MGIC Investment Corporation announced its third-quarter 2024 financial results, reporting a net income of $200.0 million, or $0.77 per diluted share. The adjusted net operating income for the quarter was $200.7 million, also translating to $0.77 per diluted share. These figures represent a significant increase compared to the third quarter of 2023, which saw a net income of $182.8 million and adjusted net operating income of $183.0 million.
New insurance written (NIW) reached $17.2 billion in Q3 2024, an increase from $14.6 billion in the same period last year, indicating robust demand for its mortgage insurance products. The company's insurance in force stood at $292.8 billion, up from $291.6 billion in the previous quarter. Net premiums earned were $243.3 million, consistent with $241.3 million in Q3 2023.
The company maintained a strong capital position, with PMIERs excess of $2.5 billion and holding company liquidity of $841 million. Book value per common share outstanding increased to $20.66 from $17.37 in Q3 2023, reflecting growth in shareholder equity. The annualized return on equity was 15.6%, demonstrating efficient use of capital.
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