MGIC Q4 2021 Earnings Report
Key Takeaways
MGIC Investment Corporation reported a net income of $173.9 million, or $0.52 per diluted share, for the fourth quarter of 2021. The company capitalized on one of the largest mortgage insurance markets in its history by writing a record $120 billion of new insurance in 2021, including $27 billion in the fourth quarter.
Net income for the quarter was $173.9 million, or $0.52 per diluted share.
Adjusted net operating income for the quarter was $202.0 million, or $0.61 per diluted share.
New insurance written was $27.1 billion, primarily reflecting a decrease in the refinance market.
Insurance in force of $274.4 billion increased by 2.2% during the quarter and 11.3% compared to the prior year.
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Forward Guidance
MGIC agreed to terms on a quota share transaction with a group of unaffiliated reinsurers covering most of our new insurance written in 2022 and 2023.