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MGIC Investment$MTG · filed: grew revenue 0.5% in FY2025 to $1.2BNew shipNext year $1.1B–$1.3B sealedCheck ▾Close ▴
What MGIC Investment filed
Grew revenue 0.5% in FY2025 to $1.2 billion, equity 77.5% of assets, and dividend per share up 1 year running. Every figure links to the filing it came from on MGIC Investment’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $1.1B and $1.3B, an 80% range sealed on 27 Sept 2026 · receipt #d3adc5 · graded in public by the revenue in MGIC Investment’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
MGIC commits **$750M** to buybacks through 2028, signaling confidence in mortgage insurance margins as loss ratios compress and housing inventory stabilizes.
$750 million
share repurchase program running through December 2028
$0.10
per share quarterly dividend
$5.8 billion
in shareholder equity as of December 2024
8.1:1
comfortably below the
MGIC Investment Corporation authorized a $750 million share repurchase program running through December 2028, paired with a quarterly dividend payable May 21. The Milwaukee-based mortgage insurance provider disclosed the authorization after market close, the largest capital return framework in the company's recent history.
The buyback replaces a prior authorization and gives management discretion to retire shares over four years through open-market purchases or accelerated share repurchase agreements. MGIC's board simultaneously declared a $0.10 per share quarterly dividend, maintaining the rate established in late 2023. The company held $5.8 billion in shareholder equity as of December 2024, with a risk-to-capital ratio of 8.1:1, comfortably below the 25:1 regulatory ceiling for private mortgage insurers.
This matters because mortgage insurance sits at the intersection of housing finance stress and GSE credit enhancement. MGIC's willingness to commit three-quarters of a billion dollars to buybacks signals management conviction that current loss ratios—13.2% in Q4 2024, down from 16.8% a year earlier—will hold or improve. The company's primary insurance in force stood at $282 billion at year-end, covering loans with a weighted average FICO score of 747 and loan-to-value ratios averaging 94%. Housing inventory has stabilized near 1.1 million units nationally, reducing foreclosure pipeline risk while rate cuts have paused prepayment acceleration that would erode premiums. GSE credit-risk transfer programs remain capacity-constrained, keeping demand for traditional MI steady. MGIC's management is betting that margin compression from rising home prices and stable employment will not arrive before they retire a meaningful portion of the float.
Allocators should watch PMI Group and Radian Group capital allocation announcements in the next sixty days; if competitors follow with similar programs, it confirms sector-wide confidence in credit quality. Monitor MGIC's monthly delinquency disclosures for any uptick in 60-day-plus delinquencies, which would lead claims paid twelve to eighteen months out. The May earnings call will clarify whether the buyback pacing skews front-loaded or ratable across the four-year window. Origination volume through Fannie Mae and Freddie Mac in Q2 will determine whether new insurance written offsets the capital outflow or whether the company expects to operate with a flatter book.
The 8.1:1 risk-to-capital ratio leaves $18 billion in cushion before regulatory limits bind. That is the number MGIC is betting will not compress faster than they can shrink the denominator.
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For the principal
Mortgage insurance cash flows remain durable; MGIC's capital return suggests credit quality will hold through the next two housing cycles.
For the operator
Track delinquency trends and competitor responses; if Radian follows within sixty days, sector margin confidence is structural, not isolated optimism.
For the house
Huang Goodman holds no MGIC position; monitoring for paired trades against homebuilder equity if loss ratios surprise upward in summer reporting.
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