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Here are 1-3 brief analogies to describe MGIC Investment (MTG):

• They're like Allstate for mortgage lenders, providing insurance to protect lenders specifically against homeowners defaulting on their loans.
• They're like the Fannie Mae of mortgage insurance, specializing in providing the risk coverage that helps make loans acceptable to lenders and the secondary market.

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• Private Mortgage Insurance: Provides mortgage default protection on individual loans, covering unpaid principal, delinquent interest, and various foreclosure-related expenses.
• Contract Underwriting Services: Offers specialized services for evaluating and approving mortgage loan applications on behalf of lenders.
• Reinsurance: Provides insurance to other insurance companies, allowing them to transfer a portion of their assumed risks.

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MGIC Investment (MTG) sells primarily to other companies, specifically financial institutions and government sponsored entities involved in originating residential mortgage loans.

Due to the nature of the private mortgage insurance business, MGIC Investment serves a broad base of lenders rather than having a few publicly identified "major customers" by name. Specific customer names are not typically disclosed. However, its customer base consists of the following categories of organizations:

• Savings institutions
• Commercial banks
• Mortgage brokers
• Credit unions
• Mortgage bankers
• Other lenders
• Government sponsored entities

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Timothy J. Mattke Chief Executive Officer

Timothy J. Mattke is the chief executive officer of MGIC Investment Corporation, having joined the company in 2006. Prior to his appointment as CEO, he served as executive vice president and chief financial officer from 2014 to 2019, and as controller from 2009 to 2014. Before joining MGIC, Mr. Mattke was an audit manager with PricewaterhouseCoopers LLP. He holds a bachelor's in business administration and an MA in accountancy from the University of Wisconsin–Madison and is a CPA.

Nathan Colson Executive Vice President, Chief Financial Officer and Chief Risk Officer

Nathan Colson is an executive vice president, the chief financial officer, and the chief risk officer of MGIC Investment Corporation. He joined the company in 2014. Before becoming CFO, he served as vice president of finance from January 2019 through July 2019 and as assistant treasurer from 2016 to 2019. Mr. Colson also held positions within MGIC's Risk Management department. Prior to joining MGIC, he was a senior audit manager with PricewaterhouseCoopers LLP. He holds a BS in accounting from Marquette University and an MBA from the University of Chicago and is a CPA.

Sal Miosi President and Chief Operating Officer

Sal Miosi is the president and chief operating officer of MGIC Investment Corporation. He has been with the company since 1988. Before his current role, he served as executive vice president of business strategies and operations from 2017 to 2019, and as senior vice president of business strategies and operations from 2015 to 2017. Mr. Miosi also held positions as vice president of marketing from 2004 to 2015, and various leadership roles in technology, sales, and marketing. He earned a BBA from the University of Wisconsin–Milwaukee and an MBA from Marquette University.

Paula Maggio Executive Vice President, General Counsel and Secretary

Paula Maggio serves as an executive vice president, the general counsel, and secretary of MGIC Investment Corporation, having joined in 2018. Prior to MGIC, Ms. Maggio held the same role for two years at Retail Properties of America, Inc., and spent 15 years in various leadership positions at Strategic Hotels & Resorts, Inc. Earlier in her career, she was in private practice with the law firm Altheimer & Gray. Ms. Maggio holds a BA and JD from the University of Illinois at Urbana–Champaign.

Danny Garcia-Velez Senior Vice President of Sales and Business Development

Danny Garcia-Velez is MGIC's senior vice president of sales and business development. He joined the company in 2017 as a senior marketing program manager. Before being appointed SVP in 2023, he served as vice president of business development. Prior to his time at MGIC, Mr. Garcia-Velez was the vice president of programs and counseling for the Homeownership Preservation Foundation (HPF). He holds a BS in urban planning from Metropolitan State University.

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Key Risks to MGIC Investment (MTG)

• Economic and Housing Market Volatility: MGIC's business is highly dependent on the health of the U.S. housing market and broader economic conditions. Economic downturns, fluctuations in interest rates, and declines in home prices can directly reduce the demand for private mortgage insurance and lead to increased loan delinquencies and claims. For example, elevated or rapidly rising mortgage rates compress purchase and refinance volumes, thereby reducing the demand for new mortgage insurance. An increase in overall mortgage delinquencies directly expands the pool of loans at risk of default and claims.

