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<!--XBRL Document Created with Wdesk from Workiva-->
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    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2020TwoYearMember_2fcf745b-8d4e-4a1f-a1b7-497fe7c283e0_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2020TwoYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2020 QSR, Two Year</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
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    <link:label id="lab_mtg_PrimaryDefaultInventory_cee6d747-cfc1-4e28-a5b6-1d4375edd63e_periodStartLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Beginning delinquent inventory</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventory_ebfd2319-b8ed-4774-b860-ca8437b557f5_totalLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total primary default inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventory_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventory_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The number of loans in the primary default inventory.</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMore" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, Twelve Months or More</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfGainLossOnInvestmentsTable_0ffff35f-04d9-48df-98a0-786874cd14a5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGainLossOnInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Gain (Loss) on Securities [Table]</link:label>
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    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations_23e97cdb-37fa-484c-9ad8-558a12762b2f_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatioForCombinedInsuranceOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk-to-capital ratio on combined insurance operations</link:label>
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    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_2517436f-818c-43ba-9f5e-11cadaf8565e_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
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    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_2cb5afb5-4a82-4ef0-a0ab-36f414d302e9_verboseLabel_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct domestic primary insurance in force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_label_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct Domestic Primary Insurance In Force</link:label>
    <link:label id="lab_mtg_DirectDomesticPrimaryInsuranceInForce_documentation_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryInsuranceInForce" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The principal balance in a Company's records of all mortgage loans it insures.</link:label>
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    <link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_61a3f205-e10f-43d7-9b32-a1df1760fe98_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Remaining authorized repurchase amount</link:label>
    <link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Repurchase Program, Remaining Authorized Repurchase Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_8d968b74-63b4-4b6d-bf31-487c2ae139ea_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total fixed income securities</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Debt Security [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanDebtSecurityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:to="lab_us-gaap_DefinedBenefitPlanDebtSecurityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt_dc40b537-b3cb-437a-866f-64ba4fc914d6_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from issuance of debt</link:label>
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    <link:label id="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures_066eb2f8-79d4-4f2e-af23-31aa46bc59e2_verboseLabel_en-US" xlink:label="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum percentage of aggregate principal amount of the debentures (in hundredths)</link:label>
    <link:label id="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures_label_en-US" xlink:label="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum percentage of aggregate principal amount of the debentures</link:label>
    <link:label id="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures_documentation_en-US" xlink:label="lab_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The maximum ratio of total net proceeds of all issuances of qualifying securities to the aggregate principal amount of the debentures. Pursuant to the Alternative Payment Mechanism under the note agreement(s), the entity may not issue qualifying preferred stock if the total net proceeds exceed this ratio.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures" xlink:href="mtg-20211231.xsd#mtg_MaximumPercentageOfAggregatePrincipalAmountOfDebentures"/>
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    <link:label id="lab_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_b169bcbe-2446-4114-954e-137d2b55602c_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash and Cash Equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"/>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease_fe32d45f-6e2d-4c83-8402-009c4bad2b3a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase in credit allowance for the period</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossPeriodIncreaseDecrease" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_5f6909cb-2deb-4690-8c46-cb1b35a8e376_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued interest</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Interest Payable, Net</link:label>
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    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_43d5a829-095b-4661-9484-f014c632cedd_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Included in earnings and reported as losses incurred, net</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_627e794b-a01d-4976-b02d-da223982d05c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1_5714b586-2e75-4594-99fa-b62493db82e1_terseLabel_en-US" xlink:label="lab_us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateral pledged for FHLB advance</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1"/>
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    <link:label id="lab_dei_LocalPhoneNumber_27970915-3b49-4d25-874f-197a8a5ac051_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_ac8a0e7d-07f3-495b-8af4-560da37a3e2f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortized cost, gross unrealized gains and losses and fair value of investment portfolio</link:label>
    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Available-for-sale Securities Reconciliation [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_aeca5fb2-303b-4ede-9704-4b875e79d33c_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortized cost and fair values of debt securities by contractual maturity</link:label>
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    <link:label id="lab_mtg_LossReserveRollForward_documentation_en-US" xlink:label="lab_mtg_LossReserveRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
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    <link:label id="lab_us-gaap_FederalHomeLoanBankAdvancesMember_5185ed3d-49e7-45e3-bad3-fda50eded933_terseLabel_en-US" xlink:label="lab_us-gaap_FederalHomeLoanBankAdvancesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal Home Loan Bank Advances (FHLB)</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve_c259dded-992d-4a4f-b0a1-175a66d76b1b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unearned premium reserves</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanOtherCosts_089003b0-7d6e-4311-96bd-181414aec06d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanOtherCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Adjustments</link:label>
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    <link:label id="lab_us-gaap_DividendsCash_7f32a2cd-4556-444d-b719-44d3a36f5951_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DividendsCash" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash dividends</link:label>
    <link:label id="lab_us-gaap_DividendsCash_50556eea-6d83-4f72-a51c-7e9e75c3975a_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash dividends</link:label>
    <link:label id="lab_us-gaap_DividendsCash_label_en-US" xlink:label="lab_us-gaap_DividendsCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends, Cash</link:label>
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    <link:label id="lab_us-gaap_RetainedEarningsMember_3caaa6eb-2b4c-47b2-8982-4426b861344d_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained earnings</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentFairValue_2b822ce5-db45-4823-8b9e-d406c5afb90a_totalLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total financial liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentFairValue"/>
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    <link:label id="lab_us-gaap_ProceedsFromContributionsFromParent_d1110448-fec1-4b0a-99dc-38be79c3fa3d_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionsFromParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from contribution from parent</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved_5fa066d2-c219-488b-a83b-52f5295ad890_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryOtherItemsRemoved" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other items removed from inventory</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryNewNotices_a4acd327-203a-4932-8e86-7ab2b74ef802_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryNewNotices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">New Notices</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesMember_19429e52-c315-4d2e-84ab-d54d05f86ba6_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total fixed income securities</link:label>
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    <link:label id="lab_mtg_StatutoryCapitalAbstract_7d34ef3b-ee58-41a2-b6f0-63602a444e06_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory Capital [Abstract]</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_17da66f2-46c4-4816-a6ff-09d7936666ce_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted stock outstanding at beginning of period (in shares)</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost_22db5a70-dc1c-40b5-9213-efd10f98d4f0_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due after one year through five years</link:label>
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    <link:label id="lab_us-gaap_UsTreasuryUstInterestRateMember_5759be6c-22bf-4070-b237-08b04cc82a33_terseLabel_en-US" xlink:label="lab_us-gaap_UsTreasuryUstInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">US Treasury (UST) Interest Rate</link:label>
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    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_8515e3b0-e33c-4369-a157-417e1b39abf7_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption, Adjustment</link:label>
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    <link:label id="lab_us-gaap_OtherNoncashIncomeExpense_757181b5-3433-462b-b6b3-fdc3e7af8dd3_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashIncomeExpense" xlink:to="lab_us-gaap_OtherNoncashIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxLiabilities_e2b6322c-cea3-4d35-9fbf-f4dd5b7c71c3_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net deferred tax liability</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
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    <link:label id="lab_us-gaap_StatutoryAccountingPracticesPrescribedPracticeAmount_32c1d110-3d0c-4591-ae54-9d830ed4f456_terseLabel_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesPrescribedPracticeAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase in contingency reserve</link:label>
    <link:label id="lab_us-gaap_StatutoryAccountingPracticesPrescribedPracticeAmount_label_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesPrescribedPracticeAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory Accounting Practices, Prescribed Practice, Amount</link:label>
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    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalents_b815d30a-3ea2-4a55-9f09-442adc715b03_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash and cash equivalents</link:label>
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    <link:label id="lab_us-gaap_PremiumsPercentageAssumedToNet_f9f1bdf7-d648-4958-a8a3-012f2c2c9193_terseLabel_en-US" xlink:label="lab_us-gaap_PremiumsPercentageAssumedToNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of Amount Assumed to Net</link:label>
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    <link:label id="lab_us-gaap_PlanAssetCategoriesDomain_9cbdb56b-b62a-4153-9826-1a541954520d_terseLabel_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Plan Assets, Category [Domain]</link:label>
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    <link:label id="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount_c5f73908-a556-489f-b141-b2c6c2389bcf_terseLabel_en-US" xlink:label="lab_us-gaap_StatutoryAccountingPracticesStatutoryNetIncomeAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory net income</link:label>
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    <link:label id="lab_mtg_StatutoryAccountingPracticesContingencyReserve_8e39e6b5-c318-45c3-abbc-54a01e4e346b_terseLabel_en-US" xlink:label="lab_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contingency reserve</link:label>
    <link:label id="lab_mtg_StatutoryAccountingPracticesContingencyReserve_label_en-US" xlink:label="lab_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory Accounting Practices, Contingency Reserve</link:label>
