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    <link:label id="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds_AD5311925E4256FA8108555BAC8A52D9_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds_AD5311925E4256FA8108555BAC8A52D9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maximum investment in international mutual funds, as a percentage of the equity investments range, to total plan assets as of the measurement date of the latest statement of financial position.</link:label>
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    <link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_B54FEF40D23FFFD113A8555BAC8AB5FE_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized_B54FEF40D23FFFD113A8555BAC8AB5FE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit sharing and 401(k) savings plan expenses</link:label>
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    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_A964CF1B18374D06EAD063061C323E46_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract_A964CF1B18374D06EAD063061C323E46" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
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    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_908043B1E500DBF49B3055293DE5AE36_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract_908043B1E500DBF49B3055293DE5AE36" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_72D0A96A661763DE751855293DE56614" xlink:type="locator" />
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    <link:label id="lab_us-gaap_GainLossOnInvestments_33D89D74808416C350BB55293DE51FE5_negatedLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments_33D89D74808416C350BB55293DE51FE5" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net realized investment (gains) losses</link:label>
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    <link:label id="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_C302FDD25226EE8E303D55293DE57E3F_verboseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_C302FDD25226EE8E303D55293DE57E3F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Reinsurance recoverable on paid losses</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInUnearnedPremiums_D1AC82BD81E6D6A1850755293DE51E8B_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInUnearnedPremiums_D1AC82BD81E6D6A1850755293DE51E8B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unearned premiums</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInOtherInsuranceLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherInsuranceLiabilities_8D0B752BF467A205DA8A55293DE5B1C3" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_6ED6ABA231EDE3D8E86055293DE5AA20_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_6ED6ABA231EDE3D8E86055293DE5AA20" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current income taxes</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_6ED6ABA231EDE3D8E86055293DE5AA20" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_EECF629D15DD5C932F6055293DE5F997_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_EECF629D15DD5C932F6055293DE5F997" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other, net</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_EECF629D15DD5C932F6055293DE5F997" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToAcquireInvestments_AC13E90A29C8C1FACB8655293DE5535C_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments_AC13E90A29C8C1FACB8655293DE5535C" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Purchases of investments</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_8AD63A315D0A12EB987755293DE51564" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_8AD63A315D0A12EB987755293DE51564" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_EC6862DF95B9CC8354D255293DE5B105" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_4789313781F575B548ED55293DE585DA_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_4789313781F575B548ED55293DE585DA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_4789313781F575B548ED55293DE585DA_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_4789313781F575B548ED55293DE585DA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_840459C87E7D5683F0B255293DE5DF3F_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit_840459C87E7D5683F0B255293DE5DF3F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from revolving credit facility</link:label>
    <link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_840459C87E7D5683F0B255293DE5DF3F_label_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit_840459C87E7D5683F0B255293DE5DF3F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Lines of Credit</link:label>
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    <link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_DFCD27B88AE99B1961A655293DE54429_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit_DFCD27B88AE99B1961A655293DE54429" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Repayment of revolving credit facility</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit_DFCD27B88AE99B1961A655293DE54429" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RepaymentsOfConvertibleDebt_7815C56D366B093EC8F355293DE551E5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfConvertibleDebt_7815C56D366B093EC8F355293DE551E5" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Purchase or repayment of convertible senior notes</link:label>
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    <link:loc xlink:href="mtg-20191231.xsd#mtg_PaymentOfOriginalIssueDiscountConvertibleSeniorNotes" xlink:label="loc_mtg_PaymentOfOriginalIssueDiscountConvertibleSeniorNotes_1B7FADE7B140467ABBE655293DE59A00" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_1A7D02CDF9D5D132716755293DE5BE33_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_1A7D02CDF9D5D132716755293DE5BE33" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Repurchase of common stock</link:label>
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    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_93FD212AA02766FA871855293DF5E6C2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock_93FD212AA02766FA871855293DF5E6C2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_E28CC82F6CCF90C0DAF755293DF5D0B6_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_E28CC82F6CCF90C0DAF755293DF5D0B6" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in financing activities</link:label>
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    <link:loc xlink:href="mtg-20191231.xsd#mtg_StatutoryAccountingPracticesTextBlock" xlink:label="loc_mtg_StatutoryAccountingPracticesTextBlock_D9D000C99D0E5A99310355293BC36A2A" xlink:type="locator" />
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    <link:label id="lab_mtg_DomesticMutualFundsMember_B6881CA04950E899314E55293C4F3C91_terseLabel_en-US" xlink:label="lab_mtg_DomesticMutualFundsMember_B6881CA04950E899314E55293C4F3C91" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Domestic Mutual Funds</link:label>
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    <link:label id="lab_mtg_DomesticMutualFundsMember_B6881CA04950E899314E55293C4F3C91_documentation_en-US" xlink:label="lab_mtg_DomesticMutualFundsMember_B6881CA04950E899314E55293C4F3C91" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment in a company that brings together money from many people and invests it in domestic stocks, bonds or other assets. The combined holdings of stocks, bonds or other assets the fund owns are known as its portfolio. Each investor in the fund owns shares, which represent a part of these holdings.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_DomesticMutualFundsMember" xlink:label="loc_mtg_DomesticMutualFundsMember_B6881CA04950E899314E55293C4F3C91" xlink:type="locator" />
