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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Adjusted Pretax Operating Income (Loss) to Consolidated Pretax Income

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

Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Mortgage Insurance adjusted pretax operating income

 

$

827,363

 

 

$

829,824

 

 

$

1,131,943

 

Reconciling items

 

 

 

 

 

 

 

 

 

All Other adjusted pretax operating income (loss)

 

 

(24,358

)

 

 

(43,397

)

 

 

(79,226

)

Net gains (losses) on investments and other financial instruments (1)

 

 

(4,316

)

 

 

9,427

 

 

 

(80,780

)

Amortization and impairment of goodwill and other acquired intangible assets

 

 

—

 

 

 

(15,285

)

 

 

(4,308

)

Impairment of other long-lived assets and other non-operating items (2)

 

 

(27,399

)

 

 

(13,082

)

 

 

(14,850

)

Consolidated pretax income

 

$

771,290

 

 

$

767,487

 

 

$

952,779

 

 

(1)
Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss).
(2)
For 2024, amount includes: (i) $19 million from impairments of internal-use software, due to strategic decisions made in 2024 to discontinue certain products; (ii) $4 million related to loss on extinguishment of debt; and (iii) $4 million from impairments of lease-related assets. 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 13 for more information on our operating leases.
Schedule of Reconciliation of Revenue from Segment 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 segment as follows.

Reportable segment revenue and other segment information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Mortgage
Insurance

 

 

All Other

 

 

Inter-segment

 

 

Adjustments (1)

 

 

Consolidated
Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

939,237

 

 

$

12,046

 

 

$

—

 

 

$

—

 

 

$

951,283

 

Services revenue

 

 

1,025

 

 

 

49,646

 

 

 

(401

)

 

 

—

 

 

 

50,270

 

Net investment income

 

 

201,453

 

 

 

91,240

 

 

 

—

 

 

 

—

 

 

 

292,693

 

Net gains (losses) on investments and other financial instruments

 

 

—

 

 

 

(5,798

)

 

 

—

 

 

 

(4,316

)

 

 

(10,114

)

Income (loss) on consolidated VIEs

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

(2

)

Other income

 

 

5,649

 

 

 

582

 

 

 

(78

)

 

 

—

 

 

 

6,153

 

Total revenues

 

 

1,147,364

 

 

$

147,714

 

 

$

(479

)

 

$

(4,316

)

 

$

1,290,283

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for losses

 

 

(2,248

)

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs

 

 

27,316

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct other operating expenses

 

 

66,417

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated corporate operating expenses (2)

 

 

144,251

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

83,731

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment items

 

 

534

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pretax operating income

 

$

827,363

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct depreciation expense

 

$

7,974

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Ratio (3)

 

 

(0.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

Expense Ratio (4)

 

 

25.3

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reportable segment revenue and other segment information

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Mortgage
Insurance

 

 

All Other

 

 

Inter-segment

 

 

Adjustments (1)

 

 

Consolidated
Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

909,363

 

 

$

10,215

 

 

$

—

 

 

$

—

 

 

$

919,578

 

Services revenue

 

 

1,088

 

 

 

45,394

 

 

 

(390

)

 

 

—

 

 

 

46,092

 

Net investment income

 

 

195,077

 

 

 

63,353

 

 

 

—

 

 

 

—

 

 

 

258,430

 

Net gains (losses) on investments and other financial instruments

 

 

—

 

 

 

814

 

 

 

—

 

 

 

9,427

 

 

 

10,241

 

Other income

 

 

5,372

 

 

 

27

 

 

 

(20

)

 

 

868

 

 

 

6,247

 

Total revenues

 

 

1,110,900

 

 

$

119,803

 

 

$

(410

)

 

$

10,295

 

 

$

1,240,588

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for losses

 

 

(42,136

)

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs

 

 

24,578

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct other operating expenses

 

 

71,150

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated corporate operating expenses (2)

 

 

140,583

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

86,188

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment items

 

 

713

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pretax operating income

 

$

829,824

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct depreciation expense

 

$

8,164

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Ratio (3)

 

 

(4.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

Expense Ratio (4)

 

 

26.0

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Mortgage
Insurance

 

 

All Other

 

 

Inter-segment

 

 

Adjustments (1)

 

 

Consolidated
Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

957,213

 

 

$

23,918

 

 

$

—

 

 

$

—

 

 

$

981,131

 

Services revenue

 

 

7,390

 

 

 

85,158

 

 

 

(332

)

 

 

—

 

 

 

92,216

 

Net investment income

 

 

171,221

 

 

 

24,437

 

 

 

—

 

 

 

—

 

 

 

195,658

 

Net gains (losses) on investments and other financial instruments

 

 

—

 

 

 

47

 

 

 

—

 

 

 

(80,780

)

 

 

(80,733

)

Other income

 

 

2,376

 

 

 

248

 

 

 

(170

)

 

 

—

 

 

 

2,454

 

Total revenues

 

 

1,138,200

 

 

$

133,808

 

 

$

(502

)

 

$

(80,780

)

 

$

1,190,726

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for losses

 

 

(339,374

)

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs

 

 

23,918

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct other operating expenses

 

 

92,756

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated corporate operating expenses (2)

 

 

138,566

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

84,440

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment items

 

 

5,951

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pretax operating income

 

$

1,131,943

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct depreciation expense

 

$

8,986

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Ratio (3)

 

 

(35.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

Expense Ratio (4)

 

 

26.7

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Represents non-operating items not included in segment results. See “Adjusted Pretax Operating Income (Loss)” above for more information.
(2)
Includes immaterial allocated depreciation expense.
(3)
Calculated as provision for losses expressed as a percentage of net premiums earned.
(4)
Calculated as operating expenses (which consist of policy acquisition costs and direct other operating expenses, as well as allocated corporate operating expenses) expressed as a percentage of net premiums earned.
Schedule of Services Revenue

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

 

Services revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Mortgage Insurance

 

 

 

 

 

 

 

 

 

Contract underwriting services

 

$

1,024

 

 

$

1,088

 

 

$

1,775

 

Loan fulfillment services

 

 

—

 

 

 

—

 

 

 

5,615

 

All Other

 

 

 

 

 

 

 

 

 

Real Estate Services

 

 

 

 

 

 

 

 

 

Valuation

 

 

15,768

 

 

 

14,555

 

 

 

30,002

 

Single family rental

 

 

8,412

 

 

 

7,743

 

 

 

24,387

 

Asset management technology platform

 

 

4,924

 

 

 

4,639

 

 

 

4,814

 

Real estate owned asset management

 

 

4,455

 

 

 

3,960

 

 

 

3,091

 

Other real estate services

 

 

20

 

 

 

30

 

 

 

115

 

Title

 

 

13,185

 

 

 

11,464

 

 

 

18,687

 

Real Estate Technology

 

 

2,482

 

 

 

2,613

 

 

 

3,730

 

Total services revenue

 

$

50,270

 

 

$

46,092

 

 

$

92,216