MGIC Investment Earnings Call Transcripts
Fiscal Year 2026
-
Q1 2026 saw strong net income, robust capital returns, and record NIW growth, with stable credit quality and a 13% ROE. Insurance in force and premium yields are expected to remain flat, while capital allocation remains disciplined amid evolving market conditions.
-
The meeting confirmed the election of 10 directors, approval of executive compensation, and ratification of the auditor, each with overwhelming shareholder support. No questions were raised, and all business items passed as recommended.
Fiscal Year 2025
-
Q4 and full-year results showed strong profitability, with net income and ROE up year-over-year, stable credit quality, and robust capital returns. Insurance in force surpassed $300 billion, and expense management improved, while outlook for 2026 is for flat insurance in force and continued operational discipline.
-
Q3 2025 saw strong net income, 14.8% ROE, and record insurance in force, with $918M returned to shareholders. Delinquency rates remain low, capital levels are robust, and reinsurance actions further strengthen risk management.
-
Q2 net income reached $193 million with strong credit performance and a 15% ROE. Shareholder returns remained high through $181 million in share repurchases and a 15% dividend increase, while insurance in force and persistency stayed stable. Elevated payout ratios are expected to continue.
-
Q1 2025 saw net income of $186 million and a 14.3% ROE, with strong credit performance and disciplined capital management. Share repurchases and dividends exceeded net income, and the insurance portfolio quality remains high amid stable housing market conditions.
Fiscal Year 2024
-
Q4 and full-year results showed strong net income growth, high returns on equity, and robust capital returns to shareholders. Credit quality remained solid, expenses declined, and the outlook for 2025 is stable with continued capital returns and efficiency gains.
-
Q3 net income was $200M with 15.6% ROE, driven by strong credit performance and market share gains. Book value per share rose 19% year-over-year, and a robust capital position enabled significant share repurchases and dividends.
-
Q2 2024 saw net income of $204M and a 16% ROE, with strong credit performance and disciplined capital returns. Insurance in force remained stable, and a 13% dividend increase was authorized. Market conditions remain challenging but long-term MI demand is supported.