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    <link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_53E91DE105C107A3418B55293C4F96D4_verboseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember_53E91DE105C107A3418B55293C4F96D4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Corporate Bonds</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Primary Default Inventory [Roll Forward]</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory [Roll Forward]</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryRollForward" xlink:label="loc_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:to="lab_mtg_PrimaryDefaultInventoryRollForward_02CE93821A70587FE14355293D044C16" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305_periodStartLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning delinquent inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans in the primary default inventory.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventory" xlink:label="loc_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:to="lab_mtg_PrimaryDefaultInventory_8D5F7820104D479B966C55293D057305" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New Notices</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, New Notices</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions to the primary default inventory resulting from new notices of defaulted loans.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryNewNotices" xlink:label="loc_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:to="lab_mtg_PrimaryDefaultInventoryNewNotices_022CFA1C213F7107E57C55293D050630" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8_negatedTerseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Cures</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Cures</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deductions from the primary default inventory resulting from loans in default being brought current.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryCures" xlink:label="loc_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:to="lab_mtg_PrimaryDefaultInventoryCures_0C7BBD01157044AF926555293D05E7D8" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD_negatedTerseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Paid claims</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Paids</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deductions from the primary default inventory resulting from claims being paid, including those charged to a deductible or captive.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryPaids" xlink:label="loc_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:to="lab_mtg_PrimaryDefaultInventoryPaids_824C9F23C8BF01261DD155293D059BAD" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F_negatedTerseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Rescissions and denials</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Rescissions and Denials</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deductions from the primary default inventory resulting from rescissions and denials.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryRescissionsAndDenials" xlink:label="loc_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:to="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_705D0111C8B7F98C699655293D05454F" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919_negatedTerseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other items removed from inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Other Items Removed</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other deductions from the primary default inventory, including items removed for settlements</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryOtherItemsRemoved" xlink:label="loc_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:to="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_1AA5B78DE1EF0FBE14EE55293D06A919" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventory_335D0BF6B41314832B1C55293D067A2C_periodEndLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_335D0BF6B41314832B1C55293D067A2C" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending delinquent inventory</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventory" xlink:label="loc_mtg_PrimaryDefaultInventory_335D0BF6B41314832B1C55293D067A2C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventory_335D0BF6B41314832B1C55293D067A2C" xlink:to="lab_mtg_PrimaryDefaultInventory_335D0BF6B41314832B1C55293D067A2C" xlink:type="arc" />
    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966_verboseLabel_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Direct domestic primary insurance in force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966_label_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Direct Domestic Primary Insurance In Force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966_documentation_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The principal balance in a Company's records of all mortgage loans it insures.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_DirectDomesticPrimaryInsuranceInForce" xlink:label="loc_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:to="lab_mtg_DirectDomesticPrimaryInsuranceInForce_82FDD44512C2C7A673A555293DD6A966" xlink:type="arc" />
    <link:label id="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7_verboseLabel_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Direct domestic primary risk in force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7_label_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Direct Domestic Primary Risk In Force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7_documentation_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The insurance in force multiplied by the insurance coverage percentage.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_DirectDomesticPrimaryRiskInForce" xlink:label="loc_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:to="lab_mtg_DirectDomesticPrimaryRiskInForce_9F9C131AF9E575F05A4A55293DD6AAB7" xlink:type="arc" />
    <link:label id="lab_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total VIE Assets</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" xlink:label="loc_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19" xlink:to="lab_us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_B3B5C3F2226B217036CA55293CD14B19" xlink:type="arc" />
    <link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total fixed income securities</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan, Debt Security [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:label="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7" xlink:to="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_C53A47BE7341C237FC2055293C5F2BA7" xlink:type="arc" />
    <link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Discount Rate (in hundredths)</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_4FDDBC1524362A069D7255293C5FC6FC" xlink:type="arc" />
    <link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_FE64B2FDBB9994F6C98855293C5F8550_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_FE64B2FDBB9994F6C98855293C5F8550" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Rate of Compensation Increase (in hundredths)</link:label>
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    <link:label id="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB_terseLabel_en-US" xlink:label="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlements for commutations of coverage, pools of nonperforming loans</link:label>
    <link:label id="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB_label_en-US" xlink:label="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Settlements For Commutations Of Coverage, Pools Of Nonperforming Loans [Member]</link:label>
    <link:label id="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB_documentation_en-US" xlink:label="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Settlements For Commutations Of Coverage, Pools Of Nonperforming Loans [Member]</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember" xlink:label="loc_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:to="lab_mtg_SettlementsForCommutationsOfCoveragePoolsOfNonperformingLoansMember_89090AFC00C1884B1C5E55293D494EBB" xlink:type="arc" />
    <link:label id="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A_terseLabel_en-US" xlink:label="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlements for claims paying practices</link:label>
    <link:label id="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A_label_en-US" xlink:label="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Settlements For Claims Paying Practices And Nonperforming Loan Sale [Member]</link:label>
    <link:label id="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A_documentation_en-US" xlink:label="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Settlements For Claims Paying Practices And A Nonperforming Loan Sale [Member]</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember" xlink:label="loc_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:to="lab_mtg_SettlementsForClaimsPayingPracticesAndNonperformingLoanSaleMember_CC88AF40A114333F84C855293D49DF5A" xlink:type="arc" />
    <link:label id="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E_terseLabel_en-US" xlink:label="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]</link:label>
    <link:label id="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E_label_en-US" xlink:label="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems" xlink:label="loc_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E" xlink:to="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_05331DF4CDC46DF6003755293D49606E" xlink:type="arc" />
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045_terseLabel_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Premium refund liability, expected claim payments</link:label>
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045_label_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Premium refund liability, expected claim payments</link:label>
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045_documentation_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The carrying amount for the estimate of premiums to be refunded on expected claim payments.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:label="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:to="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_950D0342500B1E3A1CD755293D499045" xlink:type="arc" />
    <link:label id="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0_terseLabel_en-US" xlink:label="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of prior year default inventory resolved (in hundredths)</link:label>
    <link:label id="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0_label_en-US" xlink:label="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of prior year default inventory resolved</link:label>
    <link:label id="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0_documentation_en-US" xlink:label="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of the prior year default inventory resolved, which is used in the calculation of the change in the severity and claim rates.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PercentageOfPriorYearDefaultInventoryResolved" xlink:label="loc_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:to="lab_mtg_PercentageOfPriorYearDefaultInventoryResolved_63B112C903B5F1AE5F2555293D498CB0" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_9EC5431745E7FDED966E55293D49A315_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_9EC5431745E7FDED966E55293D49A315" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other items removed from inventory</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryOtherItemsRemoved" xlink:label="loc_mtg_PrimaryDefaultInventoryOtherItemsRemoved_9EC5431745E7FDED966E55293D49A315" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryOtherItemsRemoved_9EC5431745E7FDED966E55293D49A315" xlink:to="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_9EC5431745E7FDED966E55293D49A315" xlink:type="arc" />
    <link:label id="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Losses for unpaid claims and adjustment expense</link:label>
    <link:label id="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187_label_en-US" xlink:label="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1" xlink:label="loc_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187" xlink:to="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1_D5377EBE5CC7694F5DFC55293D49B187" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Default notices for loans in IADAs</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, New Notices In FEMA Individual Assistance Disaster Areas</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of new notices reported in locations that FEMA has declared as Individual Assistance Disaster Areas (IADAs).</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas" xlink:label="loc_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:to="lab_mtg_PrimaryDefaultInventoryNewNoticesInFEMAIndividualAssistanceDisasterAreas_73759270A7283785013655293D49E9CD" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Default inventory in FEMA individual assistance disaster areas</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory In FEMA Individual Assistance Disaster Areas</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans in the primary default inventory that are in FEMA Individual Assistance Disaster Areas.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas" xlink:label="loc_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:to="lab_mtg_PrimaryDefaultInventoryInFEMAIndividualAssistanceDisasterAreas_60F988A7A77F783E35D355293D49D6F8" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percent of inventory in default for more than 36 consecutive months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory Twelve Months Or More, Percent Of Primary Default Inventory In Default For Twelve Months Or More In Default For More Than Thirty Six Consecutive Months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Primary Default Inventory Twelve Months Or More, Percent Of Primary Default Inventory In Default For Twelve Months Or More In Default For More Than Thirty Six Consecutive Months</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths" xlink:label="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:to="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_FB75939D1B70CB737E4755293D49FE6E" xlink:type="arc" />
