Mgic Investment Corporation · NYSE:MTG
Mgic Investment — Q1 2025 Earnings Presentation
14 slides from Mgic Investment's earnings presentation, May 1, 2025
Slide 1: Quarterly Supplement Q1 2025
Quarterly Supplement Q1 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 March 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) $2.6 $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 99.4 93
Slide 4: Additional Book Year Statistics
Additional Book Year Statistics March 31, 2025 NM Origination year: 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009-2015 2005 - 2008 2004 & Prior Total Delinquency statistics: (1) Risk in force delinquent (%) - 0.5 1.3 2.1 1.8 1.4 2.6 5.3 4.7 5.4 7.7 11.2 15.7 2.0 # of loans delinquent 2 812
Slide 5: PMIERs Primary Minimum Required Assets
PMIERs Primary Minimum Required Assets March 31, 2025 Risk Distribution PMIERs Primary Minimum Required Assets Year Required Retained QSR ILN XOL % Ceded by Book Year 2025 $146 $89 $57 - - 39% 2025 2024 938 480 282 - 177 49% 2024 2023 716 331 184 115 85 54% 2023 2022 1,150 540 343 155 112 53% 2022 2
Slide 6: Losses Incurred
Losses Incurred March 31, 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 # of New notices 12,965 14,127 13,679 11,444 12,177 New notice claim rate 7.5% 7.3% 7.5% 7.5% 7.5% New notice severity 64,500 63,800 60,600 60,600 60,200 Current period losses incurred, net ($m)(1) 60 63 56 48 54 Prior period dev
Slide 7: Loss Reserves
Loss Reserves March 31, 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Delinquency Inventory* 25,438 26,791 25,089 23,370 24,142 Average claim rate 24.6% 23.6% 26.1% 29.6% 30.8% Average severity 64,390 63,400 61,800 61,000 60,230 Direct primary loss reserves ($m) 404 402 406 422 448 Total Direct loss
Slide 8: Primary Risk in Force
Primary Risk in Force Year of Origination Top 10 Jurisdictions 30% 10% 9.1% 25% 8.0% 23.2% 8% 6.7% 19.7% 20% 17.3% 6% 5.2% 15% 12.5% 12.5% 4.1% 3.8% 4% 3.6% 3.5% 3.4% 3.3% 10% 7.9% 2% 5% 2.9% 2.9% 0.7% 0.4% 0% 0% CA TX FL PA IL VA NY OH NC MD 2025 2024 2023 2022 2021 2020 2016-2019 2009-2015 2005-20
Slide 9: Primary Risk in Force
Primary Risk in Force Original LTV Original FICO 100% 100% 16.7% 16.5% 15.7% 15.1% 14.7% 44.0% 43.9% 43.0% 42.2% 42.1% 75% 75% 52.0% 50.4% 53.3% 53.2% 52.4% 50% 50% 17.7% 17.2% 18.0% 18.0% 17.9% 14.1% 14.1% 13.7% 14.2% 14.2% 25% 25% 28.1% 11.1% 11.1% 27.2% 27.3% 10.6% 10.6% 10.8% 26.3% 26.5% 7.4% 7.
Slide 10: Primary Risk in Force
Primary Risk in Force Property Type Occupancy 100% 100% 1.6% 1.7% 1.9% 2.2% 2.6% 13.9% 13.9% 13.9% 13.7% 13.6% 75% 75% 50% 50% 98.4% 98.3% 98.1% 97.8% 97.4% 86.1% 86.1% 86.1% 86.3% 86.4% 25% 25% 0% 0% 3/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 3/31/2025 12/31/2024 12/31/2023 12/31/2022 12
Slide 11: Primary Risk in Force
Primary Risk in Force Loan Amount (1) Loan Purpose 100% 2.3% 2.4% 2.7% 2.7% 2.5% 0.2% 0.8% 1.0% 1.1% 1.4% 100% 6.8% 7.1% 10.9% 12.0% 16.4% 75% 46.4% 75% 54.4% 51.4% 58.5% 57.5% 50% 50% 93.0% 92.0% 88.1% 86.9% 82.2% 27.8% 25.7% 23.4% 24.5% 23.2% 25% 25% 17.7% 20.3% 14.3% 14.8% 16.2% 0% 1.7% 1.9% 2.2%
Slide 12: Flow Delinquency Rate
Flow Delinquency Rate March 31, 2025 Static Pool Delinquency Rates Based on Loan Count 18% 4.5% 17% 16% 4.0% 15% 14% 3.5% 13% 3.0% 12% 11% 2.5% 10% 9% 2.0% 8% 7% 1.5% 6% 5% 1.0% 4% 3% 0.5% 2% 1% 0.0% Q1 Q4 Q8 Q12 Q16 Q20 Q24 0% Q52 Q56 Q60 Q64 Q68 Q72 Q20 Q24 Q28 Q32 Q36 Q40 Q44 Q48 Q12 Q16 Q1 Q4 Q8
Slide 13: Capital Requirements on New Risk Written
Capital Requirements on New Risk Written Minimum Required Assets as a % of New Risk Written 9,000 7.1 7.1 7.2 7.0 8,000 7.0 6.9 6.9 7,000 6.8 6.8 Quarterly Risk Written ($ millions) 6.7 6.7 6,000 6.6 6.6 6.6 6.6 6.5 6.5 5,000 6.4 6.4 6.4 6.4 4,000 6.2 6.2 3,000 6.0 2,000 1,000 5.8 - 5.6 Jun-21 Jun-2
Slide 14: Statutory Capital
Statutory Capital MGIC Statutory Capital ($ in millions) Surplus Contingency Reserves (1) RTC Scheduled Contingency Reserve Releases: Year Amount (M) $5,767 $5,806 $5,993 2025(2) $457 $5,518 $5,273 2026 $462 $4,582 $4,857 2027 $469 $3,820 2028 $489 $3,275 2029 $511 $2,963 $4,858 $2,686 $2,138 $3,521