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Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Share-based Compensation Plans - Summary of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock/Restricted Stock Units
Weighted Average Grant Date Fair Market Value
Restricted stock outstanding at beginning of period (in dollars per share)	$ 16.04
Granted (in dollars per share)	24.45	$ 19.81	$ 14.17
Vested (in dollars per share)	15.67
Forfeited (in dollars per share)	23.21
Restricted stock outstanding at end of period (in dollars per share)	$ 18.54	$ 16.04
Shares
Restricted stock outstanding at beginning of period (in shares)	2,827,801
Granted (in shares)	724,339
Vested (in shares)	(1,844,424)
Forfeited (in shares)	(45,674)
Restricted stock outstanding at end of period (in shares)	2,394,273	2,827,801
RSUs subject to performance conditions
Weighted Average Grant Date Fair Market Value
Performance adjustment (in dollars per share)	$ 0
Shares
Performance adjustment (in shares)	732,231
Restricted stock outstanding at end of period (in shares)	1,700,000
Share-based compensation arrangement, percent granted subject to performance conditions	47.00%
Minimum \| RSUs subject to performance conditions
Shares
Percentage of shares that may vest (as a percent)	0.00%
Maximum \| RSUs subject to performance conditions
Shares
Percentage of shares that may vest (as a percent)	200.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share [Abstract]
Net income	$ 738,347	$ 762,994	$ 712,949
Weighted average common shares outstanding - basic (in shares)	232,975	261,684	283,605
Basic earnings per share (in dollars per share)	$ 3.17	$ 2.92	$ 2.51
Diluted earnings per share [Abstract]
Net income	$ 738,347	$ 762,994	$ 712,949
9% Debentures	0	0	1,026
Diluted income available to common shareholders	$ 738,347	$ 762,994	$ 713,975
Weighted-average shares - basic (in shares)	232,975	261,684	283,605
Effect of dilutive securities [Abstract]
Unvested restricted stock units	2,124	2,311	2,427
9% Debentures	0	0	1,123
Weighted-average shares - diluted (in shares)	235,099	263,995	287,155
Diluted income per share (in dollars per share)	$ 3.14	$ 2.89	$ 2.49
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
9% Convertible Junior Subordinated Debentures due 2063
Effect of dilutive securities [Abstract]
Stated interest rate (in hundredths)			9.00%

Income Taxes - Reconciliation of federal statutory income tax rate (2025) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
U.S. federal statutory income tax rate	$ 194,993
Transferable tax credits	(10,032)
Other credits	(2,066)
Other	7,295
Provision for income taxes	$ 190,190	$ 205,715	$ 189,280
Percent (%)
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Transferable tax credits	(1.10%)
Other credits	(0.20%)
Other	0.80%	0.50%	0.50%
Effective tax rate	20.50%	21.20%	21.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 738,347	$ 762,994	$ 712,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization	6,949	18,436	35,230
Deferred tax expense (benefit)	19,221	2,432	1,065
Equity compensation	24,432	31,324	31,607
Net (gains) losses on investments and other financial instruments	(334)	9,846	14,141
Change in certain assets and liabilities:
Accrued investment income	3,055	(2,290)	(3,596)
Reinsurance recoverable on loss reserves	(17,774)	(13,979)	(5,062)
Reinsurance recoverable on paid losses	(189)	5,699	8,185
Premiums receivable	(648)	963	(499)
Deferred insurance policy acquisition costs	3,317	2,897	4,471
Loss reserves	12,222	(42,717)	(52,609)
Unearned premiums	(27,334)	(37,419)	(37,510)
Current income taxes	93,164	16,274	(4,143)
Other, net	(1,630)	(29,428)	8,733
Net cash provided by (used in) operating activities	852,798	725,032	712,962
Cash flows from investing activities:
Purchases of investments	(1,621,324)	(1,555,624)	(1,469,540)
Proceeds from sales of investments	110,930	45,087	376,598
Proceeds from maturity of fixed income securities	1,739,793	1,369,706	913,415
Proceeds from sale of property and equipment	0	0	2,336
Additions to property and equipment	(1,025)	(1,174)	(1,999)
Net cash provided by (used in) investing activities	228,374	(142,005)	(179,190)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	0	0	(28,637)
Repurchase of common stock	(788,645)	(569,478)	(337,182)
Dividends paid	(132,491)	(130,500)	(122,965)
Payment of withholding taxes related to share-based compensation net share settlement	(19,149)	(19,066)	(7,257)
Net cash provided by (used in) financing activities	(940,285)	(719,044)	(496,041)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	140,887	(136,017)	37,731
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	234,627	370,644	332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$ 375,514	$ 234,627	$ 370,644

Other Comprehensive Income (Loss) - Roll-Forward for AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	$ 5,172,375	$ 5,072,017
Balance, end of year	5,147,551	5,172,375	$ 5,072,017
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(288,162)	(316,281)	(481,511)
Other comprehensive income (loss) before reclassifications	141,481	13,903	132,769
Less: Amounts reclassified from AOCI	(12,287)	(14,216)	(32,461)
Balance, end of year	(134,394)	(288,162)	(316,281)
Net unrealized gains and (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(257,878)	(266,948)	(408,496)
Other comprehensive income (loss) before reclassifications	129,763	(2,835)	120,139
Less: Amounts reclassified from AOCI	(7,429)	(11,905)	(21,409)
Balance, end of year	(120,686)	(257,878)	(266,948)
Net benefit plan assets and (obligations) recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(30,284)	(49,333)	(73,015)
Other comprehensive income (loss) before reclassifications	11,718	16,738	12,630
Less: Amounts reclassified from AOCI	(4,858)	(2,311)	(11,052)
Balance, end of year	$ (13,708)	$ (30,284)	$ (49,333)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	$ 242,253	$ 261,330
Company service cost	0	0	$ 0
Interest cost	13,193	12,988	13,787
Plan participants' contributions	0	0
Net actuarial losses (gains)	7,457	(8,637)
Benefit payments from fund	(14,182)	(13,985)
Benefit and settlement payments paid directly by company	(101)	(313)
Plan amendments	0	0
Settlement payments from fund (1)	(19,146)	(9,130)
Other adjustment	0	0
Benefit Obligation at End of Year	229,474	242,253	261,330
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	23,383	30,238
Company service cost	937	1,668	1,497
Interest cost	1,244	1,501	1,633
Plan participants' contributions	2	240
Net actuarial losses (gains)	1,141	(379)
Benefit payments from fund	(3,179)	(3,296)
Benefit and settlement payments paid directly by company	0	0
Plan amendments	0	(6,305)
Settlement payments from fund (1)	0	0
Other adjustment	(763)	(284)
Benefit Obligation at End of Year	$ 22,765	$ 23,383	$ 30,238

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

Fixed Income Securities

Our fixed income securities classified as available-for-sale at December 31, 2025 and 2024 are shown in tables 5.1a and 5.1b below.


Details of Fixed Income Securities by Category as of December 31, 2025
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	279,359	$	958	$	(2,505)	$	277,812
Obligations of U.S. states and political subdivisions		1,961,841		10,958		(134,035)		1,838,764
Corporate debt securities		2,712,348		36,781		(57,857)		2,691,272
ABS		225,478		2,418		(1,335)		226,561
RMBS		366,671		8,169		(16,816)		358,024
CMBS		237,974		2,484		(1,675)		238,783
CLOs		99,182		129		(24)		99,287
Foreign government debt		4,487		—		(420)		4,067
Commercial paper		56,661		—		—		56,661
Total fixed income securities		$	5,944,001	$	61,897	$	(214,667)	$	5,791,231


Details of Fixed Income Securities by Category as of December 31, 2024
Table	5.1b
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	265,349	$	231	$	(5,087)	$	260,493
Obligations of U.S. states and political subdivisions		2,065,953		2,331		(192,789)		1,875,495
Corporate debt securities		2,857,627		12,593		(112,839)		2,757,381
ABS		155,594		2,157		(1,234)		156,517
RMBS		373,485		2,103		(25,528)		350,060
CMBS		243,840		21		(7,990)		235,871
CLOs		199,773		286		—		200,059
Foreign government debt		4,487		—		(689)		3,798
Commercial paper		12,015		—		—		12,015
Total fixed income securities		$	6,178,123	$	19,722	$	(346,156)	$	5,851,689

We had $12.6 million and $12.2 million of investments at fair value on deposit with various states as of December 31, 2025 and 2024, respectively, due to regulatory requirements of those state insurance departments.

In connection with our insurance and reinsurance activities within MAC and MIC, we are required to maintain assets in trusts for the benefit of contractual counterparties, which had investments at fair value of $185.7 million and $199.9 million at December 31, 2025 and 2024, respectively.

The amortized cost and fair values of fixed income securities at December 31, 2025, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities are not due at a single maturity date, they are listed in separate categories.


Fixed Income Securities Maturity Schedule
Table	5.2
		December 31, 2025
(In thousands)		Amortized Cost		Fair Value
Due in one year or less		$	759,885	$	759,602
Due after one year through five years		1,651,146		1,632,640
Due after five years through ten years		1,683,909		1,635,359
Due after ten years		919,756		840,975
		5,014,696		4,868,576

ABS		225,478		226,561
RMBS		366,671		358,024
CMBS		237,974		238,783
CLOs		99,182		99,287
Total as of December 31, 2025		$	5,944,001	$	5,791,231

Equity Securities

The cost and fair value of investments in equity securities as of December 31, 2025 and December 31, 2024 are shown in tables 5.3a and 5.3b below.


Details of Equity Security Investments as of December 31, 2025
Table	5.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,286	$	42	$	(1,006)	$	15,322


Details of Equity Security Investments as of December 31, 2024
Table	5.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,146	$	8	$	(1,392)	$	14,762

Net Gains (Losses) on Investments and Other Financial Instruments

The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 5.4 below.


Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table	5.4
(in thousands)		December 31, 2025		December 31, 2024		December 31, 2023

Fixed income securities:
Gains on sales		$	2,971	$	1,114	$	3,071
Losses on sales		(3,049)		(8,045)		(17,620)


Equity securities gains (losses):

Changes in fair value		421		(130)		530
Change in embedded derivative on Home Re Transactions (1)		(11)		(2,791)		(118)
Other:
Gains (losses) on sales		2		16		(1)
Market adjustment		—		(10)		(3)
Net gains (losses) on investments and other financial instruments		$	334	$	(9,846)	$	(14,141)

Proceeds from sales of fixed income securities		110,961		45,807		375,788

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

Other Invested Assets

Our other invested assets balance includes an investment in FHLB stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility, subject to certain conditions, which includes requirements to post collateral and to maintain a minimum investment in FHLB stock.

Unrealized Investment Losses

Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position as of December 31, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" and in Note 2 - “Significant Accounting Policies” to these consolidated financial statements.


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	15,762	$	(60)	$	51,113	$	(2,445)	$	66,875	$	(2,505)
Obligations of U.S. states and political subdivisions		144,148		(6,123)		1,087,931		(127,912)		1,232,079		(134,035)
Corporate debt securities		258,349		(1,180)		887,659		(56,677)		1,146,008		(57,857)
ABS		49,774		(1,103)		22,965		(232)		72,739		(1,335)
RMBS		2,906		(8)		187,553		(16,808)		190,459		(16,816)
CMBS		15,363		(30)		82,994		(1,645)		98,357		(1,675)
CLOs		35,272		(24)		—		—		35,272		(24)
Foreign government debt		—		—		4,068		(420)		4,068		(420)

Total		$	521,574	$	(8,528)	$	2,324,283	$	(206,139)	$	2,845,857	$	(214,667)


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2024
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	37,017	$	(437)	$	69,959	$	(4,650)	$	106,976	$	(5,087)
Obligations of U.S. states and political subdivisions		409,406		(5,621)		1,195,869		(187,168)		1,605,275		(192,789)
Corporate debt securities		852,752		(10,334)		1,051,862		(102,505)		1,904,614		(112,839)
ABS		20,090		(184)		49,640		(1,050)		69,730		(1,234)
RMBS		171,654		(5,498)		151,893		(20,030)		323,547		(25,528)
CMBS		77,567		(1,774)		151,188		(6,216)		228,755		(7,990)

Foreign government debt		—		—		3,798		(689)		3,798		(689)

Total		$	1,568,486	$	(23,848)	$	2,674,209	$	(322,308)	$	4,242,695	$	(346,156)

The change in net unrealized gains (losses) of investments is shown in table 5.6 below.


Change in Net Unrealized Gains (Losses)
Table	5.6
(In thousands)		2025		2024		2023
Fixed income securities		$	173,661	$	11,481	$	179,174

There were 712 and 1,020 securities in an unrealized loss position as of December 31, 2025 and 2024, respectively. Based on current facts and circumstances, we believe the unrealized losses as of December 31, 2025 presented in table 5.5a above are not indicative of the ultimate collectability of the par value of the securities. The unrealized losses in all categories of our investments were primarily caused by increases in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations.

The source of net investment income is shown in table 5.7 below.


Net Investment Income
Table	5.7
(In thousands)		2025		2024		2023
Fixed income securities		$	237,601	$	230,524	$	202,655
Equity securities		680		624		529
Cash equivalents		12,531		18,498		16,111
Other		18		31		44
Investment income		250,830		249,677		219,339
Investment expenses		(4,572)		(5,037)		(4,599)
Net investment income		$	246,258	$	244,640	$	214,740

Reinsurance - Home Re Entities Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Total VIE Assets	$ 6,639,486	$ 6,547,235
Home Re 2023-1, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	237,900	303,733	$ 330,277
Home Re 2022-1, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	214,788	313,229	427,279
Home Re 2021-2, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	$ 89,865	$ 136,486	$ 174,431

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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 2 . Significant Accounting Policies.

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	14.1
		Years Ended December 31,
(In thousands)		2025		2024		2023
Other underwriting and operating expenses net:
Employee costs		$	143,727	$	157,937	$	176,682
Outside services (1)		32,355		32,667		36,099
Premium taxes (2)		21,380		21,547		21,523
Depreciation expense		3,253		4,179		4,626
All other underwriting and operating (3)		(7,242)		(7,006)		(12,926)
Total other underwriting and operating expenses, net		$	193,473	$	209,324	$	226,004

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Schedule of income before income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S.	$ 922,826	$ 962,784	$ 893,957
Foreign	5,711	5,925	8,272
Income before tax	$ 928,537	$ 968,709	$ 902,229
Percent (%)
U.S.	99.40%	99.40%	99.10%
Foreign	0.60%	0.60%	0.90%
Income before tax	100.00%	100.00%	100.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Other Comprehensive Income (Loss) - Pretax Components of Other Comprehensive Income (Loss) and Related Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized investment (losses) gains arising during the period	$ 173,661	$ 11,481	$ 179,174
Total income tax benefit (expense)	(36,469)	(2,411)	(37,626)
Net of tax	137,192	9,070	141,548
Net changes in benefit plan assets and obligations	20,982	24,113	29,978
Total income tax benefit (expense)	(4,406)	(5,064)	(6,296)
Net of tax	16,576	19,049	23,682
Total other comprehensive income (loss)	194,643	35,594	209,152
Total income tax benefit (expense)	(40,875)	(7,475)	(43,922)
Other comprehensive income (loss), net of tax	$ 153,768	$ 28,119	$ 165,230

Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Cost by Plan

Table 12.1 summarizes the compensation cost recognized and charged against income for share-based awards.


Share-based Compensation Cost
Table	12.1	Years ended December 31,
(in thousands)		2025		2024		2023
Compensation cost recognized for share-based awards		$	24,332	$	31,227	31,537
Income tax benefit related to share-based compensation cost		1,268		2,383		2,870
Share-based compensation cost, net		$	23,064	$	28,844	28,667

Summary of Restricted Stock Activity

Table 12.2 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2025.


Restricted Stock
Table	12.2
		Weighted Average Grant Date Fair Market Value		Shares
Restricted stock outstanding at December 31, 2024		$	16.04	2,827,801
Granted (1)		24.45		724,339
Performance adjustment (2)		—		732,231
Vested		15.67		(1,844,424)
Forfeited		23.21		(45,674)
Restricted stock outstanding at December 31, 2025		$	18.54	2,394,273

(1) Approximately 47% of the shares granted in 2025 are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

(2) Amount represents the difference between the number of shares vested at settlement with performance conditions and the number of target shares at the grant date in 2022.

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount	$ 1,141,305	$ 1,138,245	$ 1,142,412
Ceded to Other Companies	190,019	181,896	202,821
Assumed From Other Companies	14,526	14,458	12,960
Net Amount	$ 965,812	$ 970,807	$ 952,551
Percentage of Amount Assumed to Net	1.50%	1.50%	1.40%

- Definition

Amount of earned premiums ceded to other entities.

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- Definition

Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 loan
Significant Accounting Policies [Line Items]
Minimum number of payments past due to be in default	2
Minimum
Significant Accounting Policies [Line Items]
Award vesting period	1 year
Maximum
Significant Accounting Policies [Line Items]
Award vesting period	3 years

Investments - Securities In Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Schedule of Investments [Line Items]
Less than 12 months	$ 521,574	$ 1,568,486
12 months or greater	2,324,283	2,674,209
Total	2,845,857	4,242,695
Less than 12 months	(8,528)	(23,848)
12 months or greater	(206,139)	(322,308)
Total	$ (214,667)	$ (346,156)
Number of securities in unrealized loss position \| security	712	1,020
U.S. government securities
Schedule of Investments [Line Items]
Less than 12 months	$ 15,762	$ 37,017
12 months or greater	51,113	69,959
Total	66,875	106,976
Less than 12 months	(60)	(437)
12 months or greater	(2,445)	(4,650)
Total	(2,505)	(5,087)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less than 12 months	144,148	409,406
12 months or greater	1,087,931	1,195,869
Total	1,232,079	1,605,275
Less than 12 months	(6,123)	(5,621)
12 months or greater	(127,912)	(187,168)
Total	(134,035)	(192,789)
Corporate debt securities
Schedule of Investments [Line Items]
Less than 12 months	258,349	852,752
12 months or greater	887,659	1,051,862
Total	1,146,008	1,904,614
Less than 12 months	(1,180)	(10,334)
12 months or greater	(56,677)	(102,505)
Total	(57,857)	(112,839)
ABS
Schedule of Investments [Line Items]
Less than 12 months	49,774	20,090
12 months or greater	22,965	49,640
Total	72,739	69,730
Less than 12 months	(1,103)	(184)
12 months or greater	(232)	(1,050)
Total	(1,335)	(1,234)
RMBS
Schedule of Investments [Line Items]
Less than 12 months	2,906	171,654
12 months or greater	187,553	151,893
Total	190,459	323,547
Less than 12 months	(8)	(5,498)
12 months or greater	(16,808)	(20,030)
Total	(16,816)	(25,528)
CMBS
Schedule of Investments [Line Items]
Less than 12 months	15,363	77,567
12 months or greater	82,994	151,188
Total	98,357	228,755
Less than 12 months	(30)	(1,774)
12 months or greater	(1,645)	(6,216)
Total	(1,675)	(7,990)
CLOs
Schedule of Investments [Line Items]
Less than 12 months	35,272
12 months or greater	0
Total	35,272
Less than 12 months	(24)
12 months or greater	0
Total	(24)
Foreign government debt
Schedule of Investments [Line Items]
Less than 12 months	0	0
12 months or greater	4,068	3,798
Total	4,068	3,798
Less than 12 months	0	0
12 months or greater	(420)	(689)
Total	$ (420)	$ (689)

Income Taxes - Components of the provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current U.S. federal	$ 163,227	$ 196,582	$ 185,191
Deferred	19,226	1,805	1,550
Other	7,737	7,328	2,539
Provision for income taxes	$ 190,190	$ 205,715	$ 189,280

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt Obligations

The aggregate carrying value of our 5.25% Senior Notes ("5.25% Notes") and the par value as of December 31, 2025 and 2024 is presented in table 3.1 below.


Long-Term Debt Obligation, Carrying value
Table	3.1
		December 31,
(In thousands)		2025		2024
5.25% Notes, due August 2028 (par value: $650 million)		$	646,138	$	644,667

The 5.25% Senior Notes are an obligation of our holding company, MGIC Investment Corporation.

2023 Transactions

During 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal of $21.1 million. The 9% Debentures were convertible into shares of MGIC common stock at a rate of 77.9620 shares per $1,000 principal amount. Prior to the redemption date, substantially all holders elected to convert into shares of common stock. Under the terms of the 9% Debentures, we paid cash of $28.6 million in lieu of issuing shares of common stock. The conversion of our 9% Debentures resulted in a $5.3 million reduction in our shareholders’ equity, net of tax, and a reduction of 1.6 million potentially dilutive shares.

5.25% Notes

Interest on the 5.25% Notes is payable semi-annually on February 15 and August 15. We may redeem the notes at 100% of the principal, plus accrued and unpaid interest, at any time prior to the maturity.

The 5.25% Notes have covenants and events of default, which are customary for securities of this nature, and further provide that the trustee or holders of at least 25% in aggregate principal amount of the outstanding 5.25% Notes may declare them immediately due and payable upon the occurrence of certain events of default after the expiration of the applicable grace period. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, the 5.25% Notes will become due and payable immediately. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 5.25% Notes, including their covenants and events of default. We were in compliance with all covenants as of December 31, 2025.

Interest Payments

Interest payments were $34.1 million during 2025 and 2024 and $35.1 million during 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements for Items Measured at Fair Value

Assets measured at fair value, by hierarchy level, as of December 31, 2025 and 2024 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and in Note 2 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K.


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025
Table	6.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	277,812	$	241,056	$	36,756
Obligations of U.S. states and political subdivisions		1,838,764		—		1,838,764
Corporate debt securities		2,691,272		—		2,691,272
ABS		226,561		—		226,561
RMBS		358,024		—		358,024
CMBS		238,783		—		238,783
CLOs		99,287		—		99,287
Foreign government debt		4,067		—		4,067
Commercial paper		56,661		—		56,661
Total fixed income securities		5,791,231		241,056		5,550,175
Equity securities		15,322		15,322		—
Cash equivalents(1)		371,219		363,423		7,796
Total		$	6,177,772	$	619,801	$	5,557,971


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2024
Table	6.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	260,493	$	220,369	$	40,124
Obligations of U.S. states and political subdivisions		1,875,495		—		1,875,495
Corporate debt securities		2,757,381		—		2,757,381
ABS		156,517		—		156,517
RMBS		350,060		—		350,060
CMBS		235,871		—		235,871
CLOs		200,059		—		200,059
Foreign government debt		3,798		—		3,798
Commercial paper		12,015		—		12,015
Total fixed income securities		5,851,689		220,369		5,631,320
Equity securities		14,762		14,762		—
Cash equivalents(1)		230,156		219,943		10,213
Total		$	6,096,607	$	455,074	$	5,641,533
(1) Includes restricted cash equivalents

Schedule of Carrying Value and Fair Value of Financial Liabilities Measured on a Recurring Basis

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2025 and 2024.