    <link:label id="lab_mtg_StatutoryAccountingPracticesContingencyReserve_documentation_en-US" xlink:label="lab_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contingency reserve liability recorded under Statutory Accounting Practices to protect against loss during periods of extreme contraction.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:href="mtg-20211231.xsd#mtg_StatutoryAccountingPracticesContingencyReserve"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:to="lab_mtg_StatutoryAccountingPracticesContingencyReserve" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_75784ecc-531d-4255-884c-db2b7cd50f7d_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">4 - 11 months (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, four to eleven months, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The percentage of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:to="lab_mtg_PrimaryDefaultInventoryFourToElevenMonthsPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_294f99c6-a741-4fbd-9309-142394c4d46e_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">4 - 11 months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, four to eleven months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The number of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryFourToElevenMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:to="lab_mtg_PrimaryDefaultInventoryFourToElevenMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_fc2d44ba-2bf2-402a-b4c2-2f14d996e326_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage-backed</link:label>
    <link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateralized Mortgage Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_MortgageBackedSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_debf0673-c6ab-406c-8070-a20880795f7e_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_b230ace6-89f3-4e81-ae8d-4b926401e27e_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross realized gains on sale of fixed income securities</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Realized Gain</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_35fab31d-2a11-4fa7-a6b8-01d1f7bddfc7_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis of Presentation</link:label>
    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets_25ce3f0b-5d67-4916-b8de-7b79711c1e10_terseLabel_en-US" xlink:label="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment in subsidiaries, at equity in net assets</link:label>
    <link:label id="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets_label_en-US" xlink:label="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment in subsidiaries, at equity in net assets</link:label>
    <link:label id="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets_documentation_en-US" xlink:label="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The amount of the entity's total investments in subsidiaries (the equity in net assets of consolidated subsidiaries).</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:href="mtg-20211231.xsd#mtg_InvestmentInSubsidiariesAtEquityInNetAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:to="lab_mtg_InvestmentInSubsidiariesAtEquityInNetAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnearnedPremiums_79628345-bafd-4504-9d94-ef09c5e4286b_terseLabel_en-US" xlink:label="lab_us-gaap_UnearnedPremiums" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unearned premiums</link:label>
    <link:label id="lab_us-gaap_UnearnedPremiums_label_en-US" xlink:label="lab_us-gaap_UnearnedPremiums" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unearned Premiums</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnearnedPremiums" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_UnearnedPremiums"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnearnedPremiums" xlink:to="lab_us-gaap_UnearnedPremiums" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther_dfdf754b-fb0b-49ad-a716-29c1d58163b5_terseLabel_en-US" xlink:label="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other, net</link:label>
    <link:label id="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther_label_en-US" xlink:label="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets (Liabilities), Net, Other</link:label>
    <link:label id="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther_documentation_en-US" xlink:label="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets (Liabilities), Net, Other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:href="mtg-20211231.xsd#mtg_DeferredTaxAssetsLiabilitiesNetOther"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:to="lab_mtg_DeferredTaxAssetsLiabilitiesNetOther" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SubsidiariesMember_e32aa006-8aa1-46e6-9d15-236af4890521_terseLabel_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance Subsidiaries</link:label>
    <link:label id="lab_srt_SubsidiariesMember_label_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsidiaries [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SubsidiariesMember" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SubsidiariesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnrecognizedTaxBenefits_de293667-645f-4bdc-b259-3733cd9954c0_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrecognized tax benefits</link:label>
    <link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrecognized Tax Benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_UnrecognizedTaxBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxAssetsGross_2d80ec26-be48-452a-8fd4-dd844af0319a_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total deferred tax assets</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsGross_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredTaxAssetsGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="lab_us-gaap_DeferredTaxAssetsGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquitySecuritiesFvNiGainLossAbstract_1f85f611-094e-4a91-a287-a9110251f5f3_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiGainLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Securities, FV-NI, Gain (Loss) [Abstract]</link:label>
    <link:label id="lab_us-gaap_EquitySecuritiesFvNiGainLossAbstract_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiGainLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Securities, FV-NI, Gain (Loss) [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNiGainLossAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquitySecuritiesFvNiGainLossAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesFvNiGainLossAbstract" xlink:to="lab_us-gaap_EquitySecuritiesFvNiGainLossAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_261e21aa-4e27-4c41-96c0-0bda47c63f18_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_03d2416b-fc0b-4020-8efc-369cb512f0e9_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross Unrealized Gains</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_45b87e8e-e071-4ba9-8af1-679a4a23cb72_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreements20172018Member_3d9ca6c3-5128-4a7b-aceb-55c9e40408fb_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreements, 2017 &amp; 2018</link:label>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreements20172018Member_label_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreements, 2017 &amp; 2018 [Member]</link:label>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreements20172018Member_documentation_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreements, 2017 &amp; 2018</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:href="mtg-20211231.xsd#mtg_QuotaShareReinsuranceAgreements20172018Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:to="lab_mtg_QuotaShareReinsuranceAgreements20172018Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_12143c97-aa81-4290-89f2-e9f8f6880805_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of deferred policy acquisition costs</link:label>
    <link:label id="lab_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_label_en-US" xlink:label="lab_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Policy Acquisition Costs, Amortization Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:to="lab_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent_48901c42-ad1e-463c-98ac-50f91a27b70e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less: Amounts reclassified from AOCL</link:label>
    <link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent" xlink:to="lab_us-gaap_ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_7a0a3d13-e7b4-4dc4-8e7a-9aa5e177101f_verboseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (decrease)in estimated claim severity on primary delinquencies</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase Decrease in Estimated Severity Primary Defaults [Member]</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The increase (decrease) in estimated severity on primary defaults that occurred in prior periods.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:href="mtg-20211231.xsd#mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:to="lab_mtg_IncreaseDecreaseInEstimatedSeverityPrimaryDefaultsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_RealEstateAcquiredMember_8e5f43f3-8404-4ec7-a054-9d49500e5e40_terseLabel_en-US" xlink:label="lab_mtg_RealEstateAcquiredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Acquired</link:label>
    <link:label id="lab_mtg_RealEstateAcquiredMember_label_en-US" xlink:label="lab_mtg_RealEstateAcquiredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Acquired [Member]</link:label>
    <link:label id="lab_mtg_RealEstateAcquiredMember_documentation_en-US" xlink:label="lab_mtg_RealEstateAcquiredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">This category includes information about real estate acquired by the entity through claim settlement.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_RealEstateAcquiredMember" xlink:href="mtg-20211231.xsd#mtg_RealEstateAcquiredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_RealEstateAcquiredMember" xlink:to="lab_mtg_RealEstateAcquiredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarlyRepaymentOfSeniorDebt_3739f8b4-6a44-4170-9ee1-a785fac5a38d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase of senior notes</link:label>
    <link:label id="lab_us-gaap_EarlyRepaymentOfSeniorDebt_eb742d55-2bb6-45d1-9b0d-a4fbbb00da69_terseLabel_en-US" xlink:label="lab_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Early repayment of debt</link:label>
    <link:label id="lab_us-gaap_EarlyRepaymentOfSeniorDebt_label_en-US" xlink:label="lab_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Early Repayment of Senior Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarlyRepaymentOfSeniorDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:to="lab_us-gaap_EarlyRepaymentOfSeniorDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_DefinedBenefitPlanTotalAmortization_b9797c20-0947-4aa8-9431-9c2e5501f608_totalLabel_en-US" xlink:label="lab_mtg_DefinedBenefitPlanTotalAmortization" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Amortization</link:label>
    <link:label id="lab_mtg_DefinedBenefitPlanTotalAmortization_label_en-US" xlink:label="lab_mtg_DefinedBenefitPlanTotalAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Total Amortization</link:label>
    <link:label id="lab_mtg_DefinedBenefitPlanTotalAmortization_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanTotalAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total amortization included in the amount of net periodic benefit cost that may include the following components: 1) gains or losses recognized in net periodic benefit cost; 2) transition obligation or asset recognized in net periodic benefit cost; and 3) prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_DefinedBenefitPlanTotalAmortization" xlink:href="mtg-20211231.xsd#mtg_DefinedBenefitPlanTotalAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_DefinedBenefitPlanTotalAmortization" xlink:to="lab_mtg_DefinedBenefitPlanTotalAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable_9438f562-3475-4cce-96cb-94f9fb6ba04e_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Premiums receivable</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Premiums Receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInPremiumsReceivable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquitySecuritiesMember_24b0d3e6-78d8-4f5d-a7bc-17af8ad7a81d_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity securities</link:label>
    <link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquitySecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_8549e72d-c1d5-4f1e-a13b-0fc7df79bbb1_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_b0e9069c-ff3a-488b-bbfc-d40b34423a7b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected Benefit Payments for the Year Ending: Current plus 4</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Expected Future Benefit Payment, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_53e54225-8b8d-4656-873d-6e33b887f4e8_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign government debt</link:label>
    <link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_6ca2315e-a3ee-4641-aa40-6fdcd2f35e07_verboseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Bonds</link:label>
    <link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Security, Government, Non-US [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ForeignGovernmentDebtSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:to="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_SeniorNotesFairValueDisclosure_2efc7ba0-1dd5-414b-a958-c20eb08d9830_terseLabel_en-US" xlink:label="lab_mtg_SeniorNotesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes</link:label>
    <link:label id="lab_mtg_SeniorNotesFairValueDisclosure_label_en-US" xlink:label="lab_mtg_SeniorNotesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes, Fair Value Disclosure</link:label>
    <link:label id="lab_mtg_SeniorNotesFairValueDisclosure_documentation_en-US" xlink:label="lab_mtg_SeniorNotesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_SeniorNotesFairValueDisclosure" xlink:href="mtg-20211231.xsd#mtg_SeniorNotesFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_SeniorNotesFairValueDisclosure" xlink:to="lab_mtg_SeniorNotesFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentTransitionReport_51b4fa0c-95b7-41aa-96c5-c9224df6d95c_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Transition Report</link:label>
