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    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_CAD141F116969CE88CF0DA58DB29F89A_verboseLabel_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_CAD141F116969CE88CF0DA58DB29F89A" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of jurisdictions with risk-to-capital requirements (in jurisdictions)</link:label>
    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_CAD141F116969CE88CF0DA58DB29F89A_label_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_CAD141F116969CE88CF0DA58DB29F89A" 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_CAD141F116969CE88CF0DA58DB29F89A_documentation_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_CAD141F116969CE88CF0DA58DB29F89A" 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>
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    <link:label id="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_5860C17356DDAE942757DA58DB29EF5B_terseLabel_en-US" xlink:label="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_5860C17356DDAE942757DA58DB29EF5B" 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_5860C17356DDAE942757DA58DB29EF5B_label_en-US" xlink:label="lab_us-gaap_DescriptionOfRegulatoryCapitalRequirementsUnderInsuranceRegulations_5860C17356DDAE942757DA58DB29EF5B" 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>
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    <link:label id="lab_mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum_5896CE3935B47BFA16DDDA58DB2AF579_terseLabel_en-US" xlink:label="lab_mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum_5896CE3935B47BFA16DDDA58DB2AF579" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum risk-to-capital ratio</link:label>
    <link:label id="lab_mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum_5896CE3935B47BFA16DDDA58DB2AF579_label_en-US" xlink:label="lab_mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum_5896CE3935B47BFA16DDDA58DB2AF579" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Accounting Practices, Regulatory Capital Requirements, Risk-to-Capital Ratio, Maximum</link:label>
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    <link:loc xlink:href="mtg-20200331.xsd#mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum" xlink:label="loc_mtg_StatutoryAccountingPracticesRegulatoryCapitalRequirementsRisktoCapitalRatioMaximum_5896CE3935B47BFA16DDDA58DB2AF579" xlink:type="locator" />
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    <link:label id="lab_mtg_Risktocapitalratioatendofperiod_50E6DA410E166001B377DA58DB2A6864_terseLabel_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_50E6DA410E166001B377DA58DB2A6864" 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_50E6DA410E166001B377DA58DB2A6864_label_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_50E6DA410E166001B377DA58DB2A6864" 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_50E6DA410E166001B377DA58DB2A6864_documentation_en-US" xlink:label="lab_mtg_Risktocapitalratioatendofperiod_50E6DA410E166001B377DA58DB2A6864" 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>
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    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_251FE70FF033E45B7C70DA58DB2A2DD4_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_251FE70FF033E45B7C70DA58DB2A2DD4" 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_251FE70FF033E45B7C70DA58DB2A2DD4_label_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_251FE70FF033E45B7C70DA58DB2A2DD4" 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_251FE70FF033E45B7C70DA58DB2A2DD4_documentation_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_251FE70FF033E45B7C70DA58DB2A2DD4" 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-20200331.xsd#mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:label="loc_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_251FE70FF033E45B7C70DA58DB2A2DD4" xlink:type="locator" />
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    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_29938EEFECA0D4DE2D5ADA58DB2A0E4C_verboseLabel_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_29938EEFECA0D4DE2D5ADA58DB2A0E4C" 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_29938EEFECA0D4DE2D5ADA58DB2A0E4C_label_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_29938EEFECA0D4DE2D5ADA58DB2A0E4C" 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_29938EEFECA0D4DE2D5ADA58DB2A0E4C_documentation_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_29938EEFECA0D4DE2D5ADA58DB2A0E4C" 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-20200331.xsd#mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum" xlink:label="loc_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_29938EEFECA0D4DE2D5ADA58DB2A0E4C" xlink:type="locator" />
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    <link:label id="lab_mtg_AmountOfRequiredMpp_2F34924CBCE36C1039B0DA58DB2ADEED_verboseLabel_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_2F34924CBCE36C1039B0DA58DB2ADEED" 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_2F34924CBCE36C1039B0DA58DB2ADEED_label_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_2F34924CBCE36C1039B0DA58DB2ADEED" 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_2F34924CBCE36C1039B0DA58DB2ADEED_documentation_en-US" xlink:label="lab_mtg_AmountOfRequiredMpp_2F34924CBCE36C1039B0DA58DB2ADEED" 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>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_AmountOfRequiredMpp" xlink:label="loc_mtg_AmountOfRequiredMpp_2F34924CBCE36C1039B0DA58DB2ADEED" xlink:type="locator" />
