The following is a summary of the MGIC Investment Corporation (MTG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• MGIC reported Q3 net income of $200 million with an annualized return on equity of 15.6%.

• Insurance in force ended at $293 billion, with new insurance written in the quarter up 27% to $17.2 billion.

• The company repurchased 5.2 million shares for $123 million and paid a quarterly dividend of $34 million, representing a 79% payout ratio.

Business Progress:

• MGIC continues to maintain strong underwriting standards and capital management, highlighted by a repurchase of an additional 2.9 million shares for $72 million.

• The company's reinsurance program reduced PMIERs required assets by $2.2 billion or 40%.

• Recent updates by the GSEs on risk-based requirements are not expected to materially impact MGIC's assets or investment strategies.

Opportunities:

• Signs of easing in the housing market, including the first year-over-year increase in mortgage applications in three years and slowing home price appreciation.

• Demographic trends suggest ongoing demand from millennial and Gen Z populations.

Risks:

• Persistency in insurance may fluctuate, potentially impacted by economic factors such as interest rate changes affecting the broader housing and mortgage market.

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.