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Quarterly Supplement Q2 2026 NYSE: MTG
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2 This presentation contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cause actual results to differ materially. 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. Our actual results may differ, possibly materially, from those expressed or implied in such forward-looking statements. Factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in MGIC Investment Corporation’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 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 investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public. Forward-Looking Statements
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3 Primary Risk in Force June 30, 2026 Origination year: 2026 2025 2024 2023 2022 2021 2020 2019 2018 2009 - 2017 2005 - 2008 2004 & Prior Total Original risk written (billions) $8.4 $15.7 $14.5 $11.9 $19.6 $29.9 $27.3 $16.2 $12.5 $67.8 $63.6 $181.5 N.M. % of original risk remaining 98.4 88.1 76.3 64.5 66.4 47.9 25.6 13.5 8.3 2.2 2.9 0.1 N.M. Weighted average FICO(1) 755 754 753 752 746 749 751 744 733 737 675 647 748 760 and > (%) 50.6 49.1 47.9 47.1 40.9 45.0 46.5 39.9 30.8 35.0 10.8 3.9 44.9 740 – 759 17.8 18.2 18.1 19.0 19.2 18.3 18.3 17.9 16.5 16.7 6.9 3.8 18.0 720 – 739 13.1 14.1 14.5 14.3 15.9 14.1 13.7 15.0 15.8 15.7 8.4 4.8 14.2 700 – 719 8.6 9.3 9.8 9.6 11.5 11.1 10.5 12.2 14.5 12.3 10.4 6.9 10.3 680 – 699 5.1 5.2 5.5 5.6 7.6 7.2 7.3 8.7 10.1 10.0 11.1 8.9 6.6 660 – 679 2.9 2.8 2.9 2.9 3.3 2.6 2.1 3.4 6.0 5.3 9.8 11.5 3.1 640 – 659 1.3 0.9 0.8 1.0 1.2 1.5 1.1 2.0 4.4 3.5 10.3 12.5 1.5 639 and < 0.7 0.4 0.4 0.4 0.4 0.4 0.5 0.9 2.0 1.6 32.3 47.6 1.4 Weighted average LTV (1) 93.0 93.1 93.2 93.1 93.5 93.8 93.9 94.4 94.8 93.6 93.6 89.7 93.4 85 and < (%) 4.8 4.6 4.7 4.6 2.9 0.7 1.1 1.3 1.6 4.4 11.5 29.0 3.5 85.01 – 90.00 27.1 26.1 25.0 27.5 24.8 23.3 19.5 12.7 8.9 20.0 26.3 29.2 24.2 90.01 – 95.00 50.9 50.8 52.5 51.5 55.9 59.1 62.5 62.0 58.2 59.1 24.8 23.5 54.2 95.01 and > 17.2 18.5 17.8 16.4 16.4 16.9 16.9 24.0 31.3 16.6 37.4 18.3 18.1 Single Premium (%) 2.5 2.2 2.1 4.3 4.0 7.8 11.6 18.2 22.4 57.6 18.9 4.2 6.6 Investor (%) - - - - - - - 0.1 0.2 0.2 1.5 3.3 0.1 Weighted average DTI (1) (2) 38.6 39.1 39.7 39.2 38.1 36.0 35.6 36.8 38.5 36.7 43.4 39.5 38.1 DTI > 45% (1) (2) 25.1 26.8 29.1 26.4 21.8 13.7 10.4 13.1 20.9 9.4 41.4 27.9 22.0 Cashout Refinance (%) - - - - - - - 0.1 0.0 0.1 23.8 35.5 0.7 Full Documentation (%) 100 100 100 100 100 100 100 100 100 100 83.8 82.8 99.6 HARP (%) - - - - - - - - - 0.4 24.3 7.1 0.6 Origination year is determined by the calendar date the insurance was effective. Percentages based on remaining risk in force, including the percentage 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 exclude 