Form 8-K

8-K — MGIC INVESTMENT CORP

Accession: 0000876437-26-000021

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0000876437

SIC: 6351 (SURETY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mtg-20260429.htm (Primary)

EX-99 (a033126exhibit99q12026er.htm)

GRAPHIC (mgiclogoa09a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mtg-20260429.htm · Sequence: 1

mtg-20260429

0000876437false00008764372026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 29, 2026

MGIC Investment Corporation

__________________________________________

(Exact name of registrant as specified in its charter)

Wisconsin 1-10816 39-1486475

__________________________________

(State or other jurisdiction of incorporation) _____________________

(Commission File Number) ____________________________

(I.R.S. Employer Identification No.)

250 E. Kilbourn Avenue Milwaukee, Wisconsin 53202

________________________________

(Address of principal executive offices) ___________

(Zip Code)

Registrant’s telephone number, including area code: (414) 347-6480

Not Applicable

Former name or former address, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common stock MTG New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition.

The Company issued a press release on April 29, 2026 announcing its results of operations for the quarter ended March 31, 2026 and certain other information. The press release is furnished as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Pursuant to General Instruction B.2 to Form 8-K, the Company's April 29, 2026 press release is furnished as Exhibit 99 and is not filed.

Exhibit Index

Exhibit No. Description

Press Release dated April 29, 2026. (Pursuant to General Instruction B.2 to Form 8-K, this press release is furnished and is not filed.)

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MGIC INVESTMENT CORPORATION

Date:

April 29, 2026

By: \s\ Julie K. Sperber

Julie K. Sperber

Vice President, Controller and Chief Accounting Officer

EX-99

Filename: a033126exhibit99q12026er.htm · Sequence: 2

Document

Exhibit 99

Investor Relations: Dianna Higgins | (414) 347-2635 | dianna_higgins@mgic.com

MGIC Investment Corporation Reports First Quarter 2026 Results

First Quarter 2026 Net Income of $165.3 million or $0.76 per Diluted Share

First Quarter 2026 Adjusted Net Operating Income (Non-GAAP) of $165.1 million or $0.76 per Diluted Share

MILWAUKEE (April 29, 2026) - MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the first quarter of 2026.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation (“MGIC”) said, “We had a strong start to the year, successfully executing on our business strategies and generating solid first quarter results. We achieved a return on equity of 13% while continuing to return meaningful capital to our shareholders.

“We are well-positioned to navigate dynamic environments, supported by our deep industry expertise, strong balance sheet, and disciplined approach to capital allocation. Our continued focus and commitment to meet our customers' evolving needs has allowed us to drive long-term shareholder value,” concluded Mattke.

SUMMARY FINANCIAL METRICS

Quarter ended

($ in millions, except where otherwise noted)

Q1 2026

Q4 2025

Q1 2025

Net income

$ 165.3 $ 169.3 $ 185.5

Net income per diluted share

$ 0.76 $ 0.75 $ 0.75

Adjusted net operating income

$ 165.1 $ 168.4 $ 185.2

Adjusted net operating income per diluted share

$ 0.76 $ 0.75 $ 0.75

New insurance written (NIW) (billions) $ 14.4 $ 17.1 $ 10.2

Net premiums earned

$ 235.4 $ 236.0 $ 243.7

Insurance in force (billions)

$ 302.7 $ 303.1 $ 293.8

Annual persistency 84.0 % 84.8 % 84.7 %

Losses incurred, net

$ 33.2 $ 31.2 $ 9.6

Primary delinquency inventory 27,006 27,072 25,438

Primary IIF delinquency rate (count based)

2.44 % 2.43 % 2.30 %

Loss ratio 14.1 % 13.2 % 3.9 %

Underwriting expense ratio 20.5 % 19.9 % 22.5 %

In force portfolio yield (bps) 38.0 38.0 38.4

Net premium yield (bps) 31.1 31.2 33.0

Annualized return on equity

13.0 % 13.1 % 14.3 %

Book value per common share outstanding $ 23.63 $ 23.47 $ 21.40

Adjust for AOCI $ 0.79 $ 0.61 $ 0.98

Tangible book value per share $ 24.41 $ 24.08 $ 22.38

CAPITAL AND LIQUIDITY

As of

($ in billions, except where otherwise noted)

March 31, 2026 December 31, 2025 March 31, 2025

PMIERs available assets

$ 5.8 $ 5.7 $ 5.9

PMIERs excess

$ 2.9 $ 2.5 $ 2.6

Holding company liquidity (millions)

$ 709 $ 1,074 $ 824

FIRST QUARTER 2026 HIGHLIGHTS

•Through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025.

