MTG - Earnings call 4 2023 | MGIC Investment Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MGIC Investment Corporation Fourth Quarter 2023 Earnings Call. [Operator Instructions]. I will now turn the conference over to Dianna Higgins, Head of Investor Relations. Please go ahead.

Dianna Higgins

morning. Good everyone. Welcome, joining MGIC. for and your for Thank us in interest you today

Joining our and to fourth call me the on discuss Financial Tim Chief Chief quarter Mattke, results Executive Colson, Officer; Nathan Officer. are the for

to press our results issued financial we quarterly our at results yesterday fourth includes Newsroom, refer on was mtg.mgic.com available that which under MGIC's during is additional Our today. release, website quarter the contains call and information will about

to their reconciliation a of measures measures. non-GAAP includes comparable also most financial It GAAP

In addition, our information on force primary posted that contains website other supplement we risk a information you and our valuable. quarterly may find pertaining to in

presentations from about to and or guidelines on a we may past presentations time our our reminder, website. underwriting post information other As to time, corrections

that could today, expectations want those materially course make getting the remind we results everybody our contained comments these this statements. about Before Actual differ to of future. during call, may forward-looking from in the I of started

that that Additional X-K materially call our information in about the yesterday. are contained on could cause those discussed from results also the filed differ was to actual factors

the of statements we undertaking an those than time forward-looking or are at make of time we future current should X-K. any issuance in or on No our developments. of not other the the that any in update to If such guidance one obligation forward-looking this light rely subsequent fact statements, the statements call are

over have Tim. pleasure So let's with to turn I that, to the call started. the get now

Timothy Mattke

returning quarter, excellent solid happy and our we good delivered report financial meaningful capping a shareholders. to year Dianna, everyone. another I'm of capital to Thanks, morning, results while again

in our to dedication a member our testament success. work Their instrumental dynamics to adapt ability Our team. hard has each and been market performance is the of to of

long-term to During performance, the from a remain the approach year. begin committed on prudent we as shareholders strategies, through-the-cycle focus to for continued we management our market value disciplined favorable we the the delivering benefit new trends, risk credit to and year,

quarter, Turning we annualized net to XX.X% and income fourth produced equity. on a of million $XXX the earned few highlights. an In return

primarily year, future billion. At the insurance of an our LTV strong $XXX full end at revenue driver in of standards the solid of XX%. level overall We continues quarter, year. origination stood of the in and of insurance credit and force, billion wrote $XX we have smaller full strong credit reflection origination quality a original market. main XXX with $XXX MI For average the remains Underwriting billion characteristics. is The in the portfolio fourth an NIW for average of of quarter of FICO million. earned The $XX our the the of NIW year to NIW and the strong, NIW remain

refinance origination rates of remains for to limited experience effect the have We by affordability with homes mortgages The supply of current and small due homeowners headwinds that the in interest continue to challenges. driven market, are market. the for sale volumes lock interest mortgage rates the industry, The of current low to the refinance, also money which borrowers significantly led across market including same well below rate. to MI historically has out the origination

insurance at XX% headwinds at persistency a on in ended tailwinds flat have year. insurance lower we interest force. offset relatively start the expected has of and NIW in XX% that remained during our persistency with fourth XXXX. the Annual of end the The ago our at and higher Those of the what year year, are that on consistent force increased rates the is quarter persistency up by the XX%, net result from

Many for dynamic downside continues rates, and to believe although which economic home our being challenges positive homebuyers, a relatively affordability long-term home home XXXX current the mitigate forecasts continue to in challenges we the creates indicate prices support helps will prices prices. be and flat dynamic While industry. despite first-time interest supply/demand be for prices this resilient risk higher of

While the economy there generally some is remains is positive. resilient outlook and still it uncertainty, market and for the the housing

of suggest available well, as Gen-Z demand demonstrate pent-up populations for there sale for MI desire the and Although long-term as demographic and meaningful continue millennial strong is a homes supply the to opportunities trends homeownership.

