📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services in the United States, the District of Columbia, Puerto Rico, and Guam.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses precise figures (net income $193M, ROE 15%, $16B new insurance written) and declarative language like 'disciplined approach', 'strong credit performance', 'excellent financial results'. No hedging or defensive language.

Q3 2025

Confident Specific

Management consistently used specific figures (e.g., $191M net income, 14.8% ROE, $300B insurance in force) and expressed confidence in business model, risk management, and capital strategy without hedging.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'solid financial results', 'strong performance', and provided specific metrics (net income $169M, ROE 13%, book value growth 13% YoY, $303B insurance in force). They gave detailed figures for new business written ($17B Q4, $60B FY), loss reserve development ($31M favorable), and capital return ($915M returned, 124% payout ratio).

Q1 2026 latest

Confident Specific

Management repeatedly used positive language like 'pleased to report a strong start', 'solid operating performance', 'disciplined market approach', and cited specific metrics such as net income of $165M, ROE 13%, NIW up 41% YoY, and book value per share up 10% YoY. No hedging or vague statements were made.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears strengthened after this call: strong NIW growth of 41% driven by refinance and purchase market activity, stable credit performance with low early payment defaults, and aggressive capital return (123% payout ratio). However, persistency declined to 84% (from 85% last quarter) and refinance-led NIW may moderate if rates stabilize. The absence of credit deterioration and clear capital allocation commitment are positives. Key watch items next quarter: persistency trajectory, impact of servicer timing on delinquency trends, and whether the refinance surge continues.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED MGIC Q1 2026 net income $165M, ROE 13%, NIW $14B (+41% y/y)

Revenue & Profitability

Net income for Q1 2026 was $165 million ($0.76 per diluted share), compared to $0.75 per share a year ago. Annualized return on equity was 13%. Book value per share reached $23.63, up 10% year-over-year. Investment income was $62 million, flat sequentially and year-over-year. Underwriting and other expenses were $48 million, down from $53 million in Q1 2025. Favorable loss reserve development totaled $31 million.

Outlook

Management views housing affordability as a persistent challenge for prospective buyers, and private MI is seen as critical to enabling low-down-payment borrowers. Insurance in force is expected to remain relatively flat in 2026, though lower mortgage rates could increase the MI market through higher refinance activity, partially offset by lower persistency. Macro tailwinds include strong wage growth and nominal GDP; key headwinds include the unemployment rate and elevated home prices. Credit score modernization is expected to lower borrower costs over time.

Growth Drivers

New insurance written (NIW) grew 41% year-over-year to $14 billion, driven by higher refinance activity (over 20% of NIW) and a modestly larger purchase market. Persistency ended Q1 at 84%, down from 85% in Q4 2025. If mortgage rates decline further, higher refinance volume could boost NIW but reduce persistency. Management expects refinance activity to moderate in the second half of 2026 given current rate levels.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The in-force premium yield was 38 basis points in Q1, flat sequentially, and management expects it to remain relatively flat for the full year due to high persistency and stable MI origination trends. Underwriting expenses decreased year-over-year to $48 million; full-year guidance is $190-$200 million. Operating leverage was not explicitly addressed, but favorable loss reserve development ($31 million) indicates improved claim experience.

Key Risks

Management flagged the risk of continued upward normalization in the delinquency rate, though current levels remain low by historical standards. Macroeconomic headwinds such as energy prices, unemployment, and housing affordability were noted as ongoing concerns. Servicer reporting timing created noise in Q1 delinquency data, though April trends appear favorable. Interest rate movements could significantly impact persistency and new business volumes.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 net income reached $182M with 14.5% ROE and $18B in new insurance written, up 8.5% year-over-year. Capital return activities totaled 124% of net income, and the dividend was raised for the sixth consecutive year. Credit trends remain stable and reinsurance programs were further enhanced.

Q1 2026 Q1 2026 2026-04-30

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.

Q4 2025 Q4 2025 2026-02-03

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 Q3 2025 2025-10-30

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 2025 Q2 2025 2025-07-31

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.

📊 Analysis Methodology

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