MGIC Investment Corporation reported second-quarter net income of $182.1 million, or $0.86 per diluted share, driven by favorable loss reserve development and disciplined expense management. New insurance written reached $17.8 billion, an 8.5% increase from the prior year and the highest quarterly level since the third quarter of 2022, while insurance in force grew 2.6% to $304.8 billion. The board approved a $0.17 per share dividend for the third quarter, up from $0.15, and authorized a new $750 million share repurchase program extending through December 31, 2028. The company also completed a traditional excess-of-loss reinsurance transaction providing up to $168 million of protection on eligible 2027 new insurance written, and its reinsurance programs reduced PMIERs required assets by $3.1 billion, or approximately 52%.
MGIC Investment CorpRaises dividend, authorizes $750M buyback, and reports strong earnings.
