MGIC Investment Corp ( (MTG) ) has released its Q3 earnings. Here is a breakdown of the information MGIC Investment Corp presented to its investors.
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MGIC Investment Corporation is a prominent player in the private mortgage insurance industry, providing insurance to lenders in the United States to facilitate low-down-payment mortgages. With its primary mission to aid in homeownership, MGIC stands out for its extensive insurance coverage and service quality.
In the third quarter of 2024, MGIC Investment Corporation reported a net income of $200 million, translating to an earnings per diluted share of $0.77. The company also highlighted its disciplined risk and capital management strategies, which have driven consistent value generation for stakeholders.
The company’s financial performance revealed a return on equity of 15.6%, with new insurance written rising to $17.2 billion, marking a significant increase from the previous quarter. Additionally, MGIC’s continued focus on strategic capital deployment was evident in its repurchase of 5.2 million shares and a dividend payment of $0.13 per common share.
Looking forward, MGIC Investment Corporation remains committed to its strategic objectives and has set the stage for growth through new reinsurance arrangements. The company’s management expresses confidence in maintaining robust performance and delivering stakeholder value in the coming quarters.
