MGIC Investment Corporation reported a total revenue of $1.2 billion for the fiscal year ending December 31, 2025, marking a slight increase from $1.21 billion in 2024. The company achieved a net income of $738.3 million, or $3.14 per diluted share, compared to $763 million, or $2.89 per diluted share, in the previous year. The decrease in net income was primarily attributed to an increase in losses incurred, which rose to $48.9 million from a negative $14.9 million in 2024, indicating a shift from favorable loss development to increased claims. The company's underwriting and other expenses decreased by 8% to $200.6 million, contributing to a lower overall expense ratio.
In 2025, MGIC's new insurance written (NIW) reached $60.2 billion, up from $55.7 billion in 2024, reflecting a stronger market position. The company's primary insurance in force (IIF) increased to $303.1 billion, while the risk in force (RIF) rose to $81.2 billion. The company maintained a market share of 19.4% in the private mortgage insurance sector, up from 18.6% in 2024. MGIC's annual persistency rate remained stable at 84.8%, indicating a consistent retention of insurance policies.
Strategically, MGIC expanded its reinsurance program, executing transactions that enhance its risk management practices and diversify capital sources. The company repurchased approximately 30.1 million shares for $782 million in 2025, and paid $800 million in dividends, a 7% increase from the previous year. Additionally, MGIC's financial strength rating was upgraded by Moody's from A3 to A2, and S&P revised its outlook to positive from stable, reflecting improved financial stability.
Looking ahead, MGIC anticipates a relatively flat NIW in 2026, with total mortgage originations expected to rise to $2.3 trillion, compared to $2.0 trillion in 2025. The company expects its premium yield to remain stable, driven by high credit quality and elevated persistency. However, MGIC acknowledges potential challenges from economic conditions, including interest rate fluctuations and housing market dynamics, which could impact future performance. The company remains committed to maintaining compliance with the GSEs' Private Mortgage Insurer Eligibility Requirements (PMIERs) and managing its capital effectively to support ongoing operations.
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.
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