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Investor Relations: Dianna Higgins | (414) 347-2635 | dianna_higgins@mgic.com
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MGIC Investment Corporation Reports First Quarter 2026 Results
First Quarter 2026 Net Income of $165.3 million or $0.76 per Diluted Share
First Quarter 2026 Adjusted Net Operating Income (Non-GAAP) of $165.1 million or $0.76 per Diluted Share

MILWAUKEE (April 29, 2026) - MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the first quarter of 2026.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation (“MGIC”) said, “We had a strong start to the year, successfully executing on our business strategies and generating solid first quarter results. We achieved a return on equity of 13% while continuing to return meaningful capital to our shareholders.

“We are well-positioned to navigate dynamic environments, supported by our deep industry expertise, strong balance sheet, and disciplined approach to capital allocation. Our continued focus and commitment to meet our customers' evolving needs has allowed us to drive long-term shareholder value,” concluded Mattke.

SUMMARY FINANCIAL METRICS
Quarter ended
 ($ in millions, except where otherwise noted)
Q1 2026
Q4 2025
Q1 2025
Net income
$165.3 $169.3 $185.5 
Net income per diluted share
$0.76 $0.75 $0.75 
Adjusted net operating income
$165.1 $168.4 $185.2 
Adjusted net operating income per diluted share
$0.76 $0.75 $0.75 
New insurance written (NIW) (billions)$14.4 $17.1 $10.2 
Net premiums earned
$235.4 $236.0 $243.7 
Insurance in force (billions)
$302.7 $303.1 $293.8 
Annual persistency84.0 %84.8 %84.7 %
Losses incurred, net
$33.2 $31.2 $9.6 
Primary delinquency inventory27,006 27,072 25,438 
Primary IIF delinquency rate (count based)
2.44 %2.43 %2.30 %
Loss ratio 14.1 %13.2 %3.9 %
Underwriting expense ratio20.5 %19.9 %22.5 %
In force portfolio yield (bps)38.0 38.0 38.4 
Net premium yield (bps)31.1 31.2 33.0 
Annualized return on equity
13.0 %13.1 %14.3 %
Book value per common share outstanding$23.63 $23.47 $21.40 
Adjust for AOCI $0.79 $0.61 $0.98 
Tangible book value per share$24.41 $24.08 $22.38 


CAPITAL AND LIQUIDITY
As of
($ in billions, except where otherwise noted)
March 31, 2026December 31, 2025March 31, 2025
PMIERs available assets
$5.8 $5.7 $5.9 
PMIERs excess
$2.9 $2.5 $2.6 
Holding company liquidity (millions)
$709 $1,074 $824 



FIRST QUARTER 2026 HIGHLIGHTS
•Through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025.
•We repurchased 7.2 million shares of common stock for $192.6 million.
•We paid a dividend of $0.15 per common share to shareholders.

SECOND QUARTER 2026 HIGHLIGHTS
•Through April 24, 2026 we repurchased an additional 1.7 million shares of our common stock for $47.4 million.
•We declared a dividend of $0.15 per common share to shareholders payable on May 21, 2026, to shareholders of record at the close of business on May 6, 2026.
•MGIC paid a $400 million dividend to our holding company.
•Our board of directors approved a share repurchase program, authorizing us to purchase an additional $750 million of common stock prior to December 31, 2028.





Conference Call and Webcast Details
MGIC Investment Corporation will hold a conference call April 30, 2026, at 10:00 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/BIeb1b95ef583c49419a8d6b744e509dce 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 May 30, 2026.
About MGIC
Mortgage Guaranty Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, provides mortgage insurance solutions that support responsible credit risk management for mortgage lenders and investors and enable borrowers to qualify for mortgages with lower down payments. As the founder and longstanding leader of today's private mortgage insurance industry, MGIC continues to guide the industry’s evolution while serving as a trusted partner to lenders across the country.

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.



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 March 31,
(In thousands, except per share data)
2026
2025
Net premiums written$234,943 $235,346 
Revenues
Net premiums earned$235,363 $243,719 
Net investment income61,742 61,443 
Net gains (losses) on investments and other financial instruments(169)741 
Other revenue141 331 
Total revenues297,077 306,234 
Losses and expenses
Losses incurred, net33,242 9,591 
Underwriting and other expenses, net48,108 53,063 
Interest expense8,899 8,899 
Total losses and expenses90,249 71,553 
Income before tax206,828 234,681 
Provision for income taxes41,525 49,221 
Net income$165,303 $185,460 
Net income per diluted share$0.76 $0.75 




MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
EARNINGS PER SHARE (UNAUDITED)
Three Months Ended March 31,
(In thousands, except per share data)
2026
2025
Net income - basic and diluted
$165,303 $185,460 
Basic weighted average common shares outstanding
216,135 244,147 
Dilutive effect of unvested restricted stock units
2,051 2,343 
Diluted weighted average common shares outstanding
218,186 246,490 
Diluted earnings per share
$0.76 $0.75 




NON-GAAP RECONCILIATIONS
Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income
Three Months Ended March 31,
2026
2025
(In thousands, except per share amounts)
Pre-tax
Tax Effect
Net
(after-tax)
Pre-taxTax Effect
Net
(after-tax)
Income before tax / Net income$206,828 $41,525 $165,303 $234,681 $49,221 $185,460 
Adjustments:
Net realized investment (gains) losses(200)(42)(158)(319)(67)(252)
Adjusted pre-tax operating income / Adjusted
net operating income
$206,628 $41,483 $165,145 $234,362 $49,154 $185,208 
Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share
Weighted average shares - diluted218,186 246,490 
Net income per diluted share$0.76 $0.75 
Net realized investment (gains) losses0.00 0.00 
Adjusted net operating income per diluted share$0.76 $0.75 



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

March 31,
December 31,
March 31,
(In thousands, except per share data)
2026
2025
2025
ASSETS
Investments (1)
$5,719,421 $5,807,662 $5,901,057 
Cash and cash equivalents235,090 368,989 206,988 
Restricted cash and cash equivalents14,405 6,525 5,705 
Reinsurance recoverable on loss reserves (2)
73,184 65,055 51,864 
Home office and equipment, net31,947 32,454 34,468 
Deferred insurance policy acquisition costs7,955 8,377 11,114 
Deferred income taxes, net15,494 18,512 46,196 
Other assets319,253 331,912 277,744 
Total assets$6,416,749 $6,639,486 $6,535,136 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Loss reserves (2)
$499,120 $474,884 $465,033 
Unearned premiums92,606 93,026 111,987 
Senior notes646,506 646,138 645,035 
Other liabilities141,230 277,887 173,197 
Total liabilities1,379,462 1,491,935 1,395,252 
Shareholders' equity5,037,287 5,147,551 5,139,884 
Total liabilities and shareholders' equity$6,416,749 $6,639,486 $6,535,136 
Book value per share (3)
$23.63 $23.47 $21.40 
(1) Investments include net unrealized gains (losses) on securities
$(194,840)$(152,767)$(261,022)
(2) Loss reserves, net of reinsurance recoverable on loss reserves
$425,936 $409,829 $413,169 
(3) Shares outstanding
213,200 219,367 240,194 




MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN
20262025
Q1Q4Q3Q2Q1
New primary insurance written (NIW) (billions)$14.4 $17.1 $16.5 $16.4 $10.2 
Monthly (including split premium plans) and
annual premium plans
13.9 16.6 16.1 16.0 9.9 
Single premium plans0.5 0.5 0.4 0.4 0.3 
Product mix as a % of primary NIW
Credit score < 680
5 %5 %4 %4 %4 %
>95% LTVs 14 %15 %17 %13 %13 %
>45% DTI 25 %26 %27 %26 %31 %
Singles4 %3 %2 %2 %2 %
Refinances21 %17 %6 %6 %6 %
New primary risk written (billions)$3.8 $4.4 $4.4 $4.3 $2.6 









MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE
20262025
Q1Q4Q3Q2Q1
Primary Insurance In Force (IIF) (billions)$302.7 $303.1 $300.8 $297.0 $293.8 
Total # of loans1,106,958 1,112,727 1,111,855 1,107,526 1,105,863 
Premium Yield
In force portfolio yield (1)
38.0 38.0 38.3 38.3 38.4 
Premium refunds (2)
(0.3)(0.4)(0.3)(0.1)0.0 
Accelerated earnings on single premium0.2 0.3 0.2 0.2 0.2 
Total direct premium yield37.9 37.9 38.2 38.4 38.6 
Ceded premiums earned, net of profit
commission and assumed premiums (3)
(6.8)(6.7)(5.9)(5.4)(5.6)
Net premium yield31.1 31.2 32.3 33.0 33.0 
Average Loan Size of IIF (thousands)$273.4 $272.4 $270.6 $268.2 $265.7 
Annual Persistency
84.0 %84.8 %85.0 %84.7 %84.7 %
Primary Risk In Force (RIF) (billions)$81.2 $81.2 $80.6 $79.5 $78.5 
By credit score (%) (4)
760 & >
45 %45 %45 %44 %44 %
740-759
18 %18 %18 %18 %18 %
720-739
14 %14 %14 %14 %14 %
700-719
10 %10 %10 %10 %10 %
680-699
7 %7 %7 %7 %7 %
660-679
3 %3 %3 %3 %3 %
640-659
2 %2 %2 %2 %2 %
639 & <
1 %1 %1 %2 %2 %
Average Coverage Ratio (RIF/IIF) 26.8 %26.8 %26.8 %26.8 %26.7 %
(1) Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force.
(2) Premium refunds and our estimate of refundable premium on our delinquency inventory divided by average primary insurance in force.
(3) 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 first quarter of 2026.
(4) The credit score at the time of origination for a loan with multiple borrowers is the lowest of the borrowers’ “decision credit scores.” A borrower’s “decision credit score” is determined as follows: if there are three credit scores available, the middle credit score is used; if two credit scores are available, the lower of the two is used; if only one credit score is available, it is used.




MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
ADDITIONAL INFORMATION - DELINQUENCY STATISTICS
20262025
Q1Q4Q3Q2Q1
Primary IIF - Delinquent Roll Forward - # of
Loans
Beginning Delinquent Inventory27,072 25,747 24,444 25,438 26,791 
New Notices13,791 14,489 13,582 11,970 12,965 
Cures(13,393)(12,632)(11,814)(12,588)(13,981)
Paid claims(457)(359)(359)(341)(312)
Rescissions and denials(7)(13)(18)(35)(25)
Other items removed from inventory (1)
— (160)(88)— — 
Ending Delinquent Inventory27,006 27,072 25,747 24,444 25,438 
Primary IIF Delinquency Rate (count based)
2.44 %2.43 %2.32 %2.21 %2.30 %
Primary claim received inventory included in ending delinquent inventory
383 398 333 295 304 
Composition of Cures
Reported delinquent and cured
intraquarter
3,973 3,917 3,606 3,268 4,321 
Number of payments delinquent prior to
cure
3 payments or less6,262 5,734 5,141 5,708 6,379 
4-11 payments2,702 2,466 2,500 2,887 2,759 
12 payments or more456 515 567 725 522 
Total Cures in Quarter13,393 12,632 11,814 12,588 13,981 
Composition of Paids
Number of payments delinquent at time
of claim payment
3 payments or less1 — 1 — 1 
4-11 payments57 32 32 32 28 
12 payments or more399 327 326 309 283 
Total Paids in Quarter457 359 359 341 312 
Aging of Primary Delinquent Inventory
Consecutive months delinquent
      3 months or less9,655 36%10,389 38%9,817 38%8,552 35%8,497 33 %
      4-11 months10,289 38%9,559 35%8,858 34%8,868 36%9,907 39 %
      12 months or more7,062 26%7,124 27%7,072 28%7,024 29%7,034 28 %
Number of payments delinquent
      3 payments or less13,376 49%14,121 52%13,406 52%12,260 50%12,319 48 %
      4-11 payments9,364 35%8,747 32%8,122 32%7,963 33%8,788 35 %
      12 payments or more4,266 16%4,204 16%4,219 16%4,221 17%4,331 17 %

(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
20262025
Q1Q4Q3Q2Q1
Reserves (millions)
Primary Direct Loss Reserves$497 $472 $450 $450 $462 
Other Gross Loss Reserves
2 3 2 2 3 
Total Gross Loss Reserves$499 $475 $452 $452 $465 
Primary Average Direct Reserve
Per Delinquency
$18,398 $17,449 $17,462 $18,395 $18,167 
Net Paid Claims (millions) (1)
$17 $16 $14 $12 $12 
Total primary (excluding settlements)
20 16 14 13 12 
Rescission and NPL settlements — 3 1 — — 
Reinsurance(4)(3)(2)(2)(2)
LAE and other
1 1 1 1 2 
Reinsurance Terminations (1)
— (1)— — — 
Primary Average Claim Payment
(thousands) (2)
$42.7 $46.1 $39.7 $36.5 $38.8 
(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
20262025
Q1Q4Q3Q2Q1
Quota Share Reinsurance
% NIW subject to reinsurance86.4 %86.2 %88.2 %87.7 %86.8 %
Ceded premiums written and earned (millions)
$37.8 $38.9 $32.0 $28.1 $29.9 
Ceded losses incurred (millions)$12.0 $11.9 $6.1 $4.0 $6.4 
Ceding commissions (millions) (included in
underwriting and other expenses)
$13.4 $13.4 $12.9 $12.1 $11.7 
Profit commission (millions) (included in ceded
premiums)
$29.1 $28.3 $32.6 $32.3 $28.7 
Excess-of-Loss Reinsurance
Ceded premiums earned (millions)
$17.8 $14.8 $16.2 $15.4 $14.7 
GAAP loss ratio
14.1 %13.2 %4.5 %(1.2 %)3.9 %
GAAP underwriting expense ratio
20.5 %19.9 %21.1 %21.9 %22.5 %
Mortgage Guaranty Insurance Corporation - Risk to
Capital
9.6:110.0:19.7:110.0:19.8:1
Combined Insurance Companies - Risk to Capital 9.6:110.0:19.7:110.0:19.7:1