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    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123_terseLabel_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk to capital ratio of combined insurance operations, including reinsurance affiliates, at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123_label_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risk to capital ratio of combined insurance operations, including reinsurance affiliates, at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123_documentation_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The risk-to-capital ratio of the entity's combined insurance operations, including its reinsurance affiliates, as of the end of the reporting period.</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod" xlink:label="loc_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:to="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsincludingreinsuranceaffiliatesatendofperiod_B8120A459D44FD371E88DA58DB2AA123" xlink:type="arc" />
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk-to-capital ratio for combined insurance operations</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB_label_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio For Combined Insurance Operations</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB_documentation_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio For Combined Insurance Operations</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations" xlink:label="loc_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:to="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_E65325D34F8F977B0448DA58DB2B4ADB" xlink:type="arc" />
    <link:label id="lab_us-gaap_CashDividendsPaidToParentCompany_82EAB4305EA8FA012B96DA58DB2BDC33_terseLabel_en-US" xlink:label="lab_us-gaap_CashDividendsPaidToParentCompany_82EAB4305EA8FA012B96DA58DB2BDC33" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid to the parent company</link:label>
    <link:label id="lab_us-gaap_CashDividendsPaidToParentCompany_82EAB4305EA8FA012B96DA58DB2BDC33_label_en-US" xlink:label="lab_us-gaap_CashDividendsPaidToParentCompany_82EAB4305EA8FA012B96DA58DB2BDC33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashDividendsPaidToParentCompany" xlink:label="loc_us-gaap_CashDividendsPaidToParentCompany_82EAB4305EA8FA012B96DA58DB2BDC33" xlink:type="locator" />
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    <link:label id="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320_terseLabel_en-US" xlink:label="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of statutory policyholders surplus used to determine maximum allowable dividends (as a percent)</link:label>
    <link:label id="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320_label_en-US" xlink:label="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of statutory policyholders surplus used to determine maximum allowable dividends</link:label>
    <link:label id="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320_documentation_en-US" xlink:label="lab_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of statutory policyholders' surplus, as defined, as of the preceding calendar year end which is used in the determination of the maximum allowable dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin.</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends" xlink:label="loc_mtg_PercentageOfStatutoryPolicyholdersSurplusUsedToDetermineMaximumAllowableDividends_0A715B3CD7CCB12C9C67DA58DB2BE320" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StatutoryAccountingPracticesDisclosureTextBlock_63FA613CB650E637C2C9E23280F7A88C_terseLabel_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesDisclosureTextBlock_63FA613CB650E637C2C9E23280F7A88C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of amounts disclosed under statutory accounting practices</link:label>
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    <link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_9C06AAC6DAC35FEDA6A52FF79A424F93_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_17874BD00B355F638C7F1EE003400199" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Benefit Plans</link:label>
    <link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_9C06AAC6DAC35FEDA6A52FF79A424F93_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_17874BD00B355F638C7F1EE003400199" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_17874BD00B355F638C7F1EE003400199" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_17874BD00B355F638C7F1EE003400199" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_17874BD00B355F638C7F1EE003400199" xlink:type="arc" />
    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_EF023FA64068AF20A3F63FE2CFD52F96_terseLabel_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aging of the Primary Delinquent Inventory [Abstract]</link:label>
    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_EF023FA64068AF20A3F63FE2CFD52F96_label_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" 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_EF023FA64068AF20A3F63FE2CFD52F96_documentation_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US" />
    <link:loc xlink:href="mtg-20200331.xsd#mtg_AgingOfPrimaryDefaultInventoryAbstract" xlink:label="loc_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" xlink:to="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_497B2887DA905448A5AAA493EF8B3232" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_8941D6384CAFDF09C4A13FE2CFD53B9E_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">3 months or less (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_8941D6384CAFDF09C4A13FE2CFD53B9E_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" 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_8941D6384CAFDF09C4A13FE2CFD53B9E_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" 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-20200331.xsd#mtg_PrimaryDefaultInventoryThreeMonthsOrLess" xlink:label="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" xlink:to="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLess_DF5F442C37F65EB58E3BEF8B37D22EDC" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_33277AF504681CD9C1343FE2CFD61DD2_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">3 months or less (as a percent)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_33277AF504681CD9C1343FE2CFD61DD2_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" 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_33277AF504681CD9C1343FE2CFD61DD2_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" 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-20200331.xsd#mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" xlink:to="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_D034563A7EC354589D28AB6889FFE5AD" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_AC176B206711D2CA90253FE2CFD61792_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">4 - 11 months (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_AC176B206711D2CA90253FE2CFD61792_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" 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_AC176B206711D2CA90253FE2CFD61792_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" 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-20200331.