•We repurchased 7.2 million shares of common stock for $192.6 million.

•We paid a dividend of $0.15 per common share to shareholders.

SECOND QUARTER 2026 HIGHLIGHTS

•Through April 24, 2026 we repurchased an additional 1.7 million shares of our common stock for $47.4 million.

•We declared a dividend of $0.15 per common share to shareholders payable on May 21, 2026, to shareholders of record at the close of business on May 6, 2026.

•MGIC paid a $400 million dividend to our holding company.

•Our board of directors approved a share repurchase program, authorizing us to purchase an additional $750 million of common stock prior to December 31, 2028.

Conference Call and Webcast Details

MGIC Investment Corporation will hold a conference call April 30, 2026, at 10:00 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company’s quarterly results. Individuals interested in joining by telephone should register for the call at https://register-conf.media-server.com/register/BIeb1b95ef583c49419a8d6b744e509dce to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed at the company's website at http://mtg.mgic.com/ under "Newsroom." A replay of the webcast will be available on the company’s website through May 30, 2026.

About MGIC

Mortgage Guaranty Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, provides mortgage insurance solutions that support responsible credit risk management for mortgage lenders and investors and enable borrowers to qualify for mortgages with lower down payments. As the founder and longstanding leader of today's private mortgage insurance industry, MGIC continues to guide the industry’s evolution while serving as a trusted partner to lenders across the country.

This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics, are all available on the Company's website at https://mtg.mgic.com/ under “Newsroom.”

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC’s website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

Use of Non-GAAP financial measures

We believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as alternatives to GAAP measures of performance.

Adjusted pre-tax operating income (loss) is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable.

Adjusted net operating income (loss) is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%.

Adjusted net operating income (loss) per diluted share is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units.

Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us.

(1)Net realized investment gains (losses). The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles.

(2)Gains and losses on debt extinguishment. Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile.

(3)Infrequent or unusual non-operating items. Items that are non-recurring in nature and are not part of our primary operating activities.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

(In thousands, except per share data)

2026

2025

Net premiums written $ 234,943 $ 235,346

Revenues

Net premiums earned $ 235,363 $ 243,719

Net investment income 61,742 61,443

Net gains (losses) on investments and other financial instruments (169) 741

Other revenue 141 331

Total revenues 297,077 306,234

Losses and expenses

Losses incurred, net 33,242 9,591

Underwriting and other expenses, net 48,108 53,063

Interest expense 8,899 8,899

Total losses and expenses 90,249 71,553

Income before tax 206,828 234,681

Provision for income taxes 41,525 49,221

Net income $ 165,303 $ 185,460

Net income per diluted share $ 0.76 $ 0.75

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

EARNINGS PER SHARE (UNAUDITED)

Three Months Ended March 31,

(In thousands, except per share data)

2026

2025

Net income - basic and diluted

$ 165,303 $ 185,460

Basic weighted average common shares outstanding

216,135 244,147

Dilutive effect of unvested restricted stock units

2,051 2,343

Diluted weighted average common shares outstanding

218,186 246,490

Diluted earnings per share

$ 0.76 $ 0.75

NON-GAAP RECONCILIATIONS

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Three Months Ended March 31,

2026

2025

(In thousands, except per share amounts)

Pre-tax

Tax Effect

Net

(after-tax)

Pre-tax Tax Effect

Net

(after-tax)

Income before tax / Net income $ 206,828 $ 41,525 $ 165,303 $ 234,681 $ 49,221 $ 185,460

Adjustments:

Net realized investment (gains) losses (200) (42) (158) (319) (67) (252)

Adjusted pre-tax operating income / Adjusted

net operating income

$ 206,628 $ 41,483 $ 165,145 $ 234,362 $ 49,154 $ 185,208

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share

Weighted average shares - diluted 218,186 246,490

Net income per diluted share $ 0.76 $ 0.75

Net realized investment (gains) losses 0.00 0.00

Adjusted net operating income per diluted share $ 0.76 $ 0.75

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

December 31,

March 31,

(In thousands, except per share data)

2026

2025

ASSETS

Investments (1)

$ 5,719,421 $ 5,807,662 $ 5,901,057

Cash and cash equivalents 235,090 368,989 206,988

Restricted cash and cash equivalents 14,405 6,525 5,705

Reinsurance recoverable on loss reserves (2)