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 that 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, 2026 Delinquency statistics: (1) Origination year: 2026 2025 2024 2023 2022 2021 2020 2019 2018 2009 - 2017 2005 - 2008 2004 & Prior Total Risk in force delinquent (%) 0.1 0.7 1.6 2.2 2.6 2.2 1.9 3.0 5.6 5.9 11.2 16.3 2.1 # of loans delinquent 64 1,052 2,262 2,193 4,073 4,317 2,069 1,215 1,224 1,792 4,391 1,500 26,152 Delinquency rate (based on loan count) (%) 0.1 0.7 1.7 2.3 2.5 2.2 1.8 2.7 4.9 5.1 8.8 12.6 2.4 # of new notices received in quarter 85 733 1,157 992 1,854 2,238 1,132 560 562 805 1,728 587 12,433 New notices previously delinquent (%) - 24.1 44.8 54.6 65.5 71.2 75.6 82.6 88.4 92.9 98.0 98.0 71.4 Loans remaining never reported delinquent (%) 99.9 98.8 96.5 94.6 92.6 92.3 91.4 81.7 71.4 68.7 28.4 22.6 N.M Ever to date claims paid (millions) - $0.1 $6.7 $14.2 $41.4 $22.7 $6.5 $5.9 $11.8 $189.4 $13,406.9 N.M. N.M. Origination year is determined by the calendar date the insurance was effective. (1) Percentages and delinquency statistics based on remaining loans in force, including the percentage of risk in force delinquent.
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5 Losses Incurred Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 # of New notices 12,433 13,791 14,489 13,582 11,970 New notice claim rate 7.5% 7.5% 7.5% 7.5% 7.5% New notice severity 66,600 67,200 67,400 65,200 64,200 Current period losses incurred, net ($m)(1) 54 64 62 58 51 Prior period development, net* ($m) (2) (43) (31) (31) (47) (54) Losses incurred, net ($m) 11 33 31 11 (3) *Percentage of development related to: Claim Rate improvement 88% 87% 103% 96% 96% Other (severity, pool, other) 12% 13% -3% 4% 4% (1) Current period represents the net amount estimated to ultimately be paid on new notices received during the period. (2) Q3 2025 and Q4 2024 prior period development included favorable development on new notices received in 2025 and 2024, respectively.
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6 Loss Reserves Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Delinquency Inventory* 26,152 27,006 27,072 25,747 24,444 Average claim rate 23.8% 23.4% 22.7% 23.1% 24.5% Average severity (1) 68,600 68,600 66,862 65,871 65,352 Direct primary loss reserves ($m) 428 435 412 392 392 Total Direct loss reserves (includes primary, pool, IBNR and LAE) ($m) 492 499 475 452 452 *Aging of delinquency inventory – consecutive months delinquent 3 months or less 35% 36% 38% 38% 35% 4-11 months 37% 38% 35% 34% 36% 12 months or more 28% 26% 27% 28% 29% Average risk in force on delinquent loans (1) 65,279 65,424 63,760 62,735 62,240 Severity to exposure (1) 105% 105% 105% 105% 105% (1) Average severity is determined by multiplying Average risk in force on delinquent loans times Severity to exposure during a given period.