    <link:label id="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044_verboseLabel_en-US" xlink:label="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Pool insurance notice inventory (in number of loans)</link:label>
    <link:label id="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044_label_en-US" xlink:label="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pool insurance notice inventory</link:label>
    <link:label id="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044_documentation_en-US" xlink:label="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans included in the pool insurance notice inventory as of the end of the reporting period.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PoolInsuranceNoticeInventory" xlink:label="loc_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:to="lab_mtg_PoolInsuranceNoticeInventory_529E9012884ABC9EE23E55293D498044" xlink:type="arc" />
    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_05B4C4FF4611CB17CE5855293DD6A985_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_05B4C4FF4611CB17CE5855293DD6A985" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis of presentation</link:label>
    <link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_05B4C4FF4611CB17CE5855293DD6A985_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_05B4C4FF4611CB17CE5855293DD6A985" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
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    <link:label id="lab_mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate_AA371B13F5A0334964AB55293D5962EA_label_en-US" xlink:label="lab_mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate_AA371B13F5A0334964AB55293D5962EA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal amount of notes used in determining conversion rate</link:label>
    <link:label id="lab_mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate_AA371B13F5A0334964AB55293D5962EA_documentation_en-US" xlink:label="lab_mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate_AA371B13F5A0334964AB55293D5962EA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The principal amount of notes used in the determination of the initial conversion rate, which is subject to adjustment.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate" xlink:label="loc_mtg_PrincipalAmountOfNotesUsedInDeterminingConversionRate_AA371B13F5A0334964AB55293D5962EA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1_117FAAEEF2E3D24D841555293D599F4C_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1_117FAAEEF2E3D24D841555293D599F4C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Initial conversion price (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1_117FAAEEF2E3D24D841555293D599F4C_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1_117FAAEEF2E3D24D841555293D599F4C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Convertible, Conversion Price</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:label="loc_us-gaap_DebtInstrumentConvertibleConversionPrice1_117FAAEEF2E3D24D841555293D599F4C" xlink:type="locator" />
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    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305_verboseLabel_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Period preceding election to convert</link:label>
    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305_label_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period preceding election to convert</link:label>
    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305_documentation_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The period immediately prior to an election to convert debentures during which the average price of shares traded is determined for the purpose of calculating the conversion rate.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PeriodPrecedingElectionToConvert" xlink:label="loc_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:to="lab_mtg_PeriodPrecedingElectionToConvert_E78CFB92B0C958DDDEDB55293D59C305" xlink:type="arc" />
    <link:label id="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF_terseLabel_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Convertible debt, number of equity instruments reserved for conversion (in shares)</link:label>
    <link:label id="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF_label_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Convertible, Number Of Equity Instruments Reserved For Conversion</link:label>
    <link:label id="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF_documentation_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument, Convertible, Number Of Equity Instruments Reserved For Conversion</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion" xlink:label="loc_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:to="lab_mtg_DebtInstrumentConvertibleNumberOfEquityInstrumentsReservedForConversion_BEE28D6D90FAC7EF417A55293D59B3AF" xlink:type="arc" />
    <link:label id="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6_verboseLabel_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Closing sale price of our common stock for consideration of redemption (in dollars per share)</link:label>
    <link:label id="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6_label_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Convertible Conversion Price 2</link:label>
    <link:label id="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6_documentation_en-US" xlink:label="lab_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The price per share of the conversion feature embedded in the debt instrument.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_DebtInstrumentConvertibleConversionPrice2" xlink:label="loc_mtg_DebtInstrumentConvertibleConversionPrice2_D29FA6E900BEF6B7776A55293D5961D6" xlink:type="locator" />
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    <link:label id="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26_verboseLabel_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Minimum number of trading days</link:label>
    <link:label id="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26_label_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum number of trading days</link:label>
    <link:label id="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26_documentation_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The minimum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_MinimumNumberOfTradingDays" xlink:label="loc_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:to="lab_mtg_MinimumNumberOfTradingDays_2A2313D3CEB97A519F7455293D594E26" xlink:type="arc" />
    <link:label id="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0_verboseLabel_en-US" xlink:label="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of trading days</link:label>
    <link:label id="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0_label_en-US" xlink:label="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum number of trading days</link:label>
    <link:label id="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0_documentation_en-US" xlink:label="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maximum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_MaximumNumberOfTradingDays" xlink:label="loc_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:to="lab_mtg_MaximumNumberOfTradingDays_C537C4E98AFED21B8E7E55293D5919A0" xlink:type="arc" />