Financial Assets and Liabilities Not Measured at Fair Value
Table	6.2
		December 31, 2025				December 31, 2024
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109
Financial liabilities
5.25% Senior Notes		646,138		650,442		644,667		636,883

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Disaggregation of Significant Segment Expenses

The table below presents a disaggregation of significant segment expenses as monitored by our CODM:


Significant Segment Expenses
Table	14.1
		Years Ended December 31,
(In thousands)		2025		2024		2023
Other underwriting and operating expenses net:
Employee costs		$	143,727	$	157,937	$	176,682
Outside services (1)		32,355		32,667		36,099
Premium taxes (2)		21,380		21,547		21,523
Depreciation expense		3,253		4,179		4,626
All other underwriting and operating (3)		(7,242)		(7,006)		(12,926)
Total other underwriting and operating expenses, net		$	193,473	$	209,324	$	226,004

(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.

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2025 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 5,960,287
Fair Value	5,806,553
Amount at which shown in the balance sheet	5,806,553
Fixed income
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	5,944,001
Fair Value	5,791,231
Amount at which shown in the balance sheet	5,791,231
Fixed income \| U.S. Treasury securities and obligations of U.S. government corporations and agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	279,359
Fair Value	277,812
Amount at which shown in the balance sheet	277,812
Fixed income \| Obligations of U.S. states and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	1,961,841
Fair Value	1,838,764
Amount at which shown in the balance sheet	1,838,764
Fixed income \| Foreign government debt
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,487
Fair Value	4,067
Amount at which shown in the balance sheet	4,067
Fixed income \| Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	233,134
Fair Value	348,387
Amount at which shown in the balance sheet	348,387
Fixed income \| ABS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	225,478
Fair Value	226,561
Amount at which shown in the balance sheet	226,561
Fixed income \| CLOs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	99,182
Fair Value	99,287
Amount at which shown in the balance sheet	99,287
Fixed income \| Mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	604,645
Fair Value	596,807
Amount at which shown in the balance sheet	596,807
Fixed income \| All other corporate debt securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,479,214
Fair Value	2,342,885
Amount at which shown in the balance sheet	2,342,885
Fixed income \| Commercial paper
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	56,661
Fair Value	56,661
Amount at which shown in the balance sheet	56,661
Equity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16,286
Fair Value	15,322
Amount at which shown in the balance sheet	15,322
Equity Securities \| Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16,286
Fair Value	15,322
Amount at which shown in the balance sheet	$ 15,322

Income Taxes - Components of the net deferred tax asset (liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Unrealized losses on investments	$ 32,081	$ 68,550
Unearned premium reserves	8,845	11,111
Transferable tax credits	8,733	0
Deferred compensation	6,411	7,878
Loss reserves	3,047	2,291
Research and experimental costs	160	14,143
Benefit plans	(32,086)	(25,195)
Bond discount amortization	(3,996)	(3,535)
Fixed assets	(2,534)	(2,833)
Deferred policy acquisition costs	(1,759)	(2,456)
Other, net	(390)	(79)
Net deferred tax asset (liability)	$ 18,512	$ 69,875

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 738,347	$ 762,994	$ 712,949
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax expense (benefit)	19,226	1,805	1,550
Change in certain assets and liabilities:
Accrued investment income	3,055	(2,290)	(3,596)
Net cash provided by (used in) operating activities	852,798	725,032	712,962
Cash flows from investing activities:
Purchases of investments	(1,621,324)	(1,555,624)	(1,469,540)
Proceeds from sales of investments	110,930	45,087	376,598
Net cash provided by (used in) investing activities	228,374	(142,005)	(179,190)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	0	0	(28,637)
Repurchase of common stock	(788,645)	(569,478)	(337,182)
Dividends paid	(132,491)	(130,500)	(122,965)
Payment of withholding taxes related to share-based compensation net share settlement	(19,149)	(19,066)	(7,257)
Net cash provided by (used in) financing activities	(940,285)	(719,044)	(496,041)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	140,887	(136,017)	37,731
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	234,627	370,644	332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of year	375,514	234,627	370,644
Parent Company
Cash flows from operating activities:
Net income	738,347	762,994	712,949
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(721,286)	(752,882)	(719,599)
Dividends received from subsidiaries	247,614	526,879	326,013
Deferred tax expense (benefit)	82	36,798	86,219
Other	12,072	19,298	26,726
Change in certain assets and liabilities:
Accounts receivable - affiliates	268	348	(1,996)
Income taxes receivable	87,518	(5,683)	45,913
Accrued investment income	5,981	1,007	(499)
Accrued interest	0	0	349
Net cash provided by (used in) operating activities	370,596	588,759	476,075
Cash flows from investing activities:
Return of capital from subsidiaries	0	40,000	0
Purchases of investments	(328,357)	(514,482)	(566,795)
Proceeds from sales of investments	981,762	546,111	555,957
Net cash provided by (used in) investing activities	653,405	71,629	(10,838)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	0	0	(28,637)
Repurchase of common stock	(788,645)	(569,478)	(337,182)
Dividends paid	(132,491)	(130,500)	(122,965)
Payment of withholding taxes related to share-based compensation net share settlement	(19,149)	(19,066)	(7,257)
Net cash provided by (used in) financing activities	(940,285)	(719,044)	(496,041)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	83,716	(58,656)	(30,804)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	149,944	208,600	239,404
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$ 233,660	$ 149,944	$ 208,600

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of investment portfolio

Our fixed income securities classified as available-for-sale at December 31, 2025 and 2024 are shown in tables 5.1a and 5.1b below.


Details of Fixed Income Securities by Category as of December 31, 2025
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	279,359	$	958	$	(2,505)	$	277,812
Obligations of U.S. states and political subdivisions		1,961,841		10,958		(134,035)		1,838,764
Corporate debt securities		2,712,348		36,781		(57,857)		2,691,272
ABS		225,478		2,418		(1,335)		226,561
RMBS		366,671		8,169		(16,816)		358,024
CMBS		237,974		2,484		(1,675)		238,783
CLOs		99,182		129		(24)		99,287
Foreign government debt		4,487		—		(420)		4,067
Commercial paper		56,661		—		—		56,661
Total fixed income securities		$	5,944,001	$	61,897	$	(214,667)	$	5,791,231


Details of Fixed Income Securities by Category as of December 31, 2024
Table	5.1b
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	265,349	$	231	$	(5,087)	$	260,493
Obligations of U.S. states and political subdivisions		2,065,953		2,331		(192,789)		1,875,495
Corporate debt securities		2,857,627		12,593		(112,839)		2,757,381
ABS		155,594		2,157		(1,234)		156,517
RMBS		373,485		2,103		(25,528)		350,060
CMBS		243,840		21		(7,990)		235,871
CLOs		199,773		286		—		200,059
Foreign government debt		4,487		—		(689)		3,798
Commercial paper		12,015		—		—		12,015
Total fixed income securities		$	6,178,123	$	19,722	$	(346,156)	$	5,851,689

Amortized cost and fair values of debt securities by contractual maturity


Fixed Income Securities Maturity Schedule
Table	5.2
		December 31, 2025
(In thousands)		Amortized Cost		Fair Value
Due in one year or less		$	759,885	$	759,602
Due after one year through five years		1,651,146		1,632,640
Due after five years through ten years		1,683,909		1,635,359
Due after ten years		919,756		840,975
		5,014,696		4,868,576

ABS		225,478		226,561
RMBS		366,671		358,024
CMBS		237,974		238,783
CLOs		99,182		99,287
Total as of December 31, 2025		$	5,944,001	$	5,791,231

Cost and fair value of investments in equity securities

The cost and fair value of investments in equity securities as of December 31, 2025 and December 31, 2024 are shown in tables 5.3a and 5.3b below.


Details of Equity Security Investments as of December 31, 2025
Table	5.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,286	$	42	$	(1,006)	$	15,322


Details of Equity Security Investments as of December 31, 2024
Table	5.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,146	$	8	$	(1,392)	$	14,762

Schedule of net gains (losses) on investments and other financial instruments


Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table	5.4
(in thousands)		December 31, 2025		December 31, 2024		December 31, 2023

Fixed income securities:
Gains on sales		$	2,971	$	1,114	$	3,071
Losses on sales		(3,049)		(8,045)		(17,620)


Equity securities gains (losses):

Changes in fair value		421		(130)		530
Change in embedded derivative on Home Re Transactions (1)		(11)		(2,791)		(118)
Other:
Gains (losses) on sales		2		16		(1)
Market adjustment		—		(10)		(3)
Net gains (losses) on investments and other financial instruments		$	334	$	(9,846)	$	(14,141)

Proceeds from sales of fixed income securities		110,961		45,807		375,788

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

Aging of the fair values of securities in an unrealized loss position


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	15,762	$	(60)	$	51,113	$	(2,445)	$	66,875	$	(2,505)
Obligations of U.S. states and political subdivisions		144,148		(6,123)		1,087,931		(127,912)		1,232,079		(134,035)
Corporate debt securities		258,349		(1,180)		887,659		(56,677)		1,146,008		(57,857)
ABS		49,774		(1,103)		22,965		(232)		72,739		(1,335)
RMBS		2,906		(8)		187,553		(16,808)		190,459		(16,816)
CMBS		15,363		(30)		82,994		(1,645)		98,357		(1,675)
CLOs		35,272		(24)		—		—		35,272		(24)
Foreign government debt		—		—		4,068		(420)		4,068		(420)

Total		$	521,574	$	(8,528)	$	2,324,283	$	(206,139)	$	2,845,857	$	(214,667)


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2024
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	37,017	$	(437)	$	69,959	$	(4,650)	$	106,976	$	(5,087)
Obligations of U.S. states and political subdivisions		409,406		(5,621)		1,195,869		(187,168)		1,605,275		(192,789)
Corporate debt securities		852,752		(10,334)		1,051,862		(102,505)		1,904,614		(112,839)
ABS		20,090		(184)		49,640		(1,050)		69,730		(1,234)
RMBS		171,654		(5,498)		151,893		(20,030)		323,547		(25,528)
CMBS		77,567		(1,774)		151,188		(6,216)		228,755		(7,990)

Foreign government debt		—		—		3,798		(689)		3,798		(689)

Total		$	1,568,486	$	(23,848)	$	2,674,209	$	(322,308)	$	4,242,695	$	(346,156)

Net unrealized gains (losses) of investments

The change in net unrealized gains (losses) of investments is shown in table 5.6 below.


Change in Net Unrealized Gains (Losses)
Table	5.6
(In thousands)		2025		2024		2023
Fixed income securities		$	173,661	$	11,481	$	179,174

Investment income

The source of net investment income is shown in table 5.7 below.


Net Investment Income
Table	5.7
(In thousands)		2025		2024		2023
Fixed income securities		$	237,601	$	230,524	$	202,655
Equity securities		680		624		529
Cash equivalents		12,531		18,498		16,111
Other		18		31		44
Investment income		250,830		249,677		219,339
Investment expenses		(4,572)		(5,037)		(4,599)
Net investment income		$	246,258	$	244,640	$	214,740

Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 234,154	$ 240,216
Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	39,233	25,834
Pension Plan \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	194,921	214,382
Pension Plan \| Domestic Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	2,468	3,479
Pension Plan \| Domestic Mutual Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	2,468	3,479
Pension Plan \| Domestic Mutual Funds \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| U.S. government securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	36,765	22,355
Pension Plan \| U.S. government securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	36,765	22,355
Pension Plan \| U.S. government securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| Corporate debt securities and other
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	112,945	135,739
Pension Plan \| Corporate debt securities and other \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| Corporate debt securities and other \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	112,945	135,739
Pension Plan \| Non-government foreign debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	16,487	20,665
Pension Plan \| Non-government foreign debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| Non-government foreign debt securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	16,487	20,665
Pension Plan \| Municipal bonds
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	18,974	11,607
Pension Plan \| Municipal bonds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| Municipal bonds \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	18,974	11,607
Pension Plan \| Pooled Equity Accounts
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	46,515	46,371
Pension Plan \| Pooled Equity Accounts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Pension Plan \| Pooled Equity Accounts \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	46,515	46,371
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	182,436	156,604	$ 134,371
Other Postretirement Benefit Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	182,436	156,604
Other Postretirement Benefit Plan \| Domestic Mutual Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	148,737	130,586
Other Postretirement Benefit Plan \| International mutual funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 33,699	$ 26,018

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,791,231	$ 5,851,689
Equity securities	15,322	14,762
Cash equivalents(1)	371,219	230,156
Total assets	6,177,772	6,096,607
Real Estate Acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases of real estate assets acquired	5,700	5,200
Sales of real estate assets acquired	3,100	2,700
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	241,056	220,369
Equity securities	15,322	14,762
Cash equivalents(1)	363,423	219,943
Total assets	619,801	455,074
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,550,175	5,631,320
Equity securities	0	0
Cash equivalents(1)	7,796	10,213
Total assets	5,557,971	5,641,533
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative related to Home Re transactions	(400)	(400)
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	277,812	260,493
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	241,056	220,369
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	36,756	40,124
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,838,764	1,875,495
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,838,764	1,875,495
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,691,272	2,757,381
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,691,272	2,757,381
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	226,561	156,517
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
ABS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	226,561	156,517
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	358,024	350,060
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
RMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	358,024	350,060
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	238,783	235,871
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
CMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	238,783	235,871
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	99,287	200,059
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
CLOs \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	99,287	200,059
Foreign government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,067	3,798
Foreign government debt \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Foreign government debt \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,067	3,798
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	56,661	12,015
Commercial paper \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 56,661	$ 12,015

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Treasury stock	Accumulated other comprehensive income (loss)	Retained earnings
Balance, beginning of year at Dec. 31, 2022		$ 371,353	$ 1,798,842	$ (1,050,238)	$ (481,511)	$ 4,004,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of 9% Debentures, net of tax			(5,315)
Reissuance of treasury stock, net under share-based compensation plans			(17,021)	9,764
Equity compensation			31,607
Purchases of common stock				(343,819)
Other comprehensive income	$ 165,230				165,230
Net income	712,949					712,949
Cash dividends						(124,118)
Balance, end of year at Dec. 31, 2023	5,072,017	371,353	1,808,113	(1,384,293)	(316,281)	4,593,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retirement of treasury stock		(119,053)		1,847,265		(1,728,212)
Purchases of common stock	(566,600)	(3,851)				(93,013)
Reissuance of treasury stock, net under share-based compensation plans			(31,201)	12,135
Equity compensation			31,324
Purchases of common stock				(475,107)
Other comprehensive income	28,119				28,119
Net income	762,994					762,994
Cash dividends						(131,042)
Balance, end of year at Dec. 31, 2024	5,172,375	248,449	1,808,236	0	(288,162)	3,403,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net under share-based compensation plans		1,056	(20,205)
Purchases of common stock	(782,000)	(30,138)				(759,439)
Equity compensation			24,432
Other comprehensive income	153,768				153,768
Net income	738,347					738,347
Cash dividends						(132,645)
Balance, end of year at Dec. 31, 2025	$ 5,147,551	$ 219,367	$ 1,812,463	$ 0	$ (134,394)	$ 3,250,115

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	We consider money market funds and investments with original maturities of three months or less to be cash equivalents.
Restricted Cash and Cash Equivalents	Restricted cash and cash equivalents consists of cash and money market funds held in trusts for the benefit of contractual counterparties under reinsurance agreements or for other contractual restrictions.
Fair Value Measurements	We carry certain financial instruments at fair value and disclose the fair value of all financial instruments. Our financial instruments carried at fair value are predominantly measured on a recurring basis. Financial instruments measured on a nonrecurring basis are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The fair value of an asset or liability is defined as the price that would be received upon a sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models or other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters including yield curves, interest rates, volatilities, equity or debt prices, and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. As of December 31, 2025 and 2024, we did not elect to measure any financial instruments acquired, or issued, such as our outstanding debt obligations, at fair value for which the primary basis of accounting is not fair value. Valuation Process We use independent pricing sources to determine the fair value of a substantial majority of our financial instruments, which primarily consist of assets in our investment portfolio, but also includes cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, and reference data including market research publications. Market indicators, industry, and economic events are also considered. The inputs listed above are evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Valuation Hierarchy A three-level valuation hierarchy has been established under GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of a financial instrument as of the measurement date. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources, as described below, have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The three levels are defined as follows: •Level 1: Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities. •Level 2: Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. The independent pricing sources used for our Level 2 investments vary by type of investment. See Note 6 - "Fair Value Measurements" for further information. •Level 3: Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life.
Investments	Fixed Income Securities Our fixed income securities are classified as available-for-sale and are reported at fair value. Fixed income securities with original maturities less than one year and greater than three months are classified as short-term on our consolidated balance sheet. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses on fixed income securities are reported in income based upon specific identification of securities within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the credit allowance. Equity Securities Equity securities are reported at fair value, except for certain securities that are carried at cost. Equity securities carried at cost are reported as Other invested assets. Realized investment gains and losses on equity securities are reported in income based upon specific identification of securities sold within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the fair value. Other Invested Assets Other invested assets are carried at cost. These assets represent our investment in Federal Home Loan Bank of Chicago ("FHLB") stock, which due to restrictions, is required to be redeemed or sold only to the security issuer at par value. Accrued Investment Income We report accrued investment income separately from securities. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payments. Unrealized Losses and Allowance for Credit Losses Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to: •our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; •the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; •failure of the issuer to make scheduled interest or principal payments; •a change in rating to below investment grade; and •adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record an impairment on a security if we intend to sell, if it is more likely than not that we will be required to sell it prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. When a security is considered to be impaired, but when a sale is not intended or is not likely, the loss is separated into the portion that represents the credit loss and the portion that is due to other factors. A credit loss is recorded, subject to reversal, in the consolidated statement of operations within "Net gains (losses) on investments and other financial instruments." The loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security.
Home Office and Equipment	Home office and equipment is carried at cost, net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods.
Deferred Insurance Policy Acquisition Costs	Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs ("DAC"). The deferred costs are reported net of any ceding commissions received associated with our reinsurance transactions. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development.
Loss Reserves	Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves. Case reserves and LAE reserves are established when notices of delinquency on insured mortgage loans are received. Such loans are referred to as being in our delinquency inventory. For reporting purposes, we consider a loan delinquent when it is two or more payments past due and has not become current or resulted in a claim payment. Although the accounting standard, ASC 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish case reserves for future claims on insured loans that are not currently delinquent. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our case reserve estimates are primarily established based upon historical experience, including rescissions of policies, curtailments of claims, and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. Loss reserves for reinsurance assumed are based on information provided by the ceding companies. IBNR reserves are established for delinquencies estimated to have occurred prior to the close of an accounting period, but have not yet been reported to us. Consistent with case reserves for reported delinquencies, IBNR reserves are also established using estimated claim rates and claim severities. LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process. Loss reserves are ceded to reinsurers under our reinsurance agreements.
Premium Deficiency Reserve	After our loss reserves are established, we perform premium deficiency tests using our best estimate of future premium, losses and LAE paid. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and LAE paid exceeds the present value of expected future premium, anticipated investment income, and already established loss reserves.
Revenue Recognition	We write policies which are guaranteed renewable at the insured's option on a monthly, single, or annual premium basis. We have no ability to re-underwrite or reprice these policies. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve. Premiums written on annual premium policies are earned on a monthly pro rata basis. Premiums written on policies covering more than one year are amortized over the estimated policy life based on historical experience, which includes the anticipated incurred loss pattern. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. When a policy is cancelled due to rescission, all previously collected premium is returned. When a policy is cancelled because a claim is paid, premium collected since the date of delinquency is returned. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. Changes in this liability, and the actual return of premiums for all periods, affect premiums written and earned. We assess whether a credit loss allowance is required for our premium receivable. We consider collectability trends and industry development, among other things. Any estimated credit loss would be immediately recognized.
Income Taxes	Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the consolidated financial statements and the tax bases of these items. The estimated tax effects are computed at the enacted federal statutory income tax rate. Changes in tax laws, rates, regulations, and policies or the final determination of tax audits or examinations, could materially affect our estimates and can be significant to our operating results. We evaluate the realizability of the deferred tax assets based on the weight of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The recognition of a tax position is determined using a two-step approach. The first step applies a more-likely-than-not threshold for recognition and derecognition. The second step measures the tax position as the greatest amount of benefit that is cumulatively greater than 50% likely to be realized. When evaluating a tax position for recognition and measurement, we presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. We recognize interest accrued and penalties related to unrecognized tax benefits in our provision for income taxes. Federal tax law permits mortgage guaranty insurance companies to deduct from taxable income, subject to certain limitations, the amounts added to contingency loss reserves that are recorded for regulatory purposes. The amounts we deduct must generally be included in taxable income in the tenth subsequent year. The deduction is allowed only to the extent that we purchase and hold U.S. government non-interest-bearing tax and loss bonds in an amount equal to the tax benefit attributable to the deduction. We account for these purchases as a payment of current federal income tax.
Benefit Plans	We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan, that covered eligible employees through December 31, 2022. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants will continue to earn interest credits on their retirement benefits. We recognize the ongoing retirement benefit costs of these plans as they are incurred. Our policy is to fund pension costs as required under the Employee Retirement Income Security Act of 1974. We also offer benefits for retired domestic employees, their eligible spouses and dependents under a postretirement benefit plan. Participation in this plan is limited to eligible employees that participated in the defined benefit pension plan. Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. We accrue the estimated costs of the retiree benefits over the period during which employees render the service that qualifies them for benefits.
Reinsurance	We cede insurance risk through the use of quota share reinsurance transactions ("QSR Transactions") and excess of loss reinsurance transactions ("XOL Transactions"). We have excess of loss transactions executed through the traditional reinsurance market and with Home Re special purpose insurers. Premiums and losses incurred on our QSR Transactions are ceded based on a fixed percentage pursuant to the terms of our reinsurance agreements. Reinsurance premiums ceded under our traditional reinsurance transactions are based off the remaining reinsured coverage levels. Reinsurance premiums ceded under our Home Re agreements are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in the reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. Loss reserves are reported before taking credit for amounts ceded under reinsurance transactions. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable, net of ceding commission and profit commission are included in “Other liabilities.” Profit commissions are included with “Premiums written – Ceded” and ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 7 – “Reinsurance.”) We assess whether a credit loss allowance is required for our reinsurance recoverables. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to, the credit ratings of individual reinsurers, investor reports for our Home Re Transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances. Assumed reinsurance is based on information received from the ceding company. See Note 7 – “Reinsurance" for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions.
Share-Based Compensation	We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one to three years, although awards to our non-employee directors vest immediately. Any forfeitures of awards are recognized as they occur.
Earnings per Share	Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Our "participating securities" are composed of vested restricted stock and restricted stock units ("RSUs") with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if our unvested restricted stock units result in the issuance of common stock. Prior to our redemption of the outstanding principal on our 9% debentures in 2023, we utilized the if-converted method to calculate the potential dilution that could occur if our 9% Debentures were converted to common stock. The determination of potentially issuable shares did not consider the satisfaction of the conversion requirements and the shares were included in the determination of diluted EPS as of the beginning of the period, if dilutive. For purposes of calculating basic and diluted EPS, vested RSUs are considered outstanding.
Share Repurchases	Subsequent to the retirement of the treasury stock, all shares of our common stock that we repurchase are immediately retired, and the amount of the repurchase price paid in excess of par value for repurchased shares is recorded as an adjustment to retained earnings.
Recent Accounting and Reporting Developments and Prospective Accounting and Reporting Developments	Recent Accounting and Reporting Developments Accounting standards and laws and regulations effective in 2025 or early adopted, and relevant to our financial statements are described below: Improvements to Income Tax Disclosures: ASU 2023-09 In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. Income tax disclosures now require consistent categories and greater disaggregations of information in the rate reconciliation and disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply the standard retrospectively. We adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements on a prospective basis. (See Not e 16 - "Income Taxes.") Prospective Accounting and Reporting Developments Relevant new amendments to accounting standards, which are not yet effective or adopted. Disaggregation of Income Statement Expenses: ASU 2024-03 In November 2024, the FASB issued ASU 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impacts the adoption of this guidance will have on our disclosures, but do not expect it to have a material impact.