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7 Flow Delinquency Rate June 30, 2026 Static Pool Delinquency Rates Based on Loan Count 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 2019 2020 2021 2022 2023 2024 2025 2026
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8 Insurance In Force ($ in billions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Beginning insurance in force $302.7 $303.1 $300.8 $297.0 $293.8 New insurance written 17.8 14.4 17.1 16.5 16.4 Cancellations and principal reductions (15.7) (14.8) (14.8) (12.7) (13.2) Net change in insurance in force 2,1 (0.4) 2.3 3.8 3.2 Ending insurance in force $304.8 $302.7 $303.1 $300.8 $297.0 % change insurance in force 0.7% (0.1)% 0.8% 1.3% 1.1% Beginning risk in force $81.2 $81.2 $80.6 $79.5 $78.5 New risk written 4.6 3.8 4.4 4.4 4.3 Cancellations and principal reductions (4.0) (3.8) (3.8) (3.3) (3.3) Net change 0.6 0.0 0.6 1.1 1.0 Ending risk in force $81.8 $81.2 $81.2 $80.6 $79.5 % change risk in force 0.7% 0.0% 0.7% 1.4% 1.3%
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9.0% 8.0% 6.9% 5.1% 4.0% 3.7% 3.6% 3.6% 3.2% 3.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% CA TX FL PA IL NY VA OH MD NC 6/30/2026 (% labeled) 6/30/2025 Primary Risk in Force 9 9.6% 17.0% 13.7% 9.4% 15.9% 17.5% 8.5% 5.8% 2.3% 0.3% 0% 5% 10% 15% 20% 25% 2026 2025 2024 2023 2022 2021 2020 2009-2019 2005-2008 2004 & Prior 6/30/2026 (% labeled) 6/30/2025 Year of Origination Top 10 Jurisdictions
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10 Capital and Ratings ($ in millions, except where otherwise noted) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Holding company liquidity 930 709 1,074 858 1,046 Shareholders’ Equity 5,013 5,037 5,148 5,173 5,155 Debt (par value) 650 650 650 650 650 PMIERs available assets ($billions) $5.6 $5.8 $5.7 $5.9 $5.7 PMIERs required assets: Before Reinsurance 6.0 6.0 6.0 5.9 5.8 Reinsurance benefit (3.1) (3.1) (2.8) (2.5) (2.5) After reinsurance 2.9 2.9 3.2 3.4 3.3 PMIERs excess with reinsurance 2.7 2.9 2.5 2.5 2.4 PMIERs net sufficiency 194% 203% 178% 174% 172% MGIC financial strength ratings Ratings Agency Rating Outlook Moody’s Investor Services A2 Stable Standard and Poor’s Rating Services A- Positive A.M. Best A Stable
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11 PMIERs Primary Minimum Required Assets June 30, 2026 $0.0 $0.5 $1.0 <2009 2009-2015 2016-2019 2020 2021 2022 2023 2024 2025 2026 in billions PMIERs Primary Minimum Required Assets by Origination Year Retained Quota-Share Insurance-linked notes Excess-of-Loss Risk Distribution Year Required Retained QSR ILN XOL % Ceded 2026 $521 $243 $202 - $76 53% 2025 979 431 379 22 147 56% 2024 831 291 249 132 159 65% 2023 544 241 139 112 52 56% 2022 957 405 273 193 86 58% 2021 961 312 252 160 237 68% 2020 436 170 21 2 243 61% 2016-2019 375 370 - - 5 0% 2009-2015 39 39 - - - - <2009 351 351 - - - - Total $5,994 $2,853 $1,515 $621 $1,005 52% $3.1 billion Reinsurance Benefit
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12 Capital Requirements on New Risk Written 7.1 7.1 6.7 6.9 6.4 6.5 6.4 6.4 6.6 6.6 6.6 6.5 6.4 6.5 6.6 6.6 6.6 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Minimum Required Assets as a % of New Risk Written Quarterly Risk Written ($ millions)