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71_verboseLabel_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Minimum number of consecutive interest periods for which interest payments may be deferred</link:label>
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71_label_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum number of consecutive interest periods for which interest payments may be deferred</link:label>
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71_documentation_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The minimum number of consecutive interest periods for which interest payments may be deferred pursuant to an optional deferral provision under the note agreement(s).</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:label="loc_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_CDFF3D84AD203D65DD6255293D59BE71" xlink:type="locator" />
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    <link:label id="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942_verboseLabel_en-US" xlink:label="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Maximum period for which interest payments may be deferred without giving rise to an event of default</link:label>
    <link:label id="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942_label_en-US" xlink:label="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum period for which interest payments may be deferred without giving rise to an event of default</link:label>
    <link:label id="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942_documentation_en-US" xlink:label="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maximum length of time for which interest payments on the convertible debentures may be deferred without giving rise to an event of default.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault" xlink:label="loc_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_F51C8CB06BB30D4A72FE55293D59D942" xlink:type="locator" />
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    <link:label id="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2_verboseLabel_en-US" xlink:label="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Period in which reasonable commercial efforts must begin, maximum</link:label>
    <link:label id="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2_label_en-US" xlink:label="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period in which reasonable commercial efforts must begin maximum</link:label>
    <link:label id="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2_documentation_en-US" xlink:label="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_462440CE6CFA52B5E50355293D59B7E2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maximum period, in business days, after payment of interest on debentures that was not deferred, in which the entity must begin reasonable commercial efforts to sell qualifying securities to unaffiliated persons pursuant to the optional deferral provision under the note agreement(s).</link:label>
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    <link:label id="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712_terseLabel_en-US" xlink:label="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures</link:label>
    <link:label id="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712_label_en-US" xlink:label="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures</link:label>
    <link:label id="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712_documentation_en-US" xlink:label="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_6C00316F731C7B31CBF455293D593712" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral.</link:label>
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    <link:label id="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8_verboseLabel_en-US" xlink:label="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Percentage of premiums earned required to be maintained as contingency loss reserves (in hundredths)</link:label>
    <link:label id="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8_label_en-US" xlink:label="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of premiums earned required to be maintained as contingency loss reserves</link:label>
    <link:label id="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8_documentation_en-US" xlink:label="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of premiums earned that is required to be maintained as contingency loss reserves by mortgage guaranty insurance companies under statutory accounting practices.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves" xlink:label="loc_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:to="lab_mtg_PercentageOfPremiumsEarnedRequiredToBeMaintainedAsContingencyLossReserves_EDE23EEEF3208923F69355490A325DB8" xlink:type="arc" />
    <link:label id="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA_terseLabel_en-US" xlink:label="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period that contingency loss reserves must be held (in years)</link:label>
    <link:label id="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA_label_en-US" xlink:label="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period that contingency loss reserves must be held (in years)</link:label>
    <link:label id="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA_documentation_en-US" xlink:label="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The length of time during which contingency loss reserves cannot be withdrawn under statutory accounting practices except as permitted by insurance regulations.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PeriodThatContingencyLossReservesMustBeHeldInYears" xlink:label="loc_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:to="lab_mtg_PeriodThatContingencyLossReservesMustBeHeldInYears_AF4AD0A0F5B9DAB049A955490A324EEA" xlink:type="arc" />
    <link:label id="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51_verboseLabel_en-US" xlink:label="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves (in hundredths)</link:label>
    <link:label id="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51_label_en-US" xlink:label="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves</link:label>
    <link:label id="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51_documentation_en-US" xlink:label="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of net premiums earned that incurred losses must exceed in a calendar year to allow a mortgage guaranty insurance company to make early withdrawals from the contingency loss reserve with regulatory approval.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves" xlink:label="loc_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:to="lab_mtg_PercentageOfNetPremiumsEarnedThatIncurredLossesMustExceedToEnableEarlyWithdrawalsFromContingencyLossReserves_EFE522FD603E0BE9EA4755490A336B51" xlink:type="arc" />
    <link:label id="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD_terseLabel_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statutory net income</link:label>
    <link:label id="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD_label_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Accounting Practices, Statutory Net Income Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount" xlink:label="loc_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD" xlink:to="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_2B7B5EC39EF0466B751255490A3310BD" xlink:type="arc" />
