MGIC INVESTMENT CORP

MTG 10-K · FY 2025
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MTG FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Direct Premiums Written 1,114,049 1,100,918 +1.2%
Assumed Premiums Written 14,448 14,366 +0.6%
Ceded Premiums Written -190,019 -181,896 -4.5%
Premiums Written Net 938,478 933,388 +0.5%
Increase Decrease In Unearned Premiums Net 27,334 37,419 -27.0%
Premiums Earned Net 965,812 970,807 -0.5%
Net Investment Income 246,258 244,640 +0.7%
Show Consolidated Entities breakouts
Parent Company 44,748 46,167 -3.1%
Net Gains Losses On Investments And Other Financial Instruments 334 -9,846 +103.4%
Other Income 1,232 2,130 -42.2%
Revenue 1,213,636 1,207,731 +0.5%
Show Consolidated Entities breakouts
Parent Company 45,360 46,421 -2.3%
Policyholder Benefits And Claims Incurred Net 48,903 -14,861 +429.1%
Deferred Policy Acquisition Cost Amortization Expense 7,120 8,957 -20.5%
Other Underwriting Expense 193,473 209,324 -7.6%
Show Business Segments breakouts
Mortgage Insurance Segment 193,473 209,324 -7.6%
Interest Expense Debt 35,603 35,602 0.0%
Show Consolidated Entities breakouts
Parent Company 35,603 35,602 0.0%
Benefits Losses And Expenses 285,099 239,022 +19.3%
Show Consolidated Entities breakouts
Parent Company 38,005 37,081 +2.5%
Income Before Taxes 928,537 968,709 -4.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -6,149 -2,925 -110.2%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -9,404 -15,069 +37.6%
Show Consolidated Entities breakouts
Parent Company 7,355 9,340 -21.3%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -15,553 -17,994 +13.6%
Income Tax Expense (Benefit) 190,190 205,715 -7.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -1,291 -614 -110.3%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -1,975 -3,164 +37.6%
Show Consolidated Entities breakouts
Parent Company -9,706 -772 -1157.3%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -3,266 -3,778 +13.6%
Net Income 738,347 762,994 -3.2%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -4,858 -2,311 -110.2%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -7,429 -11,905 +37.6%
Retained Earnings 738,347 762,994 -3.2%
Show Consolidated Entities breakouts
Parent Company 738,347 762,994 -3.2%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -12,287 -14,216 +13.6%
EPS (Basic) 3.17 2.92 +8.6%
EPS (Diluted) 3.14 2.89 +8.7%
Wtd Avg Shares (Basic) 232,975 261,684 -11.0%
Wtd Avg Shares (Diluted) 235,099 263,995 -10.9%
Operating Expenses (FY) — — —
Show Consolidated Entities breakouts
Parent Company 2,402 1,479 +62.4%
Comprehensive Income 892,115 791,113 +12.8%
Show Consolidated Entities breakouts
Parent Company 892,115 791,113 +12.8%
Other Comprehensive Income 153,768 28,119 +446.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 153,768 28,119 +446.8%
Show Consolidated Entities breakouts
Parent Company 153,768 28,119 +446.8%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 48,903 -14,861 +429.1%
Gain Loss On Investments (FY) — — —
Show Consolidated Entities breakouts
Parent Company 612 254 +140.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 368,989 229,485 +60.8%
Show Consolidated Entities breakouts
Parent Company 233,660 149,944 +55.8%
Non-Current Assets
Property, Plant & Equipment 32,454 35,679 -9.0%
Deferred Tax Assets 18,512 69,875 -73.5%
Total Assets 6,639,486 6,547,235 +1.4%
Show Legal Entity breakouts
Home Re 2021-2, Ltd. 89,865 136,486 -34.2%
Home Re 2022-1, Ltd. 214,788 313,229 -31.4%
Home Re 2023-1, Ltd. 237,900 303,733 -21.7%
Show Consolidated Entities breakouts
Parent Company 5,957,354 5,855,796 +1.7%
Other Assets
