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Sep 30, 2022
MGIC Q3 2022 Earnings Report
MGIC Investment Corporation reported strong results driven by solid financial performance and strategic execution.
Key Takeaways
MGIC Investment Corporation reported a net income of $249.6 million, or $0.81 per diluted share, for the third quarter of 2022, compared to $158.0 million, or $0.46 per diluted share, for the third quarter of 2021. Adjusted net operating income was $264.2 million, or $0.86 per diluted share, compared to $157.1 million, or $0.46 per diluted share for the same period last year.
New insurance written was $19.6 billion, reflecting a decrease in origination markets.
Persistency increased to 75.7%, indicating a higher percentage of insurance remaining in force.
Insurance in force increased to $293.6 billion, demonstrating growth in the company's insured portfolio.
Primary delinquency inventory decreased, with the percentage of delinquent loans insured decreasing to 2.17%.
Forward Guidance
While rising interest rates, decelerating home prices, and macroeconomic concerns have resulted in increased risks and uncertainties, the company's financial strength and capital flexibility position it to navigate the changing economic cycle.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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