Skip to main content

MGIC INVESTMENT CORP

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

View on SEC.gov

About this filing

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.

FY2025 · Filed Feb 25, 2026

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

Item 16. Form 10-K Summary

Not applicable.

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 25, 2026.

/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.

/s/ Timothy J. Mattke/s/ Martin P. Klein
Timothy J. MattkeMartin P. Klein, Director
Chief Executive Officer and Director
/s/ Jodeen A. Kozlak
/s/ Nathaniel H. ColsonJodeen A. Kozlak, Director
Nathaniel H. Colson
Executive Vice President and
Chief Financial Officer/s/ Teresita M. Lowman
(Principal Financial Officer)Teresita M. Lowman, Director
/s/ Julie K. Sperber/s/ Daniela A. O'Leary-Gill
Julie K. SperberDaniela A. O'Leary-Gill, Director
Vice President, Controller and
Chief Accounting Officer
(Principal Accounting Officer)/s/ Sheryl L. Sculley
Sheryl L. Sculley, Director
/s/ C. Edward Chaplin
C. Edward Chaplin, Director/s/ Michael L. Thompson
Michael L. Thompson, Director
/s/ Curt S. Culver
Curt S. Culver, Director/s/ Mark M. Zandi
Mark M. Zandi, Director
/s/ Jay C. Hartzell
Jay C. Hartzell, Director
SCHEDULE I — Summary of Investments - Other than Investments in Related Parties - December 31, 2025
(In thousands)Amortized CostFair ValueAmount at which shown in the balance sheet
Fixed income:
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations and agencies$279,359$277,812$277,812
Obligations of U.S. states and political subdivisions1,961,8411,838,7641,838,764
Foreign government debt4,4874,0674,067
Public utilities233,134348,387348,387
ABS225,478226,561226,561
CLOs99,18299,28799,287
Mortgage-backed604,645596,807596,807
All other corporate debt securities2,479,2142,342,8852,342,885
Commercial paper56,66156,66156,661
Total fixed income$5,944,001$5,791,231$5,791,231
Equity securities:
Common stocks:
Industrial, miscellaneous and all other16,28615,32215,322
Total equity securities$16,286$15,322$15,322
Total investments$5,960,287$5,806,553$5,806,553
SCHEDULE II - Condensed Financial Information of RegistrantCondensed Balance SheetsParent Company Only
December 31,
(In thousands) · 2025 · 2024
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2025 – $450,697 ; 2024 – $544,456)$451,540$546,179
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2025 – $388,164 ; 2024 – $379,603)388,345379,701
Total investment portfolio839,885925,880
Cash and cash equivalents233,660149,944
Investment in subsidiaries, at equity in net assets4,842,7614,767,074
Accounts receivable - affiliates2,2442,512
Income taxes - current and deferred32,0442,221
Accrued investment income6,7608,165
Total assets$5,957,354$5,855,796
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Senior notes$646,138$644,667
Federal tax credits payable135,34412,535(1)
Accrued interest12,79712,797
Other liabilities15,52413,422(1)
Total liabilities809,803683,421
Shareholders’ equity:
Common stock ($1 par value, shares authorized 1,000,000; shares issued and outstanding 2025 - 219,367; 2024 - 248,449)219,367248,449
Paid-in capital1,812,4631,808,236
Accumulated other comprehensive income (loss), net of tax(134,394)(288,162)
Retained earnings3,250,1153,403,852
Total shareholders’ equity5,147,5515,172,375
Total liabilities and shareholders’ equity$5,957,354$5,855,796

(1) Certain amounts have been reclassified to conform with current year presentation

SCHEDULE II - Condensed Financial Information of RegistrantCondensed Statements of OperationsParent Company Only
Years Ended December 31,
(In thousands)202520242023
Revenues:
Investment income, net of expenses$44,748$46,167$30,123
Net realized investment gains (losses)612254(47)
Total revenues45,36046,42130,076
Expenses:
Operating expenses2,4021,4791,555
Interest expense35,60335,60236,905
Total expenses38,00537,08138,460
Income (loss) before tax7,3559,340(8,384)
Benefit from income taxes(9,706)(772)(1,734)
Equity in net income of subsidiaries721,286752,882719,599
Net income738,347762,994712,949
Other comprehensive income (loss), net of tax153,76828,119165,230
Comprehensive income$892,115$791,113$878,179
SCHEDULE II - Condensed Financial Information of RegistrantCondensed Statements of Cash FlowsParent Company Only
Years Ended December 31,
(In thousands)202520242023
Cash flows from operating activities:
Net income$738,347$762,994$712,949
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries(721,286)(752,882)(719,599)
Dividends received from subsidiaries247,614526,879326,013
Deferred tax expense (benefit)8236,79886,219
Other12,07219,29826,726
Change in certain assets and liabilities:
Accounts receivable - affiliates268348(1,996)
Income taxes receivable87,518(5,683)45,913
Accrued investment income5,9811,007(499)
Accrued interest——349
Net cash provided by (used in) operating activities370,596588,759476,075
Cash flows from investing activities:
Return of capital from subsidiaries—40,000—
Purchases of investments(328,357)(514,482)(566,795)
Proceeds from sales of investments981,762546,111555,957
Net cash provided by (used in) investing activities653,40571,629(10,838)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures——(28,637)
Repurchase of common stock(788,645)(569,478)(337,182)
Dividends paid(132,491)(130,500)(122,965)
Payment of withholding taxes related to share-based compensation net share settlement(19,149)(19,066)(7,257)
Net cash provided by (used in) financing activities(940,285)(719,044)(496,041)
Net increase (decrease) in cash and cash equivalents83,716(58,656)(30,804)
Cash and cash equivalents at beginning of year149,944208,600239,404
Cash and cash equivalents at end of year$233,660$149,944$208,600

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 2026, 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, 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 $800 million, $750 million and $600 million in dividends in cash and fixed income securities to our holding company during 2025, 2024, and 2023, respectively. No contributions were made to our insurance subsidiaries in 2025, 2024, or 2023. 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 3 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation and not of its subsidiaries.

SCHEDULE IV — ReinsuranceMortgage Insurance Premiums EarnedYears Ended December 31, 2025, 2024 and 2023
(Dollars in thousands)Gross AmountCeded to Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net
Years ended December 31,
2025$1,141,305$190,019$14,526$965,8121.5%
20241,138,245181,89614,458970,8071.5%
20231,142,412202,82112,960952,5511.4%
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.