Equity Securities Fv Ni 15,322 14,762 +3.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 15,322 14,762 +3.8%
Other Investments 1,109 1,109 0.0%
Investments 5,807,662 5,867,560 -1.0%
Show Consolidated Entities breakouts
Parent Company 839,885 925,880 -9.3%
Restricted Cash And Cash Equivalents 6,525 5,142 +26.9%
Accrued Investment Income Receivable 58,009 61,064 -5.0%
Show Consolidated Entities breakouts
Parent Company 6,760 8,165 -17.2%
Reinsurance Recoverable For Unpaid Claims And Claims Adjustments 65,055 47,281 +37.6%
Show Ceded Credit Risk breakouts
Quota Share Reinsurance Transactions 65.1 47.3 +37.6%
Reinsurance Recoverables On Paid Losses 4,386 4,197 +4.5%
Premiums Receivable At Carrying Value 58,184 57,536 +1.1%
Deferred Policy Acquisition Costs 8,377 11,694 -28.4%
Other Assets 211,333 157,722 +34.0%
Non-Current Liabilities
Total Liabilities 1,491,935 1,374,860 +8.5%
Show Consolidated Entities breakouts
Parent Company 809,803 683,421 +18.5%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
5.25% Senior Notes due 2028 · Senior Notes 646,138 644,667 +0.2%
Other Liabilities
Available For Sale Securities Debt Securities 5,791,231 5,851,689 -1.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 241,056 220,369 +9.4%
Fair Value Inputs Level1 · US Treasury And Government 241,056 220,369 +9.4%
Fair Value Inputs Level2 5,550,175 5,631,320 -1.4%
Fair Value Inputs Level2 · Asset Backed Securities 226,561 156,517 +44.8%
Fair Value Inputs Level2 · Collateralized Loan Obligations 99,287 200,059 -50.4%
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 238,783 235,871 +1.2%
Fair Value Inputs Level2 · Commercial Paper 56,661 12,015 +371.6%
Fair Value Inputs Level2 · Corporate Debt Securities 2,691,272 2,757,381 -2.4%
Fair Value Inputs Level2 · Foreign Government Debt Securities 4,067 3,798 +7.1%
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 358,024 350,060 +2.3%
Fair Value Inputs Level2 · US States And Political Subdivisions 1,838,764 1,875,495 -2.0%
Fair Value Inputs Level2 · US Treasury And Government 36,756 40,124 -8.4%
Show Financial Instrument breakouts
Asset Backed Securities 226,561 156,517 +44.8%
Collateralized Loan Obligations 99,287 200,059 -50.4%
Commercial Mortgage Backed Securities 238,783 235,871 +1.2%
Commercial Paper 56,661 12,015 +371.6%
Corporate Debt Securities 2,691,272 2,757,381 -2.4%
Fixed Maturities 5,489,945 5,511,564 -0.4%
Fixed Maturities · Parent Company 451,540 546,179 -17.3%
Foreign Government Debt Securities 4,067 3,798 +7.1%
Residential Mortgage Backed Securities 358,024 350,060 +2.3%
Short Term Investments 301,286 340,125 -11.4%
Short Term Investments · Parent Company 388,345 379,701 +2.3%
US States And Political Subdivisions 1,838,764 1,875,495 -2.0%
US Treasury And Government 277,812 260,493 +6.6%
Liability For Claims And Claims Adjustment Expense 474,884 462,662 +2.6%
Unearned Premiums 93,026 120,360 -22.7%
Senior Notes 646,138 644,667 +0.2%
Show Consolidated Entities breakouts
Parent Company 646,138 644,667 +0.2%
Transferrable Federal Tax Credit Payable 135,344 12,535 +979.7%
Show Consolidated Entities breakouts
Parent Company 135,344 12,535 +979.7%
Other Liabilities 142,543 134,636 +5.9%
Show Consolidated Entities breakouts
Parent Company 15,524 13,422 +15.7%
Stockholders' Equity
Common Stock 219,367 248,449 -11.7%
Show Consolidated Entities breakouts
Parent Company 219,367 248,449 -11.7%
Additional Paid In Capital Common Stock 1,812,463 1,808,236 +0.2%
Show Consolidated Entities breakouts
Parent Company 1,812,463 1,808,236 +0.2%
Accumulated Other Comprehensive Income -134,394 -288,162 +53.4%
Show Consolidated Entities breakouts
Parent Company -134,394 -288,162 +53.4%
Retained Earnings 3,250,115 3,403,852 -4.5%
