MGIC Investment (MTG) investor relations material

Executive summary

• Q4 2025 net income was $169.3 million ($0.75 per diluted share), with full-year net income of $738.3 million and annualized ROE of 13%.

• Insurance in force ended 2025 at $303.1 billion, up 3% year-over-year, with annual persistency stable at 85%.

• Book value per share increased to $23.47, up 13% year-over-year; tangible book value per share rose 11% to $24.08.

• Returned $915 million to shareholders in 2025 via dividends and share repurchases, including a 15% dividend increase.

• Shareholder dividends increased by 15% in 2025, and $782 million in shares were repurchased during the year.

Financial highlights

• Q4 2025 net premiums earned were $236.0 million, with new insurance written of $17.1 billion.

• Net investment income for Q4 was $62 million, with a 4% book yield.

• Losses incurred, net, were $31.2 million, with a loss ratio of 13.2% and underwriting expense ratio of 19.9%.

• Underwriting and other expenses were $46 million in Q4, down from $49 million last year; full-year expenses were $201 million.

• Total assets at year-end were $6.64 billion, with shareholders' equity of $5.15 billion.

Outlook and guidance

• Insurance in force expected to remain relatively flat in 2026, with MI market size similar to 2025.

• In-force premium yield projected to stay near 38 basis points in 2026.

• Operating expenses expected to decline to $190–$200 million in 2026, driven by higher ceding commissions.

• S&P revised its outlook to positive from stable in October 2025, reflecting improved financial strength.

• Continued focus on disciplined risk management and capital flexibility to support future growth.