Mgic Investment Stock Earnings Reports

MGIC reported a strong start to 2026 with solid operating and capital metrics. Q1 net income was $165 million (annualized ROE 13%), and book value per share rose 10% year-over-year to $23.63. New insurance written (NIW) was $14 billion, up 41% YoY, driven by higher refinance activity and a modestly larger purchase market; insurance in force (IIF) was ~$303 billion, roughly flat quarter-over-quarter and up 3% YoY. Annual persistency ended the quarter at 84% (down 1 point sequentially). Credit performance remains favorable: early payment defaults are low, and the company recorded $31 million of favorable loss reserve development this quarter due to better-than-expected cure rates on delinquency notices. Investment income was $62 million with a portfolio book yield near 4%. Reinsurance reduced PMIERs required assets by about $3.1 billion (~52%), supporting capital resilience. MGIC continues disciplined expense management (full-year operating expense guidance $190–$200 million) and an active capital return program: the Board authorized an additional $750 million repurchase program, Q1 repurchases were $193 million (7.2 million shares), a $400 million dividend was paid to the holding company, and recent repurchases plus dividends over the prior four quarters equaled ~123% of net income. Management reiterated that persistency, premium yields and IIF growth will be sensitive to future mortgage rate movements and emphasized conservative capital allocation and monitoring of macro and servicer reporting dynamics.