Earnings Call Summary | MGIC Investment(MTG.US) Q1 2024 Earnings Conference
Earnings Call Summary | MGIC Investment(MTG.US) Q1 2024 Earnings Conference
The following is a summary of the MGIC Investment Corporation (MTG) Q1 2024 Earnings Call Transcript:
以下是MGIC投資公司（MTG）2024年第一季度業績電話會議記錄的摘要：
Financial Performance:
財務業績：
MGIC Investment Corporation reported a net income of $174 million in Q1 2024, with a 13.7% annualized return on equity.
The company wrote $9 billion of new insurance this quarter, decrease of 0.5% from last year in the main driver, $291 billion.
They saw an annual persistency of 86% at the end of this quarter.
The company bought back 4.7 million common stock shares for $93 million and paid a quarterly dividend of $32 million, achieving a 72% payout ratio of the quarter's net income.
They reported net income of $0.64 per diluted share, compared to last year's $0.53 per diluted share.
A 14% increase from last year saw the book value per share at $18.97 at the end of the first quarter.
MGIC投資公司報告稱，2024年第一季度淨收入爲1.74億美元，年化股本回報率爲13.7％。
該公司本季度投保了90億美元的新保險，較去年下降0.5％，主要驅動因素爲2910億美元。
在本季度末，他們的年度持續增長率爲86％。
該公司以9,300萬美元的價格回購了470萬股普通股，並支付了3200萬美元的季度股息，實現了該季度淨收入的72％的派息率。
他們公佈的攤薄後每股淨收益爲0.64美元，而去年的攤薄每股收益爲0.53美元。
與去年同期相比增長了14％，第一季度末每股賬面價值爲18.97美元。
Business Progress:
業務進展：
Despite challenges from affordability and high interest rates, the company sees long-term MI market potential due to a high demand and strong home-ownership desire from Millennials and Gen Z.
With a $350 million dividend paid to the holding company and an additional 2.7 million shares of common stock purchased for $55 million in April, maintained its capital levels above targets.
They managed to decrease their Q1 operating expenses from $73 million last year to $61 million, showing a continuation in prioritizing efficiency.
With its strong financial performance, robust credit performance, and capital generation, the company plans to keep returning capital to shareholders primarily via share repurchases.
Due to the steady level of balance sheet capital and the decreasing rate of increase, predictions show a slowdown in the growth of net investment income.
The company plans to keep reinvesting at rates around 150 basis points higher than the current book yield, thus potentially increasing the book yield incrementally.
They predict delinquency rates to stay within 2-3%, given the current economic conditions.
儘管面臨負擔能力和高利率的挑戰，但由於千禧一代和Z世代的高需求和強烈的房屋所有權需求，該公司看到了密歇根州的長期市場潛力。
4月份向控股公司支付了3.5億美元的股息，並以5,500萬美元的價格購買了另外270萬股普通股，其資本水平保持在目標以上。
他們設法將第一季度的運營支出從去年的7300萬美元減少到6,100萬美元，這表明他們繼續將效率放在優先地位。
憑藉其強勁的財務業績、強勁的信貸表現和資本創造，該公司計劃繼續主要通過股票回購向股東返還資本。
由於資產負債表資本水平的穩定和增長率的下降，預測顯示淨投資收益的增長放緩。
該公司計劃繼續以比當前賬面收益率高出約150個點子的利率進行再投資，從而有可能逐步提高賬面收益率。
他們預測，鑑於當前的經濟狀況，犯罪率將保持在2-3％以內。
More details: MGIC Investment IR
更多詳情： MGIC 投資投資投資者
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
提示：欲了解更多詳情，請訪問投資者關係網站。本文僅供投資者參考，不構成任何投資建議。
譯文內容由第三人軟體翻譯。