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" xlink:to="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_30C1FB2CFCBA5EBE84F860522377464C" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_5CF4C190E57668C0E6D73FE2CFD6F73A_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_2CBBEA64DEFF5FD6A4978A87A30B2CE3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">4 - 11 months (as a percent)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_5CF4C190E57668C0E6D73FE2CFD6F73A_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_2CBBEA64DEFF5FD6A4978A87A30B2CE3" 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_5CF4C190E57668C0E6D73FE2CFD6F73A_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_2CBBEA64DEFF5FD6A4978A87A30B2CE3" 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-20200331.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_2CBBEA64DEFF5FD6A4978A87A30B2CE3" xlink:type="locator" />
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    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_F719AB2A900CA15696C43FE2CFD660BD_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">12 months or more (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_F719AB2A900CA15696C43FE2CFD660BD_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" 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_F719AB2A900CA15696C43FE2CFD660BD_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" 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-20200331.xsd#mtg_PrimaryDefaultInventoryTwelveMonthsOrMore" xlink:label="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" xlink:to="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_874310E885C35FFC97FF47661313930E" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_65F938E90EED3D6EB8073FE2CFD61073_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">12 months or more (as a percent)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_65F938E90EED3D6EB8073FE2CFD61073_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" 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_65F938E90EED3D6EB8073FE2CFD61073_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" 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-20200331.xsd#mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" xlink:to="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_D627C83E5DF35EC8A9899428A5B6663C" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventory_DF5DE782D3A6E232F0BF3FE2CFD64311_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total primary delinquent inventory (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventory_DF5DE782D3A6E232F0BF3FE2CFD64311_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" 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_DF5DE782D3A6E232F0BF3FE2CFD64311_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" 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-20200331.xsd#mtg_PrimaryDefaultInventory" xlink:label="loc_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" xlink:to="lab_mtg_PrimaryDefaultInventory_B6AACAD471C0545389E1F78FCA124F27" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_1725A3F11E37794DF4773FE2CFD617B0_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total primary delinquent inventory (as a percent)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_1725A3F11E37794DF4773FE2CFD617B0_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" 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_1725A3F11E37794DF4773FE2CFD617B0_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" 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-20200331.xsd#mtg_PrimaryDefaultInventoryPercentage" xlink:label="loc_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" xlink:to="lab_mtg_PrimaryDefaultInventoryPercentage_6CB459255A5C5257A16C5031E4DCA5C7" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_5ED772CA7513CA0A4BBC3FE2CFD71971_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_68A0C46B1C4F547685115C00D0AAE1DF" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Primary claims received inventory included in ending delinquent inventory (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_5ED772CA7513CA0A4BBC3FE2CFD71971_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_68A0C46B1C4F547685115C00D0AAE1DF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Primary Default Inventory, Claims Received Inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_5ED772CA7513CA0A4BBC3FE2CFD71971_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_68A0C46B1C4F547685115C00D0AAE1DF" 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 the claims received inventory.</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:label="loc_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_68A0C46B1C4F547685115C00D0AAE1DF" xlink:type="locator" />
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    <link:label id="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_666BF7AB1585008BA41FE7E8F8632BC6_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_666BF7AB1585008BA41FE7E8F8632BC6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) in estimated severity on primary defaults that occurred in prior periods.</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:label="loc_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_666BF7AB1585008BA41FE7E8F8632BC6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_666BF7AB1585008BA41FE7E8F8632BC6" xlink:to="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_666BF7AB1585008BA41FE7E8F8632BC6" xlink:type="arc" />