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Effect of Reinsurance Agreements on Premiums Earned and Losses Incurred

Table 7.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations.


Reinsurance
Table	7.1
		Years ended December 31,
(In thousands)		2025		2024		2023
Premiums earned:
Direct		$	1,141,305	$	1,138,245	$	1,142,412
Assumed		14,526		14,458		12,960
Ceded:
Ceded - quota share reinsurance (1)		(128,853)		(115,306)		(123,955)
Ceded - excess-of-loss reinsurance		(61,166)		(66,590)		(78,866)
Total ceded		(190,019)		(181,896)		(202,821)
Net premiums earned		$	965,812	$	970,807	$	952,551

Losses incurred:
Direct		$	77,337	$	5,714	$	(5,200)
Assumed		(32)		32		(33)
Ceded - quota share reinsurance		(28,402)		(20,607)		(15,623)
Losses incurred, net		$	48,903	$	(14,861)	$	(20,856)

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	121,942	$	108,368	$	133,145
Ceding commission on quota share reinsurance		50,105		44,532		50,397

(1)Ceded premiums earned are shown net of profit commission.

Schedule of Quota Share Reinsurance Agreements

Table 7.2 below provides additional detail regarding our QSR Transactions in effect during 2025.


Reinsurance
Table	7.2

Quota Share Contract			Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR and 2021 QSR			2021	14.8	%	69.0	%	'December 31, 2036
2021 QSR and 2022 QSR			2021	11.1	%	69.0	%	'December 31, 2036
2021 QSR and 2022 QSR		(2)	2022	15.0	%	57.5	%	December 31, 2037
2022 QSR and 2023 QSR		(3)	2022	15.0	%	62.0	%	December 31, 2037
2022 QSR and 2023 QSR			2023	15.0	%	62.0	%	December 31, 2034
2023 QSR			2023	10.0	%	58.5	%	December 31, 2034
2024 QSR			2024	30.0	%	56.0	%	'December 31, 2035
2025 QSR			2025	40.0	%	63.0	%	'December 31, 2036
Credit Union QSR			2020-2025	65.0	%	50.0	%	December 31, 2039

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

(2)Effective December 31, 2025, we agreed to amended terms with certain participants on our 2021 QSR and 2022 QSR Transaction covering policy year 2022 reducing the quota share cede rate to 13.8%. Under the amended terms we will generally receive an annual profit commission provided the annual loss ratio on loans covered under the transaction remain below 67.5%.

(3)Effective December 31, 2025, we agreed to amended terms with certain participants on our 2022 QSR and 2023 QSR Transaction covering policy year 2022 reducing the quota share cede rate to 14.5%. Under the amended terms we will generally receive an annual profit commission provided the annual loss ratio on loans covered under the transaction remain below 67.5%.

Table 7.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case, be elected by us for a fee. Under the optional reduction to the quota share percentage, we may reduce our quota share percentage from the original percentage shown in table 7.2 to the percentage shown in 7.3.

Reinsurance

Table 7.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

December 31, 2027

January 1, 2028

12.3% or 10%

2021 QSR and 2022 QSR

2021

December 31, 2027

January 1, 2028

9.4% or 7%

2021 QSR and 2022 QSR

(3)

2022

June 30, 2028

July 1, 2028

11.5% or 9.2%

2022 QSR and 2023 QSR

(3)

2022

June 30, 2028

July 1, 2028

12.1% or 9.7%

2022 QSR and 2023 QSR

2023

June 30, 2026

January 1, 2026

12.5% or 10%

2023 QSR

2023

June 30, 2026

January 1, 2026

8% or 7%

2024 QSR

2024

December 31, 2027

23% or 15%

2025 QSR

2025

December 31, 2027

30% or 20%

(1) We can elect early termination of the QSR Transaction beginning on this date, and semi-annually thereafter.

(2) We can elect to reduce the quota share percentage beginning on this date, and semi-annually thereafter.

(3) Terms of the agreement were amended effective December 31, 2025.

Reinsurance Retention Policy

Table 7.4a , 7.4b, and 7.4c provide a summary of our XOL Transactions that were in effect as of December 31, 2025.

Excess of Loss Reinsurance

7.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call/ Termination Date (1)

Legal Maturity

2025 Traditional XOL

June 1, 2025

January 1, 2025 - December 31, 2025

January 1, 2031

10 years

2024 Traditional XOL

April 1, 2024

January 1, 2024 - December 31, 2024

January 1, 2030

10 years

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

2021 Traditional XOL

December 1, 2025

January 1, 2021 - December 31, 2021

January 1, 2031

10 years

2020 Traditional XOL

March 1, 2025

January 1, 2020 - December 31, 2020

April 1, 2030

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years

(1)We have the right to terminate the Home Re Transactions under certain circumstances, including an optional call feature that provides us the right to terminate if the outstanding principal balance of the related insurance-linked notes falls below 10% of the initial principal balance of the related insurance-linked notes, and on any payment date on or after the respective Optional Call Date. We can elect early termination of the Traditional XOL Transactions beginning on this date, and quarterly thereafter.


Excess of Loss Reinsurance
7.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		December 31, 2025		December 31, 2024		December 31, 2023
2025 Traditional XOL	$	95,966	$	95,966	N/A		N/A
2024 Traditional XOL	125,016		124,458		$	125,016	N/A
2023 Traditional XOL	70,578		69,060		70,401		70,578
2022 Traditional XOL	82,523		78,023		81,112		82,346
2021 Traditional XOL	142,291		142,291		N/A		N/A
2020 Traditional XOL	68,343		68,288		N/A		N/A
Home Re 2023-1, Ltd.	272,961		266,371		272,269		272,961
Home Re 2022-1, Ltd.	325,589		318,906		322,566		325,001
Home Re 2021-2, Ltd.	190,159		187,030		188,211		189,403


7.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 12/31/2025 (2)		December 31, 2025		December 31, 2024		December 31, 2023
2025 Traditional XOL	$	151,851	N/A		N/A		$	151,851	N/A		N/A
2024 Traditional XOL	187,220		N/A		N/A		187,220		$	187,220	N/A
2023 Traditional XOL	96,942		N/A		N/A		64,217		91,404		96,942
2022 Traditional XOL	142,642		N/A		N/A		100,274		124,344		142,642
2021 Traditional XOL	250,000		N/A		N/A		250,000		N/A		N/A
2020 Traditional XOL	250,592		N/A		N/A		250,592		N/A		N/A
Home Re 2023-1, Ltd.	330,277		97	%	96	%	231,708		299,325		330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	207,641		305,639		420,731
Home Re 2021-2, Ltd.	398,429		100	%	100	%	84,376		132,424		173,960

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

Schedule of Total Assets of Home Re Entities

Table 7.5 presents the total assets of the Home Re Entities as of December 31, 2025, December 31, 2024 and December 31, 2023.


Home Re Entities Total Assets
Table	7.5

(In thousands)
Home Re Entity		Total VIE Assets
		December 31, 2025		December 31, 2024		December 31, 2023
Home Re 2023-1 Ltd.		$	237,900	$	303,733	$	330,277
Home Re 2022-1 Ltd.		214,788		313,229		427,279
Home Re 2021-2 Ltd.		89,865		136,486		174,431

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Income Taxes - Reconciliation of federal statutory income tax rate (2024, 2023) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Tax exempt municipal bond interest		(0.30%)	(0.50%)
Other, net	0.80%	0.50%	0.50%
Effective tax rate	20.50%	21.20%	21.00%

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		2 Months Ended	3 Months Ended				12 Months Ended
	Jan. 27, 2026	Feb. 20, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Shares repurchased and retired during period (in shares)							30.1	25.3
Common stock repurchased and retired during period							$ 782.0	$ 566.6
Remaining authorized repurchase amount			$ 425.2				$ 425.2
Common stock, dividends, per share, cash paid (in dollars per share)			$ 0.15	$ 0.15	$ 0.13	$ 0.13
Subsequent Event
Class of Stock [Line Items]
Shares repurchased and retired during period (in shares)		4.5
Common stock repurchased and retired during period		$ 120.5
Common stock, dividends, per share, declared (in dollars per share)	$ 0.15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Premiums written:
Direct	$ 1,114,049	$ 1,100,918	$ 1,105,027
Assumed	14,448	14,366	12,835
Ceded	(190,019)	(181,896)	(202,821)
Net premiums written	938,478	933,388	915,041
Decrease in unearned premiums, net	27,334	37,419	37,510
Net premiums earned	965,812	970,807	952,551
Investment income, net of expenses	246,258	244,640	214,740
Net gains (losses) on investments and other financial instruments	334	(9,846)	(14,141)
Other revenue	1,232	2,130	1,952
Total revenues	1,213,636	1,207,731	1,155,102
Losses and expenses:
Losses incurred, net	48,903	(14,861)	(20,856)
Amortization of deferred insurance policy acquisition costs	7,120	8,957	10,820
Other underwriting and operating expenses, net	193,473	209,324	226,004
Interest expense	35,603	35,602	36,905
Total losses and expenses	285,099	239,022	252,873
Income before tax	928,537	968,709	902,229
Provision for income taxes	190,190	205,715	189,280
Net income	$ 738,347	$ 762,994	$ 712,949
Earnings per share:
Basic (in dollars per share)	$ 3.17	$ 2.92	$ 2.51
Diluted (in dollars per share)	$ 3.14	$ 2.89	$ 2.49
Weighted average common shares outstanding - basic (in shares)	232,975	261,684	283,605
Weighted average common shares outstanding - diluted (in shares)	235,099	263,995	287,155

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy MGIC’s Information Security Program ("ISP") includes information security policies, annual risk assessments and analyses, threat monitoring and alerting, vulnerability management, incident response, and data loss prevention controls. With the ISP, MGIC seeks to prevent, detect, and respond to unauthorized access, use, or disclosure of confidential information. MGIC’s Information Risk Management ("IRM") team is responsible for safeguarding the organization's information assets, data, and technology infrastructure from security threats and vulnerabilities. The IRM team’s primary focus is the protection of the confidentiality, integrity, and availability of sensitive information and compliance with relevant laws, regulations, and industry standards. The IRM team is currently overseen by the Company's Senior Director, Information Systems – Security Technology (“Senior Director”). Our ISP is benchmarked against the National Institute of Standards and Technology ("NIST") Cybersecurity Framework. Additionally, various aspects of the ISP are subject to periodic audit by the Company’s Internal Audit department or third-party professionals engaged by the Internal Audit department. Such audits vary from year-to-year but are generally focused on compliance with stated control activities, standards, and internal policies, as well as maintaining the integrity and independence of the audit process. Cybersecurity risk reviews such as SOC2, SOX controls, penetration tests, and regulatory controls are conducted by independent third parties. The ISP also incorporates a vendor due diligence process that is designed to assess vendor control environments and evaluate risks associated with vendor access to the Company's confidential data and systems. The process includes assessing and managing the cyber risks associated with engaging third-party vendors and reviewing their information security practices. The ISP includes a Cyber Incident Response Team (CIRT) which is comprised of lead security engineers along with subject matter experts from applicable domains such as network, infrastructure, and application areas in order to evaluate the technical issues relative to the incident. The CIRT may engage third-party cybersecurity experts to evaluate and/or remediate an incident. In the event that the CIRT determines that there has been a cybersecurity incident or compromise of MGIC’s computer systems, the General Counsel will be notified, and, will advise the Chief Executive Officer ("CEO"), who is a member of the Board of Directors. In addition to advising the CEO, the General Counsel will also convene an established committee whose members include the General Counsel, Chief Financial and Risk Officer, Senior Vice President of Investor Relations, and Chief Accounting Officer in order to determine if the event is a material cybersecurity incident such that the Chairman of the Board, Lead Independent Director, and Chairpersons of the Board’s Business Technology and Transformation Committee (the “BTTC”) and Audit Committee should be notified. To our knowledge, during the reporting period there were no cybersecurity incidents that materially affected or are reasonably likely to materially affect our business strategies, results of operations, or financial condition. Notwithstanding having implemented what we believe to be an appropriate ISP, no company is immune to cybersecurity threats, and we may not be successful in preventing or mitigating a future cybersecurity incident that could have a material adverse effect on our business. For additional information about risks related to cybersecurity, see our risk factors titled “Failed, disrupted, or inadequate information technology systems may materially impact our operations and/or adversely affect our financial results” and “We could be materially adversely affected by a cybersecurity breach or failure of information security controls."
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Senior Director currently reports to the President and Chief Operating Officer. The President and Chief Operating Officer, as well as senior members of the IRM team partner with the Company’s Risk, Audit, Legal and Compliance Departments to promote alignment of cybersecurity risk management strategy with the broader risk management strategy for the organization. The integration of information security into the overall enterprise risk management framework enables collaboration on the identification, assessment, mitigation and monitoring of cybersecurity risks that have the potential to materially impact the operation of the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Risk Management Committee of the Board coordinates with the Board and other Board committees regarding the assignment to the Board and Committees of oversight responsibilities for all identified key risks to the Company. Risks related to cybersecurity are overseen by the BTTC. The BTTC monitors cybersecurity risks associated with both internal and external actors. Additional information about the BTTC’s role in overseeing risks related to cybersecurity and information technology generally can be found in the Committee’s Charter at mtg.mgic.com/corporate-governance/highlights. Risks related to AI are overseen by the Risk Management Committee of the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Management Committee of the Board coordinates with the Board and other Board committees regarding the assignment to the Board and Committees of oversight responsibilities for all identified key risks to the Company. Risks related to cybersecurity are overseen by the BTTC.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The BTTC monitors cybersecurity risks associated with both internal and external actors. Additional information about the BTTC’s role in overseeing risks related to cybersecurity and information technology generally can be found in the Committee’s Charter at mtg.mgic.com/corporate-governance/highlights. Risks related to AI are overseen by the Risk Management Committee of the Board.The IRM team provides quarterly updates about the Company’s cybersecurity program to the BTTC. Updates may include topics such as management’s efforts to identify and monitor risks, investments to improve the Company’s detection and response systems, the results of risk assessments, compliance with controls, vendor oversight, strategic technology planning, and if necessary, the status of any new, ongoing, or prior cybersecurity incident. Senior members of the IRM team also periodically attend the BTTC meetings.
Cybersecurity Risk Role of Management [Text Block]	The IRM team provides quarterly updates about the Company’s cybersecurity program to the BTTC. Updates may include topics such as management’s efforts to identify and monitor risks, investments to improve the Company’s detection and response systems, the results of risk assessments, compliance with controls, vendor oversight, strategic technology planning, and if necessary, the status of any new, ongoing, or prior cybersecurity incident. Senior members of the IRM team also periodically attend the BTTC meetings. The Company’s current Senior Director is responsible for assessing and managing the material risks posed by cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Risk Management Committee of the Board coordinates with the Board and other Board committees regarding the assignment to the Board and Committees of oversight responsibilities for all identified key risks to the Company. Risks related to cybersecurity are overseen by the BTTC. The BTTC monitors cybersecurity risks associated with both internal and external actors. Additional information about the BTTC’s role in overseeing risks related to cybersecurity and information technology generally can be found in the Committee’s Charter at mtg.mgic.com/corporate-governance/highlights. Risks related to AI are overseen by the Risk Management Committee of the Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s current Senior Director is responsible for assessing and managing the material risks posed by cybersecurity threats. He has over 20 years of experience in information technology and cybersecurity, with experience developing and implementing comprehensive security programs, risk management frameworks, and incident response strategies. He also holds several security-related certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The IRM team provides quarterly updates about the Company’s cybersecurity program to the BTTC. Updates may include topics such as management’s efforts to identify and monitor risks, investments to improve the Company’s detection and response systems, the results of risk assessments, compliance with controls, vendor oversight, strategic technology planning, and if necessary, the status of any new, ongoing, or prior cybersecurity incident. Senior members of the IRM team also periodically attend the BTTC meetings.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Share-based Compensation Plans - Share-Based Payment Arrangement, Cost by Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Compensation cost recognized for share-based awards	$ 24,332	$ 31,227	$ 31,537
Income tax benefit related to share-based compensation cost	1,268	2,383	2,870
Share-based compensation cost, net	$ 23,064	$ 28,844	$ 28,667

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income (Loss)

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 are included in table 9.1 below.


Components of Other Comprehensive Income (Loss)
Table	9.1
(In thousands)		2025		2024		2023
Net unrealized investment (losses) gains arising during the period		$	173,661	$	11,481	$	179,174
Total income tax benefit (expense)		(36,469)		(2,411)		(37,626)
Net of tax		137,192		9,070		141,548

Net changes in benefit plan assets and obligations		20,982		24,113		29,978
Total income tax benefit (expense)		(4,406)		(5,064)		(6,296)
Net of tax		16,576		19,049		23,682





Total other comprehensive income (loss)		194,643		35,594		209,152
Total income tax benefit (expense)		(40,875)		(7,475)		(43,922)
Total other comprehensive income (loss), net of tax		$	153,768	$	28,119	$	165,230

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) ( "AOCI") to our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 are included in table 9.2 below.


Reclassifications from AOCI
Table	9.2
(In thousands)		2025		2024		2023
Reclassification adjustment for net realized (losses) gains (1)		$	(9,404)	$	(15,069)	$	(27,100)
Income tax benefit (expense)		1,975		3,164		5,691
Net of tax		(7,429)		(11,905)		(21,409)

Reclassification adjustment related to benefit plan assets and obligations (2)		(6,149)		(2,925)		(13,990)
Income tax benefit (expense)		1,291		614		2,938
Net of tax		(4,858)		(2,311)		(11,052)





Total reclassifications		(15,553)		(17,994)		(41,090)
Income tax benefit (expense)		3,266		3,778		8,629
Total reclassifications, net of tax		$	(12,287)	$	(14,216)	$	(32,461)

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

A rollforward of AOCI for the years ended December 31, 2025, 2024, and 2023, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total AOCI
Balance, December 31, 2022, net of tax		$	(408,496)	$	(73,015)	$	(481,511)
Other comprehensive income (loss) before reclassifications		120,139		12,630		132,769
Less: Amounts reclassified from AOCI		(21,409)		(11,052)		(32,461)
Balance, December 31, 2023, net of tax		(266,948)		(49,333)		(316,281)
Other comprehensive income (loss) before reclassifications		(2,835)		16,738		13,903
Less: Amounts reclassified from AOCI		(11,905)		(2,311)		(14,216)
Balance, December 31, 2024, net of tax		(257,878)		(30,284)		(288,162)
Other comprehensive income (loss) before reclassifications		129,763		11,718		141,481
Less: Amounts reclassified from AOCI		(7,429)		(4,858)		(12,287)
Balance, December 31, 2025, net of tax		$	(120,686)	$	(13,708)	$	(134,394)

Other Comprehensive Income (Loss) - Pretax and Related Income Tax Benefit (Expense) Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	$ 928,537	$ 968,709	$ 902,229
Income tax benefit (expense)	(190,190)	(205,715)	(189,280)
Net income	738,347	762,994	712,949
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(15,553)	(17,994)	(41,090)
Income tax benefit (expense)	3,266	3,778	8,629
Net income	(12,287)	(14,216)	(32,461)
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized gains and (losses) on available-for-sale securities
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(9,404)	(15,069)	(27,100)
Income tax benefit (expense)	1,975	3,164	5,691
Net income	(7,429)	(11,905)	(21,409)
Reclassification from Accumulated Other Comprehensive Income \| Net benefit plan assets and (obligations) recognized in shareholders' equity
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(6,149)	(2,925)	(13,990)
Income tax benefit (expense)	1,291	614	2,938
Net income	$ (4,858)	$ (2,311)	$ (11,052)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest paid	$ 34,100,000	$ 34,100,000	$ 35,100,000
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%
Extinguishment of debt			$ 21,100,000
Conversion rate (in shares per $1,000 note)			77.9620
Principal amount of notes used in determining conversion rate			$ 1,000
Repayments of long-term debt			28,600,000
Adjustments To Additional Paid In Capital, Conversion of Convertible Debt			$ 5,300,000
Reduction in potentially dilutive shares due to debt extinguishment			1,600,000
Senior Notes \| 5.25% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in hundredths)	5.25%
Redemption price, percentage (in hundredths)	100.00%
Ownership percentage threshold for declaration of due and payable	25.00%

Debt - Summary of Obligations (Details) - Senior Notes - 5.25% Senior Notes due 2028 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 646,138	$ 644,667
Debt instrument, face amount	$ 650,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investment portfolio:
Fair Value	$ 5,791,231	$ 5,851,689
Equity securities, at fair value (cost, 2025 - $16,286; 2024 - $16,146)	15,322	14,762
Other invested assets, at cost	1,109	1,109
Total investment portfolio	5,807,662	5,867,560
Cash and cash equivalents	368,989	229,485
Restricted cash and cash equivalents	6,525	5,142
Accrued investment income	58,009	61,064
Reinsurance recoverable on loss reserves	65,055	47,281
Reinsurance recoverable on paid losses	4,386	4,197
Premiums receivable	58,184	57,536
Home office and equipment, net	32,454	35,679
Deferred insurance policy acquisition costs	8,377	11,694
Deferred income taxes, net	18,512	69,875
Other assets	211,333	157,722
Total assets	6,639,486	6,547,235
Liabilities:
Loss reserves	474,884	462,662
Unearned premiums	93,026	120,360
Senior notes	646,138	644,667
Federal tax credits payable	135,344	12,535
Other liabilities	142,543	134,636
Total liabilities	1,491,935	1,374,860
Contingencies
Shareholders' equity:
Common stock	219,367	248,449
Paid-in capital	1,812,463	1,808,236
Accumulated other comprehensive income (loss), net of tax	(134,394)	(288,162)
Retained earnings	3,250,115	3,403,852
Total shareholders' equity	5,147,551	5,172,375
Total liabilities and shareholders' equity	6,639,486	6,547,235
Fixed income
Investment portfolio:
Fair Value	5,489,945	5,511,564
Short-Term Investments
Investment portfolio:
Fair Value	$ 301,286	$ 340,125

Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Benefit Plans

We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan that covered eligible employees through December 31, 2022. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants in these plans were fully vested in their benefits as of December 31, 2022. We also offer benefits for retired domestic employees and their eligible spouses and dependents under a postretirement benefit plan. Participation in this plan is limited to eligible employees that participated in the defined benefit pension plan. The following tables 10.1, 10.2, and 10.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2025, 2024, and 2023 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2025 and 2024.


