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Quarterly Supplement Q2 2025 NYSE: MTG
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2 As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires, and “MGIC” refers to Mortgage Guaranty Insurance Corporation. This presentation may contain forward looking statements. Our actual results could be affected by the risks affecting the company which can be found in the risk factors included in our 8-K filing for the quarter ended June 30, 2025, and in other filings we make with the Securities and Exchange Commission. These risk factors may also cause actual results to differ materially from the results contemplated by any forward-looking statements that we may make. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as “believe,” “anticipate,” “will” or “expect,” or words of similar import, are forward-looking statements. We are not undertaking any obligation to update any forward-looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. No person should rely on the fact that such statements are current at any time other than the time at which this presentation was delivered for dissemination to the public. Forward-Looking Statements
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3 Primary Risk in Force June 30, 2025 Origination year: 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 - 2015 2005 - 2008 2004 & Prior Total Original risk written (billions) $6.9 $14.5 $11.9 $19.6 $29.9 $27.3 $16.2 $12.5 $12.3 $11.9 $43.7 $63.6 $181.5 N.M. % of original risk remaining 98.1 90.5 79.7 76.1 58.1 33.9 17.6 10.7 9.0 4.4 1.1 3.5 0.2 N.M. Weighted average FICO(1) 755 753 752 746 749 752 745 734 737 739 740 675 648 747 760 and > (%) 50.6 48.9 47.7 41.1 45.1 47.5 41.4 32.1 34.1 36.9 37.8 10.8 4.2 44.3 740 – 759 17.9 18.0 19.0 19.1 18.3 18.3 18.2 16.5 17.1 16.9 15.6 6.9 3.9 18.0 720 – 739 13.5 14.2 14.2 15.8 14.0 13.5 14.8 15.7 15.1 15.3 16.5 8.4 4.9 14.2 700 – 719 9.4 9.6 9.5 11.4 11.1 10.1 11.7 14.2 13.4 11.7 10.1 10.4 7.0 10.5 680 – 699 5.1 5.4 5.5 7.6 7.1 7.1 8.2 9.8 9.6 9.8 10.1 11.3 9.2 6.8 660 – 679 2.6 2.8 2.9 3.3 2.6 2.0 3.2 5.7 5.6 4.6 5.0 9.9 11.5 3.1 640 – 659 0.6 0.8 1.0 1.2 1.5 1.1 1.8 4.1 3.6 3.4 3.2 10.5 12.6 1.5 639 and < 0.3 0.4 0.4 0.4 0.4 0.5 0.9 1.8 1.5 1.5 1.8 31.7 46.7 1.5 Weighted average LTV (1) 93.0 93.1 93.0 93.4 93.4 93.3 93.9 94.4 94.5 93.6 92.8 93.6 89.8 93.3 85 and < (%) 4.8 5.1 5.0 3.8 1.5 1.0 1.2 1.4 2.3 4.7 4.7 11.2 28.5 3.6 85.01 – 90.00 28.1 25.7 28.1 25.2 26.8 28.3 22.1 16.6 9.2 19.8 27.4 26.6 29.1 26.1 90.01 – 95.00 51.6 52.4 51.1 55.1 56.0 56.0 55.9 54.3 65.9 56.8 61.7 25.0 23.7 53.5 95.01 and > 15.5 16.8 15.8 15.9 15.7 14.7 20.9 27.7 22.6 18.7 6.2 37.2 18.7 16.9 Single Premium (%) 1.7 2.0 4.0 3.8 7.4 10.4 17.2 20.7 29.4 56.9 68.8 17.8 4.4 7.2 Investor (%) - - - - - - 0.1 0.2 0.2 0.2 0.1 1.5 3.4 0.1 Weighted average DTI (1) (2) 39.4 39.7 39.2 38.1 35.9 35.4 36.4 38.2 37.0 35.9 35.6 43.5 39.5 37.8 DTI > 45% (1) (2) 27.9 29.0 26.3 21.6 13.6 10.5 12.8 20.4 12.8 5.3 3.3 41.5 27.7 20.7 Cashout Refinance (%) - - - - - - 0.1 0.0 0.0 0.1 0.3 23.4 34.8 0.8 Full Documentation (%) 100 100 100 100 100 100 100 100 100 100 100 83.8 82.8 99.5 HARP (%) - - - - - - - - - - 1.4 25.0 7.5 0.7 Origination year is determined by the calendar date the insurance was effective. Percentages based on remaining risk in force, including the p ercentage of risk in force delinquent. (1) At time of origination; (2) In the fourth quarter of 2018 we changed our methodology for calculating DTI ratios for pricing and eligibility purposes to e xclude the impact of mortgage insurance premiums. As a result, loan originators may have changed the information they provide to us, and therefore we cannot be sure tha t the DTI ratio we report for each loan includes the related mortgage insurance premiums in the calculation.
