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10-Q Filing

MGIC INVESTMENT CORP CIK: 876437 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000876437-23-000025
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance mtg-20230331_htm.xml
Balance Sheet 75 line items
Line Item Tag Value Unit Period
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.98B USD Point-in-time
Fixed maturities, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.93B USD Point-in-time
Cost EquitySecuritiesFvNiCost $15.95M USD Point-in-time
Cost EquitySecuritiesFvNiCost $15.92M USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2023 - $5,979,045; 2022 - $5,926,785) AvailableForSaleSecuritiesDebtSecurities $5.56B USD Point-in-time
Fixed income, available-for-sale, at fair value (amortized cost 2023 - $5,979,045; 2022 - $5,926,785) AvailableForSaleSecuritiesDebtSecurities $5.41B 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
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Equity securities, at fair value (cost 2023 - $15,946; 2022 - $15,924) EquitySecuritiesFvNi $14.14M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Equity securities, at fair value (cost 2023 - $15,946; 2022 - $15,924) EquitySecuritiesFvNi $14.52M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 371.35M shares Point-in-time
Other invested assets, at cost OtherInvestments $850.00K USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 371.35M shares Point-in-time
Other invested assets, at cost OtherInvestments $850.00K USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 293.43M shares Point-in-time
Total investment portfolio Investments $5.42B USD Point-in-time
Total investment portfolio Investments $5.58B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 288.37M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $358.21M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 77.92M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $327.38M USD Point-in-time
Treasury stock, shares at cost (in shares) TreasuryStockShares 82.99M shares Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $5.53M USD Point-in-time
Restricted cash and cash equivalents RestrictedCashAndCashEquivalents $8.36M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $55.18M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $54.55M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $32.76M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $28.24M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $64.72M USD Point-in-time
Reinsurance recoverable on loss reserves ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments $66.91M USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $145.00K USD Point-in-time
Reinsurance recoverable on paid losses ReinsuranceRecoverablesOnPaidLosses $18.08M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $58.00M USD Point-in-time
Premiums receivable PremiumsReceivableAtCarryingValue $57.38M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $40.58M USD Point-in-time
Home office and equipment, net PropertyPlantAndEquipmentNet $41.42M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $19.06M USD Point-in-time
Deferred insurance policy acquisition costs DeferredPolicyAcquisitionCosts $18.10M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $100.17M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $124.77M USD Point-in-time
Other assets OtherAssets $102.61M USD Point-in-time
Other assets OtherAssets $111.44M USD Point-in-time
Total assets Assets $6.21B USD Point-in-time
Total assets Assets $6.35B USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $558.51M USD Point-in-time
Loss reserves LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability $557.99M USD Point-in-time
Unearned premiums UnearnedPremiums $195.29M USD Point-in-time
Unearned premiums UnearnedPremiums $183.47M USD Point-in-time
Senior notes SeniorNotes $642.09M USD Point-in-time
Senior notes SeniorNotes $641.72M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $21.09M USD Point-in-time
Convertible junior subordinated debentures ConvertibleSubordinatedDebt $21.09M USD Point-in-time
Other liabilities OtherLiabilities $169.48M USD Point-in-time
Other liabilities OtherLiabilities $154.97M USD Point-in-time
Total liabilities Liabilities $1.57B USD Point-in-time
Total liabilities Liabilities $1.57B USD Point-in-time
Contingencies CommitmentsAndContingencies - USD Point-in-time
Contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock CommonStockValue $371.35M USD Point-in-time
Common stock CommonStockValue $371.35M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.79B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.80B USD Point-in-time
Treasury stock at cost TreasuryStockValue $1.12B USD Point-in-time
Treasury stock at cost TreasuryStockValue $1.05B USD Point-in-time
Accumulated other comprehensive income (loss), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-395.50M USD Point-in-time
Accumulated other comprehensive income (loss), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-481.51M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.00B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.13B USD Point-in-time
Total shareholders equity StockholdersEquity $4.61B USD Point-in-time
Total shareholders equity StockholdersEquity $4.78B USD Point-in-time
Total shareholders equity StockholdersEquity $4.64B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $6.35B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $6.21B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Direct DirectPremiumsWritten $274.79M USD 1 Quarter
Direct DirectPremiumsWritten $274.25M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.75M USD 1 Quarter
Assumed AssumedPremiumsWritten $2.03M USD 1 Quarter
Ceded CededPremiumsWritten $46.81M USD 1 Quarter
Ceded CededPremiumsWritten $34.16M USD 1 Quarter
Net premiums written PremiumsWrittenNet $230.19M USD 1 Quarter
Net premiums written PremiumsWrittenNet $242.66M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $12.57M USD 1 Quarter
Decrease in unearned premiums, net IncreaseDecreaseInUnearnedPremiumsNet $11.82M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $255.24M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $242.01M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $49.22M USD 1 Quarter
Investment income, net of expenses NetInvestmentIncome $38.26M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $-7.70M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $-772.00K USD 1 Quarter
Other revenue OtherIncome $1.89M USD 1 Quarter
Other revenue OtherIncome $425.00K USD 1 Quarter
Total revenues Revenues $283.96M USD 1 Quarter
Total revenues Revenues $294.62M USD 1 Quarter
Losses incurred, net PolicyholderBenefitsAndClaimsIncurredNet $6.45M USD 1 Quarter
Losses incurred, net PolicyholderBenefitsAndClaimsIncurredNet $-19.31M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.74M USD 1 Quarter
Amortization of deferred policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $2.48M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $54.73M USD 1 Quarter
