XML 50 R27.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
SCHEDULE II - Condensed Financial Information of Registrant Condensed Balance Sheets Parent Company Only
|  | December 31,
(In thousands) |  | 2023 |  | 2022
ASSETS |  |  |  |
Fixed income, available-for-sale, at fair value (amortized cost, 2023 – $597,944 ; 2022 – $299,649) |  | $ | 598,420 |  |  | $ | 287,332 |
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2023 – $110,889 ; 2022 – $120,102) |  | 110,913 |  |  | 120,177 |
Total investment portfolio |  | $ | 709,333 |  |  | 407,509 |
Cash and cash equivalents |  | 208,600 |  |  | 239,404 |
Investment in subsidiaries, at equity in net assets |  | 4,777,121 |  |  | 4,502,261 |
Accounts receivable - affiliates |  | 2,860 |  |  | 864 |
Income taxes - current and deferred |  | 34,597 |  |  | 167,966 |
Accrued investment income |  | 5,975 |  |  | 3,387 |
Total assets |  | $ | 5,738,486 |  |  | $ | 5,321,391 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
Liabilities: |  |  |  |
Senior notes |  | $ | 643,196 |  |  | $ | 641,724 |
Convertible junior subordinated debentures |  | — |  |  | 21,086 |
Accrued interest |  | 12,797 |  |  | 13,271 |
Other liabilities |  | 10,476 |  |  | 2,570 |
Total liabilities |  | 666,469 |  |  | 678,651 |
Shareholders’ equity: |  |  |  |
Common stock ($1.00 par value, shares authorized 1,000,000; shares issued 2023 - 371,353; 2022 - 371,353; shares outstanding 2023 - 272,494; 2022 - 293,433) |  | 371,353 |  |  | 371,353 |
Paid-in capital |  | 1,808,113 |  |  | 1,798,842 |
Treasury stock at cost (shares 2023 - 98,859; 2022 - 77,920) |  | (1,384,293) |  |  | (1,050,238) |
Accumulated other comprehensive income, net of tax |  | (316,281) |  |  | (481,511) |
Retained earnings |  | 4,593,125 |  |  | 4,004,294 |
Total shareholders’ equity |  | 5,072,017 |  |  | 4,642,740 |
Total liabilities and shareholders’ equity |  | $ | 5,738,486 |  |  | $ | 5,321,391 |
See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION
SCHEDULE II - Condensed Financial Information of Registrant Condensed Statements of Operations Parent Company Only
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |
Investment income, net of expenses |  | $ | 30,123 |  |  | $ | 7,193 |  |  | $ | 3,850 |
Net realized investment gains (losses) |  | (47) |  |  | (2,628) |  |  | 490 |
Total revenues |  | 30,076 |  |  | 4,565 |  |  | 4,340 |
Expenses: |  |  |  |  |  |
Operating expenses |  | 1,555 |  |  | 1,575 |  |  | 1,644 |
Interest expense |  | 36,905 |  |  | 47,601 |  |  | 68,359 |
Loss on debt extinguishment |  | — |  |  | 38,870 |  |  | 36,914 |
Total expenses |  | 38,460 |  |  | 88,046 |  |  | 106,917 |
Loss before tax |  | (8,384) |  |  | (83,481) |  |  | (102,577) |
(Benefit from) provision for income taxes |  | (1,734) |  |  | (17,851) |  |  | (21,240) |
Equity in net income of subsidiaries |  | 719,599 |  |  | 930,979 |  |  | 716,320 |
Net income |  | 712,949 |  |  | 865,349 |  |  | 634,983 |
Other comprehensive income (loss), net of tax |  | 165,230 |  |  | (601,208) |  |  | (97,124) |
Comprehensive income |  | $ | 878,179 |  |  | $ | 264,141 |  |  | $ | 537,859 |
See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION
SCHEDULE II - Condensed Financial Information of Registrant Condensed Statements of Cash Flows Parent Company Only
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 712,949 |  |  | $ | 865,349 |  |  | $ | 634,983 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in net income of subsidiaries |  | (719,599) |  |  | (930,979) |  |  | (716,320) |
Dividends received from subsidiaries |  | 326,013 |  |  | 626,695 |  |  | 400,000 |
Deferred tax (benefit) expense |  | 86,219 |  |  | 119,588 |  |  | (21,551) |
Loss on debt extinguishment |  | — |  |  | 38,870 |  |  | 36,914 |
Other |  | 26,726 |  |  | 33,619 |  |  | 29,799 |
Change in certain assets and liabilities: |  |  |  |  |  |
Accounts receivable - affiliates |  | (1,996) |  |  | 1,266 |  |  | (680) |
Income taxes receivable |  | 45,913 |  |  | (43,123) |  |  | (306) |
Accrued investment income |  | (499) |  |  | 931 |  |  | 1,118 |
Accrued interest |  | 349 |  |  | (7,230) |  |  | (2,503) |
Net cash provided by operating activities |  | 476,075 |  |  | 704,986 |  |  | 361,454 |
Cash flows from investing activities: |  |  |  |  |  |
Purchases of investments |  | (566,795) |  |  | (1,457) |  |  | (339,384) |
Proceeds from sales of investments |  | 555,957 |  |  | 287,924 |  |  | 556,384 |
Net cash provided by (used in) investing activities |  | (10,838) |  |  | 286,467 |  |  | 217,000 |
Cash flows from financing activities: |  |  |  |  |  |
Conversion/Purchase of convertible junior subordinated debentures |  | (28,637) |  |  | (89,118) |  |  | (98,610) |
Redemption of 5.75% senior notes |  | — |  |  | (242,296) |  |  | — |
Cash portion of loss on debt extinguishment |  | — |  |  | (38,185) |  |  | (36,914) |
Repurchase of common stock |  | (337,182) |  |  | (385,573) |  |  | (290,818) |
Dividends paid |  | (122,965) |  |  | (110,947) |  |  | (94,219) |
Payment of withholding taxes related to share-based compensation net share settlement |  | (7,257) |  |  | (10,094) |  |  | (6,729) |
Net cash provided by (used in) financing activities |  | (496,041) |  |  | (876,213) |  |  | (527,290) |
Net increase (decrease) in cash and cash equivalents |  | (30,804) |  |  | 115,240 |  |  | 51,164 |
Cash and cash equivalents at beginning of year |  | 239,404 |  |  | 124,164 |  |  | 73,000 |
Cash and cash equivalents at end of year |  | $ | 208,600 |  |  | $ | 239,404 |  |  | $ | 124,164 |
See accompanying supplementary notes to Parent Company condensed financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY SUPPLEMENTARY NOTES Note A The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements appearing this annual report. Note B Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The maximum dividend that could be paid is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments in 2024, we will notify the OCI to ensure it does not object. The payment of dividends from MGIC is the principal source of cash inflow for MGIC Investment Corporation, our holding company, other than investment income and raising capital in the public markets. The payment of dividends by our insurance subsidiaries is restricted by insurance regulation as discussed above. MGIC paid a total of $600 million, $800 million and $400 million in dividends in cash and fixed income securities to our holding company during 2023, 2022, and 2021, respectively. No contributions were made to our insurance subsidiaries in 2023, 2022, or 2021. Note C The 5.25% Senior Notes discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration