MGIC Investment Corporation reported its financial results for the second quarter of 2026, revealing a net income of $182.1 million, a decrease of 5% from $192.5 million in the same period last year. The company's diluted earnings per share rose to $0.86, up from $0.81 in Q2 2025. Total revenues for the quarter were $295.4 million, down 3% from $304.2 million in the prior year, primarily due to a decline in net premiums earned, which fell to $238.1 million from $244.3 million. The decrease in revenues was partially offset by a reduction in underwriting and operating expenses, which decreased by 13% to $45.6 million.

In terms of operational metrics, MGIC's new insurance written (NIW) for the second quarter was $17.8 billion, an increase from $16.4 billion in Q2 2025. The company reported a total primary insurance in force of $304.8 billion and a risk in force of $81.8 billion as of June 30, 2026. The annual persistency rate was recorded at 83.3%, slightly down from 84.7% a year earlier. The company’s loss reserves increased to $492.0 million, up from $474.9 million at the end of 2025, reflecting a rise in new delinquencies and estimated severity on current delinquencies.

Strategically, MGIC has maintained compliance with the Private Mortgage Insurer Eligibility Requirements (PMIERs), with available assets totaling approximately $5.6 billion, exceeding the minimum required assets by $2.7 billion. The company continues to engage in reinsurance transactions, with quota share reinsurance covering a significant portion of its risk. As of June 30, 2026, MGIC ceded 87.6% of its NIW to these transactions, which helps manage risk and capital requirements.

Looking ahead, MGIC anticipates that its full-year 2026 NIW will remain relatively flat compared to 2025, influenced by market conditions and competitive dynamics in the mortgage insurance sector. The company is also focused on maintaining its strong capital position and compliance with regulatory requirements, which are critical for its ongoing operations and ability to write new business. The management remains cautious about potential economic fluctuations that could impact delinquencies and claims in the future.

About MGIC INVESTMENT CORP

MGIC Investment Corporation is a leading provider of private mortgage insurance and credit risk management solutions. It insures residential loans, primarily on low down payment, high-LTV mortgages, supporting homebuyers and lenders in the U.S. The company offers primary and pool insurance, leveraging risk-based pricing, reinsurance, and strong capital management to maintain financial strength and competitive advantage in the housing finance market.

This description was generated via AI from an annual report. Updated about 1 year ago.

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