roughly currents size same was expect in market discussed, XXXX. it cross we the MI Given just XXXX the as I the in to be

portfolio delinquency look our performance payment levels, not be credit remain inventory have at date, the believe insurance of we is early performance. historic at and defaults lows. change of near-term to at credit a good and Taking continue credit our of indicator in performance rates we seen our low which the overall portfolio, To material a a very

a announced flexibility in strength $XXX from company, the fourth our year, and position during paid of quarter. the million in a previously $XXX As we dividends of capital the the to result including MGIC dividend million holding

to and of shareholders stock a our common XX% We which combination a $XXX dividend, capital stock increased approximately quarterly paying of the was through repurchasing also quarter. third returned common by million in

with our quarterly was million and as dividend for our retired, from debentures on $X.XX our have the in payout of to a X our quarter share for completed and we we last million. range we and ratio fully total million stock mentioned call, repurchased our and being delevering $XXX planned paid shares expect I return That case increase debt-to-capital capital the target of our shareholders As activities, $XX to with per a [indiscernible]. common fourth the

January repurchased We a share common of stock continue $XX million. repurchases of for X.X XXXX, additional we means remain shares a million to total of to capital will expect an returning through In primary shareholders. XX,

and Our levels previously activity that generate financial share results believe attractive and recent shareholders. remaining value price reflects to highlighted capital repurchase share the strength we for are long-term

share we million paid common X. current authorized The $XXX authorization. be of had January per on remaining XX, board March dividend $X.XXX As our to stock on repurchase

the during on reinsurance fourth program our will quarter, across active and reinsurance very share details activities. Nathan are We our

outlook and a of Nathan, to share happy to adequacy credit to fully to is grade. credit MGIC's underwriting, upgraded quality the the The improved to view from ratings holding risk of the to of upgraded implementation turning BBB- portfolio few company like prudent now the methodology, rationale resulting management, MGIC's Before use holding capital an and I'm comments. the stable. S&P's strength is that strong capital more the company include for S&P's rating MGIC's and over A- financial disciplined report reinsurance. and for upgrades approach January, S&P in ratings it I'd investment adequacy resulting in of revised

my CEO. Steve the as than company Risk after have a first to passion the Steve for management I overseeing and XX to am in serving for the addition March Thank to the in you Nathan. it responsibility Chief tenure proud With retirement serve and risk you you, for your that every Lastly, know, demonstrated department dedication the Officer years. turn embarking on retirement. assume of over CRO upon more as me leadership Thompson, department day. our let many Steve's my will finance well-earned will to Steve, as in be Nathan that,

Nathaniel Colson

morning. Tim, Thanks, good and

a Steve thank years in ago, me. and when Tim also the financial his the for friend and was the risk Before been MGIC met and leadership. for he for management one opportunity, I has I want thank to I people mentor Steve on of first details almost joined getting XX the the dedication and results, into department

Risk a experience, the wisdom Steve's opportunity he's his people the miss we a to will I Team and for Steve developed. wit, excited miss We great lead talented fortunate will that personality such oversee to be Steve has most around. I'm very and and to guy because wanted group. feel that

Turning financial the back results. to

quarter quarter compared $X.XX last As Tim we $X.XX year. results. the fourth solid mentioned, net of of We had financial income diluted during per another share to earned

quarter exceptional year, a results negative loss For diluted we been performance were favorable last development per $X.XX resulted the of $X.XX This we in loss X% to earned again full share the to compared for reflective of continued and has have ratio led diluted The reserve income quarter. credit share experiencing. year. net this per fourth

favorable the the in half XXXX on in reserve favorable this notices $XX and million came in delinquencies of and delinquency The reestimation Our losses second quarter. of development review of primarily quarter development XXXX. ultimate in from resulted received loss prior the

our to XX,XXX compared quarter, continues by the to increased low to and In X% delinquency loans, quarter historical new inventory which by XX,XXX in the notices standards. last XX,XXX last be the year. delinquency quarter, quarter In XX,XXX we received fourth

higher were year-over-year, XXXX. in were notices new levels While the prepandemic below quarter the fourth seen they of X%

increase level in years. the new higher of may and notices XXXX to are delinquency years We being XXXX the expect emergence loss book historically large due continue what that to

quarter, last earned The net announced primarily compared included revenues that total ceded quota tender NIW in an the premium transactions year. canceling tranches During last in million XXXX a was previously notes. in were million million premiums in certain $XXX of $XXX covering the earned the million quarter Net offer due the and share decrease were our to increase the for reinsurance-linked the home compared $XXX to quarter, to in agreements resulting quarter premiums from year. $XXX fourth

basis in-force resulted in yield these XX.X ceded expectations. with consistent points in was premium in quarter, in Combined, fourth quarter. the our the transactions quarter-over-quarter, additional flat premium The an $XX million

