Strong Financial Results
MGIC reported net income of $191 million and an annualized return on equity of 14.8%. Earnings per share increased to $0.83 from $0.77 in the same period last year.
Significant Capital Returns
MGIC returned $980 million of capital to shareholders through dividends and share repurchases over the last year, reducing outstanding shares by 12%.
Record Insurance In-Force
MGIC ended the quarter with over $300 billion of insurance in-force, an industry first and a significant milestone reflecting historical leadership in the market.
Reinsurance Program Enhancements
The reinsurance program reduced PMIERs required assets by $2.5 billion or approximately 43%, with additional transactions set to bolster future success.
Investment Income Stability
Investment income was $62 million with a book yield of 4%, remaining stable and contributing meaningly to revenue.