MGIC INVESTMENT CORP

For the period ended Mar 31, 2024. Filed May 1, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 1, 2024

MTG$28.50-0.3%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets -

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)	Note	March 31, 2024	December 31, 2023
(Unaudited)
ASSETS
Investment portfolio: · 7 / 8
Fixed income, available-for-sale, at fair value (amortized cost 2024 - $5,928,057; 2023 - $5,939,483)		$5,576,997	$5,601,540
Short-term, fixed income, available-for-sale, at fair value (amortized cost 2024 - $95,721; 2023 - $121,539)		95,717	121,573
Equity securities, at fair value (cost 2024 - $16,053; 2023 - $16,025)		14,697	14,771
Other invested assets, at cost		850	850
Total investment portfolio		5,688,261	5,738,734
Cash and cash equivalents		431,347	363,666
Restricted cash and cash equivalents		8,221	6,978
Accrued investment income		58,093	58,774
Reinsurance recoverable on loss reserves	4	39,200	33,302
Reinsurance recoverable on paid losses	4	555	9,896
Premiums receivable		56,033	58,499
Home office and equipment, net		37,614	38,755
Deferred insurance policy acquisition costs		13,846	14,591
Deferred income taxes, net		76,271	79,782
Other assets		125,805	135,403
Total assets		$6,535,246	$6,538,380
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Loss reserves	11	$504,447	$505,379
Unearned premiums		148,935	157,779
Senior notes	3	643,563	643,196
Other liabilities		135,958	160,009
Total liabilities		1,432,903	1,466,363
Contingencies	5
Shareholders’ equity:	12
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2024 - 371,353; 2023 - 371,353; shares outstanding 2024 - 268,990; 2023 - 272,494)		371,353	371,353
Paid-in capital		1,788,050	1,808,113
Treasury stock at cost (shares 2024 - 102,363; 2023 - 98,859)		(1,466,224)	(1,384,293)
Accumulated other comprehensive income (loss), net of tax		(326,134)	(316,281)
Retained earnings		4,735,298	4,593,125
Total shareholders’ equity		5,102,343	5,072,017
Total liabilities and shareholders’ equity		$6,535,246	$6,538,380

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended March 31,
(In thousands, except per share data)	Note	2024	2023
Revenues:
Premiums written:
Direct		$275,203	$274,247
Assumed		3,416	2,751
Ceded	4	(44,819)	(46,806)
Net premiums written		233,800	230,192
Decrease in unearned premiums, net		8,844	11,823
Net premiums earned		242,644	242,015
Investment income, net of expenses		59,744	49,223
Net gains (losses) on investments and other financial instruments	7/8	(8,509)	(7,698)
Other revenue		482	425
Total revenues		294,361	283,965
Losses and expenses:
Losses incurred, net	11	4,555	6,446
Amortization of deferred insurance policy acquisition costs		2,009	2,478
Other underwriting and operating expenses, net		59,018	70,063
Interest expense		8,899	9,374
Total losses and expenses		74,481	88,361
Income before tax		219,880	195,604
Provision for income tax		45,783	41,057
Net income		$174,097	$154,547
Earnings per share:
Basic	6	$0.64	$0.53
Diluted	6	$0.64	$0.53
Weighted average common shares outstanding - basic	6	270,314	290,989
Weighted average common shares outstanding - diluted	6	273,108	294,712

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
	Three Months Ended March 31,
(In thousands)	Note	2024	2023
Net income		$174,097	$154,547
Other comprehensive income (loss), net of tax:	9
Change in unrealized investment gains and losses	7	(10,392)	80,659
Benefit plan adjustments		539	5,353
Other comprehensive income (loss), net of tax		(9,853)	86,012
Comprehensive income (loss)		$164,244	$240,559

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
	Three Months Ended March 31,
(In thousands)	Note	2024	2023
Common stock
Balance, beginning and end of period		$371,353	$371,353
Paid-in capital
Balance, beginning of period		1,808,113	1,798,842
Reissuance of treasury stock, net under share-based compensation plans		(31,168)	(16,912)
Equity compensation		11,105	9,679
Balance, end of period		1,788,050	1,791,609
Treasury stock
Balance, beginning of period		(1,384,293)	(1,050,238)
Reissuance of treasury stock, net under share-based compensation plans		12,122	9,713
Repurchase of common stock	12	(94,053)	(78,523)
Balance, end of period		(1,466,224)	(1,119,048)
Accumulated other comprehensive income (loss)
Balance, beginning of period		(316,281)	(481,511)
Other comprehensive income (loss), net of tax	9	(9,853)	86,012
Balance, end of period		(326,134)	(395,499)
Retained earnings
Balance, beginning of period		4,593,125	4,004,294
Net income		174,097	154,547
Cash dividends	12	(31,924)	(29,612)
Balance, end of period		4,735,298	4,129,229
Total shareholders’ equity		$5,102,343	$4,777,644

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Three Months Ended March 31,
(In thousands) · 2024 · 2023
Cash flows from operating activities:
Net income	$174,097	$154,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,485	10,192
Deferred tax expense (benefit)	6,131	1,732
Equity compensation	11,105	9,679
Net (gains) losses on investments and other financial instruments	8,509	7,698
Change in certain assets and liabilities:
Accrued investment income	681	628
Reinsurance recoverable on loss reserves	(5,898)	(4,521)
Reinsurance recoverable on paid losses	9,341	17,936
Premiums receivable	2,466	625
Deferred insurance policy acquisition costs	745	965
Loss reserves	(932)	527
Unearned premiums	(8,844)	(11,822)
Return premium accrual	(2,600)	(1,300)
Current income taxes	39,839	39,481
Other, net	(50,588)	(14,081)	(1)
Net cash provided by (used in) operating activities	190,537	212,286
Cash flows from investing activities:
Purchases of investments	(327,757)	(229,198)
Proceeds from sales of investments	14,841	32,991
Proceeds from maturity of fixed income securities	338,885	131,389
Additions to property and equipment	—	(363)
Net cash provided by (used in) investing activities	25,969	(65,181)
Cash flows from financing activities:
Repurchase of common stock	(95,183)	(76,151)
Dividends paid	(33,353)	(30,096)
Payment of withholding taxes related to share-based compensation net share settlement	(19,046)	(7,199)
Net cash provided by (used in) financing activities	(147,582)	(113,446)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	68,924	33,659
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	370,644	332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$439,568	$366,572
(1) Amounts have been reclassified to conform to the current year presentation

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.