Other underwriting and operating expenses, net OtherUnderwritingExpense $70.06M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-22.11M USD 1 Quarter
Interest expense InterestExpenseDebt $9.37M USD 1 Quarter
Interest expense InterestExpenseDebt $14.91M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $75.18M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $88.36M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $219.44M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $195.60M USD 1 Quarter
Provision for income tax IncomeTaxExpenseBenefit $41.06M USD 1 Quarter
Provision for income tax IncomeTaxExpenseBenefit $44.43M USD 1 Quarter
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $154.55M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.53 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 $0.53 USD 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 290.99M shares 1 Quarter
Weighted average common shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 315.98M 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 294.71M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $154.55M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $15.39M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $10.19M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $5.95M USD 1 Quarter
Deferred tax expense DeferredIncomeTaxExpenseBenefit $1.73M USD 1 Quarter
Equity compensation ShareBasedCompensation $6.57M USD 1 Quarter
Equity compensation ShareBasedCompensation $9.68M USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-22.11M USD 1 Quarter
Net (gains) losses on investments and other financial instruments NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $-7.70M USD 1 Quarter
Net (gains) losses on investments and other financial instruments NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $-772.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-628.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-1.50M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $-2.19M USD 1 Quarter
Reinsurance recoverable on loss reserves IncreaseDecreaseInReinsuranceRecoverable $4.52M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $17.94M USD 1 Quarter
Reinsurance recoverable on paid losses IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses $36.07M USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $-625.00K USD 1 Quarter
Premium receivable IncreaseDecreaseInPremiumsReceivable $798.00K USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-965.00K USD 1 Quarter
Deferred insurance policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-133.00K USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $-9.32M USD 1 Quarter
Profit commission receivable IncreaseDecreaseInProfitCommissionReceivable $-6.78M USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $527.00K USD 1 Quarter
Loss reserves IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-32.25M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-11.82M USD 1 Quarter
Unearned premiums IncreaseDecreaseInUnearnedPremiums $-12.57M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-1.30M USD 1 Quarter
Return premium accrual IncreaseDecreaseInOtherInsuranceLiabilities $-900.00K USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $38.45M USD 1 Quarter
Current income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $39.48M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $36.39M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $23.41M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $212.29M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $228.01M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $229.20M USD 1 Quarter
Purchases of investments PaymentsToAcquireInvestments $94.02M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $218.37M USD 1 Quarter
Proceeds from sales of investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $32.99M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturityOfFixedIncomeSecurities $131.39M USD 1 Quarter
Proceeds from maturity of fixed income securities ProceedsFromMaturityOfFixedIncomeSecurities $225.97M USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $888.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $363.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $349.44M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-65.18M 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 - USD 1 Quarter
Repayment of FHLB Advance RepaymentsOfFederalHomeLoanBankBorrowings $155.00M USD 1 Quarter
Cash portion of loss on debt extinguishment GainLossOnDebtExtinghuishmentCashPortion - USD 1 Quarter
Cash portion of loss on debt extinguishment GainLossOnDebtExtinghuishmentCashPortion $22.11M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $123.64M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $76.15M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $26.11M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $30.10M USD 1 Quarter
Payment of withholding taxes related to share-based compensation net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $7.20M 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 $-392.51M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-113.45M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $33.66M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $184.94M USD 1 Quarter
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 $366.57M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $332.91M 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 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 $366.57M USD Point-in-time
Cash and cash equivalents and restricted cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $332.91M 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
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.61B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.78B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.64B 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 $86.01M USD 1 Quarter
Net income NetIncomeLoss $175.01M USD 1 Quarter
Net income NetIncomeLoss $154.55M USD 1 Quarter
Cash dividends DividendsCash $29.60M USD 1 Quarter
Balance, end of period StockholdersEquity $4.61B USD Point-in-time
Balance, end of period StockholdersEquity $4.78B USD Point-in-time
Balance, end of period StockholdersEquity $4.64B 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 $154.55M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $80.66M USD 1 Quarter
Change in unrealized investment gains and losses OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-270.94M USD 1 Quarter
Benefit plan adjustments OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-5.35M 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 $86.01M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-95.53M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $240.56M USD 1 Quarter

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

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