    <link:label id="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14_terseLabel_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statutory policyholders' surplus</link:label>
    <link:label id="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14_label_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Accounting Practices, Statutory Capital and Surplus, Balance</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance" xlink:label="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14" xlink:to="lab_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance_338893CD3E59FF54FFF455490A332D14" xlink:type="arc" />
    <link:label id="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982_terseLabel_en-US" xlink:label="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contingency reserve</link:label>
    <link:label id="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982_label_en-US" xlink:label="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contingency Reserve</link:label>
    <link:label id="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982_documentation_en-US" xlink:label="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">An amount of money established from retained earnings to allow for unforeseen losses in business. Amount of reserves for future policy claims payable and loss expenses to be incurred.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_ContingencyReserve" xlink:label="loc_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:to="lab_mtg_ContingencyReserve_33CE38B655AF288AD5BA55490A33B982" xlink:type="arc" />
    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C_verboseLabel_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of jurisdictions with risk-to-capital requirements</link:label>
    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C_label_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of jurisdictions with risk to capital requirements</link:label>
    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C_documentation_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of jurisdictions that require a mortgage insurer to maintain a minimum amount of statutory capital relative to the risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. This is generally referred to as a risk-to-capital requirement.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements" xlink:label="loc_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:to="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_49BAF893D520634B4EF655490A34725C" xlink:type="arc" />
    <link:label id="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A_terseLabel_en-US" xlink:label="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum permitted risk-to-capital ratio commonly applied</link:label>
    <link:label id="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A_label_en-US" xlink:label="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of Regulatory Capital Requirements under Insurance Regulations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations" xlink:label="loc_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A" xlink:to="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_C1BF597C2A94052E68E155490A34505A" xlink:type="arc" />
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk to capital ratio</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B_label_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B_documentation_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:label="loc_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_6D1FFEDBB4AD22AFFF3055490A34934B" xlink:type="locator" />
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    <link:label id="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200_terseLabel_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk to capital ratio at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200_label_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risk to capital ratio at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200_documentation_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entity's risk-to-capital ratio as of the end of the reporting period.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_Risktocapitalratioatendofperiod" xlink:label="loc_mtg_Risktocapitalratioatendofperiod_8B0F63195DC043547A1F55490A34A200" xlink:type="locator" />
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    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15_verboseLabel_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Amount of policyholders position above or below required MPP</link:label>
    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15_label_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount of policyholders position above or below required regulatory minimum</link:label>
    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15_documentation_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount by which the entity's policyholders position (the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums) was above or below the required regulatory minimum of the entity's domiciliary state.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum" xlink:label="loc_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_AB6F576DB47E3F30FAC355490A34EA15" xlink:type="locator" />
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    <link:label id="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA_verboseLabel_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Amount of required MPP</link:label>
    <link:label id="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA_label_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount of required MPP</link:label>
    <link:label id="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA_documentation_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_F5710E6A660BE2CD07EE55490A346ADA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of minimum policyholder position (MPP) required by the entity's domiciliary state.</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_D741C23917C24848E03963061C714071_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_D741C23917C24848E03963061C714071" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturities, Amortized Cost [Abstract]</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_D741C23917C24848E03963061C714071_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_D741C23917C24848E03963061C714071" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract]</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost_C5D3CA66FF81BFCF301163061C717806" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost_C5D3CA66FF81BFCF301163061C717806" xlink:type="arc" />
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_F2769F454CCDE13AE2DF63061C71F9DC_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_F2769F454CCDE13AE2DF63061C71F9DC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_F2769F454CCDE13AE2DF63061C71F9DC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_F2769F454CCDE13AE2DF63061C71F9DC" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_F2769F454CCDE13AE2DF63061C71F9DC" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Due after five years through ten years</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost_810CF70EA7B569CBD29463061C71C5BC" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Due after ten years</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost_7A715D7B91C173F3190363061C7182BC" xlink:type="arc" />
