Mgic Investment Corporation · NYSE:MTG
Mgic Investment — Q4 2025 Earnings Presentation
17 slides from Mgic Investment's earnings presentation, Feb 3, 2026
Slide 1: Quarterly Supplement Q4 2025
Quarterly Supplement Q4 2025 NYSE: MTG
Slide 2: Forward-Looking Statements
Forward-Looking Statements As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires, and “MGIC” refers to Mortgage Guaranty Insurance Corporation. This presentation may contain forward looking statem
Slide 3: Primary Risk in Force
Primary Risk in Force December 31, 2025 Origination year: 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 - 2015 2005 - 2008 2004 & Prior Total Original risk written (billions) $15.7 $14.5 $11.9 $19.6 $29.9 $27.3 $16.2 $12.5 $12.3 $11.9 $43.7 $63.6 $181.5 N.M. % of original risk remaining 94.
Slide 4: Additional Book Year Statistics
Additional Book Year Statistics December 31, 2025 NM Origination year: Delinquency statistics: (1) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009-2015 2005 - 2008 2004 & Prior Total Risk in force delinquent (%) 0.3 1.2 1.9 2.5 2.2 1.8 2.9 5.8 5.2 6.2 7.9 11.3 16.0 2.1 # of loans delinquent 4
Slide 5: Losses Incurred
Losses Incurred December 31, 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 # of New notices 14,489 13,582 11,970 12,965 14,127 New notice claim rate 7.5% 7.5% 7.5% 7.5% 7.3% New notice severity 67,400 65,200 64,200 64,500 63,800 Current period losses incurred, net ($m)(1) 62 58 51 60 63 Prior period
Slide 6: Loss Reserves
Loss Reserves December 31, 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Delinquency Inventory* 27,072 25,747 24,444 25,438 26,791 Average claim rate 22.7% 23.1% 24.5% 24.6% 23.6% Average severity 66,862 65,871 65,352 64,390 63,400 Direct primary loss reserves ($m) 412 392 392 404 402 Total Direct lo
Slide 7: Flow Delinquency Rate
Flow Delinquency Rate December 31, 2025 Static Pool Delinquency Rates Based on Loan Count 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Q1 Q4 Q8 Q12 Q16 Q20 Q24 2019 2020 2021 2022 2023 2024 2025 7
Slide 8: Insurance In Force
Insurance In Force December 31, 2025 ($ in billions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Beginning insurance in force $300.8 $297.0 $293.8 $295.4 $292.8 New insurance written 17.1 16.5 16.4 10.2 15.9 Cancellations and principal reductions (14.8) (12.7) (13.2) (11.8) (13.3) Net change in insuranc
Slide 9: Primary Risk in Force
Primary Risk in Force Year of Origination Top 10 Jurisdictions 30% 10.0% 9.0% 9.0% 25% 8.0% 8.0% 6.8% 20% 19.4% 7.0% 17.9% 17.2% 6.0% 15.1% 5.2% 15% 5.0% 4.0% 10.6% 10.0% 4.0% 3.7% 3.6% 3.5% 3.3% 3.3% 10% 3.0% 6.3% 5% 2.0% 2.5% 0.6% 1.0% 0.4% 0% 0.0% 2025 2024 2023 2022 2021 2020 2016-2019 2009-2015
Slide 10: Capital and Ratings
Capital and Ratings December 31, 2025 ($ in millions, except where otherwise noted) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Holding company liquidity 1,074 858 1,046 824 1,076 Shareholders’ Equity 5,148 5,173 5,155 5,140 5,172 Debt (par value) 650 650 650 650 650 PMIERs available assets ($billions)
Slide 11: Tangible Book Value per Share
Tangible Book Value per Share +11% Y/Y 14% annualized growth rate $2.48 $1.92 $1.43 $1.00 • Increased shareholder dividends $0.64 by 15% in 2025 $0.36 • Repurchased $782 million in $0.12 shares in 2025 $24.08 $21.98 $19.77 $17.46 $14.80 $13.24 $12.20 $10.43 $7.70 $8.63 $6.76 Dec - 15 Dec - 16 Dec -
Slide 12: PMIERs Primary Minimum Required Assets
PMIERs Primary Minimum Required Assets December 31, 2025 PMIERs Primary Minimum Required Assets Risk Distribution by Book Year Year Required Retained QSR ILN XOL % Ceded 2025 2025 $978 $456 $379 - $143 54% 2024 2024 905 453 271 - 181 50% 2023 2023 602 299 154 86 63 50% 2022 2022 1,026 519 293 119 95
Slide 13: Capital Requirements on New Risk Written
Capital Requirements on New Risk Written Minimum Required Assets as a % of New Risk Written 9,000 7.4 8,000 7.1 7.1 7.2 7.0 7,000 7.0 6.9 6.9 Quarterly Risk Written ($ millions) 6,000 6.8 6.7 6.6 6.6 6.6 6.6 5,000 6.5 6.6 6.5 6.5 6.4 6.4 4,000 6.4 6.4 6.4 3,000 6.2 2,000 6.0 1,000 5.8 - 5.6 Dec-21 J
Slide 14: Statutory Capital
Statutory Capital MGIC Statutory Capital ($ in millions) Surplus Contingency Reserves (1) RTC Scheduled Contingency Reserve Releases: $5,767 $5,806 $5,740 Year Amount (M) $5,518 $5,273 2026 $462 $4,857 $4,582 2027 $469 2028 $489 $3,820 2029 $511 $3,275 $2,963 $4,056 $4,597 $4,853 2030 $495 $2,686 $2
Slide 15: Appendix
Appendix 15
Slide 16: Consolidated GAAP Statements of Operations
Consolidated GAAP Statements of Operations For the period ended, ($ in thousands, except per share data) Q4 - 2025 Q3 - 2025 Q2 - 2025 Q1 - 2025 Q4 - 2024 Net premiums written 230,520 235,228 237,384 235,346 232,104 Net premiums earned 236,021 241,750 244,322 243,719 241,295 Net investment income 61
Slide 17: Consolidated GAAP Balance Sheet
Consolidated GAAP Balance Sheet As of, ($ in thousands, except per share data) Q4 - 2025 Q3 - 2025 Q2 - 2025 Q1 - 2025 Q4 - 2024 Assets Investments (1) $ 5,807,662 $ 5,884,989 $ 5,818,478 $ 5,901,057 $ 5,867,560 Cash and cash equivalents 368,989 266,901 294,871 206,988 229,485 Restricted cash and ca