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MGIC Investment Corporation reports developments in private mortgage insurance through its principal subsidiary, Mortgage Guaranty Insurance Corporation. MGIC serves mortgage lenders across the United States with insurance solutions that support mortgage credit risk management and low-down-payment lending.
Recurring MTG news includes quarterly operating results, portfolio statistics, new insurance written, reinsurance arrangements, and capital management actions such as dividends and share repurchases. Company updates also cover board and governance changes, lender-facing technology integrations, and product-service enhancements tied to MGIC's mortgage insurance operations.
MGIC Investment (NYSE: MTG) will release its Q2 2024 financial results after market close on July 31, 2024. The company has scheduled a conference call and webcast for August 1, 2024, at 10:00 a.m. ET to discuss the results. Interested participants can register to receive a unique PIN and dial-in number. The webcast will be accessible via the company's investor website and a replay will be available until August 30, 2024.
MGIC Investment reported a strong first quarter for 2024 with a net income of $174.1 million or $0.64 per diluted share. Adjusted net operating income was $178.4 million or $0.65 per diluted share. The company experienced a return on equity of 13.7% and increased book value per share by 14.5% year-over-year. MGIC continues to benefit from favorable credit trends and the resiliency of the housing market, maintaining confidence in their market position and business strategies.
Key financial metrics show a slight decrease in new insurance written, an increase in net premiums earned, and improvements in annual persistency. Losses incurred, net, primary delinquency inventory, and primary IIF delinquency rate also saw positive trends. The company's underwriting expense ratio improved, along with an increase in return on equity and book value per share.
The company also highlighted positive actions such as dividend payments, share repurchases, credit rating upgrades, and dividend payments to shareholders. Additionally, MGIC approved a share repurchase program of up to $750 million.
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