MGIC Investment (MTG) Q4 2024 earnings summary

Executive summary

• Achieved Q4 2024 net income of $185 million ($0.72 per diluted share) and full-year net income of $763 million ($2.89 per share), reflecting mid-teen returns on equity and robust capital returns to shareholders.

• Insurance in force reached $295.4 billion at year-end, with $56 billion of new insurance written in 2024, up 21% year-over-year.

• Maintained disciplined risk and capital management, supported by favorable credit trends and a resilient insurance portfolio.

• Primary risk in force at year-end 2024 totaled $181.5 billion, with 2024 originations accounting for $14.5 billion and a weighted average FICO of 754.

• Delinquency rate at year-end was 2.4%, with 26,791 loans delinquent.

Financial highlights

• Q4 net income was $185 million; annualized ROE was 14%.

• Net income per diluted share was $0.72 for Q4 and $2.89 for the year.

• Book value per share increased 12% year-over-year to $20.82.

• Operating expenses for the year were $218 million, down $19 million from 2023.

• Statutory capital surplus at year-end was $5,131 million, with a risk-to-capital ratio of 9.0:1.

Outlook and guidance

• Insurance in force premium yield expected to remain flat in 2025, with high persistency and a similar MI market size as 2024.

• Operating expenses for 2025 projected to decline to $195 million–$205 million.

• Share repurchases and quarterly dividends will continue as primary capital return strategies.

• CEO expressed confidence in executing business strategies and achieving success in 2025.

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