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10-Q Filing

MGIC INVESTMENT CORP CIK: 876437 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0000876437-21-000019
Period End Date 20210331
Filing Date 20210505
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance mtg-20210331_htm.xml
Balance Sheet 75 line items
Line Item Tag Value Unit Period
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $6.59B USD Point-in-time
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $6.32B USD Point-in-time
Cost EquitySecuritiesFvNiCost $17.52M USD Point-in-time
Cost EquitySecuritiesFvNiCost $15.05M 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 2021 - $6,586,020; 2020 - $6,317,164) AvailableForSaleSecuritiesDebtSecurities $6.66B 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 2021 - $6,586,020; 2020 - $6,317,164) AvailableForSaleSecuritiesDebtSecurities $6.81B 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 2021 - $15,052; 2020 - $17,522) EquitySecuritiesFvNi $15.32M USD Point-in-time
Equity securities, at fair value (cost 2021 - $15,052; 2020 - $17,522) EquitySecuritiesFvNi $18.21M 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 339.32M shares Point-in-time
Total investment portfolio Investments $6.83B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 338.57M shares Point-in-time
Total investment portfolio Investments $6.68B USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 32.78M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $182.93M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 32.04M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $287.95M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $9.84M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $8.73M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $50.00M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $51.13M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $95.04M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $102.90M 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 paid losses ReinsuranceRecoverablesOnPaidLosses $606.00K USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $669.00K USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $55.11M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $56.04M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $47.14M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $46.02M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $22.34M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $21.56M USD Point-in-time
Other assets OtherAssets $106.41M USD Point-in-time
Other assets OtherAssets $104.48M USD Point-in-time
Total assets Assets $7.41B USD Point-in-time
Total assets Assets $7.35B USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $880.54M USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $913.11M USD Point-in-time
Unearned premiums UnearnedPremiums $273.55M USD Point-in-time
Unearned premiums UnearnedPremiums $287.10M 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 $879.91M USD Point-in-time
Senior notes SeniorNotes $879.38M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $208.81M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $208.81M USD Point-in-time
Other liabilities OtherLiabilities $244.34M USD Point-in-time
Other liabilities OtherLiabilities $244.71M USD Point-in-time
Total liabilities Liabilities $2.67B USD Point-in-time
Total liabilities Liabilities $2.66B 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 2021 - 371,353; 2020 - 371,353; shares outstanding 2021 - 339,316; 2020 - 338,573) CommonStockValue $371.35M USD Point-in-time
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2021 - 371,353; 2020 - 371,353; shares outstanding 2021 - 339,316; 2020 - 338,573) CommonStockValue $371.35M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.78B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.86B USD Point-in-time
Treasury stock at cost (shares 2021 - 32,037; 2020 - 32,779) TreasuryStockValue $393.33M USD Point-in-time
Treasury stock at cost (shares 2021 - 32,037; 2020 - 32,779) TreasuryStockValue $384.55M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $216.82M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $123.56M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.84B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.64B USD Point-in-time
Total shareholders equity StockholdersEquity $4.24B USD Point-in-time
Total shareholders equity StockholdersEquity $4.70B USD Point-in-time
Total shareholders equity StockholdersEquity $4.73B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $7.35B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $7.41B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Direct DirectPremiumsWritten $283.00M USD 1 Quarter
Direct DirectPremiumsWritten $274.72M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.86M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.13M USD 1 Quarter
Ceded CededPremiumsWritten $31.58M USD 1 Quarter
Ceded CededPremiumsWritten $43.64M USD 1 Quarter
Net premiums written PremiumsWrittenNet $241.50M 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 $13.55M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $260.90M USD 1 Quarter
Net premiums earned PremiumsEarnedNetPropertyAndCasualty $255.04M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $37.89M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $41.35M USD 1 Quarter
Net realized investment gains GainLossOnInvestments $1.89M USD 1 Quarter
Net realized investment gains GainLossOnInvestments $2.21M USD 1 Quarter
Other revenue OtherIncome $2.75M USD 1 Quarter
Other revenue OtherIncome $2.80M USD 1 Quarter
Total revenues Revenues $297.96M USD 1 Quarter
Total revenues Revenues $306.89M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $39.64M 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 $2.70M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $42.26M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $48.02M USD 1 Quarter
Interest expense InterestExpenseDebt $12.93M USD 1 Quarter
Interest expense InterestExpenseDebt $17.98M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $108.34M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $118.65M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $188.24M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $189.62M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $39.60M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $38.43M USD 1 Quarter
Net income NetIncomeLoss $149.81M USD 1 Quarter
Net income NetIncomeLoss $150.02M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.44 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.44 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.43 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.42 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 338.90M 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 356.38M shares 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $149.81M USD 1 Quarter
Net income NetIncomeLoss $150.02M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $13.05M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $17.42M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $15.88M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $2.63M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $1.89M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $2.21M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $1.13M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-2.76M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $7.86M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $4.12M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $-170.00K USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $63.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-937.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-2.15M USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $774.00K 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 $5.43M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $32.57M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $19.42M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-13.55M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-14.89M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-400.00K USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $2.90M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $22.53M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $36.90M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $19.93M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $14.46M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $198.03M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $184.32M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $280.61M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $652.33M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $59.38M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $224.80M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $318.89M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $222.54M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $441.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $580.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $166.15M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-274.50M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $120.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $20.83M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $21.11M 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 $6.62M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-150.01M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-27.45M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $200.47M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-103.91M 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 $296.68M 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 $192.77M 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 $296.68M 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 $192.77M USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.24B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.70B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.73B USD Point-in-time
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-93.26M 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 $150.02M USD 1 Quarter
Balance, end of period StockholdersEquity $4.24B USD Point-in-time
Balance, end of period StockholdersEquity $4.70B USD Point-in-time
Balance, end of period StockholdersEquity $4.73B 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 $150.02M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-72.58M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-94.13M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-873.00K USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-1.10M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-93.26M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-71.48M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $78.32M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $56.77M USD 1 Quarter

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

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