73,184 65,055 51,864

Home office and equipment, net 31,947 32,454 34,468

Deferred insurance policy acquisition costs 7,955 8,377 11,114

Deferred income taxes, net 15,494 18,512 46,196

Other assets 319,253 331,912 277,744

Total assets $ 6,416,749 $ 6,639,486 $ 6,535,136

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Loss reserves (2)

$ 499,120 $ 474,884 $ 465,033

Unearned premiums 92,606 93,026 111,987

Senior notes 646,506 646,138 645,035

Other liabilities 141,230 277,887 173,197

Total liabilities 1,379,462 1,491,935 1,395,252

Shareholders' equity 5,037,287 5,147,551 5,139,884

Total liabilities and shareholders' equity $ 6,416,749 $ 6,639,486 $ 6,535,136

Book value per share (3)

$ 23.63 $ 23.47 $ 21.40

(1) Investments include net unrealized gains (losses) on securities

$ (194,840) $ (152,767) $ (261,022)

(2) Loss reserves, net of reinsurance recoverable on loss reserves

$ 425,936 $ 409,829 $ 413,169

(3) Shares outstanding

213,200 219,367 240,194

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN

2026 2025

Q1 Q4 Q3 Q2 Q1

New primary insurance written (NIW) (billions) $ 14.4 $ 17.1 $ 16.5 $ 16.4 $ 10.2

Monthly (including split premium plans) and

annual premium plans

13.9 16.6 16.1 16.0 9.9

Single premium plans 0.5 0.5 0.4 0.4 0.3

Product mix as a % of primary NIW

Credit score < 680

5 % 5 % 4 % 4 % 4 %

>95% LTVs 14 % 15 % 17 % 13 % 13 %

>45% DTI 25 % 26 % 27 % 26 % 31 %

Singles 4 % 3 % 2 % 2 % 2 %

Refinances 21 % 17 % 6 % 6 % 6 %

New primary risk written (billions) $ 3.8 $ 4.4 $ 4.4 $ 4.3 $ 2.6

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE

2026 2025

Q1 Q4 Q3 Q2 Q1

Primary Insurance In Force (IIF) (billions) $ 302.7 $ 303.1 $ 300.8 $ 297.0 $ 293.8

Total # of loans 1,106,958 1,112,727 1,111,855 1,107,526 1,105,863

Premium Yield

In force portfolio yield (1)

38.0 38.0 38.3 38.3 38.4

Premium refunds (2)

(0.3) (0.4) (0.3) (0.1) 0.0

Accelerated earnings on single premium 0.2 0.3 0.2 0.2 0.2

Total direct premium yield 37.9 37.9 38.2 38.4 38.6

Ceded premiums earned, net of profit

commission and assumed premiums (3)

(6.8) (6.7) (5.9) (5.4) (5.6)

Net premium yield 31.1 31.2 32.3 33.0 33.0

Average Loan Size of IIF (thousands) $ 273.4 $ 272.4 $ 270.6 $ 268.2 $ 265.7

Annual Persistency

84.0 % 84.8 % 85.0 % 84.7 % 84.7 %

Primary Risk In Force (RIF) (billions) $ 81.2 $ 81.2 $ 80.6 $ 79.5 $ 78.5

By credit score (%) (4)

760 & >

45 % 45 % 45 % 44 % 44 %

740-759

18 % 18 % 18 % 18 % 18 %

720-739

14 % 14 % 14 % 14 % 14 %

700-719

10 % 10 % 10 % 10 % 10 %

680-699

7 % 7 % 7 % 7 % 7 %

660-679

3 % 3 % 3 % 3 % 3 %

640-659

2 % 2 % 2 % 2 % 2 %

639 & <

1 % 1 % 1 % 2 % 2 %

Average Coverage Ratio (RIF/IIF) 26.8 % 26.8 % 26.8 % 26.8 % 26.7 %

(1) Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force.

(2) Premium refunds and our estimate of refundable premium on our delinquency inventory divided by average primary insurance in force.

(3) Ceded premiums earned, net of profit commissions and assumed premiums. Assumed premiums include our participation in GSE Credit Risk Transfer programs, of which the impact on the net premium yield was 0.5 bps in the first quarter of 2026.