    <link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Transition Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_41da80c3-b079-4f44-8e0f-309f58236bd0_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of inventory in default for more than 36 consecutive months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory Twelve Months Or More, Percent Of Primary Default Inventory In Default For Twelve Months Or More In Default For More Than Thirty Six Consecutive Months</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentOfPrimaryDefaultInventoryInDefaultForTwelveMonthsOrMoreInDefaultForMoreThanThirtySixConsecutiveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory Twelve Months Or More, Percent Of Primary Default Inventory In Default For Twelve Months Or More In Default For More Than Thirty Six Consecutive Months</link:label>
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    <link:label id="lab_us-gaap_CommonStockValue_4703b105-daec-48ee-bd79-e16d0c2e5bd6_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2021 - 371,353; 2020 - 371,353; shares outstanding 2021 - 320,336; 2020 - 338,573)</link:label>
    <link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock, Value, Issued</link:label>
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    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_35cc230f-5b5d-420f-8cbf-f90c642df13e_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted-average period for recognition of compensation cost</link:label>
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_d34810ce-c034-48a7-8db5-ecb97212ea7d_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted stock outstanding at end of period (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_493d93f7-d421-4c1f-a548-3812f2427577_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted stock outstanding at end of period (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_f1a2a387-19df-451f-87a2-b69b202d4574_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect</link:label>
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    <link:label id="lab_srt_SupplementaryInsuranceInformationBySegmentLineItems_07c96692-dbd8-40a5-87f3-361bc69fe6b6_terseLabel_en-US" xlink:label="lab_srt_SupplementaryInsuranceInformationBySegmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]</link:label>
    <link:label id="lab_srt_SupplementaryInsuranceInformationBySegmentLineItems_label_en-US" xlink:label="lab_srt_SupplementaryInsuranceInformationBySegmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SupplementaryInsuranceInformationBySegmentLineItems" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_SupplementaryInsuranceInformationBySegmentLineItems"/>
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    <link:label id="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable_bb76de13-cfb9-43b2-ab56-c1c5e344eb4c_negatedLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit commission receivable</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase Decrease in Profit Commission Receivable</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInProfitCommissionReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The net change during the reporting period in the amount of profit commission receivable.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_IncreaseDecreaseInProfitCommissionReceivable" xlink:href="mtg-20211231.xsd#mtg_IncreaseDecreaseInProfitCommissionReceivable"/>
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    <link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_a5554186-f373-49d8-aa3d-c3ee5e27b7ee_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Leases</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Leases [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization_aeeb1484-45d5-41a0-a67c-50e54ad41069_terseLabel_en-US" xlink:label="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum percentages of gain loss consider for amortization (in hundredths)</link:label>
    <link:label id="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization_label_en-US" xlink:label="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum percentages of gain loss consider for amortization</link:label>
    <link:label id="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization_documentation_en-US" xlink:label="lab_mtg_MinimumPercentagesOfGainLossConsiderForAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents minimum percentages of gain loss consider for amortization.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_MinimumPercentagesOfGainLossConsiderForAmortization" xlink:href="mtg-20211231.xsd#mtg_MinimumPercentagesOfGainLossConsiderForAmortization"/>
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    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_96102770-3588-41cf-8b23-854b619f53f9_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of carrying value and fair value of financial liabilities measured on a recurring basis</link:label>
    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_8c3c1da3-17fd-4ec7-9627-d48bcefb26f6_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CMBS</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage Backed Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_2fb98f94-2664-4ce3-a8e7-8b59fafcea90_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt securities without single maturity date</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue"/>
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    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTextBlock_54f11725-805e-4dfd-b9c4-f69fa7047be6_verboseLabel_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES</link:label>
    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTextBlock_label_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Text Block]</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_b0c95c47-a6b9-4300-a0bd-b404fa28a618_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Funded Status - Overfunded/(Underfunded)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
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    <link:label id="lab_dei_DocumentFiscalYearFocus_b7e69979-7a68-49d3-bec0-840dd51d4942_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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    <link:label id="lab_us-gaap_VariableRateDomain_208bbb98-3ab5-424c-9fcf-845f86f9b2b7_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Domain]</link:label>
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    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_ec198a58-1f2a-4ddf-b541-32810bd9f569_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid-in capital</link:label>
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    <link:label id="lab_us-gaap_CommonStockDividendsPerShareCashPaid_e2f3b76e-f054-49db-88a5-ab4c5bc6551e_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareCashPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, dividends, per share, cash paid (in dollars per share)</link:label>
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    <link:label id="lab_mtg_A1000IncreaseDecreaseInAverageSeverityReserveFactorMember_0cc3788d-3266-427c-becc-40dc93355031_terseLabel_en-US" xlink:label="lab_mtg_A1000IncreaseDecreaseInAverageSeverityReserveFactorMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">$1,000 Increase/Decrease In Average Severity Reserve Factor</link:label>
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    <link:label id="lab_mtg_A1000IncreaseDecreaseInAverageSeverityReserveFactorMember_documentation_en-US" xlink:label="lab_mtg_A1000IncreaseDecreaseInAverageSeverityReserveFactorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">$1,000 Increase/Decrease In Average Severity Reserve Factor</link:label>
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    <link:label id="lab_mtg_PooledEquityAccountsMember_b737274c-4d28-4f1e-b609-54386e691cc7_terseLabel_en-US" xlink:label="lab_mtg_PooledEquityAccountsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pooled Equity Accounts</link:label>
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    <link:label id="lab_mtg_PooledEquityAccountsMember_documentation_en-US" xlink:label="lab_mtg_PooledEquityAccountsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Funds from many individual investors that are aggregated for the purposes of investment, as in the case of a mutual or pension fund. Investors in pooled fund investments benefit from economies of scale, which allow for lower trading costs per dollar of investment, diversification and professional money management.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PooledEquityAccountsMember" xlink:href="mtg-20211231.xsd#mtg_PooledEquityAccountsMember"/>
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    <link:label id="lab_us-gaap_LongtermDebtTypeDomain_b9835914-656f-451f-99e9-7603569ea27e_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Type [Domain]</link:label>
    <link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LongtermDebtTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_38490af1-e005-405b-9193-912587eecfad_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued interest</link:label>
    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
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    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract_479f96d7-8692-429e-9398-d418de5eeb67_terseLabel_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aging of the Primary Default Inventory [Abstract]</link:label>
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    <link:label id="lab_us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock_ed982f93-278e-441a-b340-a33e6367a375_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss Reserves</link:label>
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    <link:label id="lab_mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany_f8b8297f-c0d5-4939-8537-8edf923bbcf3_negatedLabel_en-US" xlink:label="lab_mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Benefit Payments Directly by Company</link:label>
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    <link:label id="lab_mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The amount of payments made directly by the entity for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany" xlink:href="mtg-20211231.xsd#mtg_DefinedBenefitPlanBenefitsPaidDirectlyByCompany"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve_34014c02-9304-4d10-8a7b-982d1ca828c8_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss reserves</link:label>
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    <link:label id="lab_us-gaap_OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember_684a0caa-9c0c-4272-aab4-0f04bf0818b2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pension and Supplemental Executive Retirement Plans</link:label>
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    <link:label id="lab_mtg_RestrictedStockAndRestrictedStockUnitsMember_documentation_en-US" xlink:label="lab_mtg_RestrictedStockAndRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares and stock units that an entity has not yet issued because the agreed-upon consideration, such as employee services, has not yet been received.</link:label>
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    <link:label id="lab_us-gaap_IncomeStatementAbstract_cb105a28-e6b8-4e44-81c2-4b8debcc51a5_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CONDENSED STATEMENTS OF OPERATIONS</link:label>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement [Abstract]</link:label>
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    <link:label id="lab_mtg_BenefitPlanPaymentsTotalPlanPayments_5a866513-78c2-480f-aab4-2e400c298154_terseLabel_en-US" xlink:label="lab_mtg_BenefitPlanPaymentsTotalPlanPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actual Benefit Payments for the Year Ending: Current</link:label>
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    <link:label id="lab_mtg_BenefitPlanPaymentsTotalPlanPayments_documentation_en-US" xlink:label="lab_mtg_BenefitPlanPaymentsTotalPlanPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The amount of payments made from the benefit fund and company funds for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. May also include payments made under a postretirement benefit plan. This item represents a periodic decrease to the plan obligations and a decrease to plan assets.</link:label>
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    <link:label id="lab_dei_EntityRegistrantName_b5fb63d9-61fd-466c-aef7-2638d1b26ef4_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain_f50c9695-c8e9-44b0-abc5-164c8810ffc8_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, by Asset Class [Domain]</link:label>
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    <link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_ee1abcc4-0931-4e49-9cda-09d2f2ef2c39_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net deferred tax assets and liabilities [Abstract]</link:label>
    <link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Components of Deferred Tax Assets and Liabilities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EffectsOfReinsuranceTableTextBlock_5d1fb207-a241-42aa-818a-38fa6dac55a0_verboseLabel_en-US" xlink:label="lab_us-gaap_EffectsOfReinsuranceTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of reinsurance agreements on premiums earned and losses incurred</link:label>
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    <link:label id="lab_us-gaap_NotesPayableFairValueDisclosure_4da9b537-9dfc-42ef-8179-b0a82a488dc7_terseLabel_en-US" xlink:label="lab_us-gaap_NotesPayableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">FHLB Advance</link:label>
    <link:label id="lab_us-gaap_NotesPayableFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_NotesPayableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Notes Payable, Fair Value Disclosure</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_a9e1d35c-1893-4b19-8f23-427ea37cd8d8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plan Participants' Contributions</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant"/>
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    <link:label id="lab_us-gaap_RealEstateMember_17a36b2f-f59d-40ca-be8d-5e35f98a2eb6_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate</link:label>
    <link:label id="lab_us-gaap_RealEstateMember_label_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateMember" xlink:to="lab_us-gaap_RealEstateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_052dc38d-4070-4b8b-bd5f-12efe6a974ad_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for income taxes</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_7f1b5158-5989-4ed4-b1c2-1324abb47af6_negatedNetLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_4a5ab779-3a71-4f87-84ed-68cd9c59f999_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected Benefit Payments for the Year Ending: Current plus 3</link:label>