Show Consolidated Entities breakouts
Parent Company 3,250,115 3,403,852 -4.5%
Total Stockholders' Equity 5,147,551 5,172,375 -0.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -13,708 -30,284 +54.7%
Accumulated Net Unrealized Investment Gain Loss -120,686 -257,878 +53.2%
Accumulated Other Comprehensive Income -134,394 -288,162 +53.4%
Additional Paid In Capital 1,812,463 1,808,236 +0.2%
Common Stock 219,367 248,449 -11.7%
Retained Earnings 3,250,115 3,403,852 -4.5%
Show Consolidated Entities breakouts
Parent Company 5,147,551 5,172,375 -0.5%
Total Liabilities & Equity 6,639,486 6,547,235 +1.4%
Show Consolidated Entities breakouts
Parent Company 5,957,354 5,855,796 +1.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 6,949 18,436 -62.3%
Increase Decrease In Deferred Income Taxes 19,221 2,432 +690.3%
Stock-Based Compensation 24,432 31,324 -22.0%
Increase Decrease In Accrued Investment Income Receivable 3,055 -2,290 +233.4%
Show Consolidated Entities breakouts
Parent Company 5,981 1,007 +493.9%
Increase Decrease In Reinsurance Recoverable -17,774 -13,979 -27.1%
Increase Decrease In Reinsurance Recoverable On Paid Losses -189 5,699 -103.3%
Increase Decrease In Premiums Receivable -648 963 -167.3%
Increase Decrease In Deferred Policy Acquisition Costs 3,317 2,897 +14.5%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 12,222 -42,717 +128.6%
Show Noncatastrophic Event breakouts
$1,000 Increase/Decrease In Average Severity Reserve Factor 7 — —
One Percentage Point Increase/Decrease In Average Claim Rate Reserve Factor 19 — —
Increase Decrease In Unearned Premiums -27,334 -37,419 +27.0%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 93,164 16,274 +472.5%
Increase Decrease In Other Operating Capital Net -1,630 -29,428 +94.5%
Net Cash from Operations 852,798 725,032 +17.6%
Show Consolidated Entities breakouts
Parent Company 370,596 588,759 -37.1%
Deferred Income Taxes 19,226 1,805 +965.2%
Show Consolidated Entities breakouts
Parent Company 82 36,798 -99.8%
Other Non-Cash Items (FY) — — —
Show Consolidated Entities breakouts
Parent Company 12,072 19,298 -37.4%
Investing Activities
Payments To Acquire Investments -1,621,324 -1,555,624 -4.2%
Show Consolidated Entities breakouts
Parent Company -328,357 -514,482 +36.2%
Proceeds From Sale Maturity And Collections Of Investments 110,930 45,087 +146.0%
Show Consolidated Entities breakouts
Parent Company 981,762 546,111 +79.8%
Proceeds From Sale Maturity And Collection Of Securities 1,739,793 1,369,706 +27.0%
Capital Expenditures -1,025 -1,174 +12.7%
Net Cash from Investing 228,374 -142,005 +260.8%
Show Consolidated Entities breakouts
Parent Company 653,405 71,629 +812.2%
Financing Activities
Share Repurchases -788,645 -569,478 -38.5%
Show Consolidated Entities breakouts
Parent Company -788,645 -569,478 -38.5%
Payments Of Dividends Common Stock -132,491 -130,500 -1.5%
Show Consolidated Entities breakouts
Parent Company -132,491 -130,500 -1.5%
Tax Withholding for Share Compensation -19,149 -19,066 -0.4%
Show Consolidated Entities breakouts
Parent Company -19,149 -19,066 -0.4%
Net Cash from Financing -940,285 -719,044 -30.8%
Show Consolidated Entities breakouts
Parent Company -940,285 -719,044 -30.8%
Supplemental
Income Taxes Paid 77,804 — —
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 140,887 -136,017 +203.6%
Show Consolidated Entities breakouts
Parent Company 83,716 -58,656 +242.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 375,514 234,627 +60.0%
Show Consolidated Entities breakouts
Parent Company 233,660 149,944 +55.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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