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10-Q Filing

MGIC INVESTMENT CORP CIK: 876437 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000876437-22-000027
Period End Date 20220331
Filing Date 20220504
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance mtg-20220331_htm.xml
Balance Sheet 75 line items
Line Item Tag Value Unit Period
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $6.09B USD Point-in-time
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $6.40B USD Point-in-time
Cost EquitySecuritiesFvNiCost $15.84M USD Point-in-time
Cost EquitySecuritiesFvNiCost $15.97M USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2022 - $6,088,948; 2021 - $6,397,658) AvailableForSaleSecuritiesDebtSecurities $6.59B 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
Fixed income, available-for-sale, at fair value (amortized cost 2022 - $6,088,948; 2021 - $6,397,658) AvailableForSaleSecuritiesDebtSecurities $5.94B 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 2022 - $15,966; 2021 - $15,838) EquitySecuritiesFvNi $15.19M USD Point-in-time
Equity securities, at fair value (cost 2022 - $15,966; 2021 - $15,838) EquitySecuritiesFvNi $16.07M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 371.35M shares 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
Other invested assets, at cost OtherInvestments $850.00K USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 312.58M shares Point-in-time
Total investment portfolio Investments $6.61B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 320.34M shares Point-in-time
Total investment portfolio Investments $5.95B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $284.69M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 51.02M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $477.11M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 58.77M shares Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $20.27M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $12.78M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $50.40M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $51.90M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $102.90M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $95.04M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $66.91M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $64.72M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $203.00K USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $36.27M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $56.54M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $57.34M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $45.18M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $45.61M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $21.54M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $21.67M USD Point-in-time
Other assets OtherAssets $163.57M USD Point-in-time
Other assets OtherAssets $134.39M USD Point-in-time
Total assets Assets $7.33B USD Point-in-time
Total assets Assets $6.84B USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $851.27M USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $883.52M USD Point-in-time
Unearned premiums UnearnedPremiums $229.12M USD Point-in-time
Unearned premiums UnearnedPremiums $241.69M USD Point-in-time
Federal Home Loan Bank advance FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch $155.00M USD Point-in-time
Federal Home Loan Bank advance FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch - USD Point-in-time
Senior notes SeniorNotes $882.04M USD Point-in-time
Senior notes SeniorNotes $881.51M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $53.24M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $110.20M USD Point-in-time
Other liabilities OtherLiabilities $191.70M USD Point-in-time
Other liabilities OtherLiabilities $218.78M USD Point-in-time
Total liabilities Liabilities $2.46B USD Point-in-time
Total liabilities Liabilities $2.23B 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 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 312,581; 2021 - 320,336) CommonStockValue $371.35M USD Point-in-time
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 312,581; 2021 - 320,336) CommonStockValue $371.35M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.79B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.78B USD Point-in-time
Treasury stock at cost (shares 2022 - 58,772; 2021 - 51,017) TreasuryStockValue $675.26M USD Point-in-time
Treasury stock at cost (shares 2022 - 58,772; 2021 - 51,017) TreasuryStockValue $793.70M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-150.85M USD Point-in-time
Accumulated other comprehensive income, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $119.70M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.40B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.25B USD Point-in-time
Total shareholders equity StockholdersEquity $4.73B USD Point-in-time
Total shareholders equity StockholdersEquity $4.86B USD Point-in-time
Total shareholders equity StockholdersEquity $4.61B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $6.84B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $7.33B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Direct DirectPremiumsWritten $274.79M USD 1 Quarter
Direct DirectPremiumsWritten $283.00M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.13M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.03M USD 1 Quarter
Ceded CededPremiumsWritten $43.64M USD 1 Quarter
Ceded CededPremiumsWritten $34.16M USD 1 Quarter
Net premiums written PremiumsWrittenNet $242.66M USD 1 Quarter
Net premiums written PremiumsWrittenNet $241.50M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $13.55M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $12.57M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $255.04M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $255.24M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $37.89M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $38.26M USD 1 Quarter
Net realized investment gains (losses) GainLossOnInvestments $-1.50M USD 1 Quarter
Net realized investment gains (losses) GainLossOnInvestments $2.21M USD 1 Quarter
Other revenue OtherIncome $2.62M USD 1 Quarter
Other revenue OtherIncome $2.80M USD 1 Quarter
Total revenues Revenues $294.62M USD 1 Quarter
Total revenues Revenues $297.96M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $39.64M USD 1 Quarter
Losses incurred, net IncurredClaimsPropertyCasualtyAndLiability $-19.31M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.70M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.74M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $54.73M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $48.02M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-22.11M USD 1 Quarter
Interest expense InterestExpenseDebt $17.98M USD 1 Quarter
Interest expense InterestExpenseDebt $14.91M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $108.34M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $75.18M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $189.62M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $219.44M USD 1 Quarter
Provision for income tax IncomeTaxExpenseBenefit $39.60M USD 1 Quarter
Provision for income tax IncomeTaxExpenseBenefit $44.43M USD 1 Quarter
Net income NetIncomeLoss $175.01M 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 $0.55 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.54 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.43 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 315.98M shares 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 338.90M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 324.54M shares 1 Quarter
Weighted average common shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 356.38M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $150.02M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $15.39M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $17.42M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $2.63M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $5.95M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-22.11M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $-1.50M USD 1 Quarter
Net realized investment (gains) losses GainLossOnInvestments $2.21M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-1.50M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $1.13M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $7.86M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $-2.19M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $36.07M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $63.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $798.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-937.00K USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-133.00K USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $774.00K USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $5.43M USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $-6.78M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $32.57M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-32.25M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-12.57M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-13.55M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $2.90M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-900.00K USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $36.90M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $38.45M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $14.46M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $30.55M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $198.03M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $228.01M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $652.33M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $94.02M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $59.38M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $218.37M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromSaleMaturityAndCollectionOfSecurities $318.89M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromSaleMaturityAndCollectionOfSecurities $225.97M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $888.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $441.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-274.50M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $349.44M USD 1 Quarter
Purchase of convertible junior subordinated debentures EarlyRepaymentOfSubordinatedDebt $56.97M USD 1 Quarter
Purchase of convertible junior subordinated debentures EarlyRepaymentOfSubordinatedDebt - USD 1 Quarter
Repayment of FHLB Advance RepaymentsOfFederalHomeLoanBankBorrowings $155.00M USD 1 Quarter
Repayment of FHLB Advance RepaymentsOfFederalHomeLoanBankBorrowings - USD 1 Quarter
Cash portion of loss on debt extinguishment GainLossOnDebtExtinghuishmentCashPortion $22.11M USD 1 Quarter
Cash portion of loss on debt extinguishment GainLossOnDebtExtinghuishmentCashPortion - USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $123.64M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $26.11M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $20.83M USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $6.62M USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.69M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-27.45M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-392.51M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $184.94M 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 $192.77M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $489.90M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $304.96M 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 end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $192.77M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $489.90M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $304.96M 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
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.73B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.86B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.61B USD Point-in-time
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-270.55M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-93.26M USD 1 Quarter
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $150.02M USD 1 Quarter
Cash dividends DividendsCash $25.80M USD Point-in-time
Balance, end of period StockholdersEquity $4.73B USD Point-in-time
Balance, end of period StockholdersEquity $4.86B USD Point-in-time
Balance, end of period StockholdersEquity $4.61B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $150.02M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-94.13M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-270.94M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-873.00K USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-393.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-270.55M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-93.26M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $56.77M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-95.53M USD 1 Quarter

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

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