MGIC Investment (MTG) investor relations material

Executive summary

• Net income for Q2 2026 was $182.1 million, or $0.86 per diluted share, with a 14.5% annualized ROE; adjusted net operating income was $183.7 million.

• New insurance written (NIW) reached $18 billion, up 8.5% year-over-year, with insurance in force totaling $305 billion.

• Book value per share rose 10% year-over-year to $24.27.

• Shareholder returns included $176.6 million in Q2 buybacks, $746 million over four quarters, and a $0.15 dividend per share in Q2; a $0.17 dividend was declared for Q3.

• Insurance in force ended at $305 billion, up 2.6% year-over-year.

Financial highlights

• Net premiums earned were $238.1 million in Q2 2026, with a book yield on investments around 4%.

• Net investment income for Q2 was $59.5 million.

• Loss ratio improved to 4.6% in Q2 2026, with underwriting expense ratio at 19.8%.

• Underwriting and other expenses were $46 million, down from $52 million in Q2 2025.

• Favorable loss reserve development of $43 million due to better-than-expected cure activity.

Outlook and guidance

• In-force premium yield and persistency expected to remain stable, with MI origination trends similar to last year.

• Operating expenses for the full year expected at the low end of the $190M–$200M range.

• No meaningful underwriting guideline changes anticipated; risk-adjusted returns remain strong.

• Board authorized an additional $750 million share repurchase program through 2028.

• Full-year 2026 NIW expected to remain relatively flat compared with 2025.