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Midas Edge

MGIC INVESTMENT CORP

For the period ended Jun 30, 2024. Filed Jul 31, 2024.

View on SEC.gov

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.

Jun 30, 2024 · Filed Jul 31, 2024

MTG$28.17-1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Balance Sheets -

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)NoteJune 30, 2024December 31, 2023
(Unaudited)
ASSETS
Investment portfolio: · 7 / 8
Fixed income, available-for-sale, at fair value (amortized cost 2024 - $5,914,023; 2023 - $5,939,483)$5,553,549$5,601,540
Short-term, fixed income, available-for-sale, at fair value (amortized cost 2024 - $236,448; 2023 - $121,539)236,419121,573
Equity securities, at fair value (cost 2024 - $16,084; 2023 - $16,025)14,63614,771
Other invested assets, at cost1,109850
Total investment portfolio5,805,7135,738,734
Cash and cash equivalents281,788363,666
Restricted cash and cash equivalents6,0206,978
Accrued investment income60,40258,774
Reinsurance recoverable on loss reserves442,34633,302
Reinsurance recoverable on paid losses48849,896
Premiums receivable56,59758,499
Home office and equipment, net36,74738,755
Deferred insurance policy acquisition costs13,12614,591
Deferred income taxes, net90,62979,782
Other assets129,670135,403
Total assets$6,523,922$6,538,380
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Loss reserves11$477,614$505,379
Unearned premiums138,885157,779
Senior notes3643,931643,196
Other liabilities146,571160,009
Total liabilities1,407,0011,466,363
Contingencies5
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 - 261,390; 2023 - 272,494)371,353371,353
Paid-in capital1,795,2311,808,113
Treasury stock at cost (shares 2024 - 109,963; 2023 - 98,859)(1,624,791)(1,384,293)
Accumulated other comprehensive income (loss), net of tax(333,055)(316,281)
Retained earnings4,908,1834,593,125
Total shareholders’ equity5,116,9215,072,017
Total liabilities and shareholders’ equity$6,523,922$6,538,380
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30, · Six Months Ended June 30,
(In thousands, except per share data)Note2024202320242023
Revenues:
Premiums written:
Direct$273,337$273,079$548,540$547,326
Assumed3,3533,0176,7695,768
Ceded4(43,212)(44,872)(88,031)(91,678)
Net premiums written233,478231,224467,278461,416
Decrease in unearned premiums, net10,05011,58718,89423,410
Net premiums earned243,528242,811486,172484,826
Investment income, net of expenses61,47952,340121,223101,563
Net gains (losses) on investments and other financial instruments7/8(276)(4,987)(8,785)(12,685)
Other revenue5465111,028936
Total revenues305,277290,675599,638574,640
Losses and expenses:
Losses incurred, net11(18,272)(17,691)(13,717)(11,245)
Amortization of deferred insurance policy acquisition costs2,1502,6094,1595,087
Other underwriting and operating expenses, net52,67553,998111,693124,061
Interest expense8,8999,37717,79818,751
Total losses and expenses45,45248,293119,933136,654
Income before tax259,825242,382479,705437,986
Provision for income tax55,59751,328101,38092,385
Net income$204,228$191,054$378,325$345,601
Earnings per share:
Basic6$0.77$0.67$1.41$1.20
Diluted6$0.77$0.66$1.40$1.19
Weighted average common shares outstanding - basic6265,315285,906267,814288,434
Weighted average common shares outstanding - diluted6266,872289,566269,990292,125
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended June 30, · Six Months Ended June 30,
(In thousands)Note2024202320242023
Net income$204,228$191,054$378,325$345,601
Other comprehensive income (loss), net of tax:9
Change in unrealized investment gains and losses7(7,459)(30,234)(17,851)50,425
Benefit plan adjustments5388461,0776,199
Other comprehensive income (loss), net of tax(6,921)(29,388)(16,774)56,624
Comprehensive income (loss)$197,307$161,666$361,551$402,225
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three Months Ended June 30, · Six Months Ended June 30,
(In thousands)Note2024202320242023
Common stock
Balance, beginning and end of period$371,353$371,353$371,353$371,353
Paid-in capital
Balance, beginning of period1,788,0501,791,6091,808,1131,798,842
Reissuance of treasury stock, net under share-based compensation plans——(31,168)(16,912)
Equity compensation7,1817,83518,28617,514
Balance, end of period1,795,2311,799,4441,795,2311,799,444
Treasury stock
Balance, beginning of period(1,466,224)(1,119,048)(1,384,293)(1,050,238)
Reissuance of treasury stock, net under share-based compensation plans——12,1229,713
Repurchase of common stock12(158,567)(73,735)(252,620)(152,258)
Balance, end of period(1,624,791)(1,192,783)(1,624,791)(1,192,783)
Accumulated other comprehensive income (loss)
Balance, beginning of period(326,134)(395,499)(316,281)(481,511)
Other comprehensive income (loss), net of tax9(6,921)(29,388)(16,774)56,624
Balance, end of period(333,055)(424,887)(333,055)(424,887)
Retained earnings
Balance, beginning of period4,735,2984,129,2294,593,1254,004,294
Net income204,228191,054378,325345,601
Cash dividends12(31,343)(29,148)(63,267)(58,760)
Balance, end of period4,908,1834,291,1354,908,1834,291,135
Total shareholders’ equity$5,116,921$4,844,262$5,116,921$4,844,262
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(In thousands) · 2024 · 2023
Cash flows from operating activities:
Net income$378,325$345,601
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization10,96919,372
Deferred tax expense (benefit)4,508(1,065)
Equity compensation18,28617,514
Net (gains) losses on investments and other financial instruments8,78512,685
Change in certain assets and liabilities:
Accrued investment income(1,628)12
Reinsurance recoverable on loss reserves(9,044)(6,235)
Reinsurance recoverable on paid losses9,01217,841
Premiums receivable1,902934
Deferred insurance policy acquisition costs1,4652,162
Loss reserves(27,765)(27,307)
Unearned premiums(18,894)(23,410)
Return premium accrual(5,700)(2,300)
Current income taxes26,9937,846
Other, net(37,439)(6,702)(1)
Net cash provided by (used in) operating activities359,775356,948
Cash flows from investing activities:
Purchases of investments(737,607)(830,773)
Proceeds from sales of investments12,841269,728
Proceeds from maturity of fixed income securities616,633404,546
Proceeds from sale of equipment—142
Additions to property and equipment(279)(671)
Net cash provided by (used in) investing activities(108,412)(157,028)
Cash flows from financing activities:
Repurchase of common stock(251,217)(150,192)
Dividends paid(63,936)(58,718)
Payment of withholding taxes related to share-based compensation net share settlement(19,046)(7,199)
Net cash provided by (used in) financing activities(334,199)(216,109)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents(82,836)(16,189)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period370,644332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of period$287,808$316,724
(1) Amounts have been reclassified to conform to the current year presentation
ContentsView on SEC.gov

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