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10-Q Filing

MGIC INVESTMENT CORP CIK: 876437 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0000876437-20-000021
Period End Date 20200331
Filing Date 20200507
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance mtg-033120x10q_htm.xml
Balance Sheet 77 line items
Line Item Tag Value Unit Period
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.38B USD Point-in-time
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.56B USD Point-in-time
Cost EquitySecuritiesFvNiCost $29.56M USD Point-in-time
Cost EquitySecuritiesFvNiCost $17.19M USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $5,375,382; 2019 - $5,562,550) AvailableForSaleSecuritiesDebtSecurities $5.74B USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $5,375,382; 2019 - $5,562,550) AvailableForSaleSecuritiesDebtSecurities $5.46B USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188) EquitySecuritiesFvNi $28.89M 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 2020 - $29,559; 2019 - $17,188) EquitySecuritiesFvNi $17.33M 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
Total investment portfolio Investments $5.49B USD Point-in-time
Total investment portfolio Investments $5.76B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 338.57M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 347.31M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $365.30M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $161.85M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 24.05M shares Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 32.79M shares Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $7.21M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $4.22M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $46.94M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $49.70M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $33.33M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $21.64M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $25.76M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $31.88M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $1.69M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $1.52M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $53.44M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $55.59M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $49.01M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $50.12M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $19.51M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $18.53M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $5.74M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $8.87M USD Point-in-time
Other assets OtherAssets $99.35M USD Point-in-time
Other assets OtherAssets $89.70M USD Point-in-time
Total assets Assets $6.23B USD Point-in-time
Total assets Assets $6.16B USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $574.75M USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $555.33M USD Point-in-time
Unearned premiums UnearnedPremiums $365.41M USD Point-in-time
Unearned premiums UnearnedPremiums $380.30M 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 $421.15M USD Point-in-time
Senior notes SeniorNotes $420.87M 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 $140.27M USD Point-in-time
Other liabilities OtherLiabilities $151.96M USD Point-in-time
Total liabilities Liabilities $1.92B USD Point-in-time
Total liabilities Liabilities $1.91B 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 2020 - 371,353; 2019 - 371,353; shares outstanding 2020 - 338,567; 2019 - 347,308) CommonStockValue $371.35M USD Point-in-time
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2020 - 371,353; 2019 - 371,353; shares outstanding 2020 - 338,567; 2019 - 347,308) CommonStockValue $371.35M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.86B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.87B USD Point-in-time
Treasury stock at cost (shares 2020 - 32,786; 2019 - 24,045) TreasuryStockValue $393.43M USD Point-in-time
Treasury stock at cost (shares 2020 - 32,786; 2019 - 24,045) TreasuryStockValue $283.20M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.22M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $72.71M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.41B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.28B USD Point-in-time
Total shareholders equity StockholdersEquity $3.82B USD Point-in-time
Total shareholders equity StockholdersEquity $4.31B USD Point-in-time
Total shareholders equity StockholdersEquity $4.24B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $6.23B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $6.16B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Direct DirectPremiumsWritten $273.90M USD 1 Quarter
Direct DirectPremiumsWritten $274.72M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.86M USD 1 Quarter
Assumed AssumedPremiumsWritten $1.11M USD 1 Quarter
Ceded CededPremiumsWritten $30.72M USD 1 Quarter
Ceded CededPremiumsWritten $31.58M USD 1 Quarter
Net premiums written PremiumsWrittenNet $244.28M USD 1 Quarter
Net premiums written PremiumsWrittenNet $246.01M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $14.89M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $5.48M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $249.76M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $260.90M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $40.59M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $41.35M USD 1 Quarter
Net realized investment gains (losses) GainLossOnInvestments $1.89M USD 1 Quarter
Net realized investment gains (losses) GainLossOnInvestments $-526.00K USD 1 Quarter
Other revenue OtherIncome $1.83M USD 1 Quarter
Other revenue OtherIncome $2.75M USD 1 Quarter
Total revenues Revenues $291.65M USD 1 Quarter
Total revenues Revenues $306.89M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $39.06M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $60.96M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.51M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.48M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $42.26M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $45.94M USD 1 Quarter
Interest expense InterestExpenseDebt $13.23M USD 1 Quarter
Interest expense InterestExpenseDebt $12.93M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $100.71M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $118.65M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $188.24M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $190.94M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $38.99M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $38.43M USD 1 Quarter
Net income NetIncomeLoss $149.81M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.44 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 $0.42 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 355.65M shares 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 344.05M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 365.22M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 376.67M shares 1 Quarter
Cash Flow Statement 61 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $149.81M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $13.05M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $11.91M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $7.75M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $15.88M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $1.89M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $-526.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-2.76M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-1.30M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $4.12M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $-1.45M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $-121.00K USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $-170.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-2.15M 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 $983.00K USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $-1.12M USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $2.84M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $19.42M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-18.75M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-5.48M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-14.89M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-3.10M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-400.00K USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $30.98M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $22.53M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $14.45M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $19.93M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $184.32M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $164.88M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $280.61M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $348.75M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $224.80M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $106.01M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $222.54M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $202.93M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $580.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $308.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-40.12M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $166.15M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $11.64M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $120.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $21.00M USD Point-in-time
Dividends paid PaymentsOfDividendsCommonStock $21.11M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock - USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.90M 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 $-150.01M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $200.47M USD 1 Quarter
Net increase in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $107.47M USD 1 Quarter
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $169.06M 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 $369.53M USD Point-in-time
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 end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $169.06M 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 $369.53M 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
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 $4.31B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.24B USD Point-in-time
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $82.72M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-71.48M USD 1 Quarter
Net income NetIncomeLoss $149.81M 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 $4.31B USD Point-in-time
Balance, end of period StockholdersEquity $4.24B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $149.81M USD 1 Quarter
Net income NetIncomeLoss $151.94M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-72.58M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $81.07M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-1.10M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-1.65M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $82.72M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-71.48M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $234.66M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $78.32M USD 1 Quarter

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

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