    <link:label id="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F_terseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in estimates related to pool reserves, LAE reserves, reinsurance, and other</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Related To IBNR, Pool Reserves, LAE Reserves and Reinsurance [Member]</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The decrease in losses incurred related to prior years related to IBNR, pool reserves, LAE reserves, reinsurance and other.</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember" xlink:label="loc_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:to="lab_mtg_IncreaseDecreaseRelatedToIBNRPoolReservesLAEReservesandReinsuranceMember_DA74ADD45B89D7004C3FE7E8F8637F0F" xlink:type="arc" />
    <link:label id="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_4E357A9C5F2627BF93EDE7E8F863F785_terseLabel_en-US" xlink:label="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_4E357A9C5F2627BF93EDE7E8F863F785" 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_4E357A9C5F2627BF93EDE7E8F863F785_label_en-US" xlink:label="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_4E357A9C5F2627BF93EDE7E8F863F785" 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_4E357A9C5F2627BF93EDE7E8F863F785" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_4E357A9C5F2627BF93EDE7E8F863F785" xlink:to="lab_us-gaap_CausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseLineItems_4E357A9C5F2627BF93EDE7E8F863F785" xlink:type="arc" />
    <link:label id="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91_negatedLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Decrease in delinquency notices, percent</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Delinquency Notices, Percent</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Delinquency Notices, Percent</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_IncreaseDecreaseInDelinquencyNoticesPercent" xlink:label="loc_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:to="lab_mtg_IncreaseDecreaseInDelinquencyNoticesPercent_854ED9CA5727AD559B29E7EAF35FDF91" xlink:type="arc" />
    <link:label id="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10_terseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in IBNR reserves</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In IBNR Reserves</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In IBNR Reserves</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_IncreaseDecreaseInIBNRReserves" xlink:label="loc_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:to="lab_mtg_IncreaseDecreaseInIBNRReserves_0C62E0A44911E8E7D36DE7EAD3D3BA10" xlink:type="arc" />
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C_terseLabel_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" 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_7A9D6E76213C09653ECDE7E8F863528C_label_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" 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_7A9D6E76213C09653ECDE7E8F863528C_documentation_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" 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-20200331.xsd#mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:label="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" xlink:to="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_7A9D6E76213C09653ECDE7E8F863528C" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Primary Delinquent Inventory [Roll Forward]</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" 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_EFBC27B3D748C99FCF0EE7E8F86331F2_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" 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-20200331.xsd#mtg_PrimaryDefaultInventoryRollForward" xlink:label="loc_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" xlink:to="lab_mtg_PrimaryDefaultInventoryRollForward_EFBC27B3D748C99FCF0EE7E8F86331F2" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventory_06BBB691BBCCB3D37D65E7E8F863E48E_periodStartLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_06BBB691BBCCB3D37D65E7E8F863E48E" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Delinquent inventory at the beginning of period (in loans)</link:label>
    <link:loc xlink:href="mtg-20200331.xsd#mtg_PrimaryDefaultInventory" xlink:label="loc_mtg_PrimaryDefaultInventory_06BBB691BBCCB3D37D65E7E8F863E48E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventory_06BBB691BBCCB3D37D65E7E8F863E48E" xlink:to="lab_mtg_PrimaryDefaultInventory_06BBB691BBCCB3D37D65E7E8F863E48E" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">New notices (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" 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_046E4F1659D6008FA462E7E8F8633FE1_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" 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-20200331.xsd#mtg_PrimaryDefaultInventoryNewNotices" xlink:label="loc_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" xlink:to="lab_mtg_PrimaryDefaultInventoryNewNotices_046E4F1659D6008FA462E7E8F8633FE1" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659_negatedLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cures (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" 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_9268FEA9A91854F34A70E7E8F8639659_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" 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-20200331.xsd#mtg_PrimaryDefaultInventoryCures" xlink:label="loc_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" xlink:to="lab_mtg_PrimaryDefaultInventoryCures_9268FEA9A91854F34A70E7E8F8639659" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE_negatedLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Paids (including those charged to a deductible or captive) (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" 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_5F8615EA5C0B8453AF36E7E8F8634DEE_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" 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-20200331.xsd#mtg_PrimaryDefaultInventoryPaids" xlink:label="loc_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" xlink:to="lab_mtg_PrimaryDefaultInventoryPaids_5F8615EA5C0B8453AF36E7E8F8634DEE" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6_negatedLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Rescissions and denials (in loans)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" 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_6524427B2F3836AD33B5E7E8F863C5D6_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" 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-20200331.xsd#mtg_PrimaryDefaultInventoryRescissionsAndDenials" xlink:label="loc_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" xlink:to="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_6524427B2F3836AD33B5E7E8F863C5D6" xlink:type="arc" />
