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Midas Edge

MGIC INVESTMENT CORP

For the period ended Sep 30, 2024. Filed Nov 4, 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.

Sep 30, 2024 · Filed Nov 4, 2024

MTG$28.50-0.3%Stored close · as of Nov 9, 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)NoteSeptember 30, 2024December 31, 2023
(Unaudited)
ASSETS
Investment portfolio: · 7 / 8
Fixed income, available-for-sale, at fair value (amortized cost 2024 - $5,890,029; 2023 - $5,939,483)$5,691,717$5,601,540
Short-term, fixed income, available-for-sale, at fair value (amortized cost 2024 - $271,941; 2023 - $121,539)272,348121,573
Equity securities, at fair value (cost 2024 - $16,115; 2023 - $16,025)15,17414,771
Other invested assets, at cost1,109850
Total investment portfolio5,980,3485,738,734
Cash and cash equivalents288,622363,666
Restricted cash and cash equivalents10,9876,978
Accrued investment income59,40958,774
Reinsurance recoverable on loss reserves445,32733,302
Reinsurance recoverable on paid losses49929,896
Premiums receivable58,12558,499
Home office and equipment, net36,22338,755
Deferred insurance policy acquisition costs12,50814,591
Deferred income taxes, net56,02379,782
Other assets129,220135,403
Total assets$6,677,784$6,538,380
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Loss reserves11$460,574$505,379
Unearned premiums129,551157,779
Senior notes3644,299643,196
Other liabilities149,284160,009
Total liabilities1,383,7081,466,363
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 - 256,216; 2023 - 272,494)371,353371,353
Paid-in capital1,801,7881,808,113
Treasury stock at cost (shares 2024 - 115,137; 2023 - 98,859)(1,748,895)(1,384,293)
Accumulated other comprehensive income (loss), net of tax(204,061)(316,281)
Retained earnings5,073,8914,593,125
Total shareholders’ equity5,294,0765,072,017
Total liabilities and shareholders’ equity$6,677,784$6,538,380
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended September 30, · Nine Months Ended September 30,
(In thousands, except per share data)Note2024202320242023
Revenues:
Premiums written:
Direct$275,124$280,885$823,664$828,211
Assumed3,6023,77010,3719,538
Ceded4(44,720)(50,164)(132,751)(141,842)
Net premiums written234,006234,491701,284695,907
Decrease in unearned premiums, net9,3346,78628,22830,196
Net premiums earned243,340241,277729,512726,103
Investment income, net of expenses62,09355,375183,316156,938
Net gains (losses) on investments and other financial instruments7/8583(695)(8,202)(13,380)
Other revenue6335481,6611,484
Total revenues306,649296,505906,287871,145
Losses and expenses:
Losses incurred, net11(9,842)(77)(23,559)(11,322)
Amortization of deferred insurance policy acquisition costs2,3232,8026,4827,889
Other underwriting and operating expenses, net50,96750,130162,660174,191
Interest expense8,9059,25426,70328,005
Total losses and expenses52,35362,109172,286198,763
Income before tax254,296234,396734,001672,382
Provision for income tax54,32751,552155,707143,937
Net income$199,969$182,844$578,294$528,445
Earnings per share:
Basic6$0.77$0.65$2.18$1.85
Diluted6$0.77$0.64$2.17$1.83
Weighted average common shares outstanding - basic6258,596281,757264,719286,184
Weighted average common shares outstanding - diluted6260,833285,600266,915289,924
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30, · Nine Months Ended September 30,
(In thousands)Note2024202320242023
Net income$199,969$182,844$578,294$528,445
Other comprehensive income (loss), net of tax:9
Change in unrealized investment gains and losses7128,455(75,221)110,604(24,796)
Benefit plan adjustments5393,2131,6169,412
Other comprehensive income (loss), net of tax128,994(72,008)112,220(15,384)
Comprehensive income (loss)$328,963$110,836$690,514$513,061
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three Months Ended September 30, · Nine Months Ended September 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 period1,795,2311,799,4441,808,1131,798,842
Reissuance of treasury stock, net under share-based compensation plans—(80)(31,168)(16,992)
Conversion of 9% Debentures, net of tax—(5,315)—(5,315)
Equity compensation6,5575,57524,84323,089
Balance, end of period1,801,7881,799,6241,801,7881,799,624
Treasury stock
Balance, beginning of period(1,624,791)(1,192,783)(1,384,293)(1,050,238)
Reissuance of treasury stock, net under share-based compensation plans—3312,1229,746
Repurchase of common stock12(124,104)(67,672)(376,724)(219,930)
Balance, end of period(1,748,895)(1,260,422)(1,748,895)(1,260,422)
Accumulated other comprehensive income (loss)
Balance, beginning of period(333,055)(424,887)(316,281)(481,511)
Other comprehensive income (loss), net of tax9128,994(72,008)112,220(15,384)
Balance, end of period(204,061)(496,895)(204,061)(496,895)
Retained earnings
Balance, beginning of period4,908,1834,291,1354,593,1254,004,294
Net income199,969182,844578,294528,445
Cash dividends12(34,261)(32,934)(97,528)(91,694)
Balance, end of period5,073,8914,441,0455,073,8914,441,045
Total shareholders’ equity$5,294,076$4,854,705$5,294,076$4,854,705
MGIC INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(In thousands) · 2024 · 2023
Cash flows from operating activities:
Net income$578,294$528,445
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization14,40329,004
Deferred tax expense (benefit)2,744(3,172)
Equity compensation24,84323,089
Net (gains) losses on investments and other financial instruments8,20213,380
Change in certain assets and liabilities:
Accrued investment income(635)(3,321)
Reinsurance recoverable on loss reserves(12,025)(12,694)
Reinsurance recoverable on paid losses8,90417,816
Premiums receivable374394
Deferred insurance policy acquisition costs2,0833,157
Loss reserves(44,805)(32,460)
Unearned premiums(28,228)(30,196)
Return premium accrual(6,700)(5,900)
Current income taxes35,944(2,130)
Other, net(40,744)1,304(1)
Net cash provided by (used in) operating activities542,654526,716
Cash flows from investing activities:
Purchases of investments(1,114,276)(1,220,219)
Proceeds from sales of investments29,742294,202
Proceeds from maturity of fixed income securities962,952686,552
Proceeds from sale of equipment—166
Additions to property and equipment(660)(1,455)
Net cash provided by (used in) investing activities(122,242)(240,754)
Cash flows from financing activities:
Conversion/purchase of 9% convertible junior debentures—(28,637)
Repurchase of common stock(374,814)(216,693)
Dividends paid(97,587)(91,174)
Payment of withholding taxes related to share-based compensation net share settlement(19,046)(7,246)
Net cash provided by (used in) financing activities(491,447)(343,750)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents(71,035)(57,788)
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$299,609$275,125
(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.