Mgic Investment Corporation · NYSE:MTG
Mgic Investment — Q1 2023 Earnings Presentation
11 slides from Mgic Investment's earnings presentation, May 4, 2023
Slide 1: MGIC Investment Corporation Quarterly Supplement Q1 2023
MGIC Investment Corporation Quarterly Supplement Q1 2023 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 March 31, 2023
Primary Risk in Force March 31, 2023 Origination year: 2023 2022 2021 2020 2019 2018 2017 2016 2009 - 2015 2005 - 2008 2004 & Prior Total Original risk written (billions) $1.9 $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 99.4 94.9 85.1 56.5 26.4 16.0
Slide 4: Additional Book Year Statistics March 31, 2023
Additional Book Year Statistics March 31, 2023 NM Origination year: 2023 2022 2021 2020 2019 2018 2017 2016 2009-2015 2005 - 2008 2004 & Prior Total Delinquency statistics: (1) Risk in force delinquent (%) - 0.6 1.0 1.0 2.2 4.6 3.8 3.3 5.0 12.5 17.5 1.8 # of loans delinquent - 1,239 3,366 2,355 1,65
Slide 5: Primary Risk in Force by Year of Origination and Jurisdiction
Primary Risk in Force Year of Origination Top 10 Jurisdictions 40% 10% 35% 33.5% 8.4% 8% 7.6% 30% 6.6% 24.4% 25% 6% 20.3% 5.0% 20% 4.2% 4.0% 3.8% 3.7% 3.7% 4% 3.5% 15% 12.9% 10% 2% 5% 3.9% 2.4% 2.1% 0.5% 0% 0% 2023 2022 2021 2020 2016-2019 2009-2015 2005-2008 2004 & Prior CA TX FL PA IL VA NC OH GA
Slide 6: Primary Risk in Force by Original LTV and FICO
Primary Risk in Force Original LTV Original FICO 100% 100% 15.2% 15.1% 14.7% 15.3% 18.7% 29.9% 42.2% 42.2% 42.1% 39.0% 75% 10.7% 75% 11.1% 52.2% 52.0% 50.4% 52.2% 29.8% 16.5% 11.7% 50% 50% 17.2% 17.7% 17.7% 11.6% 14.0% 14.2% 14.1% 13.7% 10.1% 25% 29.8% 25% 11.3% 28.1% 11.1% 11.1% 11.1% 8.5% 27.1% 27
Slide 7: Primary Risk in Force by Property Type and Occupancy
Primary Risk in Force Property Type Occupancy 100% 100% 2.1% 2.2% 2.6% 2.4% 6.9% 13.8% 13.7% 13.6% 12.4% 15.6% 75% 75% 50% 50% 97.9% 97.8% 97.4% 97.6% 93.1% 86.2% 86.3% 86.4% 87.6% 84.4% 25% 25% 0% 0% 3/31/2023 12/31/2022 12/31/2021 12/31/2019 12/31/2008 3/31/2023 12/31/2022 12/31/2021 12/31/2019 12
Slide 8: Primary Risk in Force by Loan Amount and Purpose
Primary Risk in Force Loan Amount (1) Loan Purpose 100% 2.7% 2.7% 2.5% 2.6% 100% 1.1% 1.1% 1.4% 4.7% 2.5% 11.4% 12.0% 11.2% 14.8% 16.4% 16.1% 36.7% 13.3% 75% 46.4% 75% 52.0% 51.4% 25.8% 50% 50% 30.7% 87.6% 86.9% 86.3% 82.2% 27.8% 71.9% 25.5% 25.7% 40.8% 25% 25% 25.9% 17.4% 17.7% 20.3% 12.6% 0% 2.4%
Slide 9: Flow Delinquency Rate March 31, 2023
Flow Delinquency Rate March 31, 2023 Static Pool Delinquency Rates Based on Loan Count 18% 5.0% 17% 4.5% 16% 15% 4.0% 14% 13% 3.5% 12% 3.0% 11% 10% 2.5% 9% 8% 2.0% 7% 1.5% 6% 5% 1.0% 4% 3% 0.5% 2% 0.0% 1% Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23 Q25 Q27 Q29 Q31 Q33 Q35 Q37 Q39 Q41 Q43 Q45 Q47 Q49
Slide 10: Capital Requirements on New Risk Written
Capital Requirements on New Risk Written Minimum Required Assets as a % of New Risk Written 9,000 7.2 As of March 31, 2023: 7.1 7.1 • Minimum Required Assets of $3.5 billion 7.0 7.0 8,000 7.0 • Reinsurance Credit of $2.3 billion 6.9 6.9 • Available Assets of $5.9 billion 7,000 6.8 Quarterly Risk Wri
Slide 11: Statutory Capital
Statutory Capital MGIC Statutory Capital ($ in millions) Surplus Contingency Reserves (1) RTC Scheduled Contingency Reserve 14 Releases: Year Amount (M) $5,518 $5,720 13 $5,273 2024 $248 $4,857 12 $4,582 2025 507 10.7:1 $3,820 11 2026 527 10.2:1 $3,275 9.7:1 $2,963 10 2027 531 9.5:1 $4,056 $4,597 $2