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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2024
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)20242023
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2024 – $544,456 ; 2023 – $597,944)
$546,179 $598,420 
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2024 – $379,603 ; 2023 – $110,889)
379,701 110,913 
Total investment portfolio
925,880 709,333 
Cash and cash equivalents149,944 208,600 
Investment in subsidiaries, at equity in net assets4,767,074 4,777,121 
Accounts receivable - affiliates2,512 2,860 
Income taxes - current and deferred2,221 34,597 
Accrued investment income8,165 5,975 
Total assets$5,855,796 $5,738,486 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Liabilities:  
Senior notes$644,667 $643,196 
Accrued interest12,797 12,797 
Other liabilities25,957 10,476 
Total liabilities683,421 666,469 
Shareholders’ equity:  
Common stock ($1.00 par value, shares authorized 1,000,000; shares issued 2024 - 248,449; 2023 - 371,353; shares outstanding 2024 - 248,449; 2023 - 272,494)
248,449 371,353 
Paid-in capital1,808,236 1,808,113 
Treasury stock at cost (shares 2024 - 0; 2023 - 98,859)
— (1,384,293)
Accumulated other comprehensive income (loss), net of tax(288,162)(316,281)
Retained earnings3,403,852 4,593,125 
Total shareholders’ equity5,172,375 5,072,017 
Total liabilities and shareholders’ equity$5,855,796 $5,738,486 
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)202420232022
Revenues:
Investment income, net of expenses$46,167 $30,123 $7,193 
Net realized investment gains (losses)254 (47)(2,628)
Total revenues46,421 30,076 4,565 
Expenses:  
Operating expenses1,479 1,555 1,575 
Interest expense35,602 36,905 47,601 
Loss on debt extinguishment
— — 38,870 
Total expenses37,081 38,460 88,046 
Income (loss) before tax9,340 (8,384)(83,481)
(Benefit from) provision for income taxes(772)(1,734)(17,851)
Equity in net income of subsidiaries752,882 719,599 930,979 
Net income762,994 712,949 865,349 
Other comprehensive income (loss), net of tax28,119 165,230 (601,208)
Comprehensive income$791,113 $878,179 $264,141 
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)202420232022
Cash flows from operating activities:
Net income$762,994 $712,949 $865,349 
Adjustments to reconcile net income to net cash provided by operating activities:   
Equity in net income of subsidiaries(752,882)(719,599)(930,979)
Dividends received from subsidiaries526,879 326,013 626,695 
Deferred tax (benefit) expense36,798 86,219 119,588 
Loss on debt extinguishment— — 38,870 
Other19,298 26,726 33,619 
Change in certain assets and liabilities:   
Accounts receivable - affiliates348 (1,996)1,266 
Income taxes receivable(5,683)45,913 (43,123)
Accrued investment income1,007 (499)931 
Accrued interest— 349 (7,230)
Net cash provided by operating activities588,759 476,075 704,986 
Cash flows from investing activities:   
Return of capital from subsidiaries
40,000 — — 
Purchases of investments(514,482)(566,795)(1,457)
Proceeds from sales of investments546,111 555,957 287,924 
Net cash provided by (used in) investing activities71,629 (10,838)286,467 
Cash flows from financing activities:   
Conversion/Purchase of convertible junior subordinated debentures
— (28,637)(89,118)
Redemption of 5.75% senior notes— — (242,296)
Cash portion of loss on debt extinguishment— — (38,185)
Repurchase of common stock(569,478)(337,182)(385,573)
Dividends paid(130,500)(122,965)(110,947)
Payment of withholding taxes related to share-based compensation net share settlement(19,066)(7,257)(10,094)
Net cash provided by (used in) financing activities(719,044)(496,041)(876,213)
Net increase (decrease) in cash and cash equivalents(58,656)(30,804)115,240 
Cash and cash equivalents at beginning of year208,600 239,404 124,164 
Cash and cash equivalents at end of year$149,944 $208,600 $239,404 
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 the consolidated financial statements appearing in 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 2025, 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 $750 million, $600 million and $800 million in dividends in cash and fixed income securities to our holding company during 2024, 2023, and 2022, respectively. No contributions were made to our insurance subsidiaries in 2024, 2023, or 2022. In 2024, capital of $40 million was returned to our holding company from a non-insurance subsidiary.

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.