• Regulatory and Legislative Changes: The company faces significant risks from changes in government regulations and legislation, particularly those concerning government-sponsored entities (GSEs) like Fannie Mae and Freddie Mac, as well as updates to Private Mortgage Insurer Eligibility Requirements (PMIERs). Such changes could potentially decrease revenues, increase losses, or necessitate higher capital and reserve requirements, impacting MGIC's financial performance.

• Intense Competition: The private mortgage insurance industry is highly competitive, with MGIC contending with both other private insurers and government agencies. This competitive environment can lead to pricing pressures, which may adversely affect MGIC's profitability and market share.

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The addressable market for MGIC Investment's primary product, private mortgage insurance, is substantial within the regions it serves, predominantly the United States, Puerto Rico, and Guam.

The global private mortgage insurance market was approximately $6.24 billion in 2024 and is projected to reach $9.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5%. Another projection estimates the global market size to grow from approximately $6.1 billion in 2023 to an estimated $12.4 billion by 2032, with a CAGR of 7.9%. North America holds the largest share of the private mortgage insurance market as of 2024, with the United States being a primary driver of this market's growth.

In terms of the volume of mortgages covered, the private mortgage insurance industry in the United States insured nearly $1.6 trillion in outstanding mortgages with active private mortgage insurance coverage by the end of 2023 and 2024. Furthermore, in 2024, the U.S. private mortgage insurance industry supported approximately $300 billion in mortgage originations. While specific market revenue figures for Puerto Rico and Guam are not separately identified in the available data, these regions are part of MGIC Investment's operational scope, contributing to the broader market for private mortgage insurance.

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For MGIC Investment (MTG), a provider of private mortgage insurance, expected drivers of future revenue growth over the next 2-3 years are primarily tied to the dynamics of the housing and mortgage markets, as well as the company's strategic management of its insurance portfolio and reinsurance programs.

Here are 3-5 expected drivers of future revenue growth:

1. Overall Mortgage Origination Volume and Market Size: MGIC's revenue growth is heavily dependent on the total volume of new residential mortgage loans originated, as this directly translates into opportunities for new private mortgage insurance policies. While consensus forecasts suggest the mortgage insurance market in 2026 will be similar in size to 2025 with elevated mortgage rates, any growth in the overall market would positively impact MGIC's new business opportunities.
2. Growth in New Insurance Written (NIW) and Maintenance of Insurance in Force (IIF): Sustained writing of new mortgage insurance business is crucial for revenue growth. MGIC reported an 8% increase in new business written for the full year 2025, contributing to a 3% year-over-year growth in direct primary insurance in force to over $303 billion. Although insurance in force is expected to remain relatively flat in 2026, continued strong new insurance written is necessary to offset policies that run off and to drive long-term portfolio expansion.
3. Impact of Mortgage Rates on Refinance Activity and Persistency: Future changes in mortgage rates are a significant driver. A decrease in mortgage rates more substantial than currently predicted could stimulate increased refinance volumes, which would benefit the overall mortgage insurance market. However, this increased refinance activity could also be partially offset by lower persistency, meaning existing policies are paid off or terminated sooner.
4. Effective Management of the In-Force Portfolio and Premium Yield: The revenue generated from the existing insurance in force is a substantial component of MGIC's total revenue. Maintaining a stable in-force premium yield, which was near 38 basis points in 2025 and expected to remain so in 2026, is essential. Efficient management of this portfolio ensures consistent premium income.
5. Strategic Reinsurance Program Structure and Cost Management: The structure and ongoing costs of MGIC's reinsurance program directly influence net premiums earned. Renegotiations of quota share treaties, which reduced ongoing costs by approximately 40% starting in 2026, can enhance net premiums written and earned. The amount of premiums ceded under these transactions, and the associated profit commissions, directly impact the company's reported revenue.

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Share Repurchases

• In 2025, MGIC Investment Corporation returned approximately $915 million in capital to shareholders, which included significant share repurchases.
• The company repurchased 9.5 million shares for $262.3 million in 2025, with 6.8 million in Q4 2025 and an additional 2.7 million in January 2026.
• In April 2025, MGIC's board of directors authorized a new share repurchase program, allowing the company to buy back up to $750 million of its common stock through December 31, 2027.

Share Issuance

• No significant share issuances (e.g., public offerings) by MGIC Investment Corporation were identified during the last 3-5 years, with activity primarily focused on share repurchases and dividends.

Capital Expenditures

• MGIC Investment Corporation has been focusing on technology and innovation spending to maintain and enhance its competitive position.
• The company's investment in its Information Security Program and risk management frameworks demonstrates its commitment to leveraging technological advancements for operational efficiencies and enhanced customer experiences.