Components of Net Periodic Benefit Cost
Table	10.1
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2023		12/31/2025		12/31/2024		12/31/2023
Company service cost		$	—	$	—	$	—	$	937	$	1,668	$	1,497
Interest cost		13,193		12,988		13,787		1,244		1,501		1,633
Expected return on plan assets		(13,769)		(14,576)		(13,517)		(11,643)		(9,974)		(8,235)


Amortization of:

Prior service cost (credit)		345		345		345		470		1,813		1,861
Net actuarial losses (gains)		2,186		2,091		2,185		(2,769)		(1,523)		(150)


Cost of settlements		5,917		198		9,749		—		—		—
Net periodic benefit cost (benefit)		$	7,872	$	1,046	$	12,549	$	(11,761)	$	(6,515)	$	(3,394)


Development of Funded Status
Table	10.2
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Actuarial Value of Benefit Obligations
Measurement date		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Accumulated benefit obligation		$	229,474	$	242,253	$	22,765	$	23,383

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit obligation		$	(229,474)	$	(242,253)	$	(22,765)	$	(23,383)
Plan assets at fair value		234,154		240,216		182,436		156,604
Funded status - overfunded/asset		4,680		N/A		$	159,671	$	133,221
Funded status - underfunded/liability		N/A		(2,037)		N/A		N/A


Accumulated Other Comprehensive (Income) Loss
Table	10.3
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Net actuarial losses (gains)		$	71,597	$	78,240	$	(58,907)	$	(45,384)
Prior service cost (credit)		2,209		2,555		2,453		2,923

Total at year end		$	73,806	$	80,795	$	(56,454)	$	(42,461)

The amortization of gains and losses resulting from differences in actual experience from expected experience, or changes in assumptions including discount rates, is included as a component of Net Periodic Benefit Cost (Benefit) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining life expectancy for the pension and supplemental executive retirement plans and by the average remaining service period of participating employees expected to receive benefits under the other postretirement benefits plan.

Table 10.4 shows the changes in the projected benefit obligation for the years ended December 31, 2025 and 2024.


Change in Projected Benefit / Accumulated Benefit
Table	10.4
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Benefit obligation at beginning of year		$	242,253	$	261,330	$	23,383	$	30,238
Company service cost		—		—		937		1,668
Interest cost		13,193		12,988		1,244		1,501
Plan participants' contributions		—		—		2		240
Net actuarial losses (gains)		7,457		(8,637)		1,141		(379)
Benefit payments from fund		(14,182)		(13,985)		(3,179)		(3,296)
Benefit and settlement payments paid directly by company		(101)		(313)		—		—
Plan amendments		—		—		—		(6,305)

Settlement payments from fund (1)		(19,146)		(9,130)		—		—
Other adjustment		—		—		(763)		(284)
Benefit obligation at end of year		$	229,474	$	242,253	$	22,765	$	23,383

(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.

The change in the net actuarial losses (gains) on the benefit obligation from 2024 to 2025 is primarily due to changes in the discount rate used to calculate the benefit obligation. When the discount rate decreases, the impact on the benefit obligation is an increase, resulting in an actuarial loss. When the discount rate increases, the impact on the benefit obligation is a decrease, resulting in an actuarial gain. The discount rate decreased to 5.50% at December 31, 2025 from 5.70% at December 31, 2024, compared to an increase to 5.70% at December 31, 2024 from 5.20% at December 31, 2023. See Table 10.7 for the actuarial assumptions used to calculate the benefit obligations of our plans for 2025 and 2024.

Tables 10.5 and 10.6 show the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2025 and 2024.


Change in Plan Assets
Table	10.5
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Fair value of plan assets at beginning of year		$	240,216	$	235,612	$	156,604	$	134,371
Actual return on plan assets		19,766		4,719		29,076		25,699
Company contributions		7,601		23,313		—		—
Plan participants' contributions		—		—		2		240
Benefit payments from fund		(14,182)		(13,985)		(3,179)		(3,296)
Benefit and settlement payments paid directly by company		(101)		(313)		—		—
Settlement payments from fund		(19,146)		(9,130)		—		—
Other adjustment		—		—		(67)		(410)
Fair value of plan assets at end of year		$	234,154	$	240,216	$	182,436	$	156,604

Change in Accumulated Other Comprehensive Income (Loss) ("AOCI")
Table	10.6
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
AOCI in prior year		$	80,795	$	82,209	$	(42,461)	$	(19,763)
Increase (decrease) in AOCI
Recognized during year - prior service (cost) credit		(345)		(345)		(470)		(1,813)
Recognized during year - net actuarial (losses) gains		(8,103)		(2,290)		2,769		1,523
Occurring during year - prior service cost		—		—		—		(6,305)
Occurring during year - net actuarial losses (gains)		1,459		1,221		(16,292)		(16,103)


AOCI in current year		$	73,806	$	80,795	$	(56,454)	$	(42,461)

The projected benefit obligations, net periodic benefit costs and accumulated benefit obligation for the plans were determined using the following weighted average assumptions.


Actuarial Assumptions
Table	10.7
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Weighted-average assumptions used to determine
benefit obligations at year end
1. Discount rate		5.50	%	5.70	%	5.30	%	5.65	%
2. Rate of compensation increase		N/A		N/A		N/A		N/A
3. Cash balance interest crediting rate		4.84	%	4.78	%	N/A		N/A

Weighted-average assumptions used to determine
net periodic benefit cost for year
1. Discount rate		5.70	%	5.20	%	5.65	%	5.20	%
2. Expected long-term return on plan assets		6.00	%	6.00	%	7.50	%	7.50	%
3. Rate of compensation increase		N/A		N/A		N/A		N/A

In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years.

The year-end asset allocations of the plans are shown in table 10.8 below.


Plan Assets
Table	10.8
		Pension Plan				Other Postretirement Benefit Plans
		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Equity securities		21	%	21	%	100	%	100	%
Debt securities		79	%	79	%	—	%	—	%
Total		100	%	100	%	100	%	100	%

Fair value is disclosed using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as described in Note 2 - "Significant Accounting Policies" and Note 6 - "Fair Value Measurements".

The following describes the valuation methodologies used for pension plan and other postretirement benefits plan assets at fair value.

•Domestic and International Mutual Funds: Securities are priced at the net asset value ("NAV"), which is the closing price published by the mutual fund on the reporting date. These financial assets are categorized as Level 1 in the fair value hierarchy.

•U.S. Government Securities: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies.

•Corporate Debt Securities: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt.

•Non-Government Foreign Debt Securities: These financial assets are represented by corporate debt securities issued by entities domiciled outside of the United States. See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt.

•Municipal Bonds: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Obligations of U.S. States & Political Subdivisions.

•Pooled Equity Accounts: Pooled Equity Account assets are represented by the units held by the plan. The redemption value is determined based on the NAV of the underlying units. The NAV is derived from the aggregate fair value of the underlying investments less any liabilities as of the reporting date. These financial assets are categorized as Level 2 in the fair value hierarchy.

The pension plan assets and related accrued investment income at fair value, by hierarchy level, as of December 31, 2025 and 2024, are shown in tables 10.9a and 10.9b below. There were no securities valued using Level 3 inputs.


Pension Plan Assets at Fair Value as of December 31, 2025
Table	10.9a
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	2,468	$	—	$	2,468
U.S. government securities		36,765		—		36,765
Corporate debt securities
Corporate debt securities and other		—		112,945		112,945
Non-government foreign debt securities		—		16,487		16,487
Municipal bonds		—		18,974		18,974
Pooled equity accounts		—		46,515		46,515
Total assets at fair value		$	39,233	$	194,921	$	234,154


Pension Plan Assets at Fair Value as of December 31, 2024
Table	10.9b
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	3,479	$	—	$	3,479
U.S. government securities		22,355		—		22,355
Corporate debt Securities
Corporate debt securities and other		—		135,739		135,739
Non-government foreign debt securities		—		20,665		20,665
Municipal bonds		—		11,607		11,607
Pooled equity accounts		—		46,371		46,371
Total assets at fair value		$	25,834	$	214,382	$	240,216

The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status.

Generally, an improvement in funded status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funded status would result in a higher allocation to equity. The maximum equity allocation is 40%.

The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:

Strategy

Objective

Investment types

Return seeking growth

Funded ratio improvement over the long term

●

Global quality growth

●

Global low volatility

Return seeking bridge

Downside protection in the event of a declining equity market

●

Enduring asset

●

Durable company

The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agency, corporate, mortgage-backed, asset-backed, and municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively.

Tables 10.10a and 10.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2025 and 2024. All are Level 1 assets.


Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2025
Table	10.10a
(In thousands)		Level 1
Domestic mutual funds		$	148,737
International mutual funds		33,699
Total assets at fair value		$	182,436


Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2024
Table	10.10b
(In thousands)		Level 1
Domestic mutual funds		$	130,586
International mutual funds		26,018
Total assets at fair value		$	156,604

Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:

•Total return should exceed growth in the Consumer Price Index by 5.75% annually

•Achieve competitive investment results

The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are:


	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above.

Investment in international mutual funds is limited to a maximum of 30% of the equity range. The allocation as of December 31, 2025 included 2% that was primarily invested in equity securities of emerging market countries and another 16% was invested in securities of companies primarily based in Europe and the Pacific Basin.

For the year ended December 31, 2025, we contributed $7.6 million to the pension and supplemental executive retirement plans. We do not expect to make a contribution to the pension plan in 2026 and distributions from the supplemental executive retirement plan will be funded as incurred. We did not make a contribution to the other postretirement benefits plan in 2025 and we do not expect to make a contribution in 2026.

Expected future benefit payments from the plans are shown in Table 10.11 below.


Expected Future Benefit Payments
Table	10.11
		Pension and Supplemental Executive Retirement Plans	Other Postretirement Benefit Plans
(In thousands)		12/31/2025	12/31/2025



Current + 1		20,684	2,796
Current + 2		20,942	2,606
Current + 3		20,386	2,554
Current + 4		19,956	2,386
Current + 5		19,471	2,224
Current + 6 - 10		89,763	10,087

Profit Sharing and 401(k)

We have a profit sharing and 401(k) savings plan for employees. At the discretion of the Board of Directors, we may make a contribution to the plan of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees of 200% up to the first 2% contributed and 100% of the next 2% contributed. We recognized expenses related to these plans of $7.4 million in 2025, $8.2 million in 2024, and $9.5 million in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE IV - REINSURANCE

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV - REINSURANCE


SCHEDULE IV — Reinsurance Mortgage Insurance Premiums Earned Years Ended December 31, 2025, 2024 and 2023

(Dollars in thousands)	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
Years ended December 31,
2025	$	1,141,305	$	190,019	$	14,526	$	965,812	1.5	%
2024	1,138,245		181,896		14,458		970,807		1.5	%
2023	1,142,412		202,821		12,960		952,551		1.4	%

Earnings per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Table 4.1 reconciles basic and diluted EPS amounts:


Earnings Per Share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2025		2024		2023
Basic earnings per share:
Net income		$	738,347	$	762,994	$	712,949
Weighted average common shares outstanding - basic		232,975		261,684		283,605
Basic earnings per share		$	3.17	$	2.92	$	2.51
Diluted earnings per share:
Net Income		$	738,347	$	762,994	$	712,949
Interest expense, net of tax (1):
9% Debentures		—		—		1,026
Diluted income available to common shareholders		$	738,347	$	762,994	$	713,975
Weighted-average shares - basic		232,975		261,684		283,605
Effect of dilutive securities:
Unvested restricted stock units		2,124		2,311		2,427
9% Debentures		—		—		1,123
Weighted average common shares outstanding - diluted		235,099		263,995		287,155
Diluted income per share		$	3.14	$	2.89	$	2.49

(1) Interest expense has been tax effected at a rate of 21%.

Prior to our redemption of the outstanding principal on our 9% debentures in 2023, we utilized the if-converted method to calculate the potential dilution that could occur if our 9% Debentures were converted to common stock. Under this method, if dilutive, the common stock related to the outstanding 9% Debentures was assumed to be issued as of the beginning of the reporting period and the related interest expense, net of tax, was added back to earnings in calculating diluted EPS. In 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 3 - "Debt".)

Statutory Information - Surplus contributions and dividends of insurance subsidiaries (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance Subsidiaries
Related Party Transaction [Line Items]
Contributions from holding company to insurance subsidiaries	$ 0	$ 0	$ 0
Distributions from other insurance subsidiaries to the holding company	0	0	0
Mortgage Guaranty Insurance Corporation
Related Party Transaction [Line Items]
Contributions from holding company to insurance subsidiaries	0	0	0
Dividends paid to the holding company	$ 800,000,000	$ 750,000,000	$ 600,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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-Subparagraph (SX 210.4-08(k)(2))
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Statutory Information

12 Months Ended

Dec. 31, 2025

Statutory Capital [Abstract]

Statutory Information

Statutory Accounting Principles

The statutory financial statements of our insurance companies are presented on the basis of accounting principles prescribed, or practices permitted, by the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI"), which has adopted the National Association of Insurance Commissioners ("NAIC") Statements of Statutory Accounting Principles ("SSAP") as the basis of its statutory accounting principles, except as described below. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of net unrealized holding gains or losses in shareholders' equity relating to fixed income securities, and the inclusion of statutory non-admitted assets.

In addition to the typical adjustments from statutory to GAAP, mortgage insurance companies are required to maintain contingency loss reserves equal to 50% of premiums earned under SSAP and principles prescribed by the OCI. Such amounts cannot be withdrawn for a period of ten years except as permitted by insurance regulations. With regulatory approval, a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of premiums earned in a calendar year. Changes in contingency loss reserves impact the statutory statement of operations. Contingency loss reserves are not reflected as liabilities under GAAP and changes in contingency loss reserves do not impact the GAAP consolidated statements of operations.

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the IRC for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that we purchase tax and loss bonds (“T&L Bonds”) in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. Under statutory accounting practices, purchases of T&L Bonds are accounted for as investments. Under GAAP, purchases of T&L Bonds are accounted for as a payment of current taxes.

Statutory Capital Requirements

The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the RIF (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Financial Requirements, as the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position ("MPP"). MGIC's “policyholder position” includes its net worth or surplus, and its contingency loss reserve. Our policyholders' position was above the required MPP and our risk-to-capital ratio was below the maximum allowed by jurisdictions with State Capital Requirements at December 31, 2025.

In 2023, the NAIC adopted a revised Mortgage Guaranty Insurance Model Act. The updated Model Act includes requirements relating to, among other things: (i) capital and minimum capital requirements, and contingency reserves; (ii) restrictions on mortgage insurers’

investments in notes secured by mortgages; (iii) prudent underwriting standards and formal underwriting guidelines; (iv) the establishment of formal, internal “Mortgage Guaranty Quality Control Programs” with respect to in-force business; and (v) reinsurance and prohibitions on captive reinsurance arrangements. It is uncertain when the revised Model Act will be adopted in any jurisdiction. It is unknown whether any changes will be made by state legislatures prior to adoption, and the effect changes, if any, will have on the mortgage guaranty insurance market generally, or on our business. Wisconsin, where MGIC is domiciled, has begun the process to replace current mortgage insurance regulations with the Model Act; however it is expected that modifications will be made before formal adoption.

Dividend Restrictions

MGIC is subject to statutory regulations as to payment of dividends. The maximum amount of dividends that MGIC 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, without regulatory approval, is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments, we notify the OCI to ensure it does not object.

For the years ended December 31, 2025, 2024, and 2023 there were no contributions made to MGIC or distributions from other insurance subsidiaries to us. Dividends paid by MGIC are shown in table 13.1 below.


Surplus Contributions and Dividends of Insurance Subsidiaries
Table	13.1
		Years Ended December 31,
(In thousands)		2025		2024	2023

Dividends paid by MGIC to the holding company (1)		$	800,000	750,000	600,000

(1) Dividends paid in cash and/or investment securities.

Statutory Financial Information

The OCI recognizes only statutory accounting principles prescribed, or practices permitted, by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in the contingency loss reserves through their income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency loss reserves, statutory net income is reduced. The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 13.2.


Statutory Financial Information of Insurance Subsidiaries
Table	13.2
		As of and for the Years Ended December 31,
(In thousands)		2025		2024		2023
Statutory net income		$	735,093	$	1,112,477	$	279,145
Statutory policyholders' surplus		894,278		976,756		639,878
Contingency reserve		4,914,234		4,897,284		5,199,405

The decrease in statutory policyholders' surplus for the year ended December 31, 2025 is primarily due to dividend payments to MGIC Investment Corporation ("the holding company"), offset by statutory net income.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investment income	$ 250,830	$ 249,677	$ 219,339
Investment expenses	(4,572)	(5,037)	(4,599)
Investment income, net of expenses	246,258	244,640	214,740
Total fixed income securities
Schedule of Investments [Line Items]
Investment income	237,601	230,524	202,655
Equity securities
Schedule of Investments [Line Items]
Investment income	680	624	529
Cash equivalents
Schedule of Investments [Line Items]
Investment income	12,531	18,498	16,111
Other
Schedule of Investments [Line Items]
Investment income	$ 18	$ 31	$ 44

- Definition

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance

Our consolidated financial statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks we have underwritten to other insurance companies who agree to share these risks. The purpose of ceded reinsurance is to protect us, at a cost, against losses arising from our mortgage guaranty policies covered by the agreement and to manage our capital requirements under PMIERs. Reinsurance is currently placed on a quota share and excess of loss basis.

Table 7.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations.


Reinsurance
Table	7.1
		Years ended December 31,
(In thousands)		2025		2024		2023
Premiums earned:
Direct		$	1,141,305	$	1,138,245	$	1,142,412
Assumed		14,526		14,458		12,960
Ceded:
Ceded - quota share reinsurance (1)		(128,853)		(115,306)		(123,955)
Ceded - excess-of-loss reinsurance		(61,166)		(66,590)		(78,866)
Total ceded		(190,019)		(181,896)		(202,821)
Net premiums earned		$	965,812	$	970,807	$	952,551

Losses incurred:
Direct		$	77,337	$	5,714	$	(5,200)
Assumed		(32)		32		(33)
Ceded - quota share reinsurance		(28,402)		(20,607)		(15,623)
Losses incurred, net		$	48,903	$	(14,861)	$	(20,856)

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	121,942	$	108,368	$	133,145
Ceding commission on quota share reinsurance		50,105		44,532		50,397

(1)Ceded premiums earned are shown net of profit commission.

Quota Share Reinsurance

We have entered into QSR Transactions with panels of third-party reinsurers to cede a fixed percentage of premiums earned and received and losses incurred on insurance covered by the transactions. We receive the benefit of a ceding commission equal to 20% of premiums ceded before profit commission. We also receive the benefit of a profit commission through a reduction of premiums we cede. The profit commission varies inversely with the level of losses on a “dollar for dollar” basis and can be eliminated at annual loss ratios higher than we have experienced on our QSR Transactions. Ceded losses incurred are impacted by the delinquencies covered by our QSR Transactions, our estimates of payments that will be ultimately made on those delinquencies, and claim payments covered by our QSR Transactions.

Each of our QSR Transactions typically have annual loss ratio caps of 300% and lifetime loss ratios of 200%.

Table 7.2 below provides additional detail regarding our QSR Transactions in effect during 2025.


Reinsurance
Table	7.2

Quota Share Contract			Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR and 2021 QSR			2021	14.8	%	69.0	%	'December 31, 2036
2021 QSR and 2022 QSR			2021	11.1	%	69.0	%	'December 31, 2036
2021 QSR and 2022 QSR		(2)	2022	15.0	%	57.5	%	December 31, 2037
2022 QSR and 2023 QSR		(3)	2022	15.0	%	62.0	%	December 31, 2037
2022 QSR and 2023 QSR			2023	15.0	%	62.0	%	December 31, 2034
2023 QSR			2023	10.0	%	58.5	%	December 31, 2034
2024 QSR			2024	30.0	%	56.0	%	'December 31, 2035
2025 QSR			2025	40.0	%	63.0	%	'December 31, 2036
Credit Union QSR			2020-2025	65.0	%	50.0	%	December 31, 2039

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

We can elect to terminate the QSR Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than 90% (80% for the Credit Union QSR Transaction) of the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period.

