Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We operate as a single reportable segment, which is defined as Mortgage Insurance. This segment generates revenue through mortgage insurance and reinsurance provided under the GSEs credit risk transfer programs. The results of our Mortgage Insurance segment are reported within our financial statements as the consolidated financial results for MGIC Investment Corporation and Subsidiaries. The accounting policies of the Mortgage Insurance segment are the same as those described in Note 3. Significant Accounting Policies.

The Senior Management Oversight Committee (“SMOC”), acts as the Company's chief operating decision maker (“CODM”). The CODM uses consolidated net income (loss) as the primary GAAP measure to evaluate actual financial performance versus planned financial performance and to allocate resources. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The table below presents a disaggregation of significant segment expenses as monitored by our CODM:

Significant segment expenses
Table	18.1
		Years Ended December 31,
(In thousands)		2024		2023		2022
Other underwriting and operating expenses net:
Employee costs		$	157,937	$	176,682	$	170,914
Outside services (1)		32,667		36,099		55,612
Premium taxes (2)		21,547		21,523		21,469
Depreciation expense		4,179		4,626		4,938
All other underwriting and operating (3)		(7,006)		(12,926)		(16,236)
Total other underwriting and operating expenses net		$	209,324	$	226,004	$	236,697

(1)Outside services expense generally includes expenses related to outsourced IT services and consulting services.

(2)Premium taxes are taxes paid to states and municipalities based upon the amount of premiums written.

(3)All other underwriting and operating expenses include ceding commissions (a reduction to our underwriting expenses, see Note 9 - "Reinsurance"), computer hardware and software expenses, legal, audit, insurance, and general and administrative expenses.