MGIC INVESTMENT CORP

Listed Company

MTGCIK 0000876437NYSELarge AcceleratedSurety InsuranceWisconsinFY ends Dec 31

Period

FY 2025

Revenue

$1.21B

Net Income

$738.35M

Total Assets

$6.64B

Equity

$5.15B

Shares Out

211.49M

Op. Cash Flow

$852.80M

Business

MGIC INVESTMENT CORP is a holding company that, through its subsidiaries, provides private mortgage insurance and mortgage credit risk management solutions. It offers primary mortgage insurance, credit risk transfer and pool insurance, reinsurance arrangements, contract underwriting, and ancillary services related to claims handling and loss mitigation. Its key business activities include mortgage insurance underwriting, reinsurance programs (quota share and excess of loss), investment portfolio management, and enterprise risk management. The company sells products nationwide through lenders and its employees, serving mortgage originators and participating in GSE programs.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Direct	1,114	1,101	1,105	1,109	1,123
Assumed	14	14	13	9	9
Ceded	−190	−182	−203	−156	−163
Net premiums written	938	933	915	961	969
Decrease in unearned premiums, net	27	37	38	46	45
Net premiums earned	966	971	953	1,007	1,014
Investment income, net of expenses	246	245	215	167	156
Net gains (losses) on investments and other financial instruments	334,000	−10	−14	−7	6
Other revenue	1	2	2	6	9
Total revenues	1,214	1,208	1,155	1,173	1,186
Losses incurred, net	49	−15	−21	−255	65
Amortization of deferred insurance policy acquisition costs	7	9	11	12	13
Other underwriting and operating expenses, net	193	209	226	237	198
Interest expense	36	36	37	48	71
Total losses and expenses	285	239	253	83	384
Income before tax	929	969	902	1,090	802
Provision for income taxes	190	206	189	225	167
Net income	738	763	713	865	635
Basic (in dollars per share)	3.17	2.92	2.51	2.83	1.9
Diluted (in dollars per share)	3.14	2.89	2.49	2.79	1.85
Weighted average common shares outstanding - basic (in shares)	233	262	284	306	334
Weighted average common shares outstanding - diluted (in shares)	235	264	287	311	351

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fair Value	5,791	5,852	5,723	5,410	6,588
Equity securities, at fair value (cost, 2025 - $16,286; 2024 - $16,146)	15	15	15	14	16
Other invested assets, at cost	1	1	850,000	850,000	3
Total investment portfolio	5,808	5,868	5,739	5,425	6,607
Cash and cash equivalents	369	229	364	327	285
Restricted cash and cash equivalents	7	5	7	6	20
Accrued investment income	58	61	59	55	52
Reinsurance recoverable on loss reserves	65	47	33	28	67
Reinsurance recoverable on paid losses	4	4	10	18	36
Premiums receivable	58	58	58	58	57
Home office and equipment, net	32	36	39	41	46
Deferred insurance policy acquisition costs	8	12	15	19	22
Deferred income taxes, net	19	70	80	125	0
Other assets	211	158	135	111	134
Total assets	6,639	6,547	6,538	6,214	7,325
Loss reserves	475	463	505	558	884
Unearned premiums	93	120	158	195	242
Senior notes	646	645	643	642	882
Federal tax credits payable	135	13	—	—	—
Other liabilities	143	135	160	155	192
Total liabilities	1,492	1,375	1,466	1,571	2,464
Contingencies	—	—	—	—	—
Common stock	219	248	371	371	371
Paid-in capital	1,812	1,808	1,808	1,799	1,795
Accumulated other comprehensive income (loss), net of tax	−134	−288	−316	−482	120
Retained earnings	3,250	3,404	4,593	4,004	3,251
Total shareholders' equity	5,148	5,172	5,072	4,643	4,861
Total liabilities and shareholders' equity	6,639	6,547	6,538	6,214	7,325

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and other amortization	7	18	35	54	66
Deferred tax expense (benefit)	19	2	1	−4	5
Equity compensation	24	31	32	25	17
Accrued investment income	3	−2	−4	−3	−2
Reinsurance recoverable on loss reserves	−18	−14	−5	39	28
Reinsurance recoverable on paid losses	−189,000	6	8	18	−36
Premiums receivable	−648,000	963,000	−499,000	−1	−496,000
Deferred insurance policy acquisition costs	3	3	4	3	−110,000
Loss reserves	12	−43	−53	−326	3
Unearned premiums	−27	−37	−38	−46	−45
Current income taxes	93	16	−4	−9	5
Other, net	−2	−29	9	−103,000	990,000
Net cash provided by (used in) operating activities	853	725	713	650	696
Purchases of investments	−1,621	−1,556	−1,470	−674	−1,531
Proceeds from sales of investments	111	45	377	400	474
Proceeds from maturity of fixed income securities	1,740	1,370	913	688	901
Proceeds from sale of property and equipment	0	0	2	0	0
Additions to property and equipment	−1	−1	−2	−3	−4
Net cash provided by (used in) investing activities	228	−142	−179	410	−161
Conversion / purchase of convertible junior subordinated debentures	0	0	−29	−89	−99
Repurchase of common stock	−789	−569	−337	−386	−291
Dividends paid	−132	−131	−123	−111	−94
Payment of withholding taxes related to share-based compensation net share settlement	−19	−19	−7	−10	−7
Net cash provided by (used in) financing activities	−940	−719	−496	−1,033	−527
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	141	−136	38	28	8

Filings

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