relatively year Given as we a flat in-force premium our market, persistency with another expect the for smaller XXXX remain MI to higher well. in expectations yields in

compared XX% end a of share our quarter fourth ago. results to our in the value accretive and The at share offset per strong book year was value shareholder somewhat by per quarterly $XX.XX, up dividend. the increase was due to share Book repurchases,

share, come rates investment potential that the interest continues continue While and are in results. higher our through of a higher be rates headwind for per to book for portfolio, interest value to positive the earnings

up a in ended from income quarter, up and fourth in sequentially quarter year. million on points was XX $XX ago. up points last $XX at basis the quarter up the year $X and The XX the million quarter investment book million the from X.X% yield basis the Net fourth portfolio investment

rate During the in to reinvestment yield the expect increase similar slower the reinvestment yield between as book yield at the the fourth we continue book our quarter, a rates. assuming to were narrowed book interest last difference environment, yield and but rate a year the our book above in and has increase rates

were the year. in from quarter expenses $XX in the $XX million million, down quarter fourth Operating last

lower $XXX end and the million reiterated the $XX the year, million, throughout range of and $XXX year. from were year a to ago For full million we the XXXX expenses provided down $XXX towards million

will to of operating provided year. million expect expenses be we the from a lower of range to reduction we XXXX, again $XXX range last a million million, $XXX For $XX

the reduce program, and an in is market and reinsurance important and of capital. reinsurance the agreements in use includes management sources environments commitment which volatility excess executed of or to quota provide component of capital share These reinsurance agreements of diversification risk and ILN traditional loss either management strategies. of macroeconomic Our agreements losses adverse forward our flexibility the our

NIW on the is recent scenarios. and most year Our vintages overall future protection vintages strategy longer no year offers loss book or stress to recapture focus and significant CDs the if and to book in prioritize reinsurance

mentioned, across we were the program quarter. fourth Tim active As very reinsurance our in

quarter, rated of As $XXX in highly the our previously panel diverse written most XX% with completed provides fourth and million XXXX we which June nearly all ILN XXXX. announced, of protection written a of share August policies And in that seventh cover a we from transaction, our of of loss XXXX. executed will policies through covers our reinsurers quota agreement and

future and treaties share our seasoned conducted to We most with and coverage tranches also on quota These elected all program the reinsurance covering a recent actions consistent NIW are tender NIW. deals. certain book our of concentrate offer strategy our to our dial-in XXXX or for years cancel

well is established, and the strategy consistent in markets. and have buyers reinsurance Our ILN both we been traditional

let in placed consistently Re NIW had back value XXXX well, the our markets This look we the over Home approach me and quota X have has of at that, turn relationships developed beyond. have XXXX Tim. build covering to reinsurance years. relationships and trusted appreciate have forward our transaction in continuing and it to the least reinsurance over last and us in each since We years and the and served one future partnerships share we ILN to With

Timothy Mattke

Nathan. Thanks,

collective success. XXXX in the appreciation their want Each As talented and we hard to passionate and a a gratitude and my member of played commitment team. celebrate another successful role our work, excellence. acknowledge year, I'd to I dedication making like express for team to efforts

continue before we achieve success year, operator, questions. to continue market resiliency flexibility, our let's about positioned strategies new business the to begin team, of all the the that, financial strength stakeholders. for and we by are talented As capital opportunities With be optimistic execute the housing us. well we take and our on encouraged our and solid that to With foundation, of lie

Operator

Instructions]. [Operator

line of comes first question George from from KBW. Our the Bose

Bose George

Actually, first, Obviously, on good on very there's guidance reduction. the the expenses.

in you the of apart this down that talk of like suggest other like -- just this kind had XX% guys drivers curious kind mid-XX's. XXXX, be about reduction. can that, in the Just of that the does from can expense, the you ratio expense pension And range, from then

Nathaniel Colson

Bose, I think I well. question. for the XXXX standpoint, range of think from we're Yes, expense this Thanks for you're that is the Nathan. kind as thinking an in ratio

of have of next really rate In the the kind quarter of terms fourth on 'XX, at year and of couple unique year some of of providing consistent run you've that in the for rate XXXX. the that did quarter just the fourth But in really, is kind quarters that with reductions, run the year. I last this mean, items we over we've we're of full for range of the brought that seen third quarters, first

Bose George

then already. And an share in a obviously, reserves XXXX. Great. the have capital starting that at Or you on supplement, level -- is a are the impact Okay. there's return? actually, going robust be in I show mean, in to terms increase returning contingency buybacks, sharp that pretty in Will it guys you it of

curious just changes So that anything. if

Nathaniel Colson

helps but something a don't This I is have that that constraint. changes Nathan. it know could things it necessarily, been certainly alleviate

in time. are reserve drawing at to contingency start of XXXX, really with going to year, but been releases on you of some over get $XXX supplement surplus If XX-year we full in releases. we've statutory we're look contingency reserves, This those that 'XX, page million kind we plus down years get

because would to contingency we're -- flexibility that's for become continue with of allow think be low without dividends could that a something that approaching may that But I getting So too reserves constraint surplus without a practical think running to pay I out kind of of constraint. not us release, now us. kind

Operator

Our of Barclays. the line Next comes question from from Ma Terry

Terry Ma

the yield expect you XXXX. mentioned to you in-force think flat I premium in be

how So that the levels. we Should yield? kind just about think the track QX should of net

Nathaniel Colson

Nathan. it's Terry,

providing I to confident some for a easier think field. us on lot feel it's guidance in-force the

the think with the commission somewhat yield sensitive. I loss particularly profit agreements quota share our becomes on net

provide the unique would the one quarter. items So fourth yields to a it's harder the level to of us some in what have provide, share ILN will confident for I cancellation. in did be think, to we any X.X quarter, net the I tenders basis say harder quota due and But about point impact

kind time years is refinance then share couple That if high. of I quota basis activity. in point our There the of consistent a or rates X.X because over XXXX look we've range that had another ceded hasn't of premiums, last in to that over amount will which the would way single we have pretty in been beyond. cancellation in think time, and reduce with been been terms cancellation volatile And maybe you lot program of earnings premium. But that of premium really accelerated hasn't been ceded component the on X.X have

I in we there some but sources net there remaining variability as So think, I yield, XXXX, the we for think I in-force feel said. flat of good are again about think the yield,

Terry Ma

the for a any, quarter, any pricing there or lower Got underwriting on and color guess, bit year-over-year. Q-over-Q Was provide actions? was it. can then NIW That's And changes you helpful. quite I

Timothy Mattke

there. Tim. No, This nothing really is

first representative report. it's the think size the market. I of the We've of somewhat

us bit far that of little But the the we don't that. I the market, book the happy we're Really much, with approach we that happy like I quality quality really think anything wrote. as think we think as the to nothing billion lost with wrote. share, of I from but a $XX and of

Operator

of Geoffrey & Our next from Partners. question comes from line the Dowling Dunn

Geoffrey Dunn

question, underwriter do First and how at look surplus about as think dividends, levels? future minimum you regulator you the

Nathaniel Colson

partly because conversation had level a approached we've don't that's we've think not yet. say directly I'd that I

we've companies at surplus other domicile end had the than Wisconsin the that XXXX. that much I noted $XXX million have MGIC of think of less

some pay as flexibility If our we have our they think level above some to continue for I target levels capital have are still to been So time. dividends.

the reserve as surplus little may not we 'XX, get we releases dividends contingency level how then in about continue in at the had point in the well in XXXX. 'XX coming So starting talking with where to and we may have to support to we're that

Geoffrey Dunn

mean, guidance some on able similar expectations your you something dividends? respect to going with 'XX to Are I forward? give to

Timothy Mattke

of in kind with that a Yes. I we if saw line that as at the in you mean dividend and company. I XXXX, what think earned were somewhat did look we you levels income XXXX

think I fairly results the that position if we to couple support that the large continue we will capital been to we have dividends have So over generate financial of that to the continue continue have have, that last years.

have with But that is dividends $XXX levels years we the X million the point $X.X the been that's intercompany us, X last company. last think making it's Once opco, for supported, it's way I or target years, from satisfied, starting at our settlement. plus billion operating tax can that credit But then sure sufficient dividend in the above our levels always discussion. another the over in the performance, at over target think, the capital we start I

So there's X last company to of a lot going the years. cash the holding over

Geoffrey Dunn

Right.