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4 Additional Book Year Statistics June 30, 2025 NM Origination year: 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009-2015 2005 - 2008 2004 & Prior Total Delinquency statistics: (1) Risk in force delinquent (%) 0.1 0.7 1.4 2.1 1.8 1.4 2.5 5.1 4.6 5.6 7.7 11.1 15.9 1.9 # of loans delinquent 69 1,036 1,643 3,668 4,295 2,064 1,285 1,350 1,022 608 791 5,006 1,607 24,444 Delinquency rate (based on loan count) (%) 0.1 0.7 1.4 2.0 1.8 1.4 2.3 4.3 4.0 4.9 6.7 9.0 12.1 2.2 # of new notices received in quarter 88 765 894 1,820 2,281 1,143 657 617 480 295 316 1,954 660 11,970 New notices previously delinquent (%) - 23.1 42.0 57.5 67.3 72.5 82.7 86.4 88.3 90.5 94.9 97.7 97.9 71.7 Loans remaining never reported delinquent (%) 99.9 98.7 96.9 94.6 94.0 93.2 84.0 74.3 75.7 72.1 65.5 29.6 23.8 N.M. Ever to date claims paid (millions) - $0.2 $2.5 $16.4 $11.6 $4.5 $4.6 $10.5 $13.6 $12.0 $161.2 $13,391.3 N.M. N.M. Origination year is determined by the calendar date the insurance was effective. (1) Percentages and delinquency statistics based on remaining loans in force, including the percentage of risk in force deli nquent.
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5 PMIERs Primary Minimum Required Assets June 30, 2025 $0.0 $0.5 $1.0 $1.5 <2009 2009-2015 2016-2019 2020 2021 2022 2023 2024 2025 in billions PMIERs Primary Minimum Required Assets by Book Year Retained Quota-Share Insurance-linked notes Excess-of-Loss Risk Distribution Year Required Retained QSR ILN XOL % Ceded 2025 $418 $192 $162 - $63 54% 2024 925 467 277 - 181 50% 2023 676 322 174 103 78 52% 2022 1,089 518 326 142 103 52% 2021 1,150 570 301 275 4 50% 2020 561 283 27 15 236 50% 2016-2019 474 470 - - 4 - 2009-2015 51 51 - - - - <2009 414 414 - - - - Total $5,758 $3,287 $1,267 $535 $669 43% $2.5 billion Reinsurance Benefit
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6 Losses Incurred June 30, 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 # of New notices 11,970 12,965 14,127 13,679 11,444 New notice claim rate 7.5% 7.5% 7.3% 7.5% 7.5% New notice severity 64,200 64,500 63,800 60,600 60,600 Current period losses incurred, net ($m)(1) 51 60 63 56 48 Prior period development, net* ($m) (54) (50) (54) (66) (67) Losses incurred, net ($m) (3) 10 9 (10) (19) *Percentage of development related to: Claim Rate improvement 96% 94% 97% 95% 89% Other (severity, pool, other) 4% 6% 3% 5% 11% (1) Current period represents the net amount estimated to ultimately be paid on new notices received during the period.
