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10-Q Filing

MGIC INVESTMENT CORP CIK: 876437 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0000876437-19-000018
Period End Date 20190331
Filing Date 20190507
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance mtg-20190331.xml
Balance Sheet 77 line items
Line Item Tag Value Unit Period
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.20B USD Point-in-time
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.23B USD Point-in-time
Equity securities, cost EquitySecuritiesFvNiCost $3.99M USD Point-in-time
Equity securities, cost EquitySecuritiesFvNiCost $4.02M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2019 - $5,229,535; 2018 - $5,196,784) AvailableForSaleSecuritiesDebtSecurities $5.15B USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2019 - $5,229,535; 2018 - $5,196,784) AvailableForSaleSecuritiesDebtSecurities $5.29B USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Equity securities, at fair value (cost 2019 - $4,016; 2018 - $3,993) EquitySecuritiesFvNi $4.06M USD Point-in-time
Equity securities, at fair value (cost 2019 - $4,016; 2018 - $3,993) EquitySecuritiesFvNi $3.93M USD Point-in-time
Other invested assets, at cost OtherInvestments $3.10M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 371.35M shares Point-in-time
Other invested assets, at cost OtherInvestments $3.10M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 371.35M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 355.37M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 355.99M shares Point-in-time
Total investment portfolio Investments $5.29B USD Point-in-time
Total investment portfolio Investments $5.16B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $151.89M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 15.98M shares Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 15.37M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $259.35M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $3.16M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $3.15M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $48.00M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $46.70M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $45.47M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $31.88M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $33.33M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $48.47M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $3.07M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $2.95M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $55.09M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $51.60M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $51.73M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $50.39M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $17.89M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $17.63M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $39.44M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $69.18M USD Point-in-time
Other assets OtherAssets $85.57M USD Point-in-time
Other assets OtherAssets $72.37M USD Point-in-time
Total assets Assets $5.87B USD Point-in-time
Total assets Assets $5.68B USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $674.02M USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $655.26M USD Point-in-time
Unearned premiums UnearnedPremiums $409.99M USD Point-in-time
Unearned premiums UnearnedPremiums $404.50M USD Point-in-time
Federal Home Loan Bank advance FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch $155.00M USD Point-in-time
Federal Home Loan Bank advance FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch $155.00M USD Point-in-time
Senior notes SeniorNotes $420.00M USD Point-in-time
Senior notes SeniorNotes $419.71M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $256.87M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $256.87M USD Point-in-time
Other liabilities OtherLiabilities $162.27M USD Point-in-time
Other liabilities OtherLiabilities $180.32M USD Point-in-time
Total liabilities Liabilities $2.10B USD Point-in-time
Total liabilities Liabilities $2.05B USD Point-in-time
Contingencies CommitmentsAndContingencies - USD Point-in-time
Contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2019 - 371,353; 2018 - 371,353; shares outstanding 2019 - 355,986; 2018 - 355,371 CommonStockValue $371.35M USD Point-in-time
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2019 - 371,353; 2018 - 371,353; shares outstanding 2019 - 355,986; 2018 - 355,371 CommonStockValue $371.35M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.86B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.86B USD Point-in-time
Treasury stock at cost (shares 2019 - 15,367; 2018 - 15,982) TreasuryStockValue $169.13M USD Point-in-time
Treasury stock at cost (shares 2019 - 15,367; 2018 - 15,982) TreasuryStockValue $175.06M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-124.21M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-41.49M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.65B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.80B USD Point-in-time
Total shareholders equity StockholdersEquity $3.82B USD Point-in-time
Total shareholders equity StockholdersEquity $3.23B USD Point-in-time
Total shareholders equity StockholdersEquity $3.58B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $5.87B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $5.68B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Direct DirectPremiumsWritten $270.03M USD 1 Quarter
Direct DirectPremiumsWritten $273.90M USD 1 Quarter
Assumed AssumedPremiumsWritten $92.00K USD 1 Quarter
Assumed AssumedPremiumsWritten $1.11M USD 1 Quarter
Ceded CededPremiumsWritten $30.72M USD 1 Quarter
Ceded CededPremiumsWritten $33.22M USD 1 Quarter
Net premiums written PremiumsWrittenNet $236.91M USD 1 Quarter
Net premiums written PremiumsWrittenNet $244.28M USD 1 Quarter
Decrease (increase) in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $5.48M USD 1 Quarter
Decrease (increase) in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $-4.80M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $232.11M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $249.76M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $32.12M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $40.59M USD 1 Quarter
Net realized investment losses GainLossOnInvestments $-526.00K USD 1 Quarter
Net realized investment losses GainLossOnInvestments $-329.00K USD 1 Quarter
Other revenue OtherIncome $1.87M USD 1 Quarter
Other revenue OtherIncome $1.83M USD 1 Quarter
Total revenues Revenues $265.77M USD 1 Quarter
Total revenues Revenues $291.65M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $39.06M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $23.85M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.57M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.48M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $45.94M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $46.09M USD 1 Quarter
Interest expense InterestExpenseDebt $13.23M USD 1 Quarter
Interest expense InterestExpenseDebt $13.23M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $100.71M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $85.75M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $190.94M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $180.03M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $38.99M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $36.39M USD 1 Quarter
Net income NetIncomeLoss $143.64M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.39 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.43 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.42 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.38 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 370.91M shares 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 355.65M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 376.67M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 391.56M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $143.64M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $11.91M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $15.83M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $39.39M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $7.75M USD 1 Quarter
Net realized investment losses GainLossOnInvestments $-526.00K USD 1 Quarter
Net realized investment losses GainLossOnInvestments $-329.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-937.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-1.30M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $-1.45M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $-3.00M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $-121.00K USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $154.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-1.34M USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-3.49M USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-258.00K USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $87.00K USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $2.84M USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $-377.00K USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-18.75M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-61.46M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-5.48M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $4.75M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-5.50M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-3.10M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $-3.15M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $30.98M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $5.59M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $14.45M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $164.88M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $133.97M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $348.75M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $209.50M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $10.84M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $106.01M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $202.93M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $155.60M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.21M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $308.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-48.26M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-40.12M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $11.64M USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.07M USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $5.65M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-17.29M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-8.07M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $107.47M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $77.64M USD 1 Quarter
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $155.04M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $99.85M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.51M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $177.49M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $155.04M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $99.85M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.51M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $177.49M USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $3.82B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.23B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.58B USD Point-in-time
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $82.72M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-63.96M USD 1 Quarter
Net income NetIncomeLoss $143.64M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Balance, end of period StockholdersEquity $3.82B USD Point-in-time
Balance, end of period StockholdersEquity $3.23B USD Point-in-time
Balance, end of period StockholdersEquity $3.58B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $143.64M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-64.45M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $81.07M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-1.65M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-494.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $82.72M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-63.96M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $79.68M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $234.66M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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