$MTG
MGIC INVESTMENT CORP
CIK:0000876437|SEC Filings
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Premiums written: | ||||
| Direct | $ 279,441 | $ 277,206 | $ 565,963 | $ 553,677 |
| Assumed | 2,483 | 3,717 | 6,448 | 7,255 |
| Ceded | (51,962) | (43,539) | (107,506) | (88,202) |
| Net premiums written | 229,962 | 237,384 | 464,905 | 472,730 |
| Decrease in unearned premiums, net | 8,095 | 6,938 | 8,515 | 15,311 |
| Net premiums earned | 238,057 | 244,322 | 473,420 | 488,041 |
| Investment income, net of expenses | 59,465 | 60,995 | 121,207 | 122,438 |
| Net gains (losses) on investments and other financial instruments | (2,226) | (1,426) | (2,395) | (685) |
| Other revenue | 92 | 354 | 233 | 685 |
| Total Revenues | 295,388 | 304,245 | 592,465 | 610,479 |
| Losses and Expenses: | ||||
| Losses incurred, net | 10,986 | (2,835) | 44,228 | 6,756 |
| Amortization of deferred insurance policy acquisition costs | 1,297 | 1,738 | 2,521 | 3,395 |
| Other underwriting and operating expenses, net | 44,278 | 50,354 | 91,162 | 101,760 |
| Interest expense | 8,899 | 8,899 | 17,798 | 17,798 |
| Total Losses and Expenses | 65,460 | 58,156 | 155,709 | 129,709 |
| Income before tax | 229,928 | 246,089 | 436,756 | 480,770 |
| Provision for income tax | 47,783 | 53,607 | 89,308 | 102,828 |
| Net Income | $ 182,145 | $ 192,482 | $ 347,448 | $ 377,942 |
| Earnings per share: | ||||
| Basic (in dollars per share) | $ 0.87 | $ 0.81 | $ 1.63 | $ 1.57 |
| Diluted (in dollars per share) | $ 0.86 | $ 0.81 | $ 1.62 | $ 1.56 |
| Weighted average common shares outstanding - basic (in shares) | 209,923 | 236,333 | 213,012 | 240,218 |
| Weighted average common shares outstanding - diluted (in shares) | 210,945 | 237,971 | 214,548 | 242,209 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Investment portfolio: | ||
| Fixed income available-for-sale | $ 5,701,058 | $ 5,791,231 |
| Equity securities, at fair value (cost 2026 - $16,360; 2025 - $16,286) | 15,274 | 15,322 |
| Other invested assets, at cost | 1,109 | 1,109 |
| Total investment portfolio | 5,717,441 | 5,807,662 |
| Cash and cash equivalents | 207,277 | 368,989 |
| Restricted cash and cash equivalents | 7,819 | 6,525 |
| Accrued investment income | 57,594 | 58,009 |
| Reinsurance recoverable on loss reserves | 76,144 | 65,055 |
| Reinsurance recoverable on paid losses | 5,437 | 4,386 |
| Premiums receivable | 69,694 | 58,184 |
| Home office and equipment, net | 31,604 | 32,454 |
| Deferred insurance policy acquisition costs | 7,473 | 8,377 |
| Deferred income taxes, net | 131,243 | 18,512 |
| Other assets | 215,256 | 211,333 |
| Total Assets | 6,526,982 | 6,639,486 |
| Liabilities: | ||
| Loss reserves | 492,001 | 474,884 |
| Unearned premiums | 84,511 | 93,026 |
| Senior notes | 646,874 | 646,138 |
| Federal tax credits payable | 162,624 | 135,344 |
| Other liabilities | 127,613 | 142,543 |
| Total Liabilities | 1,513,623 | 1,491,935 |
| Contingencies | ||
| Shareholders’ equity: | ||
| Common stock | 206,603 | 219,367 |
| Paid-in capital | 1,801,258 | 1,812,463 |
| Accumulated other comprehensive income (loss), net of tax | (168,823) | (134,394) |
| Retained earnings | 3,174,321 | 3,250,115 |
| Total Shareholders’ Equity | 5,013,359 | 5,147,551 |
| Total Liabilities and Shareholders’ Equity | 6,526,982 | 6,639,486 |
| Fixed income | ||
| Investment portfolio: | ||
| Fixed income available-for-sale | 5,436,128 | 5,489,945 |
| Short-Term Investments | ||
| Investment portfolio: | ||
| Fixed income available-for-sale | $ 264,930 | $ 301,286 |