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MGIC Investment
MGIC Investment (MTG) investor relations material
MGIC Investment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
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.
Future capital return capacity
NIW risk profile changes and loss impact
Reinsurance strategy's capital credit impact
Reinsurance's role in optimizing capital returns
Impact of newer vintages on future cure rates
Refi impact on average premium yield by vintage
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Next MGIC Investment earnings date
Q1 202630 Apr, 2026
MGIC Investment
Next MGIC Investment earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
MGIC Investment Corporation provides private mortgage insurance and related services to mortgage lenders. Its insurance products help protect lenders against borrower default, primarily in the residential housing market. The company is headquartered in Milwaukee, Wisconsin, and its shares are listed on the NYSE.
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