MGIC Q1 2022 Earnings Report
Key Takeaways
MGIC Investment Corporation reported a net income of $175.0 million, or $0.54 per diluted share, for the first quarter of 2022. Adjusted net operating income was $192.9 million, or $0.60 per diluted share.
Net income for the quarter was $175.0 million, or $0.54 per diluted share.
Adjusted net operating income for the first quarter of 2022 was $192.9 million, or $0.60 per diluted share.
New insurance written was $19.6 billion.
Insurance in force of $277.3 billion at March 31, 2022 increased by 1.1% during the quarter and 10.2% compared to March 31, 2021.
MGIC
MGIC
Forward Guidance
The company is focused on creating long-term value for its constituents, including shareholders, customers, and co-workers. They have built a strong capital base and believe they are well-positioned to achieve success despite economic uncertainties.
Positive Outlook
- Strong and durable capital base
- Quality offerings
- Superior customer experience
- Continued support of homeownership
- Quota share transaction with a group of unaffiliated reinsurers
Challenges Ahead
- Increased risks to the domestic economy due to tragic geopolitical events occurring in Ukraine
- Higher inflation
- Increased interest rates
- Decrease in book value per common share outstanding
- Decrease in the fair value of our investment portfolio