Statutory Information (Tables)

12 Months Ended

Dec. 31, 2022

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices

The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 14.1.

Statutory financial information of insurance subsidiaries
Table	14.1
		As of and for the Years Ended December 31,
(In thousands)		2022		2021		2020
Statutory net income		$	440,944	$	295,811	$	65,201
Statutory policyholders' surplus		924,977		1,220,714		1,339,509
Contingency reserve		4,669,724		4,126,604		3,585,864

The decrease in statutory policyholders' surplus from December 31, 2021 to December 31, 2022 is primarily due to dividend payments to the parent company (discussed below), offset by statutory net income.

For the years ended December 31, 2022, 2021, and 2020 there were no contributions made to MGIC or distributions from other insurance subsidiaries to us. Dividends paid by MGIC are shown in table 14.2 below.

Surplus contributions and dividends of insurance subsidiaries
Table	14.2
		Years Ended December 31,
(In thousands)		2022		2021	2020
Dividends paid by MGIC to the parent company (1)		$	800,000	400,000	390,000

(1) Dividends paid in cash and/or investment securities. Also, in 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation at an amount of $8.9 million. In 2020, MGIC distributed to the holding company, as a dividend, its ownership in the 9% Debentures held at an amortized cost of $139.5 million.