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MGIC Investment Corporation: Inside The Powerful Reinsurance Strategy Driving Capital Efficiency—How Big Is The Impact?

MGIC Investment Corporation reported solid financial results for the fourth quarter and full year of 2025, reflecting continued momentum and a resilient position in the private mortgage insurance (MI) market. The company earned net income of $169 million in the quarter, translating to an annualized 13% return on equity, and $738 million for the full year with a 14.3% return on equity. Book value per share increased 13% year-over-year to $23.47. MGIC surpassed a notable milestone by exceeding $300 billion in insurance in force, ending the year at over $303 billion, up 3% from the prior year. The persistency rate held steady at approximately 85%. New insurance written (NIW) totaled $17 billion in the fourth quarter and $60 billion for 2025, an 8% increase compared to 2024.