Safe Harbor Statement
Forward Looking Statements and Risk Factors:
This release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cause actual results to differ materially. 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. Our actual results may differ, possibly materially, from those expressed or implied in such forward-looking statements. Factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in MGIC Investment Corporation’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Such factors and uncertainties include, without limitation:
•Our results are dependent on U.S. economic and housing market conditions; adverse conditions may cause a decrease in new insurance written and/or an increase in delinquencies, claim frequency, and claim severity. Additionally, if the volume of low down payment home mortgage originations declines, the amount of new insurance that we write could decline.
•The substantial majority of MGIC’s new insurance written is for loans purchased by Fannie Mae and Freddie Mac (“the GSEs”); therefore, changes to their business practices or legislative, regulatory or administrative reforms could materially affect our business and financial results.
•Failure to comply with the GSEs’ Private Mortgage Insurance Eligibility Requirements (“PMIERs”) could limit our operations, or at the extreme, lead to suspension or termination of eligibility to insure loans purchased by the GSEs.
•Loss reserve estimates are subject to uncertainties; actual losses may differ materially from estimates. Additionally, because reserves are established only upon delinquency, losses may disproportionately impact earnings in certain periods.
•We operate in a highly regulated environment at both the federal and state levels; regulatory changes or enforcement actions may adversely affect our operations and/or financial results.
•If we fail to meet the State Capital Requirements of Wisconsin, we could be prevented from writing new business in all jurisdictions; we could be prevented from writing new business in a particular jurisdiction if we fail to meet the state capital requirements of that jurisdiction.
•Pandemics, severe weather events, and climate related developments may negatively affect home prices and affordability, potentially leading to an increase in delinquencies, claim frequency, and claim severity. Actions by government authorities, including FHFA and the GSEs, to address climate related issues could similarly affect our results.
•The availability, cost, and capital credit for reinsurance may change due to market conditions or GSE actions, potentially requiring us to retain more risk and maintain additional capital.
•Our financial results may be impacted if lenders and investors seek alternatives to private mortgage insurance. In addition, changes in GSE programs, growth in government market share, or changes to regulatory capital rules to limit capital relief for mortgage insurance could affect our business in similar ways.
•The premium rates we charge may prove inadequate due to unknown future economic conditions, modelling limitations or errors, or other unexpected events.
•The length of time our insurance policies remain in force (“persistency”) affects our results. Among other things, persistency can be influenced by interest rates, borrower equity, refinancing activity, and mortgage insurance cancellation requirements.
•Instability in financial markets or counterparty failures, including by reinsurers or mortgage servicers, could increase our credit risk and losses.
•Ineffective risk management programs, inaccurate data or model errors could impair our ability to identify and respond to risks, and materially adversely affect our business, results of operations, and financial condition.
•Technology system failures, cybersecurity breaches, or data privacy incidents could materially disrupt operations and cause financial and reputational damage.
•Changes in our underwriting practices and mix of business have the potential to increase risk and negatively affect our financial results.
•Our business depends on hiring and retaining experienced management and key personnel; the failure to do so could disrupt operations and negatively impact our financial condition.
•The mortgage insurance market is highly competitive. Competition from private mortgage insurers, government programs, and potential new market entrants —combined with pricing pressure and shifting customer preferences and relationships—could lead to a reduction in our new insurance written.
•Adverse rating agency actions could affect our competitiveness, GSE eligibility, and access to capital.
•Litigation and regulatory proceedings could result in fines, settlements, operational restrictions, or reputational harm.
•Our investment portfolio is exposed to risks that could adversely impact our operations and financial results. Future capital needs could require issuance of debt or equity, potentially diluting shareholders.
•Our stock price may fluctuate due to economic, industry, regulatory, or company specific developments.
•Regulatory limits on dividends from our insurance subsidiaries have the potential to constrain holding company liquidity and our ability to pay shareholder dividends or repurchase stock in the future.
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.