The following is a summary of the MGIC Investment Corporation (MTG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• MGIC reported Q3 net income of $200 million with an annualized return on equity of 15.6%.

• Insurance in force ended at $293 billion, with new insurance written in the quarter up 27% to $17.2 billion.

• The company repurchased 5.2 million shares for $123 million and paid a quarterly dividend of $34 million, representing a 79% payout ratio.

Business Progress:

• MGIC continues to maintain strong underwriting standards and capital management, highlighted by a repurchase of an additional 2.9 million shares for $72 million.

• The company's reinsurance program reduced PMIERs required assets by $2.2 billion or 40%.

• Recent updates by the GSEs on risk-based requirements are not expected to materially impact MGIC's assets or investment strategies.

Opportunities:

• Signs of easing in the housing market, including the first year-over-year increase in mortgage applications in three years and slowing home price appreciation.

• Demographic trends suggest ongoing demand from millennial and Gen Z populations.

Risks:

• Persistency in insurance may fluctuate, potentially impacted by economic factors such as interest rate changes affecting the broader housing and mortgage market.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.