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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 (MTG) reported strong financial results for Q2 2022, with a net income of $249.3 million or $0.80 per diluted share, an increase from $153.1 million or $0.44 in Q2 2021. Adjusted net operating income was $254.4 million or $0.81 per share. New insurance written totaled $24.3 billion, up from $19.6 billion in Q1 2022. The company reduced delinquency inventory by 12% year-over-year. Total consolidated assets decreased to $6.6 billion, reflecting a drop in the investment portfolio's fair value due to rising market interest rates.
MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.10 per share, marking a 25% increase from the previous dividend of $0.08. This payment is set for August 25, 2022, to shareholders on record by August 11, 2022. The increase reflects the company's strong performance and commitment to returning value to shareholders.
MGIC Investment Corporation (NYSE: MTG) plans to release its second quarter 2022 financial results after the market closes on August 3, 2022. A conference call/webcast is scheduled for 10:00 a.m. Eastern Time on August 4, 2022 to discuss the results for the quarter ended June 30, 2022. The company encourages participants to register in advance to receive the dial-in number and unique PIN. A replay of the webcast will be accessible until September 5, 2022.
MGIC Investment Corporation (NYSE: MTG) announced it will redeem all outstanding 5.75% Senior Notes due 2023 on July 15, 2022. The redemption will occur at par plus a make-whole premium and accrued unpaid interest. Approximately $242.3 million of these Notes remains outstanding as of the announcement date. This action reflects the company's strategy to manage its debt portfolio effectively.
Mortgage Guaranty Insurance Corporation (MGIC) announced the promotions of Christina Ficks to Vice President – Customer Experience and Erik Leaver to Vice President – Mortgage Modeling Analytics. Ficks, with MGIC since 2017, has been integral in technology integration and automation. Leaver joined in 2020 and has advanced MGIC's risk modeling capabilities. Both promotions aim to enhance MGIC's service to customers and shareholders, reflecting the company's commitment to improving digital customer experiences in the mortgage insurance sector.
MGIC Investment Corporation (NYSE: MTG) reported a Q1 2022 net income of $175 million, or $0.54 per diluted share, up from $150 million in Q1 2021. Adjusted net operating income was $192.9 million, or $0.60 per diluted share. New insurance written decreased to $19.6 billion, reflecting a decline in the refinance market. Delinquency inventory fell to 30,462 loans, with a 2.61% delinquency rate. Shareholders received an $0.08 dividend per share, and the company reduced debt by $212 million.
MGIC Investment Corporation (NYSE: MTG) has elected Teresita M. Lowman to its Board of Directors as well as the Business Transformation and Technology Committee. Lowman brings extensive experience in digital business transformation and technology from her prior roles at DXC Technology, HP Enterprise, and Nortel Networks. The Chairman, Curt Culver, expressed confidence in her ability to contribute to the company’s strategic goals. MGIC’s focus remains on providing affordable low-down-payment mortgages through private mortgage insurance across the U.S. and beyond.
MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.08 per share, payable on May 26, 2022, to shareholders of record as of May 12, 2022. This announcement reflects the company's commitment to providing returns to its shareholders while supporting mortgage insurance for families seeking affordable housing options.
Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), announces its integration with the MISMO JSON API for mortgage insurance rate quotes. This integration facilitates lenders and tech partners to access MGIC's MiQ pricing for accurate rate quotes throughout the mortgage origination process. Leslie Malicki, Director of Product Development, highlights that their REST-based API offers high performance and efficiency compared to traditional methods, showcasing MGIC's commitment to industry standards.
MGIC Investment Corporation (NYSE: MTG) plans to release its Q1 2022 financial results after the market closes on May 4, 2022. A conference call to discuss these results is scheduled for 10:00 a.m. ET on May 5, 2022. Participants can join the call by dialing 1-866-834-4126 or through the company's investor website. A replay will be available until June 5, 2022. MGIC operates in the private mortgage insurance market, aiding lenders and promoting homeownership.