    <link:label id="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_483BAB6250D57F53CA7B63061C715F4F_totalLabel_en-US" xlink:label="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_483BAB6250D57F53CA7B63061C715F4F" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total debt securities with single maturity date</link:label>
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    <link:loc xlink:href="mtg-20191231.xsd#mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:label="loc_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_483BAB6250D57F53CA7B63061C715F4F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_483BAB6250D57F53CA7B63061C715F4F" xlink:to="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_483BAB6250D57F53CA7B63061C715F4F" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debt securities without single maturity date</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_778BFD0A63C13A0DE20063061C71C7E5" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturities, Fair Value [Abstract]</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_9B34EEFD901FB2325B2C63061C71F16D" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due in one year or less</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_0E57E41C60F18CD0982163061C71DBC3" xlink:type="arc" />
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_B3250B78C6BEEA143CED63061C714F8D" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_B3250B78C6BEEA143CED63061C714F8D" xlink:type="arc" />
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_DADD511B28DD87409EC463061C7183B1_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_DADD511B28DD87409EC463061C7183B1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Unrealized Loss Position</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_93EE4DD91E1EA2A4F76563061C71B0C4_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_93EE4DD91E1EA2A4F76563061C71B0C4" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">12 months or greater</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_93EE4DD91E1EA2A4F76563061C71B0C4_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_93EE4DD91E1EA2A4F76563061C71B0C4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_93EE4DD91E1EA2A4F76563061C71B0C4" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_524C08B09B4E97929CB363061C71BCAA" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of securities in unrealized loss position</link:label>
    <link:label id="lab_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4_label_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1" xlink:label="loc_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4" xlink:to="lab_us-gaap_AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1_5AF3884EDB25E96A90D163061C71B1E4" xlink:type="arc" />
    <link:label id="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_0A7897EF77E84ADB5A9E63061C712E64_terseLabel_en-US" xlink:label="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_0A7897EF77E84ADB5A9E63061C712E64" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">For securities in an unrealized loss position, percentage of fair value to amortized cost (in hundredths)</link:label>
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    <link:label id="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_0A7897EF77E84ADB5A9E63061C712E64_documentation_en-US" xlink:label="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_0A7897EF77E84ADB5A9E63061C712E64" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of total fair value amount to total amortized cost amount of the company's securities in an unrealized loss position.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:label="loc_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_0A7897EF77E84ADB5A9E63061C712E64" xlink:type="locator" />
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    <link:label id="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E_terseLabel_en-US" xlink:label="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">For securities in an unrealized loss position, percentage backed by the U.S. Government (in hundredths)</link:label>
    <link:label id="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E_label_en-US" xlink:label="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Backed By US Government</link:label>
    <link:label id="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E_documentation_en-US" xlink:label="lab_mtg_PercentageBackedByUsGovernment_779A3E59B18EFD0EBFDE63061C715D3E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of the company's securities in an unrealized loss position backed by the U.S. Government.</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_D634FA38E114E510C52655293CB21DC8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_D634FA38E114E510C52655293CB21DC8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of net periodic benefit cost</link:label>
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    <link:label id="lab_mtg_LossReserveRollForward_895894B06C41125045FA55293D0BB8C5_documentation_en-US" xlink:label="lab_mtg_LossReserveRollForward_895894B06C41125045FA55293D0BB8C5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet" xlink:label="loc_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet_FECA8D07AF4A5562F87755293D3A8F12" xlink:type="locator" />
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    <link:label id="lab_us-gaap_SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense_A3CC9F95DCDA09F103E455293D3AD7AF_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense_A3CC9F95DCDA09F103E455293D3AD7AF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current year</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense" xlink:label="loc_us-gaap_SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense_AB00CFD1A38981B118E455293D3A60C2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1_7F1313A9EDBC190ED88D55293D3A0F0B_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1_7F1313A9EDBC190ED88D55293D3A0F0B" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total losses incurred</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1" xlink:label="loc_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1_7F1313A9EDBC190ED88D55293D3A0F0B" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1_D4658F9CC0248ACF22FE55293D3A03C0_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1_D4658F9CC0248ACF22FE55293D3A03C0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current year</link:label>
    <link:label id="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1_D4658F9CC0248ACF22FE55293D3A03C0_label_en-US" xlink:label="lab_us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1_D4658F9CC0248ACF22FE55293D3A03C0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year</link:label>
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    <link:label id="lab_mtg_ReinsuranceTerminations_D4C5F08E305247B3B12E55293D3A8323_negatedTerseLabel_en-US" xlink:label="lab_mtg_ReinsuranceTerminations_D4C5F08E305247B3B12E55293D3A8323" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reinsurance terminations</link:label>
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    <link:label id="lab_mtg_RestrictedStockPerformanceShares_935879D8D7FF6691063D55293B945FBA_label_en-US" xlink:label="lab_mtg_RestrictedStockPerformanceShares_935879D8D7FF6691063D55293B945FBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted stock, performance shares</link:label>