(4) The credit score at the time of origination for a loan with multiple borrowers is the lowest of the borrowers’ “decision credit scores.” A borrower’s “decision credit score” is determined as follows: if there are three credit scores available, the middle credit score is used; if two credit scores are available, the lower of the two is used; if only one credit score is available, it is used.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - DELINQUENCY STATISTICS

2026 2025

Q1 Q4 Q3 Q2 Q1

Primary IIF - Delinquent Roll Forward - # of

Loans

Beginning Delinquent Inventory 27,072 25,747 24,444 25,438 26,791

New Notices 13,791 14,489 13,582 11,970 12,965

Cures (13,393) (12,632) (11,814) (12,588) (13,981)

Paid claims (457) (359) (359) (341) (312)

Rescissions and denials (7) (13) (18) (35) (25)

Other items removed from inventory (1)

— (160) (88) — —

Ending Delinquent Inventory 27,006 27,072 25,747 24,444 25,438

Primary IIF Delinquency Rate (count based)

2.44 % 2.43 % 2.32 % 2.21 % 2.30 %

Primary claim received inventory included in ending delinquent inventory

383 398 333 295 304

Composition of Cures

Reported delinquent and cured

intraquarter

3,973 3,917 3,606 3,268 4,321

Number of payments delinquent prior to

cure

3 payments or less 6,262 5,734 5,141 5,708 6,379

4-11 payments 2,702 2,466 2,500 2,887 2,759

12 payments or more 456 515 567 725 522

Total Cures in Quarter 13,393 12,632 11,814 12,588 13,981

Composition of Paids

Number of payments delinquent at time

of claim payment

3 payments or less 1 — 1 — 1

4-11 payments 57 32 32 32 28

12 payments or more 399 327 326 309 283

Total Paids in Quarter 457 359 359 341 312

Aging of Primary Delinquent Inventory

Consecutive months delinquent

3 months or less 9,655 36% 10,389 38% 9,817 38% 8,552 35% 8,497 33 %

4-11 months 10,289 38% 9,559 35% 8,858 34% 8,868 36% 9,907 39 %

12 months or more 7,062 26% 7,124 27% 7,072 28% 7,024 29% 7,034 28 %

Number of payments delinquent

3 payments or less 13,376 49% 14,121 52% 13,406 52% 12,260 50% 12,319 48 %

4-11 payments 9,364 35% 8,747 32% 8,122 32% 7,963 33% 8,788 35 %

12 payments or more 4,266 16% 4,204 16% 4,219 16% 4,221 17% 4,331 17 %

(1) Items removed from inventory are associated with commutations of coverage on non-performing policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID

2026 2025

Q1 Q4 Q3 Q2 Q1

Reserves (millions)

Primary Direct Loss Reserves $ 497 $ 472 $ 450 $ 450 $ 462

Other Gross Loss Reserves

2 3 2 2 3

Total Gross Loss Reserves $ 499 $ 475 $ 452 $ 452 $ 465

Primary Average Direct Reserve

Per Delinquency

$ 18,398 $ 17,449 $ 17,462 $ 18,395 $ 18,167

Net Paid Claims (millions) (1)

$ 17 $ 16 $ 14 $ 12 $ 12

Total primary (excluding settlements)

20 16 14 13 12

Rescission and NPL settlements — 3 1 — —

Reinsurance (4) (3) (2) (2) (2)

LAE and other

1 1 1 1 2

Reinsurance Terminations (1)

— (1) — — —

Primary Average Claim Payment

(thousands) (2)

$ 42.7 $ 46.1 $ 39.7 $ 36.5 $ 38.8

(1) Net paid claims, as presented, does not include amounts received in conjunction with terminations or commutations of reinsurance

agreements.

(2) Excludes amounts paid in settlement disputes for claims paying practices and/or commutations of policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS

2026 2025

Q1 Q4 Q3 Q2 Q1

Quota Share Reinsurance

% NIW subject to reinsurance 86.4 % 86.2 % 88.2 % 87.7 % 86.8 %

Ceded premiums written and earned (millions)

$ 37.8 $ 38.9 $ 32.0 $ 28.1 $ 29.9

Ceded losses incurred (millions) $ 12.0 $ 11.9 $ 6.1 $ 4.0 $ 6.4

Ceding commissions (millions) (included in

underwriting and other expenses)

$ 13.4 $ 13.4 $ 12.9 $ 12.1 $ 11.7

Profit commission (millions) (included in ceded

premiums)

$ 29.1 $ 28.3 $ 32.6 $ 32.3 $ 28.7

Excess-of-Loss Reinsurance

Ceded premiums earned (millions)