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7 Loss Reserves June 30, 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Delinquency Inventory* 24,444 25,438 26,791 25,089 23,370 Average claim rate 24.5% 24.6% 23.6% 26.1% 29.6% Average severity 65,352 64,390 63,400 61,800 61,000 Direct primary loss reserves ($m) 392 404 402 406 422 Total Direct loss reserves (includes primary, pool, IBNR and LAE) ($m) 452 465 463 461 478 *Aging of delinquency inventory – consecutive months delinquent 3 months or less 35% 33% 38% 38% 35% 4-11 months 36% 39% 35% 33% 35% 12 months or more 29% 28% 27% 29% 30% Average risk in force on delinquent loans 62,240 61,323 60,148 58,538 58,865 Severity to exposure 105% 105% 105% 105% 105%
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9.0% 8.0% 6.8% 5.2% 4.1% 3.8% 3.6% 3.5% 3.4% 3.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% CA TX FL PA IL VA NY OH NC MD 6/30/25(% labeled) 12/31/2024 Primary Risk in Force 8 8.1% 16.7% 11.9% 18.8% 21.8% 11.6% 7.3% 0.6% 2.8% 0.4% 0% 5% 10% 15% 20% 25% 30% 2025 2024 2023 2022 2021 2020 2016-2019 2009-2015 2005-2008 2004 & Prior 6/30/2025 (% labeled) 12/31/2024 Year of Origination Top 10 Jurisdictions
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Primary Risk in Force 9 Original LTV 3.6% 3.8% 4.8% 5.7% 6.8% 26.1% 26.5% 27.2% 27.3% 28.1% 53.5% 53.2% 52.4% 52.0% 50.4% 16.9% 16.5% 15.7% 15.1% 14.7% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 85 and < 85.01 - 90.00 90.01 - 95.00 95.01 - 100 3.0% 3.2% 3.6% 3.9% 4.7%3.1% 3.1% 3.2% 3.3% 3.3% 6.8% 7.0% 7.4% 7.7% 7.9% 10.5% 10.6% 10.8% 11.1% 11.1% 14.2% 14.2% 14.1% 14.1% 13.7% 18.0% 18.0% 17.9% 17.7% 17.2% 44.3% 43.9% 43.0% 42.2% 42.1% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 659 < 660 - 679 680 - 699 700 - 719 720 - 739 740 - 759 760 & > Note: Charts may not add to 100% due to rounding. Original FICO
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Primary Risk in Force 10 Property Type Occupancy Note: Charts may not add to 100% due to rounding. 86.3% 86.1% 86.1% 86.3% 86.4% 13.7% 13.9% 13.9% 13.7% 13.6% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 Single Family Attached Condo/Townhouse/Other Attached 98.4% 98.3% 98.1% 97.8% 97.4% 1.6% 1.7% 1.9% 2.2% 2.6% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 Owner 2nd Home/Investor
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Primary Risk in Force 11 Loan Amount (1) Loan Purpose 1.7% 1.9% 2.2% 2.5% 3.0% 14.1% 14.8% 16.2% 17.7% 20.3% 23.0% 23.4% 24.5% 25.7% 27.8% 58.9% 57.5% 54.4% 51.4% 46.4% 2.3% 2.4% 2.7% 2.7% 2.5% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 100 & < 101-200 201-300 301 - Conf > Conforming (in thousands of dollars) 92.8% 92.0% 88.1% 86.9% 82.2% 6.4% 7.1% 10.9% 12.0% 16.4% 0.8% 0.8% 1.0% 1.1% 1.4% 0% 25% 50% 75% 100% 6/30/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 Purchase Refinance Refinance Equity Note: Charts may not add to 100% due to rounding. (1) Loans within the conforming loan limit have an original principal balance that does not exceed the maximum conforming loan limit for mortgages to be acquired by the GSEs. For 2025, the conforming loan limit for one unit properties is $806,500 and the limit in the most high cost areas is $1,209,750.
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12 Flow Delinquency Rate June 30, 2025 Static Pool Delinquency Rates Based on Loan Count 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% Q1 Q4 Q8 Q12 Q16 Q20 Q24 Q28 Q32 Q36 Q40 Q44 Q48 Q52 Q56 Q60 Q64 Q68 Q72 2007 2008 2009 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Q1 Q4 Q8 Q12 Q16 Q20 Q24 2009 2019 2020 2021 2022 2023 2024 2025
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13 Capital Requirements on New Risk Written 6.8 6.7 6.9 7.0 7.1 7.1 6.7 6.9 6.4 6.5 6.4 6.4 6.6 6.6 6.6 6.5 6.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Quarterly Risk Written ($ millions) Minimum Required Assets as a % of New Risk Written
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14 Statutory Capital $1,505 $1,620 $1,682 $1,619 $1,336 $1,217 $921 $636 $973 $904 $1,181 $1,654 $2,138 $2,963 $3,521 $4,056 $4,597 $5,131 $4,833 $4,875$2,686 $3,275 $3,820 $4,582 $4,857 $5,273 $5,518 $5,767 $5,806 $5,779 10.7:1 9.5:1 9.0:1 9.7:1 9.2:1 9.5:1 10.2:1 10.2:1 10.1:1 10.0:1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 MGIC Statutory Capital ($ in millions) Surplus Contingency Reserves (1) RTC Dividends to Holding Company: $64M $140M $220M $280M $390M $400M $800M $600M $750M (1) Contingency reserves are established by contributing 50% of earned premiums. Reserves are released to surplus after 10 years on a first in, first out basis or when incurred losses exceed 35% of earned premiums in a calendar year. (2) Contingency reserve releases as of June 30, 2025 totaled $231 million. Scheduled Contingency Reserve Releases: Year Amount (M) 2025(2) $457 2026 $462 2027 $469 2028 $489 2029 $511 2030 $495 2031 $495 2032 $496 2033 $467 2034 $493 2035 $273 $400M