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MGIC Investment (MTG) investor relations material

MGIC Investment Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Net income for Q2 2025 was $192.5M–$193M ($0.81 per diluted share), with adjusted net operating income of $194M ($0.82 per share) and a 15% annualized ROE, reflecting disciplined risk management.

  • New insurance written reached $16.4B in Q2 2025, with insurance in force at $297B and annual persistency at 84.7%.

  • Shareholder returns included a 15% dividend increase to $0.15 per share and significant share repurchases, totaling $405M in H1 2025.

  • Delinquency rate was 2.21% at June 30, 2025, with 24,444 loans delinquent and favorable prior period loss development.

  • Strong credit performance and high-quality, diversified portfolio maintained.

Financial highlights

  • Net premiums earned for Q2 2025 were $244.3M, nearly flat year-over-year; net premiums written were $237.4M, up 2%.

  • Book value per share increased to $22.11, up 13% year-over-year.

  • Loss ratio improved to (1.2)% in Q2 2025, reflecting favorable credit trends and reserve development.

  • Underwriting expense ratio decreased to 21.9% from 23.1% year-over-year.

  • Investment income was $61M, flat year-over-year; book yield at 4%.

Outlook and guidance

  • In force premium yield expected to remain flat for 2025; NIW anticipated to exceed 2024 levels.

  • Full-year operating expenses projected at $195M–$205M, including pension-related charges.

  • Capital levels projected to stay above targets, supporting elevated payout ratios if credit performance remains strong.

  • Effective tax rate expected to decrease modestly for the remainder of 2025.

  • Forward-looking statements caution actual results may differ due to disclosed risk factors.

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Frequently asked questions

MGIC Investment Corporation provides private mortgage insurance and related services to mortgage lenders. Its insurance products help protect lenders against borrower default, primarily in the residential housing market. The company is headquartered in Milwaukee, Wisconsin, and its shares are listed on the NYSE.

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