    <link:label id="lab_mtg_PrimaryDefaultInventory_E89FD5B347D070E4C36DE7E8F863D124_periodEndLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory_E89FD5B347D070E4C36DE7E8F863D124" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Delinquent inventory at end of period (in loans)</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_A49FE6DF4F016C38AFA7C210CF998FD1_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_A49FE6DF4F016C38AFA7C210CF998FD1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Expected return on plan assets</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_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_0479BB4812254B7750BDC210CF9A15D0" xlink:type="locator" />
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    <link:label id="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997_totalLabel_en-US" xlink:label="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net periodic benefit cost (benefit)</link:label>
    <link:label id="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997_label_en-US" xlink:label="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan, Net Periodic Benefit Cost Before Cost of Settlements and Curtailments</link:label>
    <link:label id="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeCostOfSettlementsAndCurtailments_1043A652EFEAFF207623C210CF9A9997" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The total amount of net periodic benefit cost for defined benefit plans for the period, before the effect of the cost of settlements and curtailments. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, and transition asset or obligation.</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear_70E2689824BA3BA4A6F1C210CF9ACD2A_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear_70E2689824BA3BA4A6F1C210CF9ACD2A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated employer contributions in current fiscal year</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear_70E2689824BA3BA4A6F1C210CF9ACD2A_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear_70E2689824BA3BA4A6F1C210CF9ACD2A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear_70E2689824BA3BA4A6F1C210CF9ACD2A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_9CB6B5712B389C7AE6AFE5969A1403B5_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract_9CB6B5712B389C7AE6AFE5969A1403B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_9CB6B5712B389C7AE6AFE5969A1403B5" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_95497E539BC4D198F39EE5969A16CF6F" xlink:type="arc" />
    <link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3A5312C382D95AAB1060E5969A19D982_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3A5312C382D95AAB1060E5969A19D982" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</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_3A5312C382D95AAB1060E5969A19D982" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DepreciationAmortizationAndAccretionNet_67BA664082F95571B317E5969A198F97_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAmortizationAndAccretionNet_67BA664082F95571B317E5969A198F97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
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    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_EE639093C7F1804B221AE5969A1987C1_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_EE639093C7F1804B221AE5969A1987C1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax expense</link:label>
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    <link:label id="lab_us-gaap_GainLossOnInvestments_1A02A598B105C0083011E5969A199471_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments_1A02A598B105C0083011E5969A199471" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net realized investment (gains) losses</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_IncreaseDecreaseInReinsuranceRecoverable_F107F65E7B77037A5D97E5969A1A72E0" xlink:to="lab_us-gaap_IncreaseDecreaseInReinsuranceRecoverable_F107F65E7B77037A5D97E5969A1A72E0" xlink:type="arc" />
    <link:label id="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_14FED7A2A0D1231DF4CBE5969A1AE34C_verboseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_14FED7A2A0D1231DF4CBE5969A1AE34C" 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_IncreaseDecreaseInPremiumsReceivable_BD5DC4914A83C5F6B81FE5969A1BDCB4_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable_BD5DC4914A83C5F6B81FE5969A1BDCB4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Premium receivable</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts_501D359C10AB48959BD0E5969A1B5988_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts_501D359C10AB48959BD0E5969A1B5988" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Deferred insurance policy acquisition costs</link:label>
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    <link:label id="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable_E87DE2E2BDD27627936CE5969A1BB460_negatedTerseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable_E87DE2E2BDD27627936CE5969A1BB460" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Profit commission receivable</link:label>
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