MGIC Investment Corporation (NYSE:MTG) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET

Company Participants

Dianna Higgins - Head, Investor Relations
Tim Mattke - Chief Executive Officer
Nathan Colson - Chief Financial Officer & Chief Risk Officer

Conference Call Participants

Bose George – KBW
Terry Ma – Barclays
Soham Bhonsle - BTIG
Mihir Bhatia - Bank of America
Douglas Harter - UBS

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MGIC Investment Corporation First Quarter 2024 Earnings Call. [Operator Instructions] I will now turn the conference over to Dianna Higgins, Head of Investor Relations. Please go ahead.

Dianna Higgins

Thank you, Nadia. Good morning. Welcome, everyone. Thank you for your interest in MGIC. Joining me on the call to discuss our results for the fourth quarter are Tim Mattke, Chief Executive Officer and Nathan Colson, Chief Financial Officer and Chief Risk Officer. Our press release, which contains MGIC’s fourth quarter financial results was issued yesterday and is available on our website at mtg.mgic.com under Newsroom, includes additional information about our quarterly results that we will refer to during the call today. It also includes a reconciliation of non-GAAP financial measures to their most comparable GAAP measures.

In addition, we posted on our website a quarterly supplement that contains information pertaining to our primary risk in force and other information you may find valuable. As a reminder, from time-to-time, we may post information about our underwriting guidelines and other presentations or corrections to past presentations on our website.

Before we get started today, I want to remind everybody that during the course of this call, we may make comments about our expectations of the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results to differ materially from those discussed on the call are contained in our 8-K and 10-Q that were also filed yesterday. If we make any forward-looking statements, we are not undertaking an obligation to update those statements in the future in light of subsequent events. No one should rely on the fact that such guidance or forward-looking statements are current at any time other than the time of this call or the issuance of our 8-K and 10-Q.

Now, with that, I now have the pleasure to turn the call over to Tim.

Tim Mattke

Thank you, Dianna, and good morning, everyone. The company reported net income of $174 million in the first, resulting in an annualized return on equity of 13.7%. These results are the continuation of another quarter of exceptional financial results and highlight the strength of our business model. Our focus on through the cycle performance is demonstrated in the way we acquire, manage and distribute risk reflects a balanced approach to the market. Reinsurance programs address both risk of loss and capital efficiency and capital allocation for the benefit of stakeholders. The execution of our business model is responsive to market conditions and has consistently generated attractive returns.