Reinsurance

Table 7.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

December 31, 2027

January 1, 2028

12.3% or 10%

2021 QSR and 2022 QSR

2021

December 31, 2027

January 1, 2028

9.4% or 7%

2021 QSR and 2022 QSR

(3)

2022

June 30, 2028

July 1, 2028

11.5% or 9.2%

2022 QSR and 2023 QSR

(3)

2022

June 30, 2028

July 1, 2028

12.1% or 9.7%

2022 QSR and 2023 QSR

2023

June 30, 2026

January 1, 2026

12.5% or 10%

2023 QSR

2023

June 30, 2026

January 1, 2026

8% or 7%

2024 QSR

2024

December 31, 2027

23% or 15%

2025 QSR

2025

December 31, 2027

30% or 20%

(1) We can elect early termination of the QSR Transaction beginning on this date, and semi-annually thereafter.

(2) We can elect to reduce the quota share percentage beginning on this date, and semi-annually thereafter.

(3) Terms of the agreement were amended effective December 31, 2025.

Under the terms of our QSR Transactions, ceded premiums, ceding commissions, profit commission, and ceded loss paid and LAE paid are settled net on a quarterly basis. The ceded premiums due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheets.

The reinsurance recoverable on loss reserves related to our QSR Transactions was $65.1 million as of December 31, 2025 and $47.3 million as of December 31, 2024. The reinsurance recoverable balance is secured by funds on deposit from the reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our quota share reinsurance agreements described above has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor's Rating Services, A.M. Best, Moody's, or a combination of the three. An allowance for credit losses was not required as of December 31, 2025 or December 31, 2024.

Excess of Loss Reinsurance

We have XOL Transactions with a panel of unaffiliated reinsurers executed through the traditional reinsurance market (“Traditional XOL Transactions”) and with unaffiliated special purpose insurers (“Home Re Transactions”).

For the policies covered under our Traditional XOL Transactions, we retain the first layer of the aggregate losses paid, and the reinsurers will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount. The reinsurance coverage is subject to adjustment based on the risk characteristics of the covered loans until the initial excess of loss reinsurance coverage layer has been finalized.

We can elect to terminate our Traditional XOL Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period. The reinsurance premiums ceded under the Traditional XOL Transactions are based off the remaining reinsurance coverage levels. The reinsured coverage levels are secured by funds on deposit from reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our Traditional XOL Transactions has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor’s Rating Services, A.M. Best, Moody’s, or a combination of the three.

The Home Re Transactions are executed with unaffiliated special purpose insurers (“Home Re Entities”). For the reinsurance coverage periods, we retain the first layer of the respective aggregate losses paid, and a Home Re Entity will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount. Subject to certain conditions, the reinsurance coverage decreases as the underlying covered mortgages amortize or are repaid, or mortgage insurance losses are paid.

The Home Re Entities financed the coverages by issuing mortgage insurance-linked notes (“ILNs”) to unaffiliated investors in an aggregate amount equal to the initial reinsurance coverage amounts. Each ILN is non-recourse to any assets of MGIC or affiliates. The proceeds of the ILNs, which were deposited into reinsurance trusts for the benefit of MGIC, will be the source of reinsurance claim payments to MGIC and principal repayments on the ILNs.

Payment of principal on the related insurance-linked notes will be suspended and the reinsurance coverage available to MGIC under the transactions will not be reduced by such principal payments until a target level of credit enhancement is obtained or if certain thresholds or “Trigger Events” are reached, as defined in the related insurance-linked notes transaction agreement. As of December 31, 2025, there were no "Trigger Events".

In 2025 we exercised our option to terminate the reinsurance agreement with Home Re 2021-1, Ltd., as such, the insurance-linked notes issued by Home Re 2021-1 Ltd. were redeemed in full.

Table 7.4a , 7.4b, and 7.4c provide a summary of our XOL Transactions that were in effect as of December 31, 2025.

Excess of Loss Reinsurance

7.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call/ Termination Date (1)

Legal Maturity

2025 Traditional XOL

June 1, 2025

January 1, 2025 - December 31, 2025

January 1, 2031

10 years

2024 Traditional XOL

April 1, 2024

January 1, 2024 - December 31, 2024

January 1, 2030

10 years

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

2021 Traditional XOL

December 1, 2025

January 1, 2021 - December 31, 2021

January 1, 2031

10 years

2020 Traditional XOL

March 1, 2025

January 1, 2020 - December 31, 2020

April 1, 2030

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years


Excess of Loss Reinsurance
7.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		December 31, 2025		December 31, 2024		December 31, 2023
2025 Traditional XOL	$	95,966	$	95,966	N/A		N/A
2024 Traditional XOL	125,016		124,458		$	125,016	N/A
2023 Traditional XOL	70,578		69,060		70,401		70,578
2022 Traditional XOL	82,523		78,023		81,112		82,346
2021 Traditional XOL	142,291		142,291		N/A		N/A
2020 Traditional XOL	68,343		68,288		N/A		N/A
Home Re 2023-1, Ltd.	272,961		266,371		272,269		272,961
Home Re 2022-1, Ltd.	325,589		318,906		322,566		325,001
Home Re 2021-2, Ltd.	190,159		187,030		188,211		189,403


7.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 12/31/2025 (2)		December 31, 2025		December 31, 2024		December 31, 2023
2025 Traditional XOL	$	151,851	N/A		N/A		$	151,851	N/A		N/A
2024 Traditional XOL	187,220		N/A		N/A		187,220		$	187,220	N/A
2023 Traditional XOL	96,942		N/A		N/A		64,217		91,404		96,942
2022 Traditional XOL	142,642		N/A		N/A		100,274		124,344		142,642
2021 Traditional XOL	250,000		N/A		N/A		250,000		N/A		N/A
2020 Traditional XOL	250,592		N/A		N/A		250,592		N/A		N/A
Home Re 2023-1, Ltd.	330,277		97	%	96	%	231,708		299,325		330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	207,641		305,639		420,731
Home Re 2021-2, Ltd.	398,429		100	%	100	%	84,376		132,424		173,960

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

The reinsurance premiums ceded to each Home Re Entity are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. The amount of monthly reinsurance coverage premium ceded will fluctuate due to changes in the reference rate and changes in money market rates that affect investment income collected on the assets in the reinsurance trust. As a result, we concluded that each Home Re Transaction contains an embedded derivative that is accounted for separately as a freestanding derivative. The fair values of the derivatives at December 31, 2025 and December 31, 2024, were not material to our consolidated balance sheet, and the change in fair values during the years ended December 31, 2025, December 31, 2024 and December 31, 2023 were not material to our consolidated statements of operations. (see Note 5 - "Investments" and Note 6 - "Fair Value Measurements" ).

At the time the Home Re Transactions were entered into, we concluded that each Home Re Entity is a variable interest entity (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make sufficient decisions relating to the entity’s operations through voting rights or do not substantively participate in gains and losses of the entity. Given that MGIC (1) does not have the unilateral power to direct the activities that most significantly affect each Home Re Entity’s economic performance and (2) does not have the obligation, outside the terms of the reinsurance agreement, to absorb losses or the right to receive benefits of each Home Re Entity that could be significant to the Home Re Entity, consolidation of the Home Re Entities is not required.

We are required to disclose our maximum exposure to loss, which we consider to be an amount that we could be required to record in our statements of operations, as a result of our involvement with the VIEs under our Home Re Transactions. As of December 31, 2025, December 31, 2024 and December 31, 2023, we did not have material exposure to the VIEs as we have no investment in the VIEs and had no reinsurance claim payments due from the VIEs under our reinsurance transactions. We are unable to determine the timing or extent of claims from losses that are ceded under the reinsurance transactions. The VIE assets are deposited in reinsurance trusts for the benefit of MGIC that will be the source of reinsurance claim payments to MGIC. The purpose of the reinsurance trusts is to provide security to MGIC for the obligations of the VIEs under the reinsurance transactions. The trustee of the reinsurance trusts, a recognized provider of corporate trust services, has established segregated accounts within the reinsurance trusts for the benefit of MGIC, pursuant to the trust agreements. The trust agreements are governed by, and construed in accordance with, the laws of the State of New York. If the trustee of the reinsurance trusts failed to distribute claim payments to us as provided in the reinsurance trusts, we would incur a loss related to our losses ceded under the reinsurance transactions and deemed unrecoverable. We are also unable to

determine the impact such possible failure by the trustee to perform pursuant to the reinsurance trust agreements may have on our consolidated financial statements. As a result, we are unable to quantify our maximum exposure to loss related to our involvement with the VIEs. MGIC has certain termination rights under the reinsurance transactions should its claims not be paid.

Table 7.5 presents the total assets of the Home Re Entities as of December 31, 2025, December 31, 2024 and December 31, 2023.


Home Re Entities Total Assets
Table	7.5

(In thousands)
Home Re Entity		Total VIE Assets
		December 31, 2025		December 31, 2024		December 31, 2023
Home Re 2023-1 Ltd.		$	237,900	$	303,733	$	330,277
Home Re 2022-1 Ltd.		214,788		313,229		427,279
Home Re 2021-2 Ltd.		89,865		136,486		174,431

The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (1) invest at least 99.5% of their total assets in cash or direct U.S. federal government obligations, such as U.S. Treasury bills, as well as other short-term securities backed by the full faith and credit of the U.S. federal government or issued by an agency of the U.S. federal government, (2) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaamf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (3) are permitted investments under the applicable credit for reinsurance laws and applicable PMIERs credit for reinsurance requirements.

The total calculated PMIERs credit for risk ceded under our XOL Transactions is generally based on the PMIERs requirement of the covered policies and the attachment and detachment points of the coverage, all of which fluctuate over time. (see Note 1 - "Nature of Business and Basis of Presentation").

Reinsurance transactions effective in subsequent periods

QSR Transactions

•We executed a 40% QSR Transaction with a group of unaffiliated reinsurers covering eligible NIW in 2026.

•We executed a 40% QSR Transaction with a group of unaffiliated reinsurers covering eligible NIW in 2027.

Traditional XOL Transactions

•We executed an XOL Transaction which provides up to $184 million of reinsurance coverage on eligible NIW in 2026.

ILN Transactions

•In January 2026, through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025.

Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 229,474	$ 242,253
Benefit obligation	(229,474)	(242,253)	$ (261,330)
Plan assets at fair value	234,154	240,216	235,612
Funded Status - Overfunded/(Underfunded)	4,680	(2,037)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	22,765	23,383
Benefit obligation	(22,765)	(23,383)	(30,238)
Plan assets at fair value	182,436	156,604	$ 134,371
Funded Status - Overfunded/(Underfunded)	$ 159,671	$ 133,221

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

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+ Details

Investments - Net Gains (Losses) On Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fixed income securities:
Gross realized gains on sale of fixed income securities	$ 2,971	$ 1,114	$ 3,071
Gross realized losses on sale of fixed income securities	(3,049)	(8,045)	(17,620)
Equity securities gains (losses):
Equity securities, gains (losses), changes in fair value	421	(130)	530
Change in embedded derivative on Home Re Transactions	(11)	(2,791)	(118)
Other:
Other, gains (losses) on sales	2	16	(1)
Other, market adjustment	0	(10)	(3)
Net gains (losses) on investments and other financial instruments	334	(9,846)	(14,141)
Proceeds from sales of fixed income securities	$ 110,961	$ 45,807	$ 375,788

Loss Reserves

12 Months Ended

Dec. 31, 2025

Insurance Loss Reserves [Abstract]

Loss Reserves

We establish case reserves and LAE reserves on delinquent loans that were reported to us as two or more payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity.

IBNR reserves are established for estimated losses from delinquencies we estimate have occurred prior to the close of an accounting period, but have not yet been reported to us. IBNR reserves are also established using estimated claim rates and claim severities.

Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment and the current and future strength of local housing markets; exposure on insured loans; the amount of time between delinquency and claim filing (all else being equal, the longer the period between delinquency and claim filing, the greater the severity); the effectiveness of loss mitigation efforts; and curtailments and rescissions. The actual amount of the claim payments may be substantially different than our loss reserve estimates.

Our estimates could be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, which may reduce borrowers' income and their ability to make mortgage payments. Additionally, the impact of past and future government initiatives and actions taken by the GSEs to keep borrowers in their homes may impact our estimates. A decline in housing values may affect borrowers' willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Loss reserves in future periods will also be dependent on the number of loans reported to us as delinquent. Changes in our estimates arising from the factors described above or due to other unforeseen circumstances could materially affect our financial results, even in a stable economic environment.

In considering the potential sensitivity of the factors underlying our estimate of loss reserves, it is possible that even a relatively small change in our estimated claim rate or claim severity could have a material impact on loss reserves and, correspondingly, on our consolidated results of operations even in a stable economic environment. For example, as of December 31, 2025, assuming all other factors remain constant, a $1,000 increase/decrease in the average severity reserve factor would change the loss reserve amount by approximately +/- $7 million. A one percentage point increase/decrease in the average claim rate reserve factor would change the loss reserve amount by approximately +/- $19 million.

The “Losses incurred” section of table 8.1 below shows losses incurred on delinquencies that occurred in the current year and in prior years. The amount of losses incurred relating to delinquencies that occurred in the current year represents the estimated amount to be ultimately paid on such delinquencies. The amount of losses incurred relating to delinquencies that occurred in prior years represents the difference between the actual claim rate and claim severity associated with those delinquencies resolved in the current year compared to the estimated claim rate and claim severity at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on delinquencies continuing from the end of the prior year. This re-estimation of the claim rate and claim severity is the result of our review of current trends in the delinquency inventory, such as percentages of delinquencies that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of delinquencies by geography and changes in average loan exposure.

The “Losses paid” section of table 8.1 below shows the amount of losses paid on delinquencies received in the current year and losses paid on delinquencies that occurred in prior years.

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years:


Development of Reserves for Losses and Loss Adjustment Expenses
Table	8.1
(In thousands)		2025		2024		2023
Reserve at beginning of year		$	462,662	$	505,379	$	557,988
Less reinsurance recoverable		47,281		33,302		28,240
Net reserve at beginning of year		415,381		472,077		529,748

Losses incurred:
Losses and LAE incurred in respect of delinquent notices received in:
Current year		204,082		197,615		187,658
Prior years (1)		(155,179)		(212,476)		(208,514)
Total losses incurred		48,903		(14,861)		(20,856)

Losses paid:
Losses and LAE paid in respect of delinquent notices received in:
Current year		1,477		946		566
Prior years		54,265		43,585		45,645
Reinsurance terminations (2)		(1,287)		(2,696)		(9,396)
Total losses paid		54,455		41,835		36,815
Net reserve at end of year		409,829		415,381		472,077
Plus reinsurance recoverable		65,055		47,281		33,302
Reserve at end of year		$	474,884	$	462,662	$	505,379

(1)A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development.

(2)In a reinsurance termination, amounts for any incurred but unpaid losses are due to us from the reinsurers. As a result, the amount due from the reinsurers is reclassified from reinsurance recoverable on loss reserves to reinsurance recoverable on paid losses, resulting in no impact to losses incurred. (See Note 7 - "Reinsurance")

The increase in the current year losses incurred for the year ended December 31, 2025 as compared with the year ended December 31, 2024 is primarily due to an increase in estimated severity on current year delinquencies and an increase in new delinquencies received during the year ended December 31, 2025.

The favorable loss development on previously received delinquencies for the years ended December 31, 2025 and December 31, 2024 primarily resulted from a decrease in the expected claim rate on previously received delinquencies. Home price appreciation in recent years has allowed some borrowers to cure their delinquencies through the sale of their property.

The prior year loss reserve development for the past three years is reflected in table 8.2 below.


Reserve Development on Previously Received Delinquencies
Table	8.2
(In thousands)		2025		2024		2023
Increase (decrease) in estimated claim rate on primary defaults		$	(142,091)	$	(192,675)	$	(200,983)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(13,088)		(19,801)		(7,531)
Total prior year loss development (1)		$	(155,179)	$	(212,476)	$	(208,514)

(1)A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves.

Premium Refunds

Our estimate of premiums to be refunded on expected claim payments is accrued for separately in "Other liabilities" on our consolidated balance sheets and was $11.4 million and $12.5 million at December 31, 2025 and 2024, respectively.

Segment Reporting - Disaggregation of Significant Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation expense	$ 3,300	$ 4,200	$ 4,600
Total other underwriting and operating expenses, net	193,473	209,324	226,004
Mortgage Insurance Segment
Segment Reporting Information [Line Items]
Employee costs	143,727	157,937	176,682
Outside services	32,355	32,667	36,099
Premium taxes	21,380	21,547	21,523
Depreciation expense	3,253	4,179	4,626
All other underwriting and operating	(7,242)	(7,006)	(12,926)
Total other underwriting and operating expenses, net	$ 193,473	$ 209,324	$ 226,004

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets (liabilities) as reported on the consolidated balance sheets as of December 31, 2025 and 2024 are shown in table 16.1 below.


Deferred Tax Assets and Liabilities
Table	16.1
(In thousands)		2025		2024
Total deferred tax assets		$	60,277	$	105,437
Total deferred tax liabilities		(41,765)		(35,562)
Net deferred tax asset (liability)		$	18,512	$	69,875

Components of the net deferred tax asset (liability)

Table 16.2 includes the components of the net deferred tax asset (liability) as of December 31, 2025 and 2024.


Deferred Tax Components
Table	16.2
(In thousands)		2025		2024
Unrealized losses on investments		$	32,081	$	68,550
Unearned premium reserves		8,845		11,111
Transferable tax credits		8,733		—
Deferred compensation		6,411		7,878
Loss reserves		3,047		2,291
Research and experimental costs		160		14,143
Benefit plans		(32,086)		(25,195)
Bond discount amortization		(3,996)		(3,535)
Fixed assets		(2,534)		(2,833)
Deferred policy acquisition costs		(1,759)		(2,456)
Other, net		(390)		(79)
Net deferred tax asset (liability)		$	18,512	$	69,875

Schedule of income before income tax

Table 16.3 summarizes income before income tax expense for the periods indicated.


U.S. and Foreign Income Before Income Tax Expense
Table	16.3	2025			2024			2023
(In thousands)		Amount	Percent (%)		Amount	Percent (%)		Amount	Percent (%)
U.S.		922,826	99.4	%	962,784	99.4	%	893,957	99.1	%
Foreign		5,711	0.6	%	5,925	0.6	%	8,272	0.9	%
Income before tax		928,537	100.0	%	968,709	100.0	%	902,229	100.0	%

Components of the provision for (benefit from) income taxes

Table 16.4 summarizes the components of the provision for income taxes for the periods indicated.


Provision for (Benefit from) Income Taxes
Table	16.4
(In thousands)		2025		2024		2023
Current U.S. federal		$	163,227	$	196,582	$	185,191
Deferred		19,226		1,805		1,550
Other		7,737		7,328		2,539
Provision for income taxes		$	190,190	$	205,715	$	189,280

Reconciliation of federal statutory income tax rate

Table 16.5 reconciles the amount and rate of tax from the U.S. federal statutory income tax rate to our effective tax provision rate after the prospective adoption of ASU 2023-09.


Effective Tax Rate Reconciliation After Adoption of ASU 2023-09
Table	16.5	2025
(In thousands)		Amount	Percent (%)
U.S. federal statutory income tax rate		194,993	21.0	%
Tax credits:
Transferable tax credits		(10,032)	(1.1)	%
Other credits		(2,066)	(0.2)	%
Other		7,295	0.8	%
Effective tax rate		190,190	20.5	%

Table 16.6 reconciles the rate of tax from the U.S. federal statutory income tax rate to our effective tax provision rate for years prior to the adoption of ASU 2023-09.


Effective Tax Rate Reconciliation Prior to Adoption of ASU 2023-09
Table	16.6
		2024		2023
U.S. federal statutory income tax rate		21.0	%	21.0	%


Tax exempt municipal bond interest		(0.3)	%	(0.5)	%
Other, net		0.5	%	0.5	%
Effective tax rate		21.2	%	21.0	%

Schedule of income tax payments by jurisdiction

Table 16.7 provides our income tax payments by jurisdiction.


Income Taxes Paid by Jurisdiction
Table	16.7	2025
(In thousands)		Amount	Percent (%)
Federal
U.S.		57,043	73	%
Transferable tax credits		12,174	16	%
Total federal income taxes paid		69,217	89	%
State		6,351	8	%
Other		2,236	3	%
Total income taxes paid		77,804	100	%

Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	$ 240,216	$ 235,612
Actual return on plan assets	19,766	4,719
Company contributions	7,601	23,313
Plan participants' contributions	0	0
Benefit payments from fund	(14,182)	(13,985)
Benefit and settlement payments paid directly by company	(101)	(313)
Settlement payments from fund	(19,146)	(9,130)
Other adjustment	0	0
Fair Value of Plan Assets at End of Year	234,154	240,216
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	156,604	134,371
Actual return on plan assets	29,076	25,699
Company contributions	0	0
Plan participants' contributions	2	240
Benefit payments from fund	(3,179)	(3,296)
Benefit and settlement payments paid directly by company	0	0
Settlement payments from fund	0	0
Other adjustment	(67)	(410)
Fair Value of Plan Assets at End of Year	$ 182,436	$ 156,604

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchase Programs Repurchases may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In 2025, we repurchased approximately 30.1 million shares of our common stock for $782.0 million, inclusive of commissions. As of December 31, 2025, we had a remaining authorization to repurchase $425.2 million of our common stock under our existing share repurchase program through December 31, 2027. In the year to date period ended February 20, 2026 we repurchased approximately 4.5 million shares for $120.5 million. In 2024, we repurchased approximately 25.3 million shares for $566.6 million, inclusive of commissions. Cash Dividends In the first and second quarters of 2025, we paid quarterly cash dividends of $0.13 per share. In the third and fourth quarters of 2025, we paid quarterly cash dividends of $0.15 per share. On January 27, 2026, the Board of Directors declared a quarterly cash dividend to holders of the company's common stock of $0.15 per share payable on March 6, 2026 to shareholders of record at the close of business on February 17, 2026.

- Definition

The entire disclosure for equity.

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Net deferred tax assets (liabilities) as reported on the consolidated balance sheets as of December 31, 2025 and 2024 are shown in table 16.1 below.


