MGIC INVESTMENT CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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"Mortgage Insurance Portfolio"
New Insurance Written
NIW in 2025 was $60.2 billion compared with $55.7 billion in the prior year. The increase for the year ended December 31, 2025 reflects a higher expected market position compared with the same period in the prior year.
Even when home prices are stable or rising, mortgages with certain characteristics have higher probabilities of claims. In general, these characteristics include mortgages with high LTV and DTI ratios and low credit scores, which are determined at the time of loan origination. When home prices increase, interest rates increase and/or the percentage of our NIW from purchase transactions increases, our NIW on mortgages with DTI ratios over 45% and LTVs over 95% may fluctuate. We consider a variety of loan characteristics when assessing the risk of a loan.
The following tables provide information about loan characteristics associated with our NIW.
| Primary NIW by FICO Score | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| 760 and greater | 51.7% | 50.9% |
| 740 - 759 | 17.4% | 17.4% |
| 720 - 739 | 13.2% | 13.5% |
| 700 - 719 | 8.7% | 9.1% |
| 680 - 699 | 4.9% | 5.2% |
| 660 - 679 | 2.7% | 2.8% |
| 640 - 659 | 0.9% | 0.8% |
| 639 and less | 0.5% | 0.3% |
| Total | 100.0% | 100.0% |
| Primary NIW by Loan-to-Value | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| 95.01% and above | 14.7% | 13.7% |
| 90.01% to 95.00% | 46.2% | 47.3% |
| 85.01% to 90.00% | 28.6% | 27.7% |
| 80.01% to 85% | 10.5% | 11.3% |
| Total | 100.0% | 100.0% |
| Primary NIW by Debt-to-Income Ratio | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| 45.01% and above | 27.0% | 28.9% |
| 38.01% to 45.00% | 30.5% | 31.6% |
| 38.00% and below | 42.5% | 39.5% |
| Total | 100.0% | 100.0% |
| Primary NIW by Policy Payment Type | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| Monthly premiums | 97.3% | 97.6% |
| Single premiums | 2.7% | 2.4% |
| Total | 100.0% | 100.0% |
| Primary NIW by Type of Mortgage | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| Purchases | 90.9% | 96.0% |
| Refinances | 9.1% | 4.0% |
| Total | 100.0% | 100.0% |
The following table provides information about loans with one or more of the following characteristics associated with our NIW: LTV ratios greater than 95%, borrowers having FICO scores below 680, and borrowers having DTI ratios greater than 45%, each attribute as determined at the time of loan origination.
| Primary NIW by Number of Attributes Discussed Above | ||
|---|---|---|
| Years Ended December 31, | ||
| (% of primary NIW) | 2025 | 2024 |
| One | 36.2% | 36.3% |
| Two or More | 4.7% | 5.0% |
Insurance in Force and Risk in Force
The amount of our IIF and RIF is impacted by the amount of NIW, cancellations, and principal payments received on our primary IIF during the period. Cancellation activity is impacted by refinancing activity, policies cancelled when borrowers achieve the required amount of home equity, and cancellations due to claim payment. Refinancing activity has historically been affected by the level of mortgage interest rates and the level of home price appreciation. Cancellations generally move inversely to the change in the direction of interest rates, although they generally lag a change in direction. The following table presents a summary of the change in our IIF and RIF for the periods indicated.
| Primary Insurance in Force and Risk in Force | ||
|---|---|---|
| Years Ended December 31, | ||
| ($ in billions) | 2025 | 2024 |
| NIW | $60.2 | $55.7 |
| Cancellations, principal payments, and other reductions | (52.5) | (53.8) |
| Increase (decrease) in primary IIF | $7.7 | $1.9 |
| Direct primary IIF as of December 31, | $303.1 | $295.4 |
| Direct primary RIF as of December 31, | $81.2 | $78.8 |
The composition of our primary RIF and IIF by policy year is shown below for the periods indicated.
| Primary Insurance in Force and Risk in Force by Policy Year | ||||||
|---|---|---|---|---|---|---|
| As of December 31, | ||||||
| ($ in millions) · 2025 · 2024 | ||||||
| Policy year · Insurance in force · Risk in Force · Insurance in Force · Risk in Force | ||||||
| 2004 and prior | $1,013 | $288 | $1,155 | $327 | ||
| 2005 - 2008 | 7,735 | 2,069 | 8,655 | 2,312 | ||
| 2009 - 2019 | 21,084 | 5,582 | 27,233 | 7,225 | ||
| 2020 | 29,369 | 8,109 | 37,968 | 10,375 | ||
| 2021 | 56,502 | 15,795 | 69,839 | 18,992 | ||
| 2022 | 51,788 | 13,992 | 59,317 | 15,865 | ||
| 2023 | 33,023 | 8,602 | 38,978 | 10,109 | ||
| 2024 | 46,960 | 12,266 | 52,252 | 13,608 | ||
| 2025 | 55,610 | 14,521 | — | — | ||
| Total | $303,084 | $81,224 | $295,397 | $78,813 | ||
The following table sets forth portfolio statistics associated with our primary IIF and RIF as of December 31, 2025.
| Portfolio Statistics by Policy Year | ||||
|---|---|---|---|---|
| Weighted Avg. Interest Rate · Delinquency Rate % · Cede Rate % (1) · % of Original Remaining IIF | ||||
| Policy Year | ||||
| 2004 and prior | 7.3% | 12.4% | —% | N.M. |
| 2005-2008 | 7.0% | 9.3% | —% | 3.2% |
| 2009-2019 | 4.3% | 4.2% | —% | 5.4% |
| 2020 | 3.2% | 1.7% | 5.0% | 25.7% |
| 2021 | 3.1% | 2.2% | 27.5% | 47.9% |
| 2022 | 4.9% | 2.5% | 30.9% | 69.8% |
| 2023 | 6.6% | 2.0% | 26.8% | 71.8% |
| 2024 | 6.6% | 1.3% | 30.6% | 83.5% |
| 2025 | 6.5% | 0.3% | 39.3% | 94.6% |
(1)Cede Rate % is calculated as the risk in force ceded to our QSR Transactions divided by the total risk in force.
Credit Profile of Our Primary RIF
Our 2009 and later books possess significantly improved risk characteristics when compared to our 2005-2008 books. We believe changes such as more rigorous underwriting standards, higher quality credit profiles, strengthened mortgage loan servicing, and government support to help borrowers stay in their homes, have led to improved credit performance on our 2009 and later books. For additional information on the composition of our primary RIF see "Our Products and Services - Business"
Annual Persistency
Our Annual Persistency was 84.8% at December 31, 2025 and December 31, 2024. Since 2018, our Annual Persistency ranged from a high of 86.3% at September 30, 2023 to a low of 60.7% at March 31, 2021. Our persistency rate is primarily affected by the level of current mortgage interest rates compared to the mortgage coupon rates on our IIF, which affects the vulnerability of the IIF to refinancing; and the current amount of equity that borrowers have in the homes underlying our IIF.
CRT Programs
In connection with the GSEs CRT programs, an insurance subsidiary of MGIC provides insurance and reinsurance covering portions of the credit risk related to certain reference pools of mortgages acquired by the GSEs. Our RIF, as reported to us, related to these programs was approximately $482 million and $392 million as of December 31, 2025 and December 31, 2024, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.