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    <link:label id="lab_us-gaap_InsuranceAbstract_f27194fc-4078-4fb0-95ff-8f2ec5076340_terseLabel_en-US" xlink:label="lab_us-gaap_InsuranceAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance [Abstract]</link:label>
    <link:label id="lab_us-gaap_InsuranceAbstract_label_en-US" xlink:label="lab_us-gaap_InsuranceAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InsuranceAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InsuranceAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceAbstract" xlink:to="lab_us-gaap_InsuranceAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees_c84b8586-b9b7-4f6d-92f2-b5fbcee6ca9c_terseLabel_en-US" xlink:label="lab_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum age for qualified employees for both medical and dental benefits</link:label>
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    <link:label id="lab_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees_documentation_en-US" xlink:label="lab_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Postretirement Benefits Liability, Maximum Age For Qualified Employees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees" xlink:href="mtg-20211231.xsd#mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees" xlink:to="lab_mtg_PostretirementBenefitsLiabilityMaximumAgeForQualifiedEmployees" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_54bd503c-4a11-4723-8d44-67ca1fc6d3f1_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Table]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherUnderwritingExpense" xlink:to="lab_us-gaap_OtherUnderwritingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreementsMember_487d756f-6e78-4d2a-8de2-32dd008eeb23_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreements</link:label>
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    <link:label id="lab_mtg_QuotaShareReinsuranceAgreementsMember_documentation_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_QuotaShareReinsuranceAgreementsMember" xlink:href="mtg-20211231.xsd#mtg_QuotaShareReinsuranceAgreementsMember"/>
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    <link:label id="lab_us-gaap_EquityComponentDomain_ed66fd4d-815c-4e4c-9e07-45b9ddc26632_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EquityComponentDomain"/>
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    <link:label id="lab_mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits_a1ddb5ec-eaa8-4e36-9e2d-1bc8866bc717_negatedTerseLabel_en-US" xlink:label="lab_mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Benefit plans</link:label>
    <link:label id="lab_mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits_label_en-US" xlink:label="lab_mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Employee Benefits</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits" xlink:href="mtg-20211231.xsd#mtg_DeferredTaxLiabilitiesTaxDeferredExpenseCompensationandBenefitsEmployeeBenefits"/>
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    <link:label id="lab_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings_6da2ffac-b067-4bb9-9c6c-3f346a8a05c0_terseLabel_en-US" xlink:label="lab_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum exposure to loss</link:label>
    <link:label id="lab_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings_label_en-US" xlink:label="lab_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum Exposure Associated With Other Discussions Legal Proceedings</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings" xlink:to="lab_mtg_MaximumExposureAssociatedWithOtherDiscussionsLegalProceedings" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_123d2c7a-d36e-4de0-b50c-9835d0fe7a17_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year One</link:label>
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    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_99e15daa-b6c4-4be7-a2b2-3f9978f0dbd1_verboseLabel_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period preceding election to convert</link:label>
    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_label_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period preceding election to convert</link:label>
    <link:label id="lab_mtg_PeriodPrecedingElectionToConvert_documentation_en-US" xlink:label="lab_mtg_PeriodPrecedingElectionToConvert" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The period immediately prior to an election to convert debentures during which the average price of shares traded is determined for the purpose of calculating the conversion rate.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PeriodPrecedingElectionToConvert" xlink:href="mtg-20211231.xsd#mtg_PeriodPrecedingElectionToConvert"/>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_8acd5308-0006-45df-8b32-7252b5303721_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Plan Assets, Category [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis"/>
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    <link:label id="lab_us-gaap_DeferredFinanceCostsGross_16cfde7a-fccc-46ad-85cc-aad664e802f8_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt issuance costs</link:label>
    <link:label id="lab_us-gaap_DeferredFinanceCostsGross_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Issuance Costs, Gross</link:label>
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    <link:label id="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism_80aba339-8611-46d6-89cd-b268949c99c9_verboseLabel_en-US" xlink:label="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum number of shares of common stock issuable under the Alternative Payment Mechanism (in shares)</link:label>
    <link:label id="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism_label_en-US" xlink:label="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum number of shares of common stock issuable under the Alternative Payment Mechanism</link:label>
    <link:label id="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism_documentation_en-US" xlink:label="lab_mtg_MaximumNumberOfSharesOfCommonStockIssuableUnderAlternativePaymentMechanism" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The maximum number of shares of common stock, including shares underlying qualifying warrants, that the entity may be required to issue pursuant to the Alternative Payment Mechanism under the note agreement(s).</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage_5e4f6ed6-ada7-4ee8-9fcd-77252485c641_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryTwelveMonthsOrMorePercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">12 months or more (in hundredths)</link:label>
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    <link:label id="lab_us-gaap_OtherIncome_848efd13-6903-4919-b621-816389cc42f5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other revenue</link:label>
    <link:label id="lab_us-gaap_OtherIncome_label_en-US" xlink:label="lab_us-gaap_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncome" xlink:to="lab_us-gaap_OtherIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReinsuranceRecoverablesOnPaidLosses_96566abb-d4d2-4cd5-ad7b-a3e85c4a447d_terseLabel_en-US" xlink:label="lab_us-gaap_ReinsuranceRecoverablesOnPaidLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance recoverable on paid losses</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReinsuranceRecoverablesOnPaidLosses" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ReinsuranceRecoverablesOnPaidLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReinsuranceRecoverablesOnPaidLosses" xlink:to="lab_us-gaap_ReinsuranceRecoverablesOnPaidLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToAcquireInvestments_9e6369c4-73b9-4644-9331-1faab03422ed_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases of investments</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PaymentsToAcquireInvestments"/>
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    <link:label id="lab_us-gaap_LiabilitiesAbstract_5c0f6b12-dc8b-4e4d-bb36-70b24ea08214_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities:</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_c7b14219-1526-4040-883c-d7a5beefdaf1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Year-end asset allocations of the plans</link:label>
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    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_aebb786f-f5c0-4fa0-914f-7701b488c135_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Significant Other Observable Inputs (Level 2)</link:label>
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    <link:label id="lab_us-gaap_BenefitsLossesAndExpenses_88dd9172-9f6f-4027-b293-e2e4da9e7ae8_totalLabel_en-US" xlink:label="lab_us-gaap_BenefitsLossesAndExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total losses and expenses</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent_99280a4f-0229-4cf2-b568-0f9c223726f2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
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    <link:label id="lab_dei_AuditorLocation_50187ab9-ffce-4d3d-8d53-f4c7718ed118_terseLabel_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Location</link:label>
    <link:label id="lab_dei_AuditorLocation_label_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Location</link:label>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryPercentage_f56fd520-126f-4033-b1b6-534dbb91fc79_totalLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryPercentage" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total primary default inventory (in hundredths)</link:label>
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    <link:label id="lab_mtg_EffectOfQuotaShareReinsuranceAgreementsOnPremiumsEarnedAndLossesIncurredTableTextBlock_c6cf3efd-7ffd-48d5-b1c9-949d58aacae7_terseLabel_en-US" xlink:label="lab_mtg_EffectOfQuotaShareReinsuranceAgreementsOnPremiumsEarnedAndLossesIncurredTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota share reinsurance agreements on premiums earned and losses incurred</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_5095bd46-7db6-42f5-abab-e6a64f550785_totalLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_58d99713-28cd-4945-aebb-29be0e827b10_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss), net of tax</link:label>
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    <link:label id="lab_us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentNetAmountAbstract_a7ab7cc6-abcc-4ff3-b428-57961e666657_terseLabel_en-US" xlink:label="lab_us-gaap_ReinsurancePremiumsForInsuranceCompaniesByProductSegmentNetAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Premiums Earned, Net [Abstract]</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherInsuranceLiabilities_bb6a384b-93de-44ae-8b2e-df11329034cf_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherInsuranceLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Return premium accrual</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_cc019dd0-4f85-44dc-9529-7f23c06c5c4d_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt securities without single maturity date</link:label>
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    <link:label id="lab_us-gaap_CommonStockSharesAuthorized_edade6b8-636d-4fb7-9e81-00f6d0d89557_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
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    <link:label id="lab_mtg_DividendDistributionOfInterestOfConvertibleJuniorSubordinatedDebentures_6869b8ea-04f1-4dc3-a8a5-e33a0d8ae613_terseLabel_en-US" xlink:label="lab_mtg_DividendDistributionOfInterestOfConvertibleJuniorSubordinatedDebentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividend to parent, distribution of interest in 9% Debentures</link:label>
    <link:label id="lab_mtg_DividendDistributionOfInterestOfConvertibleJuniorSubordinatedDebentures_label_en-US" xlink:label="lab_mtg_DividendDistributionOfInterestOfConvertibleJuniorSubordinatedDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividend, Distribution of Interest of Convertible Junior Subordinated Debentures</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent_3664364b-96b4-43e8-8b3f-3541ed40417c_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_ebf14992-7083-4e91-a3fa-2212deb7f9cd_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diluted income available to common shareholders</link:label>
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    <link:label id="lab_dei_DocumentType_3becc8e2-1088-4ab1-957d-bd66c7fd4aa1_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Type</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense_27b86e70-dd22-40ec-aea7-88f84ba7098d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of beginning and ending loss reserves</link:label>
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    <link:label id="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds_a2003aed-f90c-495b-bc6c-0781f490d8d9_verboseLabel_en-US" xlink:label="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum investment in international mutual funds (in hundredths)</link:label>
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    <link:label id="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanMaximuminvestmentininternationalmutualfunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The maximum investment in international mutual funds, as a percentage of the equity investments range, to total plan assets as of the measurement date of the latest statement of financial position.</link:label>
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    <link:label id="lab_us-gaap_ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountAssumed_1a3ee2bb-dc7e-42df-9fb9-b55c1e098a57_terseLabel_en-US" xlink:label="lab_us-gaap_ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountAssumed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Losses incurred, assumed</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract_7774e45a-deaf-4261-a81e-9daf526a1ca2_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maturities, Amortized Cost [Abstract]</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate_26727051-378c-4821-aa0d-b309a1b1ccb6_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Balance Interest Crediting Rate Used to Determine Benefit Obligation (in hundredths)</link:label>
