MGIC INVESTMENT CORP — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 48/100
What the filing says
MGIC reported Q3 2026 net income of $175.0M ($0.85/diluted share), down 8.4% YoY from $191.1M. Key metrics deteriorated: primary delinquency rate rose to 2.52% (Q3 2025: 2.32%), new delinquencies grew 6.1%, annual persistency fell 250bps to 82.5%, and loss ratio spiked to 10.0% vs. 4.5% YoY. The company repurchased 7.6M shares ($222.7M aggregate Q3+Oct) and paid dividends of $0.17/share; it amended 2023 quota-share terms (cede rate 25%→23.98% effective Dec 31, 2026) and signed forward reinsurance for 2028–2029 NIW (40% and 20% quota-share). Insurance in force grew modestly to $307.3B.
Why this rating
Declining earnings, rising delinquencies, and falling persistency signal deteriorating credit cycle. Material relative to $6.3B market cap but offset by strong capital, reinsurance actions, and historical profitability.
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