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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.
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On April 5, 2023, MGIC Investment Corporation (NYSE: MTG) announced three key promotions in its Business Development sector, effective April 1, 2023. Danny Garcia-Velez is now the Senior Vice President of Business Development and Marketing, bringing valuable experience in housing policy and community development. Mike Kull has been promoted to Group Vice President – National Accounts, leveraging over 24 years in mortgage insurance. Kristy Stecker assumes the role of VP – National Account Manager, recognized for her strong customer relations in Arizona and New Mexico. These changes aim to enhance MGIC's commitment to customer experience and strengthen relationships with clients.
MGIC Investment Corporation (NYSE: MTG) is set to release its first quarter 2023 financial results on May 3, 2023, after market close. A conference call will follow on May 4, 2023, at 10:00 a.m. Eastern Time to discuss the results for the period ending March 31, 2023. Interested participants can register for the call to receive dial-in details and a unique PIN. The webcast will also be available on the Company's Investor website, with a replay accessible until June 5, 2023.
MGIC, a leader in private mortgage insurance, facilitates homeownership by offering affordable low-down-payment mortgages across the United States.
MGIC Investment Corporation (NYSE: MTG) reported strong financial results for Q4 and full year 2022. Q4 net income reached $191.4 million ($0.64/share), up from $173.9 million in Q4 2021. Full year net income was $865.3 million ($2.79/share), a significant increase from $635 million in 2021. Adjusted net operating income for Q4 was $193.3 million, slightly down from $202 million year-over-year. New insurance written decreased to $12.9 billion, reflecting a drop in origination markets. Despite this, total revenue held steady at $292.3 million. Asset value declined due to increased interest rates, but the company plans more share repurchases and maintained a strong capital position.
On January 24, 2023, MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.10 per share. This dividend will be payable on March 2, 2023, to shareholders recorded as of February 17, 2023. MGIC, serving mortgage lenders across the U.S., Puerto Rico, and beyond, aims to facilitate homeownership through affordable low-down-payment mortgages backed by private mortgage insurance.
MGIC Investment Corporation (NYSE: MTG) announced the retirement of Jay Hughes, Executive Vice President of Sales and Business Development, effective August 1, 2023. He will transition to the role of Special Advisor on April 1, 2023. Hughes, who has been with the company for over 35 years, will be succeeded by Danny Garcia-Velez, who brings significant experience and has held various leadership roles since joining in 2017. CEO Tim Mattke praised Hughes' contributions, emphasizing the impact of his legacy on the organization. The leadership transition is aimed at maintaining strong sales and business development to support MGIC's mission of facilitating affordable homeownership.