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    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2017Member_4ace0217-beb8-42e9-b05f-d24d948136ca_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2017Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2017 QSR (2)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mtg_QuotaShareReinsuranceAgreement2017Member" xlink:href="mtg-20211231.xsd#mtg_QuotaShareReinsuranceAgreement2017Member"/>
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    <link:label id="lab_mtg_MinimumNumberOfPaymentsPastDueToBeInDefault_208e3832-ed48-4563-975f-e6d1e2ccf6c3_terseLabel_en-US" xlink:label="lab_mtg_MinimumNumberOfPaymentsPastDueToBeInDefault" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum number of payments past due to be in default</link:label>
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    <link:label id="lab_mtg_MinimumNumberOfPaymentsPastDueToBeInDefault_documentation_en-US" xlink:label="lab_mtg_MinimumNumberOfPaymentsPastDueToBeInDefault" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The number of payments past due in order for such loans to be considered in default.</link:label>
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    <link:label id="lab_us-gaap_EquitySecuritiesFvNiRealizedGain_7bc11d91-3d37-4b67-a913-251a4d296add_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiRealizedGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross realized gains on equity securities</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax_f086a05c-8b48-4119-b057-4380d7280262_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recognized during year - Prior Service (Cost)/Credit</link:label>
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    <link:label id="lab_us-gaap_InvestmentPolicyTextBlock_f6daaca9-9852-4c14-a226-2a7934a64c3c_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_e69727b0-741f-4a4e-99e7-1c214c9f015d_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
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    <link:label id="lab_us-gaap_TreasuryStockValue_b98183dc-8ca3-40cb-bad3-45c8c27fa859_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Treasury stock at cost (shares 2021 - 51,017; 2020 - 32,779)</link:label>
    <link:label id="lab_us-gaap_TreasuryStockValue_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Treasury Stock, Value</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_fa45c4d3-65e5-4a93-81b9-f2d01665af1a_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_269b56bd-3dc2-4930-9ed2-1e04d6ba5696_verboseLabel_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum number of consecutive interest periods for which interest payments may be deferred</link:label>
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_label_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum number of consecutive interest periods for which interest payments may be deferred</link:label>
    <link:label id="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred_documentation_en-US" xlink:label="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The minimum number of consecutive interest periods for which interest payments may be deferred pursuant to an optional deferral provision under the note agreement(s).</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:href="mtg-20211231.xsd#mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:to="lab_mtg_MinimumNumberOfConsecutiveInterestPeriodsForWhichInterestPaymentsMayBeDeferred" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_31a4aa4a-5580-4f34-a3c3-6bfe2465ebd3_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award vesting period</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CededPremiumsWritten_a46c0acc-c14d-4f2f-8234-2b2613a055e7_negatedLabel_en-US" xlink:label="lab_us-gaap_CededPremiumsWritten" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ceded</link:label>
    <link:label id="lab_us-gaap_CededPremiumsWritten_label_en-US" xlink:label="lab_us-gaap_CededPremiumsWritten" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ceded Premiums Written</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CededPremiumsWritten" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CededPremiumsWritten"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CededPremiumsWritten" xlink:to="lab_us-gaap_CededPremiumsWritten" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet_1a1bc383-9229-4031-9bfe-8efc64c14dfb_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Decrease (increase) in unearned premiums</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">(Increase) Decrease in Unearned Premiums, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncreaseDecreaseInUnearnedPremiumsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet" xlink:to="lab_us-gaap_IncreaseDecreaseInUnearnedPremiumsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_25b65aa0-c069-467f-8414-68cdfeaf08ea_negatedTerseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cures</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, Cures</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryCures_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryCures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deductions from the primary default inventory resulting from loans in default being brought current.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryCures" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryCures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryCures" xlink:to="lab_mtg_PrimaryDefaultInventoryCures" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_c7c0ebfb-9df7-43d2-8b2f-3bd215bd57ac_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of restricted stock or restricted stock unit activity</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_f8c0c36e-50ac-4168-b9fe-27d3318501fc_terseLabel_en-US" xlink:label="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">For securities in an unrealized loss position, percentage of fair value to amortized cost (in hundredths)</link:label>
    <link:label id="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_label_en-US" xlink:label="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage Of Fair Value To Amortized Cost Securities in Unrealized Loss Position</link:label>
    <link:label id="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition_documentation_en-US" xlink:label="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The percentage of total fair value amount to total amortized cost amount of the company's securities in an unrealized loss position.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:href="mtg-20211231.xsd#mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:to="lab_mtg_PercentageOfFairValueToAmortizedCostSecuritiesinUnrealizedLossPosition" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_dac4e85e-c9f8-4867-af55-f5b375b8b4a3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurements</link:label>
    <link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Disclosures [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilityReserveEstimatePolicy_006259d2-8a34-4f2f-8020-601897ff0e02_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilityReserveEstimatePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss Reserves</link:label>
    <link:label id="lab_us-gaap_LiabilityReserveEstimatePolicy_label_en-US" xlink:label="lab_us-gaap_LiabilityReserveEstimatePolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liability Reserve Estimate, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilityReserveEstimatePolicy" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilityReserveEstimatePolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilityReserveEstimatePolicy" xlink:to="lab_us-gaap_LiabilityReserveEstimatePolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_ParentheticalInformationAbstract_2d6836f9-6a81-4c33-9b6f-ba8b795068bd_terseLabel_en-US" xlink:label="lab_mtg_ParentheticalInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Parenthetical information [Abstract]</link:label>
    <link:label id="lab_mtg_ParentheticalInformationAbstract_label_en-US" xlink:label="lab_mtg_ParentheticalInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Parenthetical information [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_ParentheticalInformationAbstract" xlink:href="mtg-20211231.xsd#mtg_ParentheticalInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_ParentheticalInformationAbstract" xlink:to="lab_mtg_ParentheticalInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AvailableforsaleSecuritiesMember_8fc28c66-8086-4779-8ee1-0c4e3ea51e34_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Available-for-Sale Securities</link:label>
    <link:label id="lab_us-gaap_AvailableforsaleSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Available-for-sale Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableforsaleSecuritiesMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableforsaleSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableforsaleSecuritiesMember" xlink:to="lab_us-gaap_AvailableforsaleSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_4f0bde49-83d9-4feb-98cc-90a9df60f5f4_verboseLabel_en-US" xlink:label="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance recoverable on paid losses</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_label_en-US" xlink:label="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase Decrease In Reinsurance Recoverable On Paid Losses</link:label>
    <link:label id="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses_documentation_en-US" xlink:label="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The net change during the reporting period in the amount of receivables currently due from reinsurers for ceded claims paid.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:href="mtg-20211231.xsd#mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:to="lab_mtg_IncreaseDecreaseInReinsuranceRecoverableOnPaidLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RevenuesAbstract_87363ab9-66d1-4efc-82f5-22f3cc5822ff_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues:</link:label>
    <link:label id="lab_us-gaap_RevenuesAbstract_label_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RevenuesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_6bcc28bc-f939-4f61-99c2-dd0fe29026b4_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross_eeb68824-e0f6-4331-b8cf-2f44926e671a_terseLabel_en-US" xlink:label="lab_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Losses incurred, direct</link:label>
    <link:label id="lab_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross_label_en-US" xlink:label="lab_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Policyholder Benefits and Claims Incurred, Direct</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PolicyholderBenefitsAndClaimsIncurredGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross" xlink:to="lab_us-gaap_PolicyholderBenefitsAndClaimsIncurredGross" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_3fcb6c5c-f699-4a5e-bd64-8a656821f347_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ConsolidatedEntitiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_a9f867a7-5fd9-4671-bada-e2b7838f55dd_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from investing activities:</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_e4a5dbe6-e2df-4b61-862c-711d82c87fc3_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Home office and equipment, net</link:label>
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    <link:label id="lab_us-gaap_OperatingExpenses_3b16d79d-c338-4187-bf47-08426310deee_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating expenses</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses" xlink:type="arc" order="1"/>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRescissionsAndDenials" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deductions from the primary default inventory resulting from rescissions and denials.</link:label>
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    <link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_b87cd494-7f04-4f5e-923f-82ced85edce5_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of long-term debt</link:label>
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    <link:label id="lab_us-gaap_EarningsPerShareAbstract_14da8e07-1f2d-4171-a86b-4f628501d4ac_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings per share:</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareAbstract_994756b2-d212-427c-8884-6918d2604d1e_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareAbstract"/>
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    <link:label id="lab_mtg_StockIssuedDuringPeriodValueTreasuryStockReissuedForShareBasedCompensation_4cedb659-beee-447e-871e-4890fa91e7b7_terseLabel_en-US" xlink:label="lab_mtg_StockIssuedDuringPeriodValueTreasuryStockReissuedForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reissuance of treasury stock, net under share-based compensation plans</link:label>
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    <link:label id="lab_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss_fef79ff9-45a0-4d27-98df-b9c71b3fef15_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recognized net gains (losses) on equity securities still held</link:label>
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    <link:label id="lab_us-gaap_Revenues_dd5023a5-1f71-4055-a9c1-d66567272608_totalLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total revenues</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_ae14d1e7-f298-4db0-9a1f-cd089f364b46_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Probable loss contingency accrual</link:label>
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    <link:label id="lab_mtg_DirectDomesticPrimaryRiskInForce_6ff145a1-7830-485d-b730-bff75c70313e_verboseLabel_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryRiskInForce" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Direct domestic primary risk in force</link:label>
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    <link:label id="lab_mtg_DirectDomesticPrimaryRiskInForce_documentation_en-US" xlink:label="lab_mtg_DirectDomesticPrimaryRiskInForce" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The insurance in force multiplied by the insurance coverage percentage.</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions_83975c44-9f47-4fb1-911f-f168830ce037_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of securities in unrealized loss position</link:label>
