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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2023
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)20232022
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2023 – $597,944 ; 2022 – $299,649)
$598,420 $287,332 
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2023 – $110,889 ; 2022 – $120,102)
110,913 120,177 
Total investment portfolio
$709,333 407,509 
Cash and cash equivalents208,600 239,404 
Investment in subsidiaries, at equity in net assets4,777,121 4,502,261 
Accounts receivable - affiliates2,860 864 
Income taxes - current and deferred34,597 167,966 
Accrued investment income5,975 3,387 
Total assets$5,738,486 $5,321,391 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes$643,196 $641,724 
Convertible junior subordinated debentures— 21,086 
Accrued interest12,797 13,271 
Other liabilities10,476 2,570 
Total liabilities666,469 678,651 
Shareholders’ equity:  
Common stock ($1.00 par value, shares authorized 1,000,000; shares issued 2023 - 371,353; 2022 - 371,353; shares outstanding 2023 - 272,494; 2022 - 293,433)
371,353 371,353 
Paid-in capital1,808,113 1,798,842 
Treasury stock at cost (shares 2023 - 98,859; 2022 - 77,920)
(1,384,293)(1,050,238)
Accumulated other comprehensive income, net of tax(316,281)(481,511)
Retained earnings4,593,125 4,004,294 
Total shareholders’ equity5,072,017 4,642,740 
Total liabilities and shareholders’ equity$5,738,486 $5,321,391 
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)202320222021
Revenues:
Investment income, net of expenses$30,123 $7,193 $3,850 
Net realized investment gains (losses)(47)(2,628)490 
Total revenues30,076 4,565 4,340 
Expenses:  
Operating expenses1,555 1,575 1,644 
Interest expense36,905 47,601 68,359 
Loss on debt extinguishment
— 38,870 36,914 
Total expenses38,460 88,046 106,917 
Loss before tax(8,384)(83,481)(102,577)
(Benefit from) provision for income taxes(1,734)(17,851)(21,240)
Equity in net income of subsidiaries719,599 930,979 716,320 
Net income712,949 865,349 634,983 
Other comprehensive income (loss), net of tax165,230 (601,208)(97,124)
Comprehensive income$878,179 $264,141 $537,859 
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)202320222021
Cash flows from operating activities:
Net income$712,949 $865,349 $634,983 
Adjustments to reconcile net income to net cash provided by operating activities:   
Equity in net income of subsidiaries(719,599)(930,979)(716,320)
Dividends received from subsidiaries326,013 626,695 400,000 
Deferred tax (benefit) expense86,219 119,588 (21,551)
Loss on debt extinguishment— 38,870 36,914 
Other26,726 33,619 29,799 
Change in certain assets and liabilities:   
Accounts receivable - affiliates(1,996)1,266 (680)
Income taxes receivable45,913 (43,123)(306)
Accrued investment income(499)931 1,118 
Accrued interest349 (7,230)(2,503)
Net cash provided by operating activities476,075 704,986 361,454 
Cash flows from investing activities:   
Purchases of investments(566,795)(1,457)(339,384)
Proceeds from sales of investments555,957 287,924 556,384 
Net cash provided by (used in) investing activities(10,838)286,467 217,000 
Cash flows from financing activities:   
Conversion/Purchase of convertible junior subordinated debentures
(28,637)(89,118)(98,610)
Redemption of 5.75% senior notes— (242,296)— 
Cash portion of loss on debt extinguishment— (38,185)(36,914)
Repurchase of common stock(337,182)(385,573)(290,818)
Dividends paid(122,965)(110,947)(94,219)
Payment of withholding taxes related to share-based compensation net share settlement(7,257)(10,094)(6,729)
Net cash provided by (used in) financing activities(496,041)(876,213)(527,290)
Net increase (decrease) in cash and cash equivalents(30,804)115,240 51,164 
Cash and cash equivalents at beginning of year239,404 124,164 73,000 
Cash and cash equivalents at end of year$208,600 $239,404 $124,164 
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. Before making any dividend payments in 2024, we will notify the OCI to ensure it does not object.

The payment of dividends from MGIC 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 paid a total of $600 million, $800 million and $400 million in dividends in cash and fixed income securities to our holding company during 2023, 2022, and 2021, respectively. No contributions were made to our insurance subsidiaries in 2023, 2022, or 2021.

Note C
The 5.25% Senior Notes discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries.