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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 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.
MGIC Investment Corporation (NYSE: MTG) plans to release its fourth-quarter 2022 financial results after the market closes on February 1, 2023. A conference call and webcast are scheduled for 10:00 a.m. Eastern Time on February 2, 2023 to discuss these results. Investors can access the call by registering for a dial-in number and PIN, or through the Company's Investor website. A replay of the webcast will be available until March 2, 2023. MGIC helps families achieve homeownership through affordable low-down-payment mortgages.
MGIC, a leader in private mortgage insurance, announced a partnership with Vesta, a modern loan origination system. This integration allows lenders using Vesta to request MGIC rate quotes and order mortgage insurance in real-time within the Vesta platform. The collaboration aims to enhance operational efficiency and reduce costs for lenders. Both companies emphasize the importance of easily accessible mortgage insurance in today’s lending environment.
MGIC Investment Corporation (MTG) reported a strong third quarter of 2022, with net income of $249.6 million or $0.81 per diluted share, up from $158.0 million last year. Adjusted net operating income reached $264.2 million or $0.86 per diluted share. New insurance written was $19.6 billion, a decline from previous quarters. Persistency rose to 75.7%. The company repurchased 6.1 million shares, paid a $0.10 dividend, and maintained strong capital metrics despite macroeconomic challenges.
On October 27, 2022, MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.10 per share, payable on November 23, 2022. This dividend is for shareholders of record as of November 10, 2022. MGIC helps lenders provide affordable low-down-payment mortgages through private mortgage insurance, contributing to homeownership across the U.S. and Puerto Rico.
MGIC Investment Corporation (NYSE: MTG) will release its Q3 2022 financial results on November 2, 2022, after market close. A conference call is scheduled for 10:00 a.m. ET on November 3 to discuss these results. Interested participants can register for the call to receive access details. A replay of the webcast will be available until December 5, 2022. MGIC provides private mortgage insurance to facilitate affordable low-down-payment mortgages across the U.S. and beyond.
MGIC Investment Corporation (NYSE: MTG) announced that CEO Tim Mattke will participate in a fireside chat at the Barclays Global Financial Conference on September 13, 2022, at 11:15 a.m. Eastern Time. The event will be held at the New York Hilton Midtown and will be webcast live. Interested parties can access the webcast through the company's website. Related slides will be available on September 12, 2022. A replay will be accessible for 30 days afterward.
Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), has announced significant personnel changes. Shreyans Jain joins as Senior Vice President of Mortgage Risk Analytics, bringing extensive experience from PNC and Fannie Mae. Richard Chang joins as Vice President of Internal Audit from Fiserv. Additionally, Danny García-Vélez has been promoted to Group Vice President of Regional Sales & Marketing, and Leslie Schunk to Vice President of Securities Law Counsel. These strategic appointments aim to enhance MGIC's competitiveness and operational effectiveness.