MGIC INVESTMENT CORP

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 26, 2025

MTG$28.60-2.6%Stored close · as of Nov 6, 2026

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Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 26, 2025.

/s/ Timothy J. Mattke

Timothy J. Mattke

Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below as of the date set forth above by the following persons on behalf of the registrant and in the capacities indicated.

Chief Executive Officer and Director
/s/ Timothy J. Mattke	/s/ Jay C. Hartzell
Timothy J. Mattke	Jay C. Hartzell, Director
/s/ Nathaniel H. Colson	/s/ Timothy A. Holt
Nathaniel H. Colson	Timothy A. Holt, Director
Executive Vice President and
Chief Financial Officer and Chief Risk Officer
(Principal Financial Officer)	/s/ Jodeen A. Kozlak
	Jodeen A. Kozlak, Director
/s/ Julie K. Sperber	/s/ Michael E. Lehman
Julie K. Sperber	Michael E. Lehman, Director
Vice President, Controller and
Chief Accounting Officer
(Principal Accounting Officer)	/s/ Teresita M. Lowman
	Teresita M. Lowman, Director
/s/ Analisa M. Allen
Analisa M. Allen, Director	/s/ Sheryl L. Sculley
	Sheryl L. Sculley, Director
/s/ Daniel A. Arrigoni
Daniel A. Arrigoni, Director	/s/ Michael L. Thompson
	Michael L. Thompson, Director
/s/ C. Edward Chaplin
C. Edward Chaplin, Director	/s/ Mark M. Zandi
	Mark M. Zandi, Director
/s/ Curt S. Culver
Curt S. Culver, Director

SCHEDULE I — Summary of investments - Other than investments in related parties - December 31, 2024
(In thousands)	Amortized Cost	Fair Value	Amount at which shown in the balance sheet
Fixed income:
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$265,349	$260,493	$260,493
Obligations of U.S. states and political subdivisions	2,065,953	1,875,495	1,875,495
Foreign government debt	4,487	3,798	3,798
Public utilities	229,398	229,258	229,258
ABS	155,594	156,517	156,517
CLOs	199,773	200,059	200,059
Mortgage-backed	617,325	585,931	585,931
All other corporate debt securities	2,628,229	2,528,123	2,528,123
Commercial paper	12,015	12,015	12,015
Total fixed income	6,178,123	5,851,689	5,851,689
Equity securities:
Common stocks:
Industrial, miscellaneous and all other	16,146	14,762	14,762
Total equity securities	16,146	14,762	14,762
Total investments	$6,194,269	$5,866,451	$5,866,451

SCHEDULE II - Condensed Financial Information of RegistrantCondensed Balance SheetsParent Company Only
	December 31,
(In thousands)	2024	2023
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2024 – $544,456 ; 2023 – $597,944)	$546,179	$598,420
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2024 – $379,603 ; 2023 – $110,889)	379,701	110,913
Total investment portfolio	925,880	709,333
Cash and cash equivalents	149,944	208,600
Investment in subsidiaries, at equity in net assets	4,767,074	4,777,121
Accounts receivable - affiliates	2,512	2,860
Income taxes - current and deferred	2,221	34,597
Accrued investment income	8,165	5,975
Total assets	$5,855,796	$5,738,486
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Senior notes	$644,667	$643,196
Accrued interest	12,797	12,797
Other liabilities	25,957	10,476
Total liabilities	683,421	666,469
Shareholders’ equity:
Common stock ($1.00 par value, shares authorized 1,000,000; shares issued 2024 - 248,449; 2023 - 371,353; shares outstanding 2024 - 248,449; 2023 - 272,494)	248,449	371,353
Paid-in capital	1,808,236	1,808,113
Treasury stock at cost (shares 2024 - 0; 2023 - 98,859)	—	(1,384,293)
Accumulated other comprehensive income (loss), net of tax	(288,162)	(316,281)
Retained earnings	3,403,852	4,593,125
Total shareholders’ equity	5,172,375	5,072,017
Total liabilities and shareholders’ equity	$5,855,796	$5,738,486

