11 months	8,868	36 %	9,907	39 %	9,281	35 %	8,339	33 %	8,091	35 %
12 months or more	7,024	29 %	7,034	28 %	7,158	27 %	7,129	29 %	7,034	30 %

Number of payments delinquent
3 payments or less	12,260	50 %	12,319	48 %	14,135	53 %	13,096	52 %	11,716	50 %
4-11 payments	7,963	33 %	8,788	35 %	8,392	31 %	7,629	31 %	7,252	31 %
12 payments or more	4,221	17 %	4,331	17 %	4,264	16 %	4,364	17 %	4,402	19 %

(1) Items removed from inventory are associated with commutations of coverage on non-performing policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID

	2025		2024			Year-to-date
	Q2	Q1	Q4	Q3	Q2	2025	2024
Reserves (millions)
Primary Direct Loss Reserves	$ 450	$ 462	$ 460	$ 457	$ 475
Other Gross Loss Reserves	2	3	3	4	3
Total Gross Loss Reserves	$ 452	$ 465	$ 463	$ 461	$ 478

Primary Average Direct Reserve Per Delinquency	$ 18,395	$ 18,167	$ 17,159	$ 18,232	$ 20,307

Net Paid Claims (millions) ⁽¹⁾	$ 12	$ 12	$ 11	$ 10	$ 12	$ 24	$ 24
Total primary (excluding settlements)	13	12	10	9	10	25	20
Rescission and NPL settlements	—	—	1	—	1	—	1
Reinsurance	(2)	(2)	(1)	(1)	(1)	(4)	(1)
LAE and other	1	2	1	2	2	3	4
Reinsurance Terminations ⁽¹⁾	—	—	(3)	—	—	—	—

Primary Average Claim Payment (thousands) ⁽²⁾	$ 36.5	$ 38.8	$ 34.0	$ 27.2	$ 30.6	$ 37.6	$ 29.4

(1) Net paid claims, as presented, does not include amounts received in conjunction with terminations or commutations of reinsurance agreements.

(2) Excludes amounts paid in settlement disputes for claims paying practices and/or commutations of policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS

2025

2024

Year-to-date

2025

2024

Quota Share Reinsurance

% NIW subject to reinsurance

87.7 %

86.8 %

86.2 %

87.0 %

86.9 %

87.4 %

87.2 %

Ceded premiums written and earned (millions) ⁽¹⁾

$ 28.1

$ 29.9

$ 32.2

$ 27.7

$ 26.7

$ 58.0

$ 55.4

Ceded losses incurred (millions)

$ 4.0

$ 6.4

$ 6.1

$ 4.0

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MGIC Investment Corporation Reports Second Quarter 2025 Results

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