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    <link:label id="lab_mtg_RestrictedStockTimeVestedShares_9D184361757B2AB05DD355293B94F590_documentation_en-US" xlink:label="lab_mtg_RestrictedStockTimeVestedShares_9D184361757B2AB05DD355293B94F590" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The portion of the restricted shares outstanding as of the balance sheet date that consisted of shares that are subject only to service conditions.</link:label>
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    <link:label id="lab_mtg_UnrecognizedCompensationCostsPerformanceShares_298930271ECE0E969B6C55293B94B42A_documentation_en-US" xlink:label="lab_mtg_UnrecognizedCompensationCostsPerformanceShares_298930271ECE0E969B6C55293B94B42A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">As of the balance sheet date, the aggregate unrecognized cost of equity-based performance share awards made to employees under equity-based compensation awards that have yet to vest.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_UnrecognizedCompensationCostsPerformanceShares" xlink:label="loc_mtg_UnrecognizedCompensationCostsPerformanceShares_298930271ECE0E969B6C55293B94B42A" xlink:type="locator" />
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    <link:label id="lab_mtg_UnrecognizedCompensationCostsTimeVestedShares_E9295DD49875B2D5274C55293B945083_label_en-US" xlink:label="lab_mtg_UnrecognizedCompensationCostsTimeVestedShares_E9295DD49875B2D5274C55293B945083" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrecognized compensation costs, time vested shares</link:label>
    <link:label id="lab_mtg_UnrecognizedCompensationCostsTimeVestedShares_E9295DD49875B2D5274C55293B945083_documentation_en-US" xlink:label="lab_mtg_UnrecognizedCompensationCostsTimeVestedShares_E9295DD49875B2D5274C55293B945083" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">As of the balance sheet date, the aggregate unrecognized cost of equity-based time vested share awards made to employees under equity-based compensation awards that have yet to vest.</link:label>
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    <link:label id="lab_us-gaap_DirectPremiumsEarned_743EECD6EB1CA72A02C455293AC97E50_terseLabel_en-US" xlink:label="lab_us-gaap_DirectPremiumsEarned_743EECD6EB1CA72A02C455293AC97E50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross Amount</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_F015C18B56466A2FE87E55293D781B9E" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_F015C18B56466A2FE87E55293D781B9E" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisitions</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_D783F966B73CA8C8084E55293D788C1B" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Sales</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_594D212D2D0A7CB2466255293D785781" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_525241935B84999E67A955293D78C422_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_525241935B84999E67A955293D78C422" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance at end of period</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_525241935B84999E67A955293D78C422" xlink:type="locator" />
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    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC_terseLabel_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aging of the Primary Default Inventory [Abstract]</link:label>
    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC_label_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aging of the Primary Default Inventory [Abstract]</link:label>
    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC_documentation_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US" />
    <link:loc xlink:href="mtg-20191231.xsd#mtg_AgingOfPrimaryDefaultInventoryAbstract" xlink:label="loc_mtg_AgingOfPrimaryDefaultInventoryAbstract_DB79CD0B0B33F8AC51FA55293CFFCDFC" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">3 months or less</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Three months or less</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans that have been in the primary default inventory for three months or less as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryThreeMonthsOrLess" xlink:label="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_B9F13F5924C0E44F55BE55293D00108E" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">4 - 11 months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, four to eleven months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:to="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_C7A8967736B6FE83BF6255293D00AE73" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">12 months or more</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Twelve Months or More</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryTwelveMonthsOrMore" xlink:label="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_6AF49F235317D489FFC155293D002216" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventory_28DF758022E4742D1B7555293D001A57_totalLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_28DF758022E4742D1B7555293D001A57" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total primary default inventory</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventory" xlink:label="loc_mtg_PrimaryDefaultInventory_28DF758022E4742D1B7555293D001A57" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">3 months or less (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Three months or less, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of loans that have been in the primary default inventory for three months or less as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_39C902FB6BF33981701155293D00F03A" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">4 - 11 months (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, four to eleven months, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_95D518256523B831D66855293D00A57D" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">12 months or more (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Twelve Months or More, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:to="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_21D7DC77C919711D872755293D00E4CD" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235_totalLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total primary default inventory (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary default inventory, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of loans in the primary default inventory.</link:label>
    <link:loc xlink:href="mtg-20191231.xsd#mtg_PrimaryDefaultInventoryPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:to="lab_mtg_PrimaryDefaultInventoryPercentage_2076E4F6041CC8B490DF55293D01D235" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_CC55F7FF04B8E794522655293D017D54_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_CC55F7FF04B8E794522655293D017D54" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Primary claims received inventory included in ending default inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_CC55F7FF04B8E794522655293D017D54_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_CC55F7FF04B8E794522655293D017D54" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Claims Received Inventory</link:label>
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