see question out probably equity the there? benefits Is more the you 'XX. thinner. have any on Do into saw I'm 'XX. quarter second claim Because a that And look development think was maybe Okay. a development, is, when 'XX, lot of I parse bit to we from at this it little color my the noted -- 'XX, reserve experienced other rates the you then half continue you more? we gets you you Can get as majority assuming

Nathaniel Colson

No, to. Yes. happy

I let's activity XXXX. think the are it's received more strength loans of that think I it's it's notices in cure estimates, the less from your items. those again, And vintage. of say, our really, not we've embedded actually And the But these about from necessarily period, on equity that kind book that seen.

think, initial ultimate But developed closer 'XX, much versus, that less a Our time. 'XX price cure home factors activity in is of like have those to of early than other driving from just really, and fully it's actual expectations ultimate that. loss the experience quarters for that I rate kind X.X% view reserve claim on been that. development notice And around some is appreciation or periods

Geoffrey Dunn

All right. Okay.

to have that just are XX-plus So X, months, these you're loans clarify, not 'XX vintage for to. referring in been then portfolio that

Nathaniel Colson

Exactly. the reserve relatively received notices really 'XX point. there's this vintages or at new that When that few the in it's we came have vintage. from ' XXXX from not notices XXXX development mean XX say from, I we

Operator

Our line next of question comes from BTIG. Hagen Eric from the

Eric Hagen

you point what wanted cure about the nature actually so kept up portfolio I and the last receiving cure? change actually like for rate on and that you you what borrowers of follow of here? just maybe making like modifications the do what's catalyze were Are that And to feel modification the to would cure that actually from the rate stable. has feel

Nathaniel Colson

that's a Eric, -- I it's really good Nathan. question. mean, it's

a helps, The kind more host favorable rate know direction are very of specificity of of programs a modification it's market tough staying helped. very, reasons, that high, think any several that the last performance have I one the and I credit very been unemployment over certainly being with whole employment in think, years. low, forbearance the in the because pulling they all, just to there's

gone more price in kind the house of of Index a or think, our the of Purchase-only up the and 'XX continued a Index home of kind maybe well. as XX-City work 'XX in market, Case-Shiller hybrid even value is I world, appreciation, of which FHFA utility kind like homeownership and than part remote has the The rise has and in to of

towards of better-than-expected credit kind of good outcomes of factors us. really think kind all is pulling -- that and performance for So I borrowers combination that for ultimately

Eric Hagen

definitely Yes, Yes. helpful. that's

how mean, conditions? unemployment Or buybacks it own rates On or policy in and would just the I economic your unemployment the toward nationwide rate sensitive capital really return you portfolio? towards other is general, sensitive say conditions stock to and is in it

Nathaniel Colson

I you the -- draw to need Eric, our trying you between I Were unemployment repurchase link clarify. mean and rate. share may appetite to

Eric Hagen

Pretty start does really much, being it maybe unemployment before in that you appear just policy? you change to yes. your and need Or that own see And sensitive whether to appearing nationwide portfolio rates?

Nathaniel Colson

to Yes. at is shareholders company. the to happen. at I'd those our share We about just Ultimately, the activities probably the year, already where about have -- of money reiterate. the ability and dividends end return holding capital million to holding via company the getting we had $XXX repurchases

So we flexibility of today. lot even have a

future about levels be targets company. we're will it what's is time, to of of support increased capital that on in. our in our out expectation above but do built performance. that levels. either number And them our of over capital operating market dividends again, underwriting in are But we're about the target risk a loans And getting things, increased the being the that risk And that's insuring of one we need or

post-COVID capital of thing there. we've the at environment the the had to didn't for to about like holding increased MGIC was uncertainty So X.X where do it from retain that because to pay MGIC felt because years the right dividends in company we periods,

right debt capital Tim still we fund So return. liquidity our holding long that dividends target really And to range at at as the like primary of and capital levels above the target of said, levels to the kind for our purposes above purpose we risk with money to MGIC target feel our as now, our as will company have there holdco. is

Operator

for moment question. our next One

Mihir Bank America. line the Bhatia of from of Our next question comes from

Mihir Bhatia

question the on just was NIW first had outlook. I The

for was Like you I MTG market 'XX? think that or similar mentioned or particular is in industry sized NIW a I XXXX, guess? in that both,

Timothy Mattke

about mostly we're talking originations think I of sort MI overall.

what insured that the similar overall mortgage but probably and insurance, penetration then the I year this that's origination of market think those in 'XX about expect pretty coming are then in and we'd to of you that it think size was 'XX. private totally

