MTG MGIC (MTG) Q1 FY26 earnings call
MGIC reported a strong first quarter, driven by significant new insurance written and solid operating performance, leading to a 13% annualized return on equity and a 10% increase in book value per share. The company continues its disciplined capital allocation, initiating a new $750 million share repurchase program while maintaining a robust capital structure. While credit quality remains favorable, management noted a slight sequential increase in delinquency rates against seasonal trends, partly attributed to servicer reporting timing.
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MTG operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| New insurance written | $14B[indiscernible] $14 billion of new insurance in the first quarter, an increase of 41% from last year, and our largest first quarter of NIW since 2022.Source: earnings call transcript | $18BWe wrote $18 billion of new insurance in the second quarter, an increase of 8.5% from the second quarter of 2025, and our highest NIW since the third quarter of 2022.Source: earnings call transcript | +28.6% |
| Insurance in force | ~$303BInsurance in force at the end of the first quarter stood at approximately $303 billion, relatively flat quarter-over-quarter, and up 3% from a year ago, with annual [indiscernible] the quarter at 84%, down from 85% last quarter.Source: earnings call transcript | $305BInsurance in force ended of the quarter at $305 billion, up slightly in the quarter and up 2.6% from a year ago.Source: earnings call transcript | — |
| Initial claim rate assumption | 7.5%For the delinquency notices we received in the quarter, we continue to apply the initial claim rate assumption of 7.5%.Source: earnings call transcript | 7.5%For new delinquency notices received in the second quarter, we continue to apply our initial claim rate assumption of 7.5%.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.