MGIC Investment Corporation $(MTG)$ reported net income of USD 169.3 million, or USD 0.75 per diluted share, for the fourth quarter (Q4) of 2025. Adjusted net operating income (non-GAAP) for the same period was USD 168.4 million, or USD 0.75 per diluted share. For the full year (FY) 2025, net income was USD 738.3 million, or USD 3.14 per diluted share, and adjusted net operating income was USD 738.4 million, or USD 3.14 per diluted share. As of December 31, 2025, MGIC reported USD 303 billion of insurance in-force. Private Mortgage Insurer Eligibility Requirements (PMIERs) available assets stood at USD 5.7 billion, with a PMIERs excess of USD 2.5 billion. Holding company liquidity was USD 1.07 billion at year-end. During Q4 2025, MGIC paid a USD 400 million dividend to the holding company, repurchased 6.8 million shares of common stock for USD 189.1 million, and paid a dividend of USD 0.15 per common share to shareholders. The company also executed a traditional excess of loss reinsurance transaction providing USD 250 million of reinsurance coverage on new insurance written (NIW) from 2021 and completed a 40 percent quota share reinsurance transaction for eligible NIW in 2027. S&P revised its outlook on MGIC and its core operating subsidiaries to positive from stable. In January 2026, MGIC executed a USD 324 million excess of loss reinsurance agreement through an insurance-linked note transaction covering certain policies written between January 1, 2022, and March 31, 2025. The company also repurchased an additional 2.7 million shares of common stock for USD 73.2 million and declared a dividend of USD 0.15 per common share payable on March 6, 2026, to shareholders of record at the close of business on February 17, 2026.

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