Earnings Releases·Nov 4, 2026, 4:06 PM ET

MGIC Investment Corporation — Third Quarter 2026 Earnings Summary

Net income declined to $175.0 million ($0.85 per diluted share) from $191.1 million ($0.83 per diluted share) in Q3 2025, driven by a loss ratio increase to 10.0% from 4.5% and higher losses incurred ($23.9 million vs. $10.9 million), despite an improved underwriting expense ratio of 19.1% versus 21.1%.
New insurance written rose to $17.1 billion from $16.5 billion in the prior year, while insurance in force grew to $307.3 billion; book value per share increased to $24.06 and tangible book value to $25.68, though annual persistency dipped to 82.5% from 85.0%.
The company executed significant capital return and risk management actions, including repurchasing 5.1 million shares for $152.5 million in Q3 and an additional 2.5 million shares for $70.2 million in October, paying a $0.17 quarterly dividend, and executing a $168 million excess-of-loss reinsurance transaction for 2027.
Management provided no specific forward guidance, emphasizing a long-term focus on financial strength and disciplined management, while maintaining PMIERs excess assets of $2.8 billion and holding company liquidity of $783 million.