MGIC Investment (MTG) Proxy Filing summary

Executive summary

• Achieved net income of $763 million on $1.2 billion in revenue for 2024, with adjusted net operating income per diluted share rising to $2.91 from $2.53 in 2023.

• New insurance written (NIW) increased to $57.0 billion, up from $47.8 billion in 2023, and insurance in force (IIF) reached a record $295.4 billion.

• Book value per common share grew by 12%, and $698 million was returned to shareholders via repurchases and dividends.

• AM Best upgraded the financial strength rating to A, and operating expenses were sustainably reduced.

Voting matters and shareholder proposals

• Shareholders will vote on the election of ten directors, an advisory vote on executive compensation, approval of the 2025 Omnibus Incentive Plan, and ratification of PricewaterhouseCoopers LLP as the independent auditor.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board consists of ten nominees, with a majority being independent; two directors are not eligible for re-election due to age policy.

• Board leadership includes a non-executive Chairman and a Lead Independent Director, with a recent transition in the Lead Director role.

• Board diversity includes representation across gender and ethnicity, and director selection emphasizes a mix of skills and backgrounds.

• Board committees include Audit, Business Transformation & Technology, Management Development Nominating & Governance (MDNG), Risk Management, Securities Investment, and Executive.