SCHEDULE II - Condensed Financial Information of RegistrantCondensed Statements of OperationsParent Company Only
	Years Ended December 31,
(In thousands)	2024	2023	2022
Revenues:
Investment income, net of expenses	$46,167	$30,123	$7,193
Net realized investment gains (losses)	254	(47)	(2,628)
Total revenues	46,421	30,076	4,565
Expenses:
Operating expenses	1,479	1,555	1,575
Interest expense	35,602	36,905	47,601
Loss on debt extinguishment	—	—	38,870
Total expenses	37,081	38,460	88,046
Income (loss) before tax	9,340	(8,384)	(83,481)
(Benefit from) provision for income taxes	(772)	(1,734)	(17,851)
Equity in net income of subsidiaries	752,882	719,599	930,979
Net income	762,994	712,949	865,349
Other comprehensive income (loss), net of tax	28,119	165,230	(601,208)
Comprehensive income	$791,113	$878,179	$264,141

SCHEDULE II - Condensed Financial Information of RegistrantCondensed Statements of Cash FlowsParent Company Only
	Years Ended December 31,
(In thousands)	2024	2023	2022
Cash flows from operating activities:
Net income	$762,994	$712,949	$865,349
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(752,882)	(719,599)	(930,979)
Dividends received from subsidiaries	526,879	326,013	626,695
Deferred tax (benefit) expense	36,798	86,219	119,588
Loss on debt extinguishment	—	—	38,870
Other	19,298	26,726	33,619
Change in certain assets and liabilities:
Accounts receivable - affiliates	348	(1,996)	1,266
Income taxes receivable	(5,683)	45,913	(43,123)
Accrued investment income	1,007	(499)	931
Accrued interest	—	349	(7,230)
Net cash provided by operating activities	588,759	476,075	704,986
Cash flows from investing activities:
Return of capital from subsidiaries	40,000	—	—
Purchases of investments	(514,482)	(566,795)	(1,457)
Proceeds from sales of investments	546,111	555,957	287,924
Net cash provided by (used in) investing activities	71,629	(10,838)	286,467
Cash flows from financing activities:
Conversion/Purchase of convertible junior subordinated debentures	—	(28,637)	(89,118)
Redemption of 5.75% senior notes	—	—	(242,296)
Cash portion of loss on debt extinguishment	—	—	(38,185)
Repurchase of common stock	(569,478)	(337,182)	(385,573)
Dividends paid	(130,500)	(122,965)	(110,947)
Payment of withholding taxes related to share-based compensation net share settlement	(19,066)	(7,257)	(10,094)
Net cash provided by (used in) financing activities	(719,044)	(496,041)	(876,213)
Net increase (decrease) in cash and cash equivalents	(58,656)	(30,804)	115,240
Cash and cash equivalents at beginning of year	208,600	239,404	124,164
Cash and cash equivalents at end of year	$149,944	$208,600	$239,404

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PARENT COMPANY ONLY

SUPPLEMENTARY NOTES

Note A

The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements appearing in this annual report.

Note B

Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for thethree calendar years preceding the date of the dividend less dividends paid within the firsttwo of the preceding three calendar years. The maximum dividend that could be paid is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments in 2025, we will notify the OCI to ensure it does not object.

The payment of dividends from MGIC is the principal source of cash inflow for MGIC Investment Corporation, our holding company, other than investment income and raising capital in the public markets. The payment of dividends by our insurance subsidiaries is restricted by insurance regulation as discussed above. MGIC paid a total of $750 million, $600 million and $800 million in dividends in cash and fixed income securities to our holding company during 2024, 2023, and 2022, respectively. No contributions were made to our insurance subsidiaries in 2024, 2023, or 2022. In 2024, capital of $40 million was returned to our holding company from a non-insurance subsidiary.

Note C

The 5.25% Senior Notes discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries.

SCHEDULE IV — ReinsuranceMortgage Insurance Premiums EarnedYears Ended December 31, 2024, 2023 and 2022
(Dollars in thousands)	Gross Amount	Ceded to Other Companies	Assumed From Other Companies	Net Amount	Percentage of Amount Assumed to Net
Years ended December 31,
2024	$1,138,245	$181,896	$14,458	$970,807	1.5%
2023	1,142,412	202,821	12,960	952,551	1.4%
2022	1,154,728	156,373	8,778	1,007,133	0.9%

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