MGIC Q2 2022 Earnings Report

Reported strong financial results and meaningful returns to shareholders.

Key Takeaways

MGIC Investment Corporation reported a net income of $249.3 million, or $0.80 per diluted share, and an adjusted net operating income of $254.4 million, or $0.81 per diluted share, for the second quarter of 2022. The company demonstrated the benefits of its capital position by growing insurance in force, repurchasing stock, paying a common stock dividend, decreasing its leverage ratio and producing an annualized 21.6% return on equity.

New insurance written was $24.3 billion.

Persistency was 71.5% at June 30, 2022.

Insurance in force of $286.8 billion at June 30, 2022, increased by 3.4% during the quarter and 9.5% compared with June 30, 2021.

Primary delinquency inventory of 26,855 loans at June 30, 2022 decreased from 30,462 loans at March 31, 2022, and 42,999 loans at June 30, 2021.