Deferred Tax Assets and Liabilities
Table	16.1
(In thousands)		2025		2024
Total deferred tax assets		$	60,277	$	105,437
Total deferred tax liabilities		(41,765)		(35,562)
Net deferred tax asset (liability)		$	18,512	$	69,875

Table 16.2 includes the components of the net deferred tax asset (liability) as of December 31, 2025 and 2024.


Deferred Tax Components
Table	16.2
(In thousands)		2025		2024
Unrealized losses on investments		$	32,081	$	68,550
Unearned premium reserves		8,845		11,111
Transferable tax credits		8,733		—
Deferred compensation		6,411		7,878
Loss reserves		3,047		2,291
Research and experimental costs		160		14,143
Benefit plans		(32,086)		(25,195)
Bond discount amortization		(3,996)		(3,535)
Fixed assets		(2,534)		(2,833)
Deferred policy acquisition costs		(1,759)		(2,456)
Other, net		(390)		(79)
Net deferred tax asset (liability)		$	18,512	$	69,875

The $8.7 million carryforward for our transferable tax credits expires in 2048. We believe that all gross deferred tax assets at December 31, 2025 and 2024 are fully realizable and no valuation allowance has been established.

Table 16.3 summarizes income before income tax expense for the periods indicated.


U.S. and Foreign Income Before Income Tax Expense
Table	16.3	2025			2024			2023
(In thousands)		Amount	Percent (%)		Amount	Percent (%)		Amount	Percent (%)
U.S.		922,826	99.4	%	962,784	99.4	%	893,957	99.1	%
Foreign		5,711	0.6	%	5,925	0.6	%	8,272	0.9	%
Income before tax		928,537	100.0	%	968,709	100.0	%	902,229	100.0	%

Table 16.4 summarizes the components of the provision for income taxes for the periods indicated.


Provision for (Benefit from) Income Taxes
Table	16.4
(In thousands)		2025		2024		2023
Current U.S. federal		$	163,227	$	196,582	$	185,191
Deferred		19,226		1,805		1,550
Other		7,737		7,328		2,539
Provision for income taxes		$	190,190	$	205,715	$	189,280

Table 16.5 reconciles the amount and rate of tax from the U.S. federal statutory income tax rate to our effective tax provision rate after the prospective adoption of ASU 2023-09.


Effective Tax Rate Reconciliation After Adoption of ASU 2023-09
Table	16.5	2025
(In thousands)		Amount	Percent (%)
U.S. federal statutory income tax rate		194,993	21.0	%
Tax credits:
Transferable tax credits		(10,032)	(1.1)	%
Other credits		(2,066)	(0.2)	%
Other		7,295	0.8	%
Effective tax rate		190,190	20.5	%

Table 16.6 reconciles the rate of tax from the U.S. federal statutory income tax rate to our effective tax provision rate for years prior to the adoption of ASU 2023-09.


Effective Tax Rate Reconciliation Prior to Adoption of ASU 2023-09
Table	16.6
		2024		2023
U.S. federal statutory income tax rate		21.0	%	21.0	%


Tax exempt municipal bond interest		(0.3)	%	(0.5)	%
Other, net		0.5	%	0.5	%
Effective tax rate		21.2	%	21.0	%

Table 16.7 provides our income tax payments by jurisdiction.


Income Taxes Paid by Jurisdiction
Table	16.7	2025
(In thousands)		Amount	Percent (%)
Federal
U.S.		57,043	73	%
Transferable tax credits		12,174	16	%
Total federal income taxes paid		69,217	89	%
State		6,351	8	%
Other		2,236	3	%
Total income taxes paid		77,804	100	%

Current federal income tax payments were $181.8 million and $188.2 million in 2024 and 2023, respectively. U.S. Tax payments include cash payments to the IRS and net purchases of U.S. government non-interest-bearing tax and loss bonds. As of December 31, 2025 we owned $984.2 million of tax and loss bonds and our federal tax credits payable was $135.3 million. Excluding Federal, no jurisdiction comprises 5% or more of the total income taxes paid.

We have not recorded any uncertain tax positions during 2025 and 2024 and have no unrecognized tax benefits at December 31, 2025 and December 31, 2024. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. Generally, tax years after 2021 are open to examination by tax authorities.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2025

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)	2025		2024
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2025 – $450,697 ; 2024 – $544,456)	$	451,540	$	546,179
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2025 – $388,164 ; 2024 – $379,603)	388,345		379,701
Total investment portfolio	839,885		925,880

Cash and cash equivalents	233,660		149,944
Investment in subsidiaries, at equity in net assets	4,842,761		4,767,074
Accounts receivable - affiliates	2,244		2,512
Income taxes - current and deferred	32,044		2,221
Accrued investment income	6,760		8,165
Total assets	$	5,957,354	$	5,855,796

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Senior notes	$	646,138	$	644,667

Federal tax credits payable	135,344		12,535		(1)
Accrued interest	12,797		12,797
Other liabilities	15,524		13,422		(1)
Total liabilities	809,803		683,421

Shareholders’ equity:
Common stock ($1 par value, shares authorized 1,000,000; shares issued and outstanding 2025 - 219,367; 2024 - 248,449)	219,367		248,449
Paid-in capital	1,812,463		1,808,236

Accumulated other comprehensive income (loss), net of tax	(134,394)		(288,162)
Retained earnings	3,250,115		3,403,852
Total shareholders’ equity	5,147,551		5,172,375
Total liabilities and shareholders’ equity	$	5,957,354	$	5,855,796

(1) Certain amounts have been reclassified to conform with current year presentation

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)	2025		2024		2023
Revenues:
Investment income, net of expenses	$	44,748	$	46,167	$	30,123
Net realized investment gains (losses)	612		254		(47)
Total revenues	45,360		46,421		30,076

Expenses:
Operating expenses	2,402		1,479		1,555
Interest expense	35,603		35,602		36,905

Total expenses	38,005		37,081		38,460
Income (loss) before tax	7,355		9,340		(8,384)
Benefit from income taxes	(9,706)		(772)		(1,734)
Equity in net income of subsidiaries	721,286		752,882		719,599
Net income	738,347		762,994		712,949
Other comprehensive income (loss), net of tax	153,768		28,119		165,230
Comprehensive income	$	892,115	$	791,113	$	878,179

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)	2025		2024		2023
Cash flows from operating activities:
Net income	$	738,347	$	762,994	$	712,949
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(721,286)		(752,882)		(719,599)
Dividends received from subsidiaries	247,614		526,879		326,013
Deferred tax expense (benefit)	82		36,798		86,219
Other	12,072		19,298		26,726
Change in certain assets and liabilities:
Accounts receivable - affiliates	268		348		(1,996)
Income taxes receivable	87,518		(5,683)		45,913
Accrued investment income	5,981		1,007		(499)
Accrued interest	—		—		349
Net cash provided by (used in) operating activities	370,596		588,759		476,075
Cash flows from investing activities:
Return of capital from subsidiaries	—		40,000		—

Purchases of investments	(328,357)		(514,482)		(566,795)
Proceeds from sales of investments	981,762		546,111		555,957
Net cash provided by (used in) investing activities	653,405		71,629		(10,838)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	—		—		(28,637)
Repurchase of common stock	(788,645)		(569,478)		(337,182)
Dividends paid	(132,491)		(130,500)		(122,965)
Payment of withholding taxes related to share-based compensation net share settlement	(19,149)		(19,066)		(7,257)
Net cash provided by (used in) financing activities	(940,285)		(719,044)		(496,041)
Net increase (decrease) in cash and cash equivalents	83,716		(58,656)		(30,804)
Cash and cash equivalents at beginning of year	149,944		208,600		239,404
Cash and cash equivalents at end of year	$	233,660	$	149,944	$	208,600

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 2026, 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, 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 $800 million, $750 million and $600 million in dividends in cash and fixed income securities to our holding company during 2025, 2024, and 2023, respectively. No contributions were made to our insurance subsidiaries in 2025, 2024, or 2023. 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 3 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation and not of its subsidiaries.

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,944,001	$ 6,178,123
Gross Unrealized Gains	61,897	19,722
Gross Unrealized (Losses)	(214,667)	(346,156)
Fair Value	5,791,231	5,851,689
Assets held by insurance regulatory requirements	12,600	12,200
Assets held in trust for the benefit of contractual counterparties	185,700	199,900
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	279,359	265,349
Gross Unrealized Gains	958	231
Gross Unrealized (Losses)	(2,505)	(5,087)
Fair Value	277,812	260,493
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,961,841	2,065,953
Gross Unrealized Gains	10,958	2,331
Gross Unrealized (Losses)	(134,035)	(192,789)
Fair Value	1,838,764	1,875,495
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,712,348	2,857,627
Gross Unrealized Gains	36,781	12,593
Gross Unrealized (Losses)	(57,857)	(112,839)
Fair Value	2,691,272	2,757,381
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	225,478	155,594
Gross Unrealized Gains	2,418	2,157
Gross Unrealized (Losses)	(1,335)	(1,234)
Fair Value	226,561	156,517
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	366,671	373,485
Gross Unrealized Gains	8,169	2,103
Gross Unrealized (Losses)	(16,816)	(25,528)
Fair Value	358,024	350,060
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	237,974	243,840
Gross Unrealized Gains	2,484	21
Gross Unrealized (Losses)	(1,675)	(7,990)
Fair Value	238,783	235,871
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	99,182	199,773
Gross Unrealized Gains	129	286
Gross Unrealized (Losses)	(24)	0
Fair Value	99,287	200,059
Foreign government debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,487	4,487
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	(420)	(689)
Fair Value	4,067	3,798
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,661	12,015
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	0	0
Fair Value	$ 56,661	$ 12,015

Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ (155,179)	$ (212,476)	$ (208,514)
Increase (decrease) in estimated claim rate on primary defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	(142,091)	(192,675)	(200,983)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ (13,088)	$ (19,801)	$ (7,531)

Loss Reserves - Narrative (Details) $ in Thousands	12 Months Ended
Loss Reserves - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Minimum number of payments past due to be in default \| loan	2
Change in loss reserves (+/-)	$ 12,222	$ (42,717)	$ (52,609)
Premium refund liability, expected claim payments	11,400	$ 12,500
$1,000 Increase/Decrease In Average Severity Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	7,000
One Percentage Point Increase/Decrease In Average Claim Rate Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	$ 19,000

Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company service cost	$ 0	$ 0	$ 0
Interest cost	13,193	12,988	13,787
Expected return on plan assets	(13,769)	(14,576)	(13,517)
Amortization of Net Prior Service Cost/(Credit)	345	345	345
Amortization of Net Losses/(Gains)	2,186	2,091	2,185
Cost of settlements	5,917	198	9,749
Net periodic benefit cost (benefit)	7,872	1,046	12,549
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company service cost	937	1,668	1,497
Interest cost	1,244	1,501	1,633
Expected return on plan assets	(11,643)	(9,974)	(8,235)
Amortization of Net Prior Service Cost/(Credit)	470	1,813	1,861
Amortization of Net Losses/(Gains)	(2,769)	(1,523)	(150)
Cost of settlements	0	0	0
Net periodic benefit cost (benefit)	$ (11,761)	$ (6,515)	$ (3,394)

Reinsurance - Summary of Reinsurance Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Premiums earned:
Direct	$ 1,141,305	$ 1,138,245	$ 1,142,412
Assumed	14,526	14,458	12,960
Ceded:	(190,019)	(181,896)	(202,821)
Net premiums earned	965,812	970,807	952,551
Losses incurred:
Direct	77,337	5,714	(5,200)
Assumed	(32)	32	(33)
Losses incurred, net	48,903	(14,861)	(20,856)
Quota Share Reinsurance Transactions
Premiums earned:
Ceded:	(128,853)	(115,306)	(123,955)
Losses incurred:
Ceded	(28,402)	(20,607)	(15,623)
Profit commission on quota share reinsurance	121,942	108,368	133,145
Ceding commission on quota share reinsurance	50,105	44,532	50,397
Excess of Loss Reinsurance Transactions
Premiums earned:
Ceded:	$ (61,166)	$ (66,590)	$ (78,866)

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Components of net periodic benefit cost

The following tables 10.1, 10.2, and 10.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2025, 2024, and 2023 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2025 and 2024.


Components of Net Periodic Benefit Cost
Table	10.1
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2023		12/31/2025		12/31/2024		12/31/2023
Company service cost		$	—	$	—	$	—	$	937	$	1,668	$	1,497
Interest cost		13,193		12,988		13,787		1,244		1,501		1,633
Expected return on plan assets		(13,769)		(14,576)		(13,517)		(11,643)		(9,974)		(8,235)


Amortization of:

Prior service cost (credit)		345		345		345		470		1,813		1,861
Net actuarial losses (gains)		2,186		2,091		2,185		(2,769)		(1,523)		(150)


Cost of settlements		5,917		198		9,749		—		—		—
Net periodic benefit cost (benefit)		$	7,872	$	1,046	$	12,549	$	(11,761)	$	(6,515)	$	(3,394)

Development of funded status


Development of Funded Status
Table	10.2
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Actuarial Value of Benefit Obligations
Measurement date		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Accumulated benefit obligation		$	229,474	$	242,253	$	22,765	$	23,383

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit obligation		$	(229,474)	$	(242,253)	$	(22,765)	$	(23,383)
Plan assets at fair value		234,154		240,216		182,436		156,604
Funded status - overfunded/asset		4,680		N/A		$	159,671	$	133,221
Funded status - underfunded/liability		N/A		(2,037)		N/A		N/A


Accumulated Other Comprehensive (Income) Loss
Table	10.3
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Net actuarial losses (gains)		$	71,597	$	78,240	$	(58,907)	$	(45,384)
Prior service cost (credit)		2,209		2,555		2,453		2,923

Total at year end		$	73,806	$	80,795	$	(56,454)	$	(42,461)

Change in projected benefit obligation

Table 10.4 shows the changes in the projected benefit obligation for the years ended December 31, 2025 and 2024.


Change in Projected Benefit / Accumulated Benefit
Table	10.4
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Benefit obligation at beginning of year		$	242,253	$	261,330	$	23,383	$	30,238
Company service cost		—		—		937		1,668
Interest cost		13,193		12,988		1,244		1,501
Plan participants' contributions		—		—		2		240
Net actuarial losses (gains)		7,457		(8,637)		1,141		(379)
Benefit payments from fund		(14,182)		(13,985)		(3,179)		(3,296)
Benefit and settlement payments paid directly by company		(101)		(313)		—		—
Plan amendments		—		—		—		(6,305)

Settlement payments from fund (1)		(19,146)		(9,130)		—		—
Other adjustment		—		—		(763)		(284)
Benefit obligation at end of year		$	229,474	$	242,253	$	22,765	$	23,383

(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.

Changes in fair value of plan assets and other comprehensive income (loss)

Tables 10.5 and 10.6 show the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2025 and 2024.


Change in Plan Assets
Table	10.5
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Fair value of plan assets at beginning of year		$	240,216	$	235,612	$	156,604	$	134,371
Actual return on plan assets		19,766		4,719		29,076		25,699
Company contributions		7,601		23,313		—		—
Plan participants' contributions		—		—		2		240
Benefit payments from fund		(14,182)		(13,985)		(3,179)		(3,296)
Benefit and settlement payments paid directly by company		(101)		(313)		—		—
Settlement payments from fund		(19,146)		(9,130)		—		—
Other adjustment		—		—		(67)		(410)
Fair value of plan assets at end of year		$	234,154	$	240,216	$	182,436	$	156,604

Change in Accumulated Other Comprehensive Income (Loss) ("AOCI")
Table	10.6
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		12/31/2025		12/31/2024		12/31/2025		12/31/2024
AOCI in prior year		$	80,795	$	82,209	$	(42,461)	$	(19,763)
Increase (decrease) in AOCI
Recognized during year - prior service (cost) credit		(345)		(345)		(470)		(1,813)
Recognized during year - net actuarial (losses) gains		(8,103)		(2,290)		2,769		1,523
Occurring during year - prior service cost		—		—		—		(6,305)
Occurring during year - net actuarial losses (gains)		1,459		1,221		(16,292)		(16,103)


AOCI in current year		$	73,806	$	80,795	$	(56,454)	$	(42,461)

Actuarial assumptions

The projected benefit obligations, net periodic benefit costs and accumulated benefit obligation for the plans were determined using the following weighted average assumptions.


Actuarial Assumptions
Table	10.7
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Weighted-average assumptions used to determine
benefit obligations at year end
1. Discount rate		5.50	%	5.70	%	5.30	%	5.65	%
2. Rate of compensation increase		N/A		N/A		N/A		N/A
3. Cash balance interest crediting rate		4.84	%	4.78	%	N/A		N/A

Weighted-average assumptions used to determine
net periodic benefit cost for year
1. Discount rate		5.70	%	5.20	%	5.65	%	5.20	%
2. Expected long-term return on plan assets		6.00	%	6.00	%	7.50	%	7.50	%
3. Rate of compensation increase		N/A		N/A		N/A		N/A

Year-end asset allocations of the plans

The year-end asset allocations of the plans are shown in table 10.8 below.


Plan Assets
Table	10.8
		Pension Plan				Other Postretirement Benefit Plans
		12/31/2025		12/31/2024		12/31/2025		12/31/2024
Equity securities		21	%	21	%	100	%	100	%
Debt securities		79	%	79	%	—	%	—	%
Total		100	%	100	%	100	%	100	%

Schedule of investment allocation strategies

The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:

Strategy

Objective

Investment types

Return seeking growth

Funded ratio improvement over the long term

●

Global quality growth

●

Global low volatility

Return seeking bridge

Downside protection in the event of a declining equity market

●

Enduring asset

●

Durable company

Minimum and maximum allocation ranges for fixed income securities and equity securities


	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Schedule of expected future benefit payments

Expected future benefit payments from the plans are shown in Table 10.11 below.


Expected Future Benefit Payments
Table	10.11
		Pension and Supplemental Executive Retirement Plans	Other Postretirement Benefit Plans
(In thousands)		12/31/2025	12/31/2025



Current + 1		20,684	2,796
Current + 2		20,942	2,606
Current + 3		20,386	2,554
Current + 4		19,956	2,386
Current + 5		19,471	2,224
Current + 6 - 10		89,763	10,087

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of fair value of plan assets


Pension Plan Assets at Fair Value as of December 31, 2025
Table	10.9a
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	2,468	$	—	$	2,468
U.S. government securities		36,765		—		36,765
Corporate debt securities
Corporate debt securities and other		—		112,945		112,945
Non-government foreign debt securities		—		16,487		16,487
Municipal bonds		—		18,974		18,974
Pooled equity accounts		—		46,515		46,515
Total assets at fair value		$	39,233	$	194,921	$	234,154


Pension Plan Assets at Fair Value as of December 31, 2024
Table	10.9b
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	3,479	$	—	$	3,479
U.S. government securities		22,355		—		22,355
Corporate debt Securities
Corporate debt securities and other		—		135,739		135,739
Non-government foreign debt securities		—		20,665		20,665
Municipal bonds		—		11,607		11,607
Pooled equity accounts		—		46,371		46,371
Total assets at fair value		$	25,834	$	214,382	$	240,216

Other Postretirement Benefit Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of fair value of plan assets

Tables 10.10a and 10.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2025 and 2024. All are Level 1 assets.


Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2025
Table	10.10a
(In thousands)		Level 1
Domestic mutual funds		$	148,737
International mutual funds		33,699
Total assets at fair value		$	182,436


Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2024
Table	10.10b
(In thousands)		Level 1
Domestic mutual funds		$	130,586
International mutual funds		26,018
Total assets at fair value		$	156,604

Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss Reserve [Roll Forward]
Reserve at beginning of year	$ 462,662	$ 505,379	$ 557,988
Less reinsurance recoverable	47,281	33,302	28,240
Net reserve at beginning of year	409,829	415,381	472,077	$ 529,748
Losses and LAE incurred in respect of delinquent notices received in:
Current year	204,082	197,615	187,658
Prior years	(155,179)	(212,476)	(208,514)
Total losses incurred	48,903	(14,861)	(20,856)
Losses and LAE paid in respect of delinquent notices received in:
Current year	1,477	946	566
Prior years	54,265	43,585	45,645
Reinsurance terminations	(1,287)	(2,696)	(9,396)
Total losses paid	54,455	41,835	36,815
Net reserve at end of year	409,829	415,381	472,077
Plus reinsurance recoverable	65,055	47,281	33,302
Reserve at end of year	$ 474,884	$ 462,662	$ 505,379

Statutory Information - Narrative (Details)	12 Months Ended
Statutory Information - Narrative (Details)	Dec. 31, 2025 jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements	16
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10.00%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Milwaukee, Wisconsin

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Cash and Cash Equivalents We consider money market funds and investments with original maturities of three months or less to be cash equivalents. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consists of cash and money market funds held in trusts for the benefit of contractual counterparties under reinsurance agreements or for other contractual restrictions. Fair Value Measurements We carry certain financial instruments at fair value and disclose the fair value of all financial instruments. Our financial instruments carried at fair value are predominantly measured on a recurring basis. Financial instruments measured on a nonrecurring basis are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The fair value of an asset or liability is defined as the price that would be received upon a sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models or other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters including yield curves, interest rates, volatilities, equity or debt prices, and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. As of December 31, 2025 and 2024, we did not elect to measure any financial instruments acquired, or issued, such as our outstanding debt obligations, at fair value for which the primary basis of accounting is not fair value. Valuation Process We use independent pricing sources to determine the fair value of a substantial majority of our financial instruments, which primarily consist of assets in our investment portfolio, but also includes cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, and reference data including market research publications. Market indicators, industry, and economic events are also considered. The inputs listed above are evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Valuation Hierarchy A three-level valuation hierarchy has been established under GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of a financial instrument as of the measurement date. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources, as described below, have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The three levels are defined as follows: •Level 1: Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities. •Level 2: Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. The independent pricing sources used for our Level 2 investments vary by type of investment. See Note 6 - "Fair Value Measurements" for further information. •Level 3: Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. Investments Fixed Income Securities Our fixed income securities are classified as available-for-sale and are reported at fair value. Fixed income securities with original maturities less than one year and greater than three months are classified as short-term on our consolidated balance sheet. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses on fixed income securities are reported in income based upon specific identification of securities within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the credit allowance. Equity Securities Equity securities are reported at fair value, except for certain securities that are carried at cost. Equity securities carried at cost are reported as Other invested assets. Realized investment gains and losses on equity securities are reported in income based upon specific identification of securities sold within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the fair value. Other Invested Assets Other invested assets are carried at cost. These assets represent our investment in Federal Home Loan Bank of Chicago ("FHLB") stock, which due to restrictions, is required to be redeemed or sold only to the security issuer at par value. Accrued Investment Income We report accrued investment income separately from securities. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payments. Unrealized Losses and Allowance for Credit Losses Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to: •our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; •the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; •failure of the issuer to make scheduled interest or principal payments; •a change in rating to below investment grade; and •adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record an impairment on a security if we intend to sell, if it is more likely than not that we will be required to sell it prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. When a security is considered to be impaired, but when a sale is not intended or is not likely, the loss is separated into the portion that represents the credit loss and the portion that is due to other factors. A credit loss is recorded, subject to reversal, in the consolidated statement of operations within "Net gains (losses) on investments and other financial instruments." The loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security. Home Office and Equipment Home office and equipment is carried at cost, net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $53.8 million and $61.2 million as of December 31, 2025 and 2024, respectively. Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $3.3 million, $4.2 million and $4.6 million, respectively. Deferred Insurance Policy Acquisition Costs Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs ("DAC"). The deferred costs are reported net of any ceding commissions received associated with our reinsurance transactions. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. Loss Reserves Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves. Case reserves and LAE reserves are established when notices of delinquency on insured mortgage loans are received. Such loans are referred to as being in our delinquency inventory. For reporting purposes, we consider a loan delinquent when it is two or more payments past due and has not become current or resulted in a claim payment. Although the accounting standard, ASC 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish case reserves for future claims on insured loans that are not currently delinquent. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our case reserve estimates are primarily established based upon historical experience, including rescissions of policies, curtailments of claims, and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. Loss reserves for reinsurance assumed are based on information provided by the ceding companies. IBNR reserves are established for delinquencies estimated to have occurred prior to the close of an accounting period, but have not yet been reported to us. Consistent with case reserves for reported delinquencies, IBNR reserves are also established using estimated claim rates and claim severities. LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process. Loss reserves are ceded to reinsurers under our reinsurance agreements. (See "Reinsurance" discussion below. Also see Note 7 – “Reinsurance ” and Note 8 – “Loss Reserves.”) Premium Deficiency Reserve After our loss reserves are established, we perform premium deficiency tests using our best estimate of future premium, losses and LAE paid. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and LAE paid exceeds the present value of expected future premium, anticipated investment income, and already established loss reserves. Revenue Recognition We write policies which are guaranteed renewable at the insured's option on a monthly, single, or annual premium basis. We have no ability to re-underwrite or reprice these policies. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve. Premiums written on annual premium policies are earned on a monthly pro rata basis. Premiums written on policies covering more than one year are amortized over the estimated policy life based on historical experience, which includes the anticipated incurred loss pattern. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. When a policy is cancelled due to rescission, all previously collected premium is returned. When a policy is cancelled because a claim is paid, premium collected since the date of delinquency is returned. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. Changes in this liability, and the actual return of premiums for all periods, affect premiums written and earned. We assess whether a credit loss allowance is required for our premium receivable. We consider collectability trends and industry development, among other things. Any estimated credit loss would be immediately recognized. Income Taxes Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the consolidated financial statements and the tax bases of these items. The estimated tax effects are computed at the enacted federal statutory income tax rate. Changes in tax laws, rates, regulations, and policies or the final determination of tax audits or examinations, could materially affect our estimates and can be significant to our operating results. We evaluate the realizability of the deferred tax assets based on the weight of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The recognition of a tax position is determined using a two-step approach. The first step applies a more-likely-than-not threshold for recognition and derecognition. The second step measures the tax position as the greatest amount of benefit that is cumulatively greater than 50% likely to be realized. When evaluating a tax position for recognition and measurement, we presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. We recognize interest accrued and penalties related to unrecognized tax benefits in our provision for income taxes. Federal tax law permits mortgage guaranty insurance companies to deduct from taxable income, subject to certain limitations, the amounts added to contingency loss reserves that are recorded for regulatory purposes. The amounts we deduct must generally be included in taxable income in the tenth subsequent year. The deduction is allowed only to the extent that we purchase and hold U.S. government non-interest-bearing tax and loss bonds in an amount equal to the tax benefit attributable to the deduction. We account for these purchases as a payment of current federal income tax. (See "Note 16 - Income Taxes.") Benefit Plans We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan, that covered eligible employees through December 31, 2022. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants will continue to earn interest credits on their retirement benefits. We recognize the ongoing retirement benefit costs of these plans as they are incurred. Our policy is to fund pension costs as required under the Employee Retirement Income Security Act of 1974. We also offer benefits for retired domestic employees, their eligible spouses and dependents under a postretirement benefit plan. Participation in this plan is limited to eligible employees that participated in the defined benefit pension plan. Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. We accrue the estimated costs of the retiree benefits over the period during which employees render the service that qualifies them for benefits. (See Note 10 – “Benefit Plans.”) Reinsurance We cede insurance risk through the use of quota share reinsurance transactions ("QSR Transactions") and excess of loss reinsurance transactions ("XOL Transactions"). We have excess of loss transactions executed through the traditional reinsurance market and with Home Re special purpose insurers. Premiums and losses incurred on our QSR Transactions are ceded based on a fixed percentage pursuant to the terms of our reinsurance agreements. Reinsurance premiums ceded under our traditional reinsurance transactions are based off the remaining reinsured coverage levels. Reinsurance premiums ceded under our Home Re agreements are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in the reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. Loss reserves are reported before taking credit for amounts ceded under reinsurance transactions. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable, net of ceding commission and profit commission are included in “Other liabilities.” Profit commissions are included with “Premiums written – Ceded” and ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 7 – “Reinsurance.”) We assess whether a credit loss allowance is required for our reinsurance recoverables. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to, the credit ratings of individual reinsurers, investor reports for our Home Re Transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances. Assumed reinsurance is based on information received from the ceding company. See Note 7 – “Reinsurance" for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions. Share-Based Compensation We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one to three years, although awards to our non-employee directors vest immediately. Any forfeitures of awards are recognized as they occur. (See Note 12 – “Share-based Compensation Plans.”) Earnings per Share Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Our "participating securities" are composed of vested restricted stock and restricted stock units ("RSUs") with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if our unvested restricted stock units result in the issuance of common stock. Prior to our redemption of the outstanding principal on our 9% debentures in 2023, we utilized the if-converted method to calculate the potential dilution that could occur if our 9% Debentures were converted to common stock. The determination of potentially issuable shares did not consider the satisfaction of the conversion requirements and the shares were included in the determination of diluted EPS as of the beginning of the period, if dilutive. For purposes of calculating basic and diluted EPS, vested RSUs are considered outstanding. (See Note 3 - “Debt” and Note 4 - "Earnings Per Share".) Share Repurchases Prior to November 15, 2024, shares we repurchased were held in treasury stock unless they were reissued under the discretion of our Board of Directors. As of November 15, 2024, we retired all shares of our treasury stock, which resulted in an adjustment to retained earnings equal to the cumulative amount of repurchase price paid in excess of par value for treasury stock held as of that date. Subsequent to the retirement of the treasury stock, all shares of our common stock that we repurchase are immediately retired, and the amount of the repurchase price paid in excess of par value for repurchased shares is recorded as an adjustment to retained earnings. (See Note 11 - "Shareholders' Equity.") Recent Accounting and Reporting Developments Accounting standards and laws and regulations effective in 2025 or early adopted, and relevant to our financial statements are described below: Improvements to Income Tax Disclosures: ASU 2023-09 In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. Income tax disclosures now require consistent categories and greater disaggregations of information in the rate reconciliation and disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply the standard retrospectively. We adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements on a prospective basis. (See Not e 16 - "Income Taxes.") Prospective Accounting and Reporting Developments Relevant new amendments to accounting standards, which are not yet effective or adopted. Disaggregation of Income Statement Expenses: ASU 2024-03 In November 2024, the FASB issued ASU 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impacts the adoption of this guidance will have on our disclosures, but do not expect it to have a material impact.

Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.50%	5.70%	5.20%
Cash Balance Interest Crediting Rate Used to Determine Benefit Obligation (in hundredths)	4.84%	4.78%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	5.70%	5.20%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	6.00%	6.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.30%	5.65%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	5.65%	5.20%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	7.50%	7.50%
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan \| Total fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	0.00%	0.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	21.00%	21.00%
Pension Plan \| Total fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	79.00%	79.00%

Income Taxes - Schedule of income tax payments by jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S.	$ 57,043
Transferable tax credits	12,174
Total federal income taxes paid	69,217	$ 181,800	$ 188,200
State	6,351
Other	2,236
Total income taxes paid	$ 77,804
Percent (%)
U.S.	73.00%
Transferable tax credits	16.00%
Total federal income taxes paid	89.00%
State	8.00%
Other	3.00%
Total income taxes paid	100.00%

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

Our current omnibus incentive plan was adopted on April 24, 2025. When the 2025 plan was adopted, no further awards could be made under our previous 2020 plan. The purpose of the 2025 plan is to motivate and incentivize performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. The 2025 plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after April 24, 2035 under the 2025 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. At December 31, 2025, 11.0 million shares were available for future grant under the 2025 plan.

Under the fair value method, the compensation cost of awards granted under our share-based compensation plans is measured at the grant date based on the fair value of the awards and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one to three years, although awards to our non-employee directors vest immediately. The grant date fair value of awards granted to executive officers and non-employee directors in 2025, is calculated based on the stock price as of the grant date, discounted to account for the one year post-vesting holding period to which the awards are subject. Table 12.1 summarizes the compensation cost recognized and charged against income for share-based awards.


Share-based Compensation Cost
Table	12.1	Years ended December 31,
(in thousands)		2025		2024		2023
Compensation cost recognized for share-based awards		$	24,332	$	31,227	31,537
Income tax benefit related to share-based compensation cost		1,268		2,383		2,870
Share-based compensation cost, net		$	23,064	$	28,844	28,667

As of December 31, 2025, the total unrecognized compensation cost for all of our outstanding share-based awards was $16.4 million. A portion of the unrecognized costs associated with the outstanding awards may or may not be recognized in future periods, depending upon whether or not the performance and/or service conditions are met. The cost associated with the outstanding share-based awards is expected to be recognized over a weighted-average period of 1.5 years.

Table 12.2 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2025.


Restricted Stock
Table	12.2
		Weighted Average Grant Date Fair Market Value		Shares
Restricted stock outstanding at December 31, 2024		$	16.04	2,827,801
Granted (1)		24.45		724,339
Performance adjustment (2)		—		732,231
Vested		15.67		(1,844,424)
Forfeited		23.21		(45,674)
Restricted stock outstanding at December 31, 2025		$	18.54	2,394,273

(1) Approximately 47% of the shares granted in 2025 are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

(2) Amount represents the difference between the number of shares vested at settlement with performance conditions and the number of target shares at the grant date in 2022.

At December 31, 2025, the 2.4 million shares of restricted stock outstanding consisted of 1.7 million shares that are subject to performance conditions, 0.5 million shares that are subject only to service conditions, and 0.2 million shares related to non-employee director shares. The weighted-average grant date fair value of restricted stock granted during 2024 and 2023 was $19.81 and $14.17, respectively. Prior to 2025, the fair value of restricted stock granted was the closing price of the common stock on the New York Stock Exchange on the date of grant or previous trading day if the New York Stock Exchange was closed on the date of grant. The total fair value of restricted stock vested during 2025, 2024 and 2023 was $44.9 million, $43.2 million, and $17.3 million, respectively.

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Fair Value	$ 5,791,231	$ 5,851,689
Investments	5,807,662	5,867,560
Cash and cash equivalents	368,989	229,485
Accrued investment income	58,009	61,064
Total assets	6,639,486	6,547,235
Liabilities:
Senior notes	646,138	644,667
Federal tax credits payable	135,344	12,535
Other liabilities	142,543	134,636
Total liabilities	1,491,935	1,374,860
Shareholders’ equity:
Common stock	219,367	248,449
Paid-in capital	1,812,463	1,808,236
Accumulated other comprehensive income (loss), net of tax	(134,394)	(288,162)
Retained earnings	3,250,115	3,403,852
Total shareholders' equity	5,147,551	5,172,375	$ 5,072,017
Total liabilities and shareholders' equity	6,639,486	6,547,235
Parenthetical information [Abstract]
Fixed income, amortized cost	$ 5,944,001	$ 6,178,123
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	219,367,000	248,449,000
Common stock, shares outstanding (in shares)	219,367,000	248,449,000
Fixed income
Assets
Fair Value	$ 5,489,945	$ 5,511,564
Parenthetical information [Abstract]
Fixed income, amortized cost	5,642,929	5,838,145
Short-Term Investments
Assets
Fair Value	301,286	340,125
Parenthetical information [Abstract]
Fixed income, amortized cost	301,072	339,978
Parent Company
Assets
Investments	839,885	925,880
Cash and cash equivalents	233,660	149,944
Investment in subsidiaries, at equity in net assets	4,842,761	4,767,074
Accounts receivable - affiliates	2,244	2,512
Income taxes - current and deferred	32,044	2,221
Accrued investment income	6,760	8,165
Total assets	5,957,354	5,855,796
Liabilities:
Senior notes	646,138	644,667
Federal tax credits payable	135,344	12,535
Accrued interest	12,797	12,797
Other liabilities	15,524	13,422
Total liabilities	809,803	683,421
Shareholders’ equity:
Common stock	219,367	248,449
Paid-in capital	1,812,463	1,808,236
Accumulated other comprehensive income (loss), net of tax	(134,394)	(288,162)
Retained earnings	3,250,115	3,403,852
Total shareholders' equity	5,147,551	5,172,375
Total liabilities and shareholders' equity	$ 5,957,354	$ 5,855,796
Parenthetical information [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	219,367,000	248,449,000
Common stock, shares outstanding (in shares)	219,367,000	248,449,000
Parent Company \| Fixed income
Assets
Fair Value	$ 451,540	$ 546,179
Parenthetical information [Abstract]
Fixed income, amortized cost	450,697	544,456
Parent Company \| Short-Term Investments
Assets
Fair Value	388,345	379,701
Parenthetical information [Abstract]
Fixed income, amortized cost	$ 388,164	$ 379,603

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - SUPPLEMENTARY NOTES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10.00%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Senior Notes \| 5.25% Senior Notes due 2028
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Stated interest rate (in hundredths)	5.25%
Insurance Subsidiaries
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Contributions from holding company to insurance subsidiaries	$ 0	$ 0	$ 0
NonInsurance Subsidiary
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Return of capital from subsidiaries		40,000,000
Mortgage Guaranty Insurance Corporation
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Dividends paid to the holding company	800,000,000	750,000,000	600,000,000
Contributions from holding company to insurance subsidiaries	$ 0	$ 0	$ 0

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 are included in table 9.1 below.


Components of Other Comprehensive Income (Loss)
Table	9.1
(In thousands)		2025		2024		2023
Net unrealized investment (losses) gains arising during the period		$	173,661	$	11,481	$	179,174
Total income tax benefit (expense)		(36,469)		(2,411)		(37,626)
Net of tax		137,192		9,070		141,548

Net changes in benefit plan assets and obligations		20,982		24,113		29,978
Total income tax benefit (expense)		(4,406)		(5,064)		(6,296)
Net of tax		16,576		19,049		23,682





Total other comprehensive income (loss)		194,643		35,594		209,152
Total income tax benefit (expense)		(40,875)		(7,475)		(43,922)
Total other comprehensive income (loss), net of tax		$	153,768	$	28,119	$	165,230

Reclassification out of accumulated other comprehensive income


Reclassifications from AOCI
Table	9.2
(In thousands)		2025		2024		2023
Reclassification adjustment for net realized (losses) gains (1)		$	(9,404)	$	(15,069)	$	(27,100)
Income tax benefit (expense)		1,975		3,164		5,691
Net of tax		(7,429)		(11,905)		(21,409)

Reclassification adjustment related to benefit plan assets and obligations (2)		(6,149)		(2,925)		(13,990)
Income tax benefit (expense)		1,291		614		2,938
Net of tax		(4,858)		(2,311)		(11,052)





Total reclassifications		(15,553)		(17,994)		(41,090)
Income tax benefit (expense)		3,266		3,778		8,629
Total reclassifications, net of tax		$	(12,287)	$	(14,216)	$	(32,461)

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

A rollforward of AOCI for the years ended December 31, 2025, 2024, and 2023, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total AOCI
Balance, December 31, 2022, net of tax		$	(408,496)	$	(73,015)	$	(481,511)
Other comprehensive income (loss) before reclassifications		120,139		12,630		132,769
Less: Amounts reclassified from AOCI		(21,409)		(11,052)		(32,461)
Balance, December 31, 2023, net of tax		(266,948)		(49,333)		(316,281)
Other comprehensive income (loss) before reclassifications		(2,835)		16,738		13,903
Less: Amounts reclassified from AOCI		(11,905)		(2,311)		(14,216)
Balance, December 31, 2024, net of tax		(257,878)		(30,284)		(288,162)
Other comprehensive income (loss) before reclassifications		129,763		11,718		141,481
Less: Amounts reclassified from AOCI		(7,429)		(4,858)		(12,287)
Balance, December 31, 2025, net of tax		$	(120,686)	$	(13,708)	$	(134,394)

Investments - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 16,286	$ 16,146
Fair Value Gains	42	8
Fair Value Losses	(1,006)	(1,392)
Equity securities	$ 15,322	$ 14,762

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

Table 4.1 reconciles basic and diluted EPS amounts:


Earnings Per Share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2025		2024		2023
Basic earnings per share:
Net income		$	738,347	$	762,994	$	712,949
Weighted average common shares outstanding - basic		232,975		261,684		283,605
Basic earnings per share		$	3.17	$	2.92	$	2.51
Diluted earnings per share:
Net Income		$	738,347	$	762,994	$	712,949
Interest expense, net of tax (1):
9% Debentures		—		—		1,026
Diluted income available to common shareholders		$	738,347	$	762,994	$	713,975
Weighted-average shares - basic		232,975		261,684		283,605
Effect of dilutive securities:
Unvested restricted stock units		2,124		2,311		2,427
9% Debentures		—		—		1,123
Weighted average common shares outstanding - diluted		235,099		263,995		287,155
Diluted income per share		$	3.14	$	2.89	$	2.49

(1) Interest expense has been tax effected at a rate of 21%.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

The following describes the valuation methodologies generally used by the independent pricing sources, or by us, to measure financial instruments at fair value, including the general classification of such financial instruments pursuant to the valuation hierarchy.

•Fixed income securities:

U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies: Securities with valuations derived from quoted prices for identical instruments in active markets that we can access are categorized in Level 1 of the fair value hierarchy. Securities valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information in the valuation process are categorized as Level 2 of the fair value hierarchy.

Corporate Debt Securities are valued by obtaining relevant trade data, benchmark quotes and spreads and broker/dealer quotes and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

Obligations of U.S. States & Political Subdivisions are valued by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. These securities are generally categorized in Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities ("RMBS") are valued by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. These securities are generally categorized in Level 2 of the fair value hierarchy.

Commercial Mortgage-Backed Securities ("CMBS") are valued using techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation uses regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. These securities are generally categorized in Level 2 of the fair value hierarchy.

Asset-Backed Securities ("ABS") are valued using spreads and other information solicited from market buy-and-sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including trade activity, bids, and offers are applied, resulting in tranche specific prices. These securities are generally categorized in Level 2 of the fair value hierarchy.

Collateralized loan obligations ("CLOs") are valued by evaluating manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity. These securities are generally categorized in Level 2 of the fair value hierarchy.

Foreign government debt is valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

Commercial Paper, with an original maturity greater than 90 days, is valued using market data for comparable instruments of similar maturity and average yields. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Equity securities: Consist of actively traded, exchange-listed equity securities, including exchange traded funds (“ETFs”) and Bond Mutual Funds, with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in Level 1 of the fair value hierarchy.

•Cash Equivalents: Consist of money market funds and treasury bills with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in level 1 of the fair value hierarchy. Instruments in this category valued using market data for comparable instruments are classified as level 2 in the fair value hierarchy.


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025
Table	6.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	277,812	$	241,056	$	36,756
Obligations of U.S. states and political subdivisions		1,838,764		—		1,838,764
Corporate debt securities		2,691,272		—		2,691,272
ABS		226,561		—		226,561
RMBS		358,024		—		358,024
CMBS		238,783		—		238,783
CLOs		99,287		—		99,287
Foreign government debt		4,067		—		4,067
Commercial paper		56,661		—		56,661
Total fixed income securities		5,791,231		241,056		5,550,175
Equity securities		15,322		15,322		—
Cash equivalents(1)		371,219		363,423		7,796
Total		$	6,177,772	$	619,801	$	5,557,971


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2024
Table	6.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	260,493	$	220,369	$	40,124
Obligations of U.S. states and political subdivisions		1,875,495		—		1,875,495
Corporate debt securities		2,757,381		—		2,757,381
ABS		156,517		—		156,517
RMBS		350,060		—		350,060
CMBS		235,871		—		235,871
CLOs		200,059		—		200,059
Foreign government debt		3,798		—		3,798
Commercial paper		12,015		—		12,015
Total fixed income securities		5,851,689		220,369		5,631,320
Equity securities		14,762		14,762		—
Cash equivalents(1)		230,156		219,943		10,213
Total		$	6,096,607	$	455,074	$	5,641,533
(1) Includes restricted cash equivalents

Additional fair value disclosures related to our investment portfolio are included in Note 5 - "Investments."

In addition to the assets carried at fair value discussed above, we have embedded derivatives carried at fair value related to our Home Re Transactions that are classified as Other liabilities or Other assets in our consolidated balance sheets. The estimated fair value related to our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on the Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. These liabilities or assets are categorized in Level 3 of the fair value hierarchy. As of December 31, 2025 and 2024, the fair value of the embedded derivatives was a liability of $0.4 million. (See Note 7 - "Reinsurance" for more information about our Home Re Transactions.)

Real estate acquired through claim settlement is carried at fair value and is reported in Other assets on the consolidated balance sheet. These assets are categorized as Level 3 of the fair value hierarchy. For the years ended December 31, 2025, and 2024, purchases of real estate acquired were $5.7 million and $5.2 million, respectively. For the years ended December 31, 2025, and 2024, sales of real estate acquired were $3.1 million and $2.7 million, respectively.