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13 Statutory Capital $1,505 $1,620 $1,682 $1,619 $1,336 $1,217 $921 $636 $973 $887 $785 $1,181 $1,654 $2,138 $2,963 $3,521 $4,056 $4,597 $5,131 $4,833 $4,853 $4,903$2,686 $3,275 $3,820 $4,582 $4,857 $5,273 $5,518 $5,767 $5,806 $5,740 $5,688 10.7:1 9.5:1 9.0:1 9.7:1 9.2:1 9.5:1 10.2:1 10.2:1 10.1:1 10.0:1 9.9:1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q2 MGIC Statutory Capital ($ 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, 2026 totaled $226 million. Scheduled Contingency Reserve Releases: Year Amount (M) 2026 (2) $462 2027 $469 2028 $489 2029 $511 2030 $495 2031 $495 2032 $496 2033 $467 2034 $474 2035 $495 2036 $275 $800M $400M
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Appendix 14
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Q2 - 2026 Q1 - 2026 Q4 - 2025 Q3 - 2025 Q2 - 2025 Net premiums written 229,962 234,943 230,520 235,228 237,384 Net premiums earned 238,057 235,363 236,021 241,750 244,322 Net investment income 59,465 61,742 61,610 62,210 60,995 Net gains (losses) on investments and other financial instruments (2,226) (169) 857 162 (1,426) Other revenue 92 141 164 383 354 Total revenues 295,388 297,077 298,652 304,505 304,245 Losses incurred, net 10,986 33,242 31,219 10,928 (2,835) Underwriting and other expenses, net 45,575 48,108 45,828 49,610 52,092 Interest expense 8,899 8,899 8,899 8,906 8,899 Total losses and expenses 65,460 90,249 85,946 69,444 58,156 Income before tax 229,928 206,828 212,706 235,061 246,089 Provision for income taxes 47,783 41,525 43,396 43,966 53,607 Net income 182,145 165,303 169,310 191,095 192,482 Diluted weighted average shares 210,945 218,186 224,839 231,376 237,971 Net income per diluted share 0.86 0.76 0.75 0.83 0.81 Adjusted net operating income / share 0.87 0.76 0.75 0.83 0.82 Loss ratio 4.6 % 14.1 % 13.2 % 4.5 % (1.2)% Underwriting expense ratio 19.8 % 20.5 % 19.9 % 21.1 % 21.9 % Consolidated GAAP Statements of Operations For the period ended, ($ in thousands, except per share data)
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Q2 - 2026 Q1 - 2026 Q4 - 2025 Q3 - 2025 Q2 - 2025 Assets Investments (1) $ 5,717,441 $ 5,719,421 $ 5,807,662 $ 5,884,989 $ 5,818,478 Cash and cash equivalents 207,277 235,090 368,989 266,901 294,871 Restricted cash and cash equivalents 7,819 14,405 6,525 4,891 4,024 Reinsurance recoverable on loss reserves (2) 76,144 73,184 65,055 57,565 53,781 Home office and equipment, net 31,604 31,947 32,454 32,737 33,210 Deferred insurance policy acquisition costs 7,473 7,955 8,377 9,394 10,274 Deferred income tax asset, net 131,243 15,494 18,512 59,486 41,818 Other assets 347,981 319,253 331,912 309,680 285,871 Total assets $ 6,526,982 $ 6,416,749 $ 6,639,486 $ 6,625,643 $ 6,542,327 Liabilities and shareholders' equity Liabilities: Loss reserves (2) $ 492,001 $ 499,120 $ 474,884 $ 452,160 $ 452,154 Unearned premiums 84,511 92,606 93,026 98,527 105,049 Senior notes 646,874 646,506 646,138 645,770 645,402 Other liabilities 290,237 141,230 277,887 256,487 184,778 Total liabilities $ 1,513,623 $ 1,379,462 $ 1,491,935 $ 1,452,944 $ 1,387,383 Shareholders' equity $ 5,013,359 $ 5,037,287 $ 5,147,551 $ 5,172,699 $ 5,154,944 Total liabilities and shareholders' equity $ 6,526,982 $ 6,416,749 $ 6,639,486 $ 6,625,643 $ 6,542,327 Book value per share (3) $ 24.27 $ 23.63 $ 23.47 $ 22.87 $ 22.11 Tangible book value per share (3) $ 25.08 $ 24.41 $ 24.08 $ 23.58 $ 22.99 Annualized return on equity (4) 14.5 % 13.0 % 13.1 % 14.8 % 15.0 % (1) Investments include net unrealized gains (losses) on securities (196,727) (194,840) (152,767) (168,349) (224,917) (2) Loss reserves, net of reinsurance recoverable on loss reserves 415,857 425,936 409,829 394,595 398,373 (3) Shares outstanding 206,603 213,200 219,367 226,155 233,138 (4) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity Consolidated GAAP Balance Sheet As of, ($ in thousands, except per share data)