Q1 2026 MGIC Investment Corp Earnings Call Transcript
Key Points
- MGIC Investment Corp (MTG) reported a strong start to 2026 with a net income of $165 million and an annualized return on equity of 13%.
- The company achieved a 41% increase in new insurance written (NIW) compared to the previous year, marking its largest first quarter of NIW since 2022.
- MGIC Investment Corp's capital structure remains robust with $6 billion in balance sheet capital and a well-established reinsurance program that reduces loss volatility.
- The company authorized an additional $750 million share repurchase program, reflecting a commitment to disciplined capital allocation and long-term shareholder value.
- MGIC Investment Corp's underwriting standards remain strong, with no material change in the credit performance of its portfolio and low early payment defaults.
- Insurance in force remained relatively flat quarter over quarter, with expectations for it to remain flat throughout 2026.
- The annual persistency rate decreased slightly to 84% from 85% last quarter, indicating a potential challenge in maintaining customer retention.
- Delinquency rates showed a slight increase, with a 14 basis point year-over-year rise, and seasonal trends were less pronounced than expected.
- Investment income remained flat sequentially and year over year, with limited growth in the investment portfolio due to capital return activities.
- The company faces challenges in housing affordability, which remains a significant issue for prospective home buyers.
Ladies and gentlemen, thank you for standing by and welcome the MGIC Investment Corporation first-quarter 2026 earnings call. (Operator Instructions)
I will now turn the conference call over to Dianna Higgins, Head of Investor Relations. Please go ahead.
Thank you, Kelly. Good morning and welcome, everyone. Thank you for your interest in MGIC. Joining me on the call today to discuss our results for the first quarter are Tim Mattke, Chief Executive Officer; and Nathan Colson, Chief Financial Officer and Chief Risk Officer.
Our press release contains, which MGIC's first-quarter financial results, was issued yesterday and is available on our website at mtg.mgic.com, under Newsroom, includes additional information about our quarterly results that we will refer to during the call today. It also includes a reconciliation of non-GAAP financial measures to their most comparable GAAP measures.
In addition, we posted on our website a quarterly supplement that
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
