Wed, Feb 26, 9:52 PM (60 days ago)
**MGIC Investment Corporation (MTG) 2024 10-K Summary** MGIC Investment Corporation reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenues of $1.2 billion, a 5% increase from $1.16 billion in 2023. Net income rose to $763 million ($2.89 EPS), up from $713 million ($2.49 EPS) in 2023, driven by higher investment income and reduced operating expenses. The company achieved a primary new insurance written (NIW) of $55.7 billion, reflecting a 21% increase year-over-year. Operating expenses decreased by 8% to $209 million, while losses incurred improved to $(14.9) million from $(20.9) million, aided by favorable reserve developments. MGIC maintained a robust capital position, ending 2024 with $5.8 billion in available assets, significantly exceeding minimum required assets. Strategically, MGIC aims to enhance customer experience and leverage digital capabilities. The company faces risks from economic fluctuations, regulatory changes, and competitive pressures from government-backed mortgage insurance programs. The outlook for 2025 anticipates stable NIW growth amid a competitive landscape, with ongoing focus on maintaining compliance with GSE eligibility requirements and optimizing capital management strategies.