$ 17.8 $ 14.8 $ 16.2 $ 15.4 $ 14.7

GAAP loss ratio

14.1 % 13.2 % 4.5 % (1.2 %) 3.9 %

GAAP underwriting expense ratio

20.5 % 19.9 % 21.1 % 21.9 % 22.5 %

Mortgage Guaranty Insurance Corporation - Risk to

Capital

9.6:1 10.0:1 9.7:1 10.0:1 9.8:1

Combined Insurance Companies - Risk to Capital 9.6:1 10.0:1 9.7:1 10.0:1 9.7:1

Safe Harbor Statement

Forward Looking Statements and Risk Factors:

This release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as "believe," "anticipate," "will" or "expect," or words of similar import, are forward-looking statements. Our actual results may differ, possibly materially, from those expressed or implied in such forward-looking statements. Factors and uncertainties that could cause actual results to differ can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in MGIC Investment Corporation’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Such factors and uncertainties include, without limitation:

•Our results are dependent on U.S. economic and housing market conditions; adverse conditions may cause a decrease in new insurance written and/or an increase in delinquencies, claim frequency, and claim severity. Additionally, if the volume of low down payment home mortgage originations declines, the amount of new insurance that we write could decline.

•The substantial majority of MGIC’s new insurance written is for loans purchased by Fannie Mae and Freddie Mac (“the GSEs”); therefore, changes to their business practices or legislative, regulatory or administrative reforms could materially affect our business and financial results.

•Failure to comply with the GSEs’ Private Mortgage Insurance Eligibility Requirements (“PMIERs”) could limit our operations, or at the extreme, lead to suspension or termination of eligibility to insure loans purchased by the GSEs.

•Loss reserve estimates are subject to uncertainties; actual losses may differ materially from estimates. Additionally, because reserves are established only upon delinquency, losses may disproportionately impact earnings in certain periods.

•We operate in a highly regulated environment at both the federal and state levels; regulatory changes or enforcement actions may adversely affect our operations and/or financial results.

•If we fail to meet the State Capital Requirements of Wisconsin, we could be prevented from writing new business in all jurisdictions; we could be prevented from writing new business in a particular jurisdiction if we fail to meet the state capital requirements of that jurisdiction.

•Pandemics, severe weather events, and climate related developments may negatively affect home prices and affordability, potentially leading to an increase in delinquencies, claim frequency, and claim severity. Actions by government authorities, including FHFA and the GSEs, to address climate related issues could similarly affect our results.

•The availability, cost, and capital credit for reinsurance may change due to market conditions or GSE actions, potentially requiring us to retain more risk and maintain additional capital.

•Our financial results may be impacted if lenders and investors seek alternatives to private mortgage insurance. In addition, changes in GSE programs, growth in government market share, or changes to regulatory capital rules to limit capital relief for mortgage insurance could affect our business in similar ways.

•The premium rates we charge may prove inadequate due to unknown future economic conditions, modelling limitations or errors, or other unexpected events.

•The length of time our insurance policies remain in force (“persistency”) affects our results. Among other things, persistency can be influenced by interest rates, borrower equity, refinancing activity, and mortgage insurance cancellation requirements.

•Instability in financial markets or counterparty failures, including by reinsurers or mortgage servicers, could increase our credit risk and losses.

•Ineffective risk management programs, inaccurate data or model errors could impair our ability to identify and respond to risks, and materially adversely affect our business, results of operations, and financial condition.

•Technology system failures, cybersecurity breaches, or data privacy incidents could materially disrupt operations and cause financial and reputational damage.

•Changes in our underwriting practices and mix of business have the potential to increase risk and negatively affect our financial results.

•Our business depends on hiring and retaining experienced management and key personnel; the failure to do so could disrupt operations and negatively impact our financial condition.

•The mortgage insurance market is highly competitive. Competition from private mortgage insurers, government programs, and potential new market entrants —combined with pricing pressure and shifting customer preferences and relationships—could lead to a reduction in our new insurance written.

•Adverse rating agency actions could affect our competitiveness, GSE eligibility, and access to capital.

•Litigation and regulatory proceedings could result in fines, settlements, operational restrictions, or reputational harm.

•Our investment portfolio is exposed to risks that could adversely impact our operations and financial results. Future capital needs could require issuance of debt or equity, potentially diluting shareholders.

•Our stock price may fluctuate due to economic, industry, regulatory, or company specific developments.

•Regulatory limits on dividends from our insurance subsidiaries have the potential to constrain holding company liquidity and our ability to pay shareholder dividends or repurchase stock in the future.

We are not undertaking any obligation to update any forward-looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public.

While we communicate with security analysts from time to time, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, investors should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report, and such reports are not our responsibility.

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Apr. 29, 2026

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