MGIC INVESTMENT CORP

We are a holding company that, through wholly-owned subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services. In 2025, our total revenues were $1.2 billion and our primary New Insurance Written (NIW) was $60.2 billion. As of December 31, 2025, our direct primary Insurance In Force (IIF) was $303.1 billion and our direct primary Risk In Force (RIF) was $81.2 billion. Our principal mortgage insurance subsidiary, MGIC, was licensed in all 50 states of the United States, the District of Columbia, Puerto Rico, and Guam as of December 31, 2025. During 2025, we wrote new insurance in each of these jurisdictions. In 2025, we earned $738 million of net income ($3.14 per diluted share), compared to $763 million ($2.89 per diluted share) in 2024. MGIC paid $800 million of cash dividends to our holding company, a 7% increase from the $750 million paid in 2024. We ended 2025 with $1.1 billion of cash and investments at the holding company, repurchased 12% of our shares outstanding at the beginning of the year, and paid shareholder dividends of $0.56 per share, a 14% increase from the $0.49 per share in 2024.