MGIC Q4 2022 Earnings Report
Key Takeaways
MGIC Investment Corporation reported a net income of $191.4 million, or $0.64 per diluted share, for the fourth quarter of 2022. Adjusted net operating income (Non-GAAP) was $193.3 million, or $0.64 per diluted share. The company delivered exceptional financial results for 2022 and provided meaningful capital returns to shareholders.
New insurance written was $12.9 billion, reflecting a decrease in origination markets.
Persistency was 79.8% at December 31, 2022, compared to 62.6% at December 31, 2021.
Insurance in force increased to $295.3 billion at December 31, 2022, a 7.6% increase compared to the prior year.
The loss ratio for the fourth quarter of 2022 was (12.8)%, compared with (9.9)% for the fourth quarter of 2021.
MGIC
MGIC
Forward Guidance
Company is focused on executing its business strategies, providing critical support to the housing market, and helping individuals and families achieve affordable and sustainable homeownership.