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    <link:label id="lab_us-gaap_PremiumsWrittenNet_3c61a968-c5da-4d31-a432-ed27872c4828_totalLabel_en-US" xlink:label="lab_us-gaap_PremiumsWrittenNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net premiums written</link:label>
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    <link:label id="lab_us-gaap_OtherDebtSecuritiesMember_fb108974-5341-480f-96e9-2a2e486ac99f_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_935835d7-4c23-416c-9dda-60b208d77ee9_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current plus 1</link:label>
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    <link:label id="lab_us-gaap_LeasesAbstract_5583115b-e33b-4044-8186-d9023f51102e_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Leases [Abstract]</link:label>
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    <link:label id="lab_us-gaap_DeferredPolicyAcquisitionCosts_6df08b4c-0d61-4e22-bcf2-3a8662c68623_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredPolicyAcquisitionCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred insurance policy acquisition costs</link:label>
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    <link:label id="lab_us-gaap_PaymentsForLossesAndLossAdjustmentExpense_b84df3ce-fcde-4e99-863d-94db7bd1c69b_totalLabel_en-US" xlink:label="lab_us-gaap_PaymentsForLossesAndLossAdjustmentExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total losses paid</link:label>
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    <link:label id="lab_us-gaap_InvestmentIncomeTextBlock_6bfe5a1d-9d13-44d9-a259-438d92298eca_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net investment income</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioUnspecifiedDomain" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_ScenarioUnspecifiedDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain" xlink:to="lab_srt_ScenarioUnspecifiedDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_6d607bbc-f1e6-4619-a9d5-c4a6a7b332e6_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
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    <link:label id="lab_us-gaap_ReinsuranceAccountingPolicy_a9cc6475-c631-4450-b569-094d28608c4d_terseLabel_en-US" xlink:label="lab_us-gaap_ReinsuranceAccountingPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis_68382711-87ab-4049-ac02-180cd6bdafd7_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Redemption, Period [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis"/>
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    <link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_130b734d-6244-413a-a009-c026be8a435c_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net benefit plan assets and obligations recognized in shareholders' equity</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems_74de9ca6-68f1-44aa-b631-700510290052_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Investment Income, Reported Amounts, by Category [Line Items]</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_040c0ee4-f14e-472b-9344-8d86fa01f9ed_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">12 months or greater</link:label>
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    <link:label id="lab_us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy_3f88e7be-9f60-42f2-b6a5-22d8dfc205fc_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Insurance Policy Acquisition Costs</link:label>
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    <link:label id="lab_mtg_ProceedsFromSaleMaturityAndCollectionOfSecurities_a5037719-71f6-47f6-b9cf-4dd4472d56e8_terseLabel_en-US" xlink:label="lab_mtg_ProceedsFromSaleMaturityAndCollectionOfSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from maturity of fixed income securities</link:label>
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    <link:label id="lab_dei_EntityFileNumber_9422de24-b6b0-4bed-a1da-9828ee023ab4_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentRedemptionPricePercentage_2ae2a51d-7da7-4d89-bda1-396fec06cf09_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption price, percentage (in hundredths)</link:label>
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    <link:label id="lab_mtg_PercentofinternationalmutualfundsequityallocationincompaniesprimarilybasedinEuropeandPacificBasin_f46bf79b-ea61-4e80-a8b3-e40bd4252db3_verboseLabel_en-US" xlink:label="lab_mtg_PercentofinternationalmutualfundsequityallocationincompaniesprimarilybasedinEuropeandPacificBasin" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of international mutual funds equity allocation in companies primarily based in Europe and the Pacific Basin (in hundredths)</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_0c0ed6d4-ac08-4346-8686-438f2387c137_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]</link:label>
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    <link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
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    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_9fbeee41-96b4-4489-a253-73192f28c7ea_terseLabel_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Premium refund liability, expected claim payments</link:label>
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_label_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Premium refund liability, expected claim payments</link:label>
    <link:label id="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments_documentation_en-US" xlink:label="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The carrying amount for the estimate of premiums to be refunded on expected claim payments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:href="mtg-20211231.xsd#mtg_PremiumRefundLiabilityExpectedClaimPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:to="lab_mtg_PremiumRefundLiabilityExpectedClaimPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_OtherInvestedAssetsFairValueDisclosure_13aa02d0-09e0-480b-a8c6-cb8e3d4a7830_terseLabel_en-US" xlink:label="lab_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other invested assets</link:label>
    <link:label id="lab_mtg_OtherInvestedAssetsFairValueDisclosure_label_en-US" xlink:label="lab_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Invested Assets, Fair Value Disclosure</link:label>
    <link:label id="lab_mtg_OtherInvestedAssetsFairValueDisclosure_documentation_en-US" xlink:label="lab_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value portion of other invested assets.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:href="mtg-20211231.xsd#mtg_OtherInvestedAssetsFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:to="lab_mtg_OtherInvestedAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes_75c9654d-577e-49af-8630-d7bca08a4343_negatedTerseLabel_en-US" xlink:label="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment of original issue discount - senior notes</link:label>
    <link:label id="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes_label_en-US" xlink:label="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment Of Original Issue Discount Senior Notes</link:label>
    <link:label id="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes_documentation_en-US" xlink:label="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment Of Original Issue Discount Senior Notes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:href="mtg-20211231.xsd#mtg_PaymentOfOriginalIssueDiscountSeniorNotes"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:to="lab_mtg_PaymentOfOriginalIssueDiscountSeniorNotes" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2021Member_e076d38e-9ff3-4306-9133-0546bc933a78_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021 QSR</link:label>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2021Member_label_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreement, 2021 [Member]</link:label>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2021Member_documentation_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share Reinsurance Agreement, 2021 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:href="mtg-20211231.xsd#mtg_QuotaShareReinsuranceAgreement2021Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:to="lab_mtg_QuotaShareReinsuranceAgreement2021Member" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod_ed629f2f-98af-450b-96d3-8f3a74cd652d_terseLabel_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk to capital ratio of combined insurance operations at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod_label_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk to capital ratio of combined insurance operations at end of period</link:label>
    <link:label id="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod_documentation_en-US" xlink:label="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The risk-to-capital ratio of the entity's combined insurance operations as of the end of the reporting period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:href="mtg-20211231.xsd#mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:to="lab_mtg_Risktocapitalratioofcombinedinsuranceoperationsatendofperiod" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_FivePointSevenFivePercentSeniorNotesMember_7894a91e-5521-453d-aa29-64c026897213_terseLabel_en-US" xlink:label="lab_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">5.75% Senior Notes due 2023</link:label>
    <link:label id="lab_mtg_FivePointSevenFivePercentSeniorNotesMember_label_en-US" xlink:label="lab_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Five Point Seven Five Percent Senior Notes [Member]</link:label>
    <link:label id="lab_mtg_FivePointSevenFivePercentSeniorNotesMember_documentation_en-US" xlink:label="lab_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Five Point Seven Five Percent Senior Notes [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:href="mtg-20211231.xsd#mtg_FivePointSevenFivePercentSeniorNotesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:to="lab_mtg_FivePointSevenFivePercentSeniorNotesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_7e0895aa-1ee4-41af-804b-4944722650b4_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary claims received inventory included in ending default inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, Claims Received Inventory</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The number of loans in the primary default inventory that are in the claims received inventory.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryClaimsReceivedInventory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:to="lab_mtg_PrimaryDefaultInventoryClaimsReceivedInventory" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c173f205-b167-4c45-8648-4b02e4c98986_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total fair value of restricted stock vested</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_b2319e3e-0bed-4c13-b9fb-c0c73dadcc98_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Granted (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_bd5fd837-9cd6-4d74-8c25-fc868d3431a7_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actual Return on Assets</link:label>
    <link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsAbstract_039d3193-a9bb-4b62-8d8c-2a41fcd11688_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember_9c90c3b3-5503-499a-908f-8a87273dd1ea_terseLabel_en-US" xlink:label="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Probable Loss On Litigation Claims Paying Practices</link:label>
    <link:label id="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember_label_en-US" xlink:label="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Probable Loss On Litigation Claims Paying Practices [Member]</link:label>
    <link:label id="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember_documentation_en-US" xlink:label="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The increase (decrease) in losses incurred related to prior years due to claims paying practices.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:href="mtg-20211231.xsd#mtg_ProbableLossOnLitigationClaimsPayingPracticesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:to="lab_mtg_ProbableLossOnLitigationClaimsPayingPracticesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_0a2a56d7-72f5-4ae6-a77e-9cb265d25ac2_totalLabel_en-US" xlink:label="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total debt securities with single maturity date</link:label>
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    <link:label id="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost_documentation_en-US" xlink:label="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">This item represents the total debt securities, categorized neither as held-to-maturity nor trading securities, which have a single maturity date, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments, as defined), and fair value hedge accounting adjustments, if any.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:href="mtg-20211231.xsd#mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:to="lab_mtg_AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCost" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PercentageBackedByUsGovernment_5fef9f2e-1813-4c8f-9033-2ec07e1ff83d_terseLabel_en-US" xlink:label="lab_mtg_PercentageBackedByUsGovernment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">For securities in an unrealized loss position, percentage backed by the U.S. Government (in hundredths)</link:label>
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    <link:label id="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember_a19c8f5f-1981-467c-b177-6a06f2bb840e_terseLabel_en-US" xlink:label="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Obligations of U.S. states and political subdivisions</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_187d8bd4-fd97-4389-b2f8-d606eead7057_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Granted (in shares)</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1755d975-ae0e-4ae6-aada-05c673252307_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Home office and equipment</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