Mihir Bhatia

So about and particularly, look why industry wouldn't to we would including coming we -- but am there get like have is generally guess penetration everyone now, the -- little I back. but if have making NIW as some little guess originations you I a to as refi at market And I up you have Because think bit curious up penetration like I rate down? purchase cuts you expect given why year-over-year, I'm Is about feel be originations something curious that. I up, they down? go Like, a you tell also going challenges, seems MI mean, going that's the the will thought it me. would affordability forecasts,

Timothy Mattke

originations. and think ultimately, that's you I us. to for Yes. more if a the little bit of it's refi, get really going to probably hurt be we back penetration and the think rate, overall when hurts help, we it There'd penetration year, half more Obviously, at the refi But right. expect about don't the mix purchase going

there's lot refi be available of think refi don't back refi. of year, in half and would would origination what of just I pickup what to this So a the ultimately from MI

Again, year. negative I as this of paint view a wouldn't

that's sort shaping just overall. think we the similar I I 'XX look view. think up upside Hopefully, overall, think to there's pretty think that. to to of our is But I 'XX

have historically. bit been we on than share our a 'XX From lower perspective, the average on course we were little during of

appropriate. we we overall returns standpoint, flat. I might from think there little pick a origination MI up are if an think But the that's So bit relatively

Mihir Bhatia

on just last a guiding wondering, is XX% bit then Got sorry, to but gets? it mean And -- it. You which delinquency losses ROE up, right? as up obviously returns I a have this you're not the switching quarter X. as will was of like an the little don't your suggest get to And going to in I you ROE maybe your good for a this business going was had notices pretty gears And want quarter similar ROE point, losses, comments like And reserve go curious. Or do did Is releases thoughts assume any MI from that the on you Is business, view? double-digit would provisions. here? there? I a would effect presumably, that down I that. prospectively. have low kind future,

Timothy Mattke

Yes.

it's some exceptional as low in think of because really about valid notices both amount those. the new Nathan well from quality, terms a of a good credit talked right, as I in releases, we benefited of question, as detail reserve

a we've as I for price about and years and we've And normalized what cycle right? going it, it continue actually you a good saying if is we And as losses how that been of get the that number price and think credit are think assuming think than we can so extent, higher been through business about to it. be that's experiencing, on the view to to our large

bit worse. when get there's as tremendous been get think little I view So averages And of far are. historical what from as wrong that credit we bit we sort as it people say of likely could We've amount a tailwinds a think worse, a than a still credit standpoint. little continued to better be

good would credit good box. cautious as we usual it's quality But feel really to been versus a just really standpoint incurred still quite that would it, again, losses, show credit So good what negative some to we a view credit about frankly. how about -- have not be It's we want losses from I the market still right? in think

a talked premium little think flat far from we average the we at as said again, as a the think, I year. beginning relatively originations. as bit this that, We far With premium standpoint, as

think when exceptional, good year little But reserves. level ROE less frankly, that's there an and don't think we for same returns think have challenge quite high-quality, I the is taking. business, loss have we're you that raw you next return So this material of from the a ultimately appropriate is risk in I which if difficult reserve still the really releases,

Operator

line Geoffrey the question from next Dunn of Partners. & comes Our from Dowling

Geoffrey Dunn

Can minimum quick liquidity? a Sorry, the your holding targeted review you follow-up. of specifics just just company

Nathaniel Colson

debt. want it's years able we're years Geoff, or for periods due Nathan. for really interest a is we're for to protect the right pay comes not to as to the that a we've thinking about coming closer now. holding talked don't that holding I outstanding XXth, to now amount principal not also some couple And something from on few of back the about that's about, to then August And not debt for dividend there. debt where it's But due, company. MGIC that years, much dividends mean X.X think, with what of being pay I

Operator

At closing now further over questions. are for back time, will remarks. I call this the you. management Thank there to no turn

Timothy Mattke

interest you the Thank participating you, Have for everyone. in Financial this Thanks. BofA that conferences your Gigi. of rest and remind I great and MGIC want we'll UBS in week, thank later month. your everyone a be Services to

Operator

Ladies this you today's concludes for conference and Thank call. gentlemen, participating.

disconnect. may You now

MGIC Investment (MTG) 1 Feb 242023 Q4 Earnings call transcript