Segment Reporting

3 Months Ended

Mar. 31, 2025

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” to the consolidated financial statements in our 2024 Annual Report on Form 10-K.

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	15.1
		Three Months Ended March 31,
(In thousands)		2025		2024
Other underwriting and operating expenses net:
Employee costs		$	36,960	$	43,725
Outside services (1)		7,811		8,069
Premium taxes (2)		5,410		5,329
Depreciation expense		943		1,140
All other underwriting and operating (3)		282		755
Total other underwriting and operating expenses net		$	51,406	$	59,018

(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 4 - "Reinsurance"), computer hardware and software expenses, legal, audit, insurance, and general and administrative expenses.