Financial Assets and Liabilities Not Measured at Fair Value

Other invested assets include an investment in FHLB stock that is carried at cost, which due to restrictions that require it to be redeemed or sold only to the security issuer at par value, approximates fair value. The fair value of other invested assets is categorized as Level 2.

Financial liabilities include our outstanding debt obligation. The fair value of our 5.25% Notes was based on observable market prices and is categorized as level 2.

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2025 and 2024.


Financial Assets and Liabilities Not Measured at Fair Value
Table	6.2
		December 31, 2025				December 31, 2024
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109
Financial liabilities
5.25% Senior Notes		646,138		650,442		644,667		636,883

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 29, 2026	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Reinsurance recoverable on loss reserves	$ 65,055		$ 47,281	$ 33,302	$ 28,240
Eligible New Insurance Written In 2026
Effects of Reinsurance [Line Items]
Quota share percentage	40.00%
Remaining excess of loss reinsurance coverage	$ 184,000
Eligible New Insurance Written In 2027
Effects of Reinsurance [Line Items]
Quota share percentage	40.00%
Quota Share Reinsurance Transactions
Effects of Reinsurance [Line Items]
Ceding commission, percentage	20.00%
Annual loss ratio cap, percentage	300.00%
Lifetime loss ratio cap, percentage	200.00%
Threshold for private mortgage insurer eligibility requirements for termination election	90.00%
Reinsurance recoverable on loss reserves	$ 65,100		$ 47,300
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Threshold for private mortgage insurer eligibility requirements for termination election	80.00%
Quota share percentage	65.00%
Home Re special purpose insurers
Effects of Reinsurance [Line Items]
Percent of total trust assets invested in cash or direct U.S. federal government obligations (as a percent)	99.50%
Home Re 2026-1 \| Subsequent Event
Effects of Reinsurance [Line Items]
Remaining excess of loss reinsurance coverage		$ 324,000

Significant Accounting Policies - Home Office and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Accumulated depreciation of home office and equipment	$ 53.8	$ 61.2
Depreciation expense	$ 3.3	$ 4.2	$ 4.6
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	3 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	45 years

Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses (gains)	$ 71,597	$ 78,240
Prior service cost (credit)	2,209	2,555
Total at Year End	73,806	80,795	$ 82,209
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses (gains)	(58,907)	(45,384)
Prior service cost (credit)	2,453	2,923
Total at Year End	$ (56,454)	$ (42,461)	$ (19,763)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fixed income, amortized cost	$ 5,944,001	$ 6,178,123
Cost	$ 16,286	$ 16,146
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	219,367,000	248,449,000
Common stock, shares outstanding (in shares)	219,367,000	248,449,000
Fixed income
Fixed income, amortized cost	$ 5,642,929	$ 5,838,145
Short-Term Investments
Fixed income, amortized cost	$ 301,072	$ 339,978

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Transferable tax credits	$ 8,733,000	$ 0
Deferred tax assets, valuation allowance	0	0
Total federal income taxes paid	69,217,000	181,800,000	$ 188,200,000
Amount of tax and loss bonds held	984,200,000
Federal tax credits payable	135,344,000	12,535,000
Unrecognized tax benefits	$ 0	$ 0

Share-based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post vesting holding period	1 year
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock/Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 16.4
Weighted-average period for recognition of compensation cost	1 year 6 months
Restricted stock shares outstanding (in shares)	2,394,273	2,827,801
Weighted-average grant date fair value of restricted stock (in dollars per share)	$ 24.45	$ 19.81	$ 14.17
Total fair value of restricted stock vested	$ 44.9	$ 43.2	$ 17.3
RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock shares outstanding (in shares)	1,700,000
RSUs subject only to service conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock shares outstanding (in shares)	500,000
RSUs Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock shares outstanding (in shares)	200,000
2025 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	11,000,000.0

Reinsurance - Quota Share Agreement Terms (Details)		12 Months Ended
Reinsurance - Quota Share Agreement Terms (Details)	Dec. 31, 2025	Dec. 31, 2025
2020 QSR and 2021 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota Share %		14.80%
Annual Loss Ratio to Exhaust Profit Commission		69.00%
Optional Reduced Quota Share %, option 1		12.30%
Optional Reduced Quota Share %, option 2		10.00%
2021 QSR and 2022 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota Share %		11.10%
Annual Loss Ratio to Exhaust Profit Commission		69.00%
Optional Reduced Quota Share %, option 1		9.40%
Optional Reduced Quota Share %, option 2		7.00%
2021 QSR and 2022 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota Share %	13.80%	15.00%
Annual Loss Ratio to Exhaust Profit Commission	67.50%	57.50%
Optional Reduced Quota Share %, option 1		11.50%
Optional Reduced Quota Share %, option 2		9.20%
2022 QSR and 2023 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota Share %	14.50%	15.00%
Annual Loss Ratio to Exhaust Profit Commission	67.50%	62.00%
Optional Reduced Quota Share %, option 1		12.10%
Optional Reduced Quota Share %, option 2		9.70%
2022 QSR and 2023 QSR - 2023 NIW
Effects of Reinsurance [Line Items]
Quota Share %		15.00%
Annual Loss Ratio to Exhaust Profit Commission		62.00%
Optional Reduced Quota Share %, option 1		12.50%
Optional Reduced Quota Share %, option 2		10.00%
QSR 2023 - 2023 NIW
Effects of Reinsurance [Line Items]
Quota Share %		10.00%
Annual Loss Ratio to Exhaust Profit Commission		58.50%
Optional Reduced Quota Share %, option 1		8.00%
Optional Reduced Quota Share %, option 2		7.00%
QSR 2024 - 2024 NIW
Effects of Reinsurance [Line Items]
Quota Share %		30.00%
Annual Loss Ratio to Exhaust Profit Commission		56.00%
Optional Reduced Quota Share %, option 1		23.00%
Optional Reduced Quota Share %, option 2		15.00%
QSR 2025 - 2025 NIW
Effects of Reinsurance [Line Items]
Quota Share %		40.00%
Annual Loss Ratio to Exhaust Profit Commission		63.00%
Optional Reduced Quota Share %, option 1		30.00%
Optional Reduced Quota Share %, option 2		20.00%
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %		65.00%
Annual Loss Ratio to Exhaust Profit Commission		50.00%

Benefit Plans - Additional Disclosures (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 2,796
Expected Benefit Payments for the Year Ending: Current plus 2	2,606
Expected Benefit Payments for the Year Ending: Current plus 3	2,554
Expected Benefit Payments for the Year Ending: Current plus 4	2,386
Expected Benefit Payments for the Year Ending: Current plus 5	2,224
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 10,087
Other Postretirement Benefit Plan \| Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	70.00%
Other Postretirement Benefit Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	100.00%
Other Postretirement Benefit Plan \| Real Estate \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Real Estate \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	15.00%
Other Postretirement Benefit Plan \| Commodities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Commodities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10.00%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10.00%
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 20,684
Expected Benefit Payments for the Year Ending: Current plus 2	20,942
Expected Benefit Payments for the Year Ending: Current plus 3	20,386
Expected Benefit Payments for the Year Ending: Current plus 4	19,956
Expected Benefit Payments for the Year Ending: Current plus 5	19,471
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 89,763
Pension Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	40.00%

Nature of Business and Basis of Presentation (Details) $ in Billions	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Direct domestic primary insurance in force	$ 303.1
Direct domestic primary risk in force	$ 81.2

Statutory Information (Tables)

12 Months Ended

Dec. 31, 2025

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices

Dividends paid by MGIC are shown in table 13.1 below.


Surplus Contributions and Dividends of Insurance Subsidiaries
Table	13.1
		Years Ended December 31,
(In thousands)		2025		2024	2023

Dividends paid by MGIC to the holding company (1)		$	800,000	750,000	600,000

(1) Dividends paid in cash and/or investment securities.

The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 13.2.


Statutory Financial Information of Insurance Subsidiaries
Table	13.2
		As of and for the Years Ended December 31,
(In thousands)		2025		2024		2023
Statutory net income		$	735,093	$	1,112,477	$	279,145
Statutory policyholders' surplus		894,278		976,756		639,878
Contingency reserve		4,914,234		4,897,284		5,199,405

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 759,885
Due after one year through five years	1,651,146
Due after five years through ten years	1,683,909
Due after ten years	919,756
Total debt securities with single maturity date	5,014,696
Amortized Cost	5,944,001	$ 6,178,123
Fair Value
Due in one year or less	759,602
Due after one year through five years	1,632,640
Due after five years through ten years	1,635,359
Due after ten years	840,975
Total debt securities with single maturity date	4,868,576
Total at end of period	5,791,231	5,851,689
ABS
Amortized Cost
Total debt securities without single maturity date, amortized cost	225,478
Amortized Cost	225,478	155,594
Fair Value
Total debt securities without single maturity date, fair value	226,561
Total at end of period	226,561	156,517
RMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	366,671
Amortized Cost	366,671	373,485
Fair Value
Total debt securities without single maturity date, fair value	358,024
Total at end of period	358,024	350,060
CMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	237,974
Amortized Cost	237,974	243,840
Fair Value
Total debt securities without single maturity date, fair value	238,783
Total at end of period	238,783	235,871
CLOs
Amortized Cost
Total debt securities without single maturity date, amortized cost	99,182
Amortized Cost	99,182	199,773
Fair Value
Total debt securities without single maturity date, fair value	99,287
Total at end of period	$ 99,287	$ 200,059

Loss Reserves (Tables)

12 Months Ended

Dec. 31, 2025

Insurance Loss Reserves [Abstract]

Reconciliation of Beginning and Ending Loss Reserves

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years:


Development of Reserves for Losses and Loss Adjustment Expenses
Table	8.1
(In thousands)		2025		2024		2023
Reserve at beginning of year		$	462,662	$	505,379	$	557,988
Less reinsurance recoverable		47,281		33,302		28,240
Net reserve at beginning of year		415,381		472,077		529,748

Losses incurred:
Losses and LAE incurred in respect of delinquent notices received in:
Current year		204,082		197,615		187,658
Prior years (1)		(155,179)		(212,476)		(208,514)
Total losses incurred		48,903		(14,861)		(20,856)

Losses paid:
Losses and LAE paid in respect of delinquent notices received in:
Current year		1,477		946		566
Prior years		54,265		43,585		45,645
Reinsurance terminations (2)		(1,287)		(2,696)		(9,396)
Total losses paid		54,455		41,835		36,815
Net reserve at end of year		409,829		415,381		472,077
Plus reinsurance recoverable		65,055		47,281		33,302
Reserve at end of year		$	474,884	$	462,662	$	505,379

Prior Year Development of the Reserves

The prior year loss reserve development for the past three years is reflected in table 8.2 below.


Reserve Development on Previously Received Delinquencies
Table	8.2
(In thousands)		2025		2024		2023
Increase (decrease) in estimated claim rate on primary defaults		$	(142,091)	$	(192,675)	$	(200,983)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(13,088)		(19,801)		(7,531)
Total prior year loss development (1)		$	(155,179)	$	(212,476)	$	(208,514)

Statutory Information - Statutory financial information of insurance subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statutory Capital [Abstract]
Statutory net income	$ 735,093	$ 1,112,477	$ 279,145
Statutory policyholders' surplus	894,278	976,756	639,878
Contingency reserve	$ 4,914,234	$ 4,897,284	$ 5,199,405

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension and Supplemental Executive Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	$ 80,795	$ 82,209
Recognized during year - prior service (cost) credit	(345)	(345)
Recognized during year - net actuarial (losses) gains	(8,103)	(2,290)
Occurring during year - prior service cost	0	0
Occurring during year - net actuarial losses (gains)	1,459	1,221
AOCI in Current Year	73,806	80,795
Other Postretirement Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	(42,461)	(19,763)
Recognized during year - prior service (cost) credit	(470)	(1,813)
Recognized during year - net actuarial (losses) gains	2,769	1,523
Occurring during year - prior service cost	0	(6,305)
Occurring during year - net actuarial losses (gains)	(16,292)	(16,103)
AOCI in Current Year	$ (56,454)	$ (42,461)

Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Minimum percentages of gain loss consider for amortization (in hundredths)	10.00%
Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise	$ 50,000
Future earnings period used in determining the expected average rate of earnings	20 years
Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths)	5.00%
Matching contribution rate on employees' contributions (in hundredths)	200.00%
Employee contributions subject to employer match (in hundredths)	2.00%
Matching contribution for the next two percent, as a percent	100.00%
Matching contribution, percent of employee's gross pay, next two percent contributed, as a percent	2.00%
Profit sharing and 401(k) savings plan expenses	$ 7,400	$ 8,200	$ 9,500
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage return should exceed growth in consumer price index annually (in hundredths)	5.75%
Maximum investment in international mutual funds (in hundredths)	30.00%
Percent of international mutual funds equity allocation in emerging markets (in hundredths)	2.00%
Percent of international mutual funds equity allocation in companies primarily based in Europe and the Pacific Basin (in hundredths)	16.00%
Company contributions	$ 0	0
Benefit plan contribution expected to be made in next fiscal year	0
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions	7,601	$ 23,313
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit plan contribution expected to be made in next fiscal year	$ 0

Reinsurance - Excess of Loss Reinsurance (Details) $ in Thousands										12 Months Ended
	Dec. 01, 2025 USD ($)	Jun. 01, 2025 USD ($)	Mar. 01, 2025 USD ($)	Apr. 01, 2024 USD ($)	Oct. 23, 2023 USD ($)	Apr. 01, 2023 USD ($)	Apr. 26, 2022 USD ($)	Apr. 01, 2022 USD ($)	Aug. 03, 2021 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
2025 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage		10 years
Initial First Layer Retention		$ 95,966
Remaining First Layer Retention										$ 95,966
Remaining Excess of Loss Reinsurance Coverage		$ 151,851								151,851
2024 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage				10 years
Initial First Layer Retention				$ 125,016
Remaining First Layer Retention										124,458	$ 125,016
Remaining Excess of Loss Reinsurance Coverage				$ 187,220						187,220	187,220
2023 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage						10 years
Initial First Layer Retention						$ 70,578
Remaining First Layer Retention										69,060	70,401	$ 70,578
Remaining Excess of Loss Reinsurance Coverage						$ 96,942				64,217	91,404	96,942
2022 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage								10 years
Initial First Layer Retention								$ 82,523
Remaining First Layer Retention										78,023	81,112	82,346
Remaining Excess of Loss Reinsurance Coverage								$ 142,642		100,274	124,344	142,642
2021 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage	10 years
Initial First Layer Retention	$ 142,291
Remaining First Layer Retention										142,291
Remaining Excess of Loss Reinsurance Coverage	$ 250,000									250,000
2020 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage			10 years
Initial First Layer Retention			$ 68,343
Remaining First Layer Retention										68,288
Remaining Excess of Loss Reinsurance Coverage			$ 250,592							$ 250,592
Excess of Loss Reinsurance Transactions, Home Re Transactions
Effects of Reinsurance [Line Items]
Reinsurance agreement, optional right, percent of reinsurance coverage threshold										10.00%
Home Re 2023-1, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity					10 years
Initial First Layer Retention					$ 272,961
Remaining First Layer Retention										$ 266,371	272,269	272,961
Remaining Excess of Loss Reinsurance Coverage					$ 330,277					$ 231,708	299,325	330,277
Funding Percentage					0.97					0.96
Home Re 2022-1, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity							12 years 6 months
Initial First Layer Retention							$ 325,589
Remaining First Layer Retention										$ 318,906	322,566	325,001
Remaining Excess of Loss Reinsurance Coverage							$ 473,575			$ 207,641	305,639	420,731
Funding Percentage							1			1
Home Re 2021-2, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity									12 years 6 months
Initial First Layer Retention									$ 190,159
Remaining First Layer Retention										$ 187,030	188,211	189,403
Remaining Excess of Loss Reinsurance Coverage									$ 398,429	$ 84,376	$ 132,424	$ 173,960
Funding Percentage									1	1

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES


SCHEDULE I — Summary of Investments - Other than Investments in Related Parties - December 31, 2025
(In thousands)	Amortized Cost		Fair Value		Amount at which shown in the balance sheet
Fixed income:
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	279,359	$	277,812	$	277,812
Obligations of U.S. states and political subdivisions	1,961,841		1,838,764		1,838,764
Foreign government debt	4,487		4,067		4,067
Public utilities	233,134		348,387		348,387
ABS	225,478		226,561		226,561
CLOs	99,182		99,287		99,287
Mortgage-backed	604,645		596,807		596,807
All other corporate debt securities	2,479,214		2,342,885		2,342,885
Commercial paper	56,661		56,661		56,661
Total fixed income	$	5,944,001	$	5,791,231	$	5,791,231

Equity securities:
Common stocks:
Industrial, miscellaneous and all other	16,286		15,322		15,322
Total equity securities	$	16,286	$	15,322	$	15,322

Total investments	$	5,960,287	$	5,806,553	$	5,806,553

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 738,347	$ 762,994	$ 712,949
Other comprehensive income (loss), net of tax:
Change in unrealized investment gains and losses	137,192	9,070	141,548
Benefit plans adjustment	16,576	19,049	23,682
Other comprehensive income (loss), net of tax	153,768	28,119	165,230
Comprehensive income	$ 892,115	$ 791,113	$ 878,179

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Net deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Total deferred tax assets	$ 60,277	$ 105,437
Total deferred tax liabilities	(41,765)	(35,562)
Net deferred tax asset (liability)	$ 18,512	$ 69,875

Investments - Net Unrealized Gains (Losses) of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Fixed income securities	$ 173,661	$ 11,481	$ 179,174

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The aggregate carrying value of our 5.25% Senior Notes ("5.25% Notes") and the par value as of December 31, 2025 and 2024 is presented in table 3.1 below.


Long-Term Debt Obligation, Carrying value
Table	3.1
		December 31,
(In thousands)		2025		2024
5.25% Notes, due August 2028 (par value: $650 million)		$	646,138	$	644,667

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	5.25%
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 1,109	$ 1,109
Carrying Value \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	646,138	644,667
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	1,109	1,109
Fair Value \| Significant Other Observable Inputs (Level 2) \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 650,442	$ 636,883

Document and Entity Information - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2025

Feb. 20, 2026

Jun. 30, 2025

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2025

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-10816

Entity Registrant Name

MGIC Investment Corp

Entity Incorporation, State or Country Code

Entity Tax Identification Number

39-1486475

Entity Address, Address Line One

250 E. Kilbourn Avenue

Entity Address, Postal Zip Code

53202

Entity Address, City or Town

Milwaukee,

Entity Address, State or Province

City Area Code

(414)

Local Phone Number

347-6480

Title of 12(b) Security

Common stock, par value $1 per share

Trading Symbol

MTG

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 6.3

Entity Common Stock, Shares Outstanding

214,953,360

Documents Incorporated by Reference

The following documents have been incorporated by reference in this Form 10-K, as indicated:


Document						Part and Item Number of Form 10-K Into Which Incorporated*
Proxy Statement for the 2026 Annual Meeting of Shareholders, provided such Proxy Statement is filed within 120 days after December 31, 2025. If not so filed, the information provided in Items 10 through 14 of Part III will be included in an amended Form 10-K filed within such 120 day period.						Items 10 through 14 of Part III

* In each case, to the extent provided in the Items listed.

Entity Central Index Key

0000876437

Document Fiscal Year Focus

2025

Document Fiscal Period Focus

Amendment Flag

false

Nature of Business and Basis of Presentation	12 Months Ended
Nature of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Primary mortgage insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us, of the underlying property. MGIC Assurance Corporation ("MAC") and MGIC Indemnity Corporation ("MIC"), insurance subsidiaries of MGIC, provide insurance for certain mortgages under Fannie Mae and Freddie Mac (the "GSEs") credit risk transfer programs. We operate as a single segment for the purposes of evaluating financial performance and allocating resources. At December 31, 2025, our direct primary insurance in force ("IIF") was $303.1 billion, which represents the unpaid principal balance, either reported to us by mortgage servicers or estimated by us, for the loans we insure, and our direct primary risk in force ("RIF") was $81.2 billion, which represents the IIF multiplied by the insurance coverage percentage. The substantial majority of our new insurance written ("NIW") is for loans purchased by the GSEs. The current private mortgage insurer eligibility requirements ("PMIERs") of the GSEs include financial requirements, as well as business, quality control and certain transactional approval requirements. The financial requirements of the PMIERs require a mortgage insurer’s "Available Assets" (generally only the most liquid assets of an insurer) to equal or exceed its "Minimum Required Assets" (which are based on an insurer's book of risk in force, calculated from tables of factors with several risk dimensions). Based on our application of the PMIERs, as of December 31, 2025, MGIC’s Available Assets are in excess of its Minimum Required Assets, and MGIC is in compliance with the PMIERs and eligible to insure loans purchased by the GSEs. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Subsequent Events We have considered subsequent events through the date of this filing.

Litigation and Contingencies	12 Months Ended
Litigation and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies We operate in a highly regulated industry that is subject to the risk of litigation and regulatory proceedings, including related to our claims paying practices. From time to time, we are involved in disputes and legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course disputes and legal proceedings will not have a material adverse effect on our financial condition or results of operations. Under ASC 450-20, until a loss associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated we do not accrue an estimated loss. When we determine that a loss is probable and can be reasonably estimated, we record our best estimate of our probable loss.

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Investment income, net of expenses	$ 246,258	$ 244,640	$ 214,740
Total revenues	1,213,636	1,207,731	1,155,102
Expenses:
Interest expense	35,603	35,602	36,905
Total losses and expenses	285,099	239,022	252,873
Income before tax	928,537	968,709	902,229
Benefit from income taxes	190,190	205,715	189,280
Net income	738,347	762,994	712,949
Other comprehensive income (loss), net of tax	153,768	28,119	165,230
Comprehensive income	892,115	791,113	878,179
Parent Company
Revenues:
Investment income, net of expenses	44,748	46,167	30,123
Net realized investment gains (losses)	612	254	(47)
Total revenues	45,360	46,421	30,076
Expenses:
Operating expenses	2,402	1,479	1,555
Interest expense	35,603	35,602	36,905
Total losses and expenses	38,005	37,081	38,460
Income before tax	7,355	9,340	(8,384)
Benefit from income taxes	(9,706)	(772)	(1,734)
Equity in net income of subsidiaries	721,286	752,882	719,599
Net income	738,347	762,994	712,949
Other comprehensive income (loss), net of tax	153,768	28,119	165,230
Comprehensive income	$ 892,115	$ 791,113	$ 878,179