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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2021
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)20212020
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2021 – $550,324 ; 2020 – $773,881)$538,872 $773,995 
Cash and cash equivalents124,164 73,000 
Investment in subsidiaries, at equity in net assets4,964,954 4,740,074 
Accounts receivable - affiliates2,130 1,450 
Income taxes - current and deferred242,427 219,059 
Accrued investment income2,642 3,760 
Total assets$5,875,189 $5,811,338 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes$881,508 $879,379 
Convertible junior subordinated debentures110,204 208,814 
Accrued interest20,501 23,004 
Other liabilities1,594 1,155 
Total liabilities1,013,807 1,112,352 
Shareholders’ equity:  
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2021 - 371,353; 2020 - 371,353; shares outstanding 2021 - 320,336; 2020 - 338,573)371,353 371,353 
Paid-in capital1,794,906 1,862,042 
Treasury stock at cost (shares 2021 - 51,017; 2020 - 32,779)(675,265)(393,326)
Accumulated other comprehensive income, net of tax119,697 216,821 
Retained earnings3,250,691 2,642,096 
Total shareholders’ equity4,861,382 4,698,986 
Total liabilities and shareholders’ equity$5,875,189 $5,811,338 
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)202120202019
Revenues:
Investment income, net of expenses$3,850 $7,090 $7,695 
Net realized investment gains (losses)490 1,454 (311)
Total revenues4,340 8,544 7,384 
Expenses:  
Operating expenses1,644 719 793 
Interest expense68,359 65,472 61,593 
Loss on debt extinguishment
36,914 35,033 — 
Total expenses106,917 101,224 62,386 
Loss before tax(102,577)(92,680)(55,002)
(Benefit from) provision for income taxes(21,240)(18,431)(12,263)
Equity in net income of subsidiaries716,320 520,342 716,502 
Net income634,983 446,093 673,763 
Other comprehensive income (loss), net of tax(97,124)144,113 196,922 
Comprehensive income$537,859 $590,206 $870,685 
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)202120202019
Cash flows from operating activities:
Net income$634,983 $446,093 $673,763 
Adjustments to reconcile net income to net cash provided by operating activities:   
Equity in net income of subsidiaries(716,320)(520,342)(716,502)
Dividends received from subsidiaries400,000 221,024 154,413 
Deferred tax (benefit) expense(21,551)(18,252)(10,416)
Loss on debt extinguishment36,914 35,033 — 
Other29,799 19,088 21,104 
Change in certain assets and liabilities:   
Accounts receivable - affiliates(680)972 (735)
Income taxes receivable(306)— 1 
Accrued investment income1,118 (1,262)(478)
Accrued interest(2,503)5,076 (2)
Net cash provided by operating activities361,454 187,430 121,148 
Cash flows from investing activities:   
Purchases of investments(339,384)(1,131,060)(117,663)
Proceeds from sales of investments556,384 812,188 160,040 
Net cash provided by (used in) investing activities217,000 (318,872)42,377 
Cash flows from financing activities:   
Proceeds from issuance of senior notes— 640,250 — 
Purchase of senior notes— (179,735)— 
Payment of original issue discount - senior notes— (2,969)— 
Purchase of convertible junior subordinated debentures(98,610)(36,392)— 
Payment of original issue discount - convertible junior subordinated debentures— (15,049)— 
Cash portion of loss on debt extinguishment(36,914)(25,266)— 
Repurchase of common stock(290,818)(119,997)(125,766)
Dividends paid(94,219)(82,061)(41,914)
Payment of debt issuance costs— (2,020)— 
Payment of withholding taxes related to share-based compensation net share settlement(6,729)(8,940)(5,726)
Net cash provided by (used in) financing activities(527,290)167,821 (173,406)
Net increase (decrease) in cash and cash equivalents51,164 36,379 (9,881)
Cash and cash equivalents at beginning of year73,000 36,621 46,502 
Cash and cash equivalents at end of year$124,164 $73,000 $36,621 
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.

The payment of dividends from our insurance subsidiaries 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 is the principal source of dividend-paying capacity and paid a total of $400 million, $390 million and $280 million in dividends in cash and fixed income securities to our holding company during 2021, 2020 and 2019, respectively. No contributions were made to our insurance subsidiaries in 2021, 2020 or 2019.
Note CThe senior notes and convertible junior subordinated debentures ("9% Debentures"), discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries.