MTG · MGIC Investment Corporation

MGIC Investment Corporation delivered solid Q1 2026 results with net income of $165.3 million and adjusted net operating income of $165.1 million, both translating to $0.76 per diluted share, closely aligning with prior periods amid stable net premiums earned at $235.4 million. New insurance written reached $14.4 billion, supporting insurance in force of $302.7 billion, though slightly down from Q4 2025's $17.1 billion. Losses incurred rose to $33.2 million from $9.6 million year-over-year, driving the loss ratio to 14.1% from 3.9%, reflecting higher claims activity, while underwriting expenses improved to a 20.5% ratio. Delinquency inventory stood at 27,006 loans with a 2.44% rate. CEO Tim Mattke highlighted execution of business strategies, 13% ROE, and capital returns including $192.6 million in share repurchases of 7.2 million shares. Balance sheet strength persisted with PMIERs excess at $2.9 billion and book value per share at $23.63. Post-quarter, additional repurchases of 1.7 million shares for $47.4 million occurred through April 24, alongside a new $750 million buyback authorization through 2028 and a $0.15 dividend declaration. A $324 million excess of loss reinsurance deal covered policies from 2022-2025, enhancing risk management. MGIC's disciplined capital allocation and focus on customer needs position it for sustained shareholder value in dynamic markets.