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    <link:label id="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems_33a76f9f-ec1a-4a15-9b3f-2089c3e9fcf2_terseLabel_en-US" xlink:label="lab_srt_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesReportableDataLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome_3d5f2c18-8b5e-48a0-87f1-6c3e9dacf01b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized appreciation in investments</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Other Comprehensive Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_634ccdbe-6b23-4fa1-b1de-a265a178e5fe_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount Rate Used to Determine Benefit Obligation(in hundredths)</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentAxis_399ec70e-b7ac-48b0-9a3b-4387558a572f_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentAxis"/>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves_a11bd0ed-03db-4b13-bdf3-9d6588339462_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss reserves</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LossRatio_2e6e9340-c1fb-4c2d-8295-95745b253bcd_verboseLabel_en-US" xlink:label="lab_us-gaap_LossRatio" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Annual loss ratio</link:label>
    <link:label id="lab_us-gaap_LossRatio_b6929863-0953-4dd2-a81d-0a89ba8d6672_terseLabel_en-US" xlink:label="lab_us-gaap_LossRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Annual Loss Ratio to Exhaust Profit Commission</link:label>
    <link:label id="lab_us-gaap_LossRatio_label_en-US" xlink:label="lab_us-gaap_LossRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss Ratio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossRatio" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LossRatio"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossRatio" xlink:to="lab_us-gaap_LossRatio" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReinsuranceDisclosuresAbstract_6858a69d-cae4-4ce0-a7ea-13243e823484_terseLabel_en-US" xlink:label="lab_us-gaap_ReinsuranceDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance Disclosures [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReinsuranceDisclosuresAbstract" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ReinsuranceDisclosuresAbstract"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable_c29cbba2-41ed-463e-a5be-99130901246e_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued investment income</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_AveragePaidClaimsReductionDueToCurtailments_03c78b03-f1f0-4d69-b67c-70fb90a579cf_terseLabel_en-US" xlink:label="lab_mtg_AveragePaidClaimsReductionDueToCurtailments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average paid claim reduction due to curtailments (in hundredths)</link:label>
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    <link:label id="lab_mtg_AveragePaidClaimsReductionDueToCurtailments_documentation_en-US" xlink:label="lab_mtg_AveragePaidClaimsReductionDueToCurtailments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Average paid claim reduction due to curtailments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_AveragePaidClaimsReductionDueToCurtailments" xlink:href="mtg-20211231.xsd#mtg_AveragePaidClaimsReductionDueToCurtailments"/>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_85b73919-6280-4aaa-a513-80f6e83a6316_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Net Prior Service Cost/(Credit)</link:label>
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    <link:label id="lab_mtg_MinimumNumberOfTradingDays_67363959-fa8b-4a48-b81f-e98b45796991_verboseLabel_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum number of trading days</link:label>
    <link:label id="lab_mtg_MinimumNumberOfTradingDays_label_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum number of trading days</link:label>
    <link:label id="lab_mtg_MinimumNumberOfTradingDays_documentation_en-US" xlink:label="lab_mtg_MinimumNumberOfTradingDays" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The minimum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_MinimumNumberOfTradingDays" xlink:href="mtg-20211231.xsd#mtg_MinimumNumberOfTradingDays"/>
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    <link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_fa6b2ce0-ecc1-4e16-a986-8b28594fbe89_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Profit sharing and 401(k) savings plan expenses</link:label>
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    <link:label id="lab_us-gaap_ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments_e7d159d9-fc33-4ab9-9c31-4a48aef3e76b_verboseLabel_en-US" xlink:label="lab_us-gaap_ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance recoverable on loss reserves</link:label>
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    <link:label id="lab_mtg_UnvestedRestrictedStockUnitsMember_a8f6a6af-6a5d-4795-91aa-efefb95697d8_terseLabel_en-US" xlink:label="lab_mtg_UnvestedRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unvested Restricted Stock Units</link:label>
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    <link:label id="lab_mtg_UnvestedRestrictedStockUnitsMember_documentation_en-US" xlink:label="lab_mtg_UnvestedRestrictedStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Refers to the unvested restricted stock units.</link:label>
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    <link:label id="lab_us-gaap_NoncatastrophicEventAxis_1da54c58-272f-47d2-adcc-c0b67141c39e_terseLabel_en-US" xlink:label="lab_us-gaap_NoncatastrophicEventAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncatastrophic Event [Axis]</link:label>
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    <link:label id="lab_us-gaap_AssetsFairValueDisclosure_0423a2cf-d7a4-4ef2-b83b-90e82934eb23_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets</link:label>
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    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_da640bc2-e80a-43f5-9189-26d3a2364a5e_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_fafcf7ad-1cf8-4d70-918d-5186677d8f57_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other, net (in hundredths)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
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    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesDeferredExpense_ef53ae6d-12e9-441a-9498-ae9ec9d59267_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesDeferredExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Policy Acquisition Cost</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesDeferredExpense_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesDeferredExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Deferred Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesDeferredExpense" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DeferredTaxLiabilitiesDeferredExpense"/>
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    <link:label id="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent_017ba87a-4605-4ac3-a058-1a456a8d4ca1_terseLabel_en-US" xlink:label="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Quota Share %</link:label>
    <link:label id="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent_label_en-US" xlink:label="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance, Quota Share Reinsurance Agreement, Terms, Quota Share, Percent</link:label>
    <link:label id="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent_documentation_en-US" xlink:label="lab_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance, Quota Share Reinsurance Agreement, Terms, Quota Share, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent" xlink:href="mtg-20211231.xsd#mtg_ReinsuranceQuotaShareReinsuranceAgreementTermsQuotaSharePercent"/>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_4ba555a8-cf36-433b-8c41-9e9f8c950653_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025 and thereafter</link:label>
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    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_940884a2-c762-401a-afd6-97e170324c38_verboseLabel_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amount of policyholders position above or below required MPP</link:label>
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    <link:label id="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum_documentation_en-US" xlink:label="lab_mtg_AmountOfPolicyholdersPositionAboveOrBelowRequiredRegulatoryMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The amount by which the entity's policyholders position (the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums) was above or below the required regulatory minimum of the entity's domiciliary state.</link:label>
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    <link:label id="lab_us-gaap_IncurredClaimsPropertyCasualtyAndLiability_bcecfbc2-75ad-483d-9d68-150c877e6b45_terseLabel_en-US" xlink:label="lab_us-gaap_IncurredClaimsPropertyCasualtyAndLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Losses incurred, net</link:label>
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    <link:label id="lab_us-gaap_IncurredClaimsPropertyCasualtyAndLiability_label_en-US" xlink:label="lab_us-gaap_IncurredClaimsPropertyCasualtyAndLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Policyholder Benefits and Claims Incurred, Net, Property, Casualty and Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncurredClaimsPropertyCasualtyAndLiability" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncurredClaimsPropertyCasualtyAndLiability"/>
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    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_34af08c3-238a-4a79-9262-a30dba5de4da_terseLabel_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Risk to capital ratio</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_label_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio</link:label>
    <link:label id="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio_documentation_en-US" xlink:label="lab_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statutory Capital Requirements, Risk To Capital Ratio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_StatutoryCapitalRequirementsRiskToCapitalRatio" xlink:href="mtg-20211231.xsd#mtg_StatutoryCapitalRequirementsRiskToCapitalRatio"/>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_f8e46636-aa9a-49d2-ab32-d9840f201325_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due after ten years</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_33100418-5d4d-410d-9060-16c20e2fb11a_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption [Axis]</link:label>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InsuranceDisclosureTextBlock_01a69e63-8b15-4800-98af-7f8182db456f_terseLabel_en-US" xlink:label="lab_us-gaap_InsuranceDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance Disclosure</link:label>
    <link:label id="lab_us-gaap_InsuranceDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InsuranceDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Insurance Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InsuranceDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InsuranceDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceDisclosureTextBlock" xlink:to="lab_us-gaap_InsuranceDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_40df41dc-6d82-4cff-8063-9a781d917c60_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_85859fef-b03e-4c07-bad6-b2563271132e_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">12 months or greater</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_4924b19e-9d56-4f5a-86f8-04d5d3574a1a_terseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory [Roll Forward]</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory [Roll Forward]</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryRollForward_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryRollForward" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryRollForward" xlink:to="lab_mtg_PrimaryDefaultInventoryRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_41e83502-61c5-461b-b009-103733631c31_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue Recognition</link:label>
    <link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_1e9c294a-7ae7-40e9-8213-c2c689c05a07_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt</link:label>
    <link:label id="lab_us-gaap_DebtDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_8c779c2a-a789-4d9e-bc50-c6aa641edf3c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Components of the provision for (benefit from) income taxes</link:label>
    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
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    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_43e4c796-eddb-4545-86d0-4025daf5617a_verboseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Plans</link:label>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
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    <link:label id="lab_us-gaap_SeniorNotesMember_ece33b70-30e7-4f66-b432-52d8feac543c_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes</link:label>
    <link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Notes [Member]</link:label>
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    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_a2e2dfdb-30a7-4a08-a5c3-5223e16cfee8_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Significant Unobservable Inputs (Level 3)</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_f802d61d-33f9-4d1a-b24d-dd9bacd014ae_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_b8549772-8dfb-46b0-97fb-61146b02f4c9_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total at Year End</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_a0f07cce-c270-480c-b6b4-cd77629806dd_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Actuarial assumptions</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectsOfReinsuranceLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EffectsOfReinsuranceLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectsOfReinsuranceLineItems" xlink:to="lab_us-gaap_EffectsOfReinsuranceLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_e9802991-817d-4eee-9a02-0fd0770bd289_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_8bc874e9-8e79-4ea7-af04-29bd8034d850_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from issuance of senior notes</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
