Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The reconciliation of adjusted pretax operating income (loss) for our reportable segments to consolidated pretax income is as follows.


Reconciliation of adjusted pretax operating income (loss) by segment

	December 31,
(In thousands)	2023		2022		2021
Adjusted pretax operating income (loss)
Mortgage Insurance	$	829,824	$	1,131,943	$	781,546
homegenius	(86,270)		(88,198)		(27,324)
Total adjusted pretax operating income for reportable segments	743,554		1,043,745		754,222
All Other adjusted pretax operating income	42,873		8,972		3,527
Net gains (losses) on investments and other financial instruments (1)	9,427		(80,780)		14,094

Impairment of goodwill (Note 2)	(9,802)		—		—
Amortization of other acquired intangible assets	(5,483)		(4,308)		(3,450)
Impairment of other long-lived assets and other non-operating items (2)	(13,082)		(14,850)		(3,561)
Consolidated pretax income	$	767,487	$	952,779	$	764,832

(1)Excludes certain net gains (losses), if any, on investments and other financial instruments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss).

(2)Amounts primarily relate to impairments of other long-lived assets that are included in other operating expenses on the consolidated statements of operations. For 2023, amount includes $9 million and $5 million related to impairments of our lease-related assets and internal use software, respectively. For 2022, amount is primarily related to impairments of our lease-related assets. See Note 9 for more information on our lease-related impairments.

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following tables reconcile reportable segment revenues to consolidated revenues and summarize interest expense, depreciation expense, allocation of corporate operating expenses and adjusted pretax operating income for our reportable segments as follows.


Reportable segment revenue and other segment information

	December 31, 2023
(In thousands)	Mortgage Insurance		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$	909,363	$	10,215	$	919,578	$	—	$	—	$	—	$	919,578
Services revenue	1,088		45,394		46,482		—		(390)		—		46,092
Net investment income	195,077		2,031		197,108		61,322		—		—		258,430
Net gains (losses) on investments and other financial instruments	—		—		—		814		—		9,427		10,241
Other income	5,372		—		5,372		27		(20)		868		6,247
Total revenues	$	1,110,900	$	57,640	$	1,168,540	$	62,163	$	(410)	$	10,295	$	1,240,588
Other segment information:
Interest expense	$	86,188	$	—	$	86,188
Direct depreciation expense	8,164		2,563		10,727
Allocation of corporate operating expenses (1)	140,583		18,783		159,366

(1)Includes immaterial allocated depreciation expense.


	December 31, 2022
(In thousands)	Mortgage Insurance		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$	957,213	$	23,918	$	981,131	$	—	$	—	$	—	$	981,131
Services revenue	7,390		85,158		92,548		—		(332)		—		92,216
Net investment income	171,221		729		171,950		23,708		—		—		195,658
Net gains (losses) on investments and other financial instruments	—		—		—		47		—		(80,780)		(80,733)
Other income	2,376		170		2,546		78		(170)		—		2,454
Total revenues	$	1,138,200	$	109,975	$	1,248,175	$	23,833	$	(502)	$	(80,780)	$	1,190,726
Other segment information:
Interest expense	$	84,440	$	—	$	84,440
Direct depreciation expense	8,986		2,538		11,524
Allocation of corporate operating expenses (1)	138,566		22,856		161,422

(1)Includes immaterial allocated depreciation expense.


	December 31, 2021
(In thousands)	Mortgage Insurance		homegenius		Reportable Segment Total		All Other		Inter-segment		Adjustments		Consolidated Total
Net premiums earned	$	998,282	$	38,901	$	1,037,183	$	—	$	—	$	—	$	1,037,183
Services revenue	17,670		108,282		125,952		154		(281)		—		125,825
Net investment income	132,929		358		133,287		14,622		—		—		147,909
Net gains (losses) on investments and other financial instruments	—		1,509		1,509		—		—		14,094		15,603
Other income	2,678		—		2,678		734		—		—		3,412
Total revenues	$	1,151,559	$	149,050	$	1,300,609	$	15,510	$	(281)	$	14,094	$	1,329,932
Other segment information:
Interest expense	$	84,344	$	—	$	84,344
Direct depreciation expense	9,580		2,452		12,032
Allocation of corporate operating expenses (1)	127,482		18,482		145,964

(1)Includes immaterial allocated depreciation expense.

Schedule of Services Revenue

The table below, which represents total services revenue on our consolidated statements of operations for the periods indicated, represents the disaggregation of services revenues by revenue type.


Services revenue

	Years Ended December 31,
(In thousands)	2023		2022		2021
homegenius
Real estate
Valuation	$	17,139	$	33,724	$	32,459
Single-family rental	7,743		24,387		27,291
Asset management technology platform	4,639		4,814		5,535
Real estate owned asset management	3,960		3,091		2,370
Other real estate services	30		115		144
Title	11,464		18,687		40,202
Real estate technology	29		8		—
Mortgage Insurance
Contract underwriting services	1,088		1,775		5,676
Loan fulfillment services	—		5,615		11,994
All Other	—		—		154
Total services revenue	$	46,092	$	92,216	$	125,825