Mgic Investment Corporation · NYSE:MTG
Mgic Investment — Q1 2026 Earnings Presentation
16 slides from Mgic Investment's earnings presentation, Apr 30, 2026
Slide 1: Quarterly Supplement Q1 2026
Quarterly Supplement Q1 2026 NYSE: MTG
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cau
Slide 3: Primary Risk in Force
Primary Risk in Force March 31, 2026 Origination year: 2026 2025 2024 2023 2022 2021 2020 2019 2018 2009 - 2017 2005 - 2008 2004 & Prior Total Original risk written (billions) $3.8 $15.7 $14.5 $11.9 $19.6 $29.9 $27.3 $16.2 $12.5 $67.8 $63.6 $181.5 N.M. % of original risk remaining 99.6 91.2 79.8 68.
Slide 4: Additional Book Year Statistics
Additional Book Year Statistics March 31, 2026 (1) Delinquency statistics: Origination year: 2026 2025 2024 2023 2022 2021 2020 2019 2018 2009 - 2017 2005 - 2009 2004 & Prior Total Risk in force delinquent (%) - 0.5 1.5 2.1 2.6 2.2 1.8 3.0 5.9 6.1 11.7 16.0 2.2 # of loans delinquent - 827 2,103 2,15
Slide 5: Losses Incurred
Losses Incurred Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 # of New notices 13,791 14,489 13,582 11,970 12,965 New notice claim rate 7.5% 7.5% 7.5% 7.5% 7.5% New notice severity 67,200 67,400 65,200 64,200 64,500 Current period losses incurred, net ($m)(1) 64 62 58 51 60 Prior period development, net*
Slide 6: Loss Reserves
Loss Reserves Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Delinquency Inventory* 27,006 27,072 25,747 24,444 25,438 Average claim rate 23.4% 22.7% 23.1% 24.5% 24.6% Average severity 68,600 66,862 65,871 65,352 64,390 Direct primary loss reserves ($m) 435 412 392 392 404 Total Direct loss reserves (inclu
Slide 7: Flow Delinquency Rate
Flow Delinquency Rate March 31, 2026 Static Pool Delinquency Rates Based on Loan Count 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Q1 Q4 Q8 Q12 Q16 Q20 Q24 2019 2020 2021 2022 2023 2024 2025 2026 7
Slide 8: Insurance In Force
Insurance In Force ($ in billions) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Beginning insurance in force $303.1 $300.8 $297.0 $293.8 $295.4 New insurance written 14.4 17.1 16.5 16.4 10.2 Cancellations and principal reductions (14.8) (14.8) (12.7) (13.2) (11.8) Net change in insurance in force (0.4) 2
Slide 9: Primary Risk in Force
Primary Risk in Force Year of Origination Top 10 Jurisdictions 25% 10.0% 9.0% 9.0% 8.0% 20% 18.6% 8.0% 17.7% 6.8% 16.7% 7.0% 14.4% 15% 6.0% 5.1% 5.0% 10.0% 4.0% 9.3% 10% 4.0% 3.7% 3.6% 3.5% 3.3% 3.2% 6.4% 3.0% 5% 4.1% 2.0% 2.4% 1.0% 0.4% 0% 0.0% 2026 2025 2024 2023 2022 2021 2020 2009-2019 2005-2008
Slide 10: Capital and Ratings
Capital and Ratings ($ in millions, except where otherwise noted) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Holding company liquidity 709 1,074 858 1,046 824 Shareholders’ Equity 5,037 5,148 5,173 5,155 5,140 Debt (par value) 650 650 650 650 650 PMIERs available assets ($billions) $5.8 $5.7 $5.9 $5.7
Slide 11: PMIERs Primary Minimum Required Assets
PMIERs Primary Minimum Required Assets March 31, 2026 PMIERs Primary Minimum Required Assets Risk Distribution by Origination Year Year Required Retained QSR ILN XOL % Ceded 2026 2026 $217 $101 $84 - $32 53% 2025 2025 996 440 386 23 147 56% 2024 2024 875 297 262 143 173 66% 2023 2023 574 248 147 121
Slide 12: Capital Requirements on New Risk Written
Capital Requirements on New Risk Written 9,000 7.4 8,000 7.2 7.1 7.1 Minimum Required Assets as a % of New Risk Written 7.0 7,000 7.0 6.9 Quarterly Risk Written ($ millions) 6,000 6.8 6.7 6.6 6.6 6.6 6.6 6.6 5,000 6.6 6.5 6.5 6.5 6.4 6.4 6.4 6.4 4,000 6.4 3,000 6.2 2,000 6.0 1,000 5.8 - 5.6 Mar-22 J
Slide 13: Statutory Capital
Statutory Capital MGIC Statutory Capital ($ in millions) Surplus Contingency Reserves (1) RTC Scheduled Contingency Reserve Releases: Year Amount (M) 2026 (2) $462 $5,767 $5,806 $5,908 $5,740 $5,518 2027 $469 $5,273 $4,857 2028 $489 $4,582 2029 $511 $3,820 $3,275 2030 $495 $2,963 $4,880 $4,056 $2,68
Slide 14: Appendix
Appendix 14
Slide 15: Consolidated GAAP Statements of Operations
Consolidated GAAP Statements of Operations For the period ended, ($ in thousands, except per share data) Q1 - 2026 Q4 - 2025 Q3 - 2025 Q2 - 2025 Q1 - 2025 Net premiums written 234,943 230,520 235,228 237,384 235,346 Net premiums earned 235,363 236,021 241,750 244,322 243,719 Net investment income 61
Slide 16: Consolidated GAAP Balance Sheet
Consolidated GAAP Balance Sheet As of, ($ in thousands, except per share data) Q1 - 2026 Q4 - 2025 Q3 - 2025 Q2 - 2025 Q1 - 2025 Assets Investments (1) $ 5,719,421 $ 5,807,662 $ 5,884,989 $ 5,818,478 $ 5,901,057 Cash and cash equivalents 235,090 368,989 266,901 294,871 206,988 Restricted cash and ca