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    <link:label id="lab_us-gaap_StatementEquityComponentsAxis_4a390965-1a4e-490c-980f-c251fc5ece74_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Components [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
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    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_46f5b235-ac81-42b9-a117-a88e9cb32803_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_032a7a7e-6b19-4e8e-b72a-3e15bbca6172_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted-average asset allocations of plans (in hundredths)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations"/>
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    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_e655b994-3ad6-4f73-9153-f28f69346076_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sales</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements_cb85f1ab-7810-4171-9a02-75689a1beede_totalLabel_en-US" xlink:label="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subtotal</link:label>
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    <link:label id="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements_documentation_en-US" xlink:label="lab_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The subtotal amount of net periodic benefit cost for defined benefit plans that may include the following components: service cost, interest cost, expected return on plan assets, and other adjustments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements" xlink:href="mtg-20211231.xsd#mtg_DefinedBenefitPlanNetPeriodicBenefitCostBeforeAmortizationAndCostOfSettlements"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInReinsuranceRecoverable_bf75333d-1eef-4515-ac99-4e5b5f9dac61_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInReinsuranceRecoverable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinsurance recoverable on loss reserves</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_f0341aa3-0fba-4abe-bd95-e6a6759fda7a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_e61e79ab-e3c3-4d83-be41-e71c2458fb02_terseLabel_en-US" xlink:label="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures</link:label>
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    <link:label id="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures_documentation_en-US" xlink:label="lab_mtg_AnniversarypaymentreleaseofthestartoftheinterestdeferraltotheAlternativePaymentMechanisminlieuofthefinalmaturityofthedebentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral.</link:label>
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    <link:label id="lab_dei_EntityPublicFloat_0a5d1555-bdfc-4379-a429-b6331840eb67_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Public Float</link:label>
    <link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Public Float</link:label>
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    <link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_638ad60b-78d9-4428-b69e-39ba2d6b25dd_terseLabel_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Documents Incorporated by Reference</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_mtg_QuotaShareReinsuranceAgreement2020OneYearMember_895f1f53-0755-47e0-93ca-ede151e7c0cb_terseLabel_en-US" xlink:label="lab_mtg_QuotaShareReinsuranceAgreement2020OneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2020 QSR</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_mtg_QuotaShareReinsuranceAgreement2020OneYearMember" xlink:href="mtg-20211231.xsd#mtg_QuotaShareReinsuranceAgreement2020OneYearMember"/>
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    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_710f3960-2b78-4fbf-8c40-06ab2f55ea25_verboseLabel_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">3 months or less (in hundredths)</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_label_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Default Inventory, Three months or less, Percentage</link:label>
    <link:label id="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage_documentation_en-US" xlink:label="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The percentage of loans that have been in the primary default inventory for three months or less as of the balance sheet date.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:href="mtg-20211231.xsd#mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:to="lab_mtg_PrimaryDefaultInventoryThreeMonthsOrLessPercentage" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_10745320-f80c-4346-88be-c031c45b3e51_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed income, available-for-sale, at fair value (amortized cost, 2021 - $6,397,658; 2020 - $6,317,164)</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_097b9114-eec1-47c5-9bbe-a59384fc8cfa_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total at end of period</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
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    <link:label id="lab_us-gaap_DebtDisclosureAbstract_2c0f2564-99cd-4b80-ab39-5301c58b4e2d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
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    <link:label id="lab_mtg_DebtSecuritiesAvailableforSaleImpairmentChargesIntentToSellNoAllowancePreviouslyRecordedRecognizedinNetRealizedInvestmentGainsLosses_49eea2d9-2b21-40ca-b662-9d178a273e86_terseLabel_en-US" xlink:label="lab_mtg_DebtSecuritiesAvailableforSaleImpairmentChargesIntentToSellNoAllowancePreviouslyRecordedRecognizedinNetRealizedInvestmentGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized losses on fixed income securities related to our intent to sell</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_c4c74a17-6963-43f7-b3bf-9e5c0d5b820e_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash provided by operating activities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DebtInstrumentTable"/>
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    <link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_7d0af380-b8a7-47c5-8619-44b7c22e17f0_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basic earnings per share [Abstract]</link:label>
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    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_0399e62a-4f07-40be-a185-50f931c47196_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average common shares outstanding - basic (in shares)</link:label>
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    <link:label id="lab_us-gaap_EarningsPerShareDiluted_b0ed68b4-d3a0-4f5f-b1cd-c50f4c14572e_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Diluted (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_461a4f37-1bcb-442b-a727-45414f223cfe_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company Service Cost</link:label>
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    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_f6c2d632-a9ca-4369-9e33-e34ea10377c9_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock_7131303e-84e3-4f4a-9a99-6caa799f3570_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income</link:label>
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    <link:label id="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum_534d4393-727f-46f6-bd3b-acb7da274cdc_verboseLabel_en-US" xlink:label="lab_mtg_PeriodInWhichReasonableCommercialEffortsMustBeginMaximum" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Period in which reasonable commercial efforts must begin, maximum</link:label>
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    <link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_b2f54ac9-f671-4e97-98ac-b1a626fc5c2b_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate debt securities</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_3cbc8ce2-264d-46b9-83c3-5f792f45c4a1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reconciliation of federal statutory income tax rate</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_a6d92c03-a288-408f-b229-28131f0ae8bf_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of total assets of Home Re Entities</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_37c53efa-83a8-4aaa-b0d6-41a3f7207607_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated other comprehensive income (loss)</link:label>
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    <link:label id="lab_mtg_AgingOfPrimaryDefaultInventoryTableTextBlock_234ed8e6-f937-4d67-8da9-46ec34b830e1_verboseLabel_en-US" xlink:label="lab_mtg_AgingOfPrimaryDefaultInventoryTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aging of the primary default inventory</link:label>
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    <link:label id="lab_us-gaap_OtherAssets_c0e32bd2-381b-474a-af7e-8a8fc5fb3114_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets</link:label>
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    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_3f45cb80-2575-4a1b-af38-bb21671e335c_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
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    <link:label id="lab_us-gaap_EquitySecuritiesInvestmentSummaryMember_6b1233f0-6fbe-4593-b023-9ce7be65d206_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesInvestmentSummaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Securities</link:label>
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    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_83706c25-e815-44fc-97b6-29e581c2b663_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Instruments [Domain]</link:label>
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    <link:label id="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault_documentation_en-US" xlink:label="lab_mtg_MaximumPeriodForWhichInterestPaymentsMayBeDeferredWithoutGivingRiseToEventOfDefault" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The maximum length of time for which interest payments on the convertible debentures may be deferred without giving rise to an event of default.</link:label>
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    <link:label id="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements_d9067f5e-51eb-4c50-ba3f-dae8c8e66088_verboseLabel_en-US" xlink:label="lab_mtg_NumberOfJurisdictionsWithRiskToCapitalRequirements" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of jurisdictions with risk-to-capital requirements</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation_22db4d7d-c161-4306-9235-03059799fa92_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Settlement (Gain)Loss</link:label>
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    <link:label id="lab_mtg_MortgageGuarantyInsuranceCorporationMember_068ef724-67bb-439e-8e3b-88579f5d7dbd_terseLabel_en-US" xlink:label="lab_mtg_MortgageGuarantyInsuranceCorporationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Guaranty Insurance Corporation</link:label>
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    <link:label id="lab_mtg_MortgageGuarantyInsuranceCorporationMember_documentation_en-US" xlink:label="lab_mtg_MortgageGuarantyInsuranceCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Another company which is controlled, directly or indirectly, by its parent. The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree.</link:label>
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    <link:label id="lab_us-gaap_EarlyRepaymentOfSubordinatedDebt_3cd1e881-36a4-46b6-ab48-167062e9c984_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EarlyRepaymentOfSubordinatedDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase of convertible junior subordinated debentures</link:label>
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    <link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_60c3ac97-5d53-486f-acd3-fa41d8053e5c_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shareholders' Equity</link:label>
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    <link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_19e5fe54-04d0-42e2-9c23-a2bb10e1c413_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value measurements</link:label>
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    <link:label id="lab_dei_AuditorFirmId_e8e31726-943a-46d1-b641-7753b0c2ad22_terseLabel_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Auditor Firm ID</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditorFirmId"/>
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    <link:label id="lab_mtg_FivePointTwoFivePercentSeniorNotesMember_c1eef335-ebd9-44fb-a5c6-8c1a009902ad_terseLabel_en-US" xlink:label="lab_mtg_FivePointTwoFivePercentSeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">5.25% Senior Notes due 2028</link:label>
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    <link:label id="lab_mtg_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumVestingOfTargetSharesGrantedPercent_3d0d451d-9db2-4df1-811a-89ff0f82e660_terseLabel_en-US" xlink:label="lab_mtg_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumVestingOfTargetSharesGrantedPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based compensation arrangement, maximum vesting percent of shares granted</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_867b93fc-d3a0-42b3-9cf1-329d546681fb_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash used in investing activities</link:label>
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    <link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_9f9efa26-1896-44a8-bdbe-c091e0e3b3f8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>
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    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_f1ebcdd4-2c16-478e-babb-3fe158a49e5a_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion at Fair Value Measurement</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_4af71c41-8caf-4409-9f2b-fea2675789ad_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in certain assets and liabilities:</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_4ff59b5a-d910-4cf0-83b9-fa4a9f183b97_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vested (in dollars per share)</link:label>
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