MGIC Investment : Quarterly Statement (as of September 30, 2021)

STATEMENT AS OF SEPTEMBER 30, 2021 OF THE MORTGAGE GUARANTY INSURANCE CORPORATION

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	5,921,283,428			5,921,283,428	5,442,796,635
2.	Stocks:
	2.1 Preferred stocks
	2.2 Common stocks	372,141,196	3,694,044		368,447,152	372,755,445

3. Mortgage loans on real estate:

1. First liens
2. Other than first liens

4.	Real estate:
	4.1 Properties occupied by the company (less $
		encumbrances)				12,809,250		12,809,250	13,215,664
	4.2 Properties held for	the production of income (less
		$		encumbrances)
	4.3 Properties held for sale (less $
		encumbrances)				1,484,609		1,484,609	1,092,000
5.	Cash ($	382,970 ), cash equivalents
	($	127,274,622	) and short-term
	investments ($		1,532,412 )		129,190,004		129,190,004	158,588,816
6.	Contract loans (including $		premium notes)

7. Derivatives

8. Other invested assets

75,253

75,253

9. Receivables for securities

10. Securities lending reinvested collateral assets

11. Aggregate write-ins for invested assets

12.	Subtotals, cash and invested assets (Lines 1 to 11)	6,436,983,740	3,769,297	6,433,214,443	5,988,448,560
13.	Title plants less $	charged off (for Title insurers
	only)
14.	Investment income due and accrued		48,339,948		48,339,948	43,742,483
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	55,492,615		55,492,615	55,537,248

15.2 Deferred premiums, agents' balances and installments booked but deferred and not yet due (including $

	earned but unbilled premiums)
15.3	Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)
16. Reinsurance:
16.1	Amounts recoverable from reinsurers		521,106		521,106	659,417
16.2	Funds held by or deposited with reinsured companies
16.3	Other amounts receivable under reinsurance contracts

17. Amounts receivable relating to uninsured plans

18.1	Current federal and foreign income tax recoverable and interest thereon	12,846,530	12,729,226	117,304	83,304
18.2	Net deferred tax asset	172,104,441	144,736,745	27,367,696	75,034,349

19. Guaranty funds receivable or on deposit

20. Electronic data processing equipment and software

2,177,933

1,108,991

1,068,942

2,215,521

21. Furniture and equipment, including health care delivery assets

($

)

36,815,568

36,815,568

22. Net adjustment in assets and liabilities due to foreign exchange rates

23.	Receivables from parent, subsidiaries and affiliates	4,310,550		4,310,550	4,724,168
24.	Health care ($	) and other amounts receivable
25.	Aggregate write-ins for other than invested assets	111,093,814	102,769,032	8,324,782	6,034,370

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

6,880,686,245

301,928,859

6,578,757,386

6,176,479,420

27. From Separate Accounts, Segregated Accounts and Protected Cell Accounts

28.	Total (Lines 26 and 27)	6,880,686,245	301,928,859	6,578,757,386	6,176,479,420
	DETAILS OF WRITE-INS
1101.
1102.
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)
2501.	Prepaid post retirement	95,012,520	95,012,520
2502.	Other assets nonadmitted	7,756,512	7,756,512
2503.	ILN expense premium	7,706,302		7,706,302	5,748,142
2598.	Summary of remaining write-ins for Line 25 from overflow page	618,480		618,480	286,228
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	111,093,814	102,769,032	8,324,782	6,034,370

NOTE: We elected to use rounding in reporting amounts in this statement.

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STATEMENT AS OF SEPTEMBER 30, 2021 OF THE MORTGAGE GUARANTY INSURANCE CORPORATION

LIABILITIES, SURPLUS AND OTHER FUNDS

			1	2
			Current	December 31,
			Statement Date	Prior Year
1.	Losses (current accident year $	88,203,448 )	769,678,482	732,220,876
2.	Reinsurance payable on paid losses and loss adjustment expenses	4,519	25,725
3.	Loss adjustment expenses		55,396,359	52,809,060

4. Commissions payable, contingent commissions and other similar charges

5.	Other expenses (excluding taxes, licenses and fees)				59,727,343	56,381,202
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			4,222,387	5,857,987
7.1	Current federal and foreign income taxes (including $		on realized capital gains (losses))
7.2	Net deferred tax liability
8.	Borrowed money $	155,000,000 and interest thereon $	246,708		155,246,708	155,254,932
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	and
	including warranty reserves of $	and accrued accident and health experience rating refunds
	including $	for medical loss ratio rebate per the Public Health Service Act)		199,216,976	221,984,164
10.	Advance premium
11.	Dividends declared and unpaid:
	11.1 Stockholders
	11.2 Policyholders
12.	Ceded reinsurance premiums payable (net of ceding commissions)			12,723,101	25,892,735
13.	Funds held by company under reinsurance treaties
14.	Amounts withheld or retained by company for account of others			7,409,266	6,223,092
15.	Remittances and items not allocated				1,698,028	627,905
16.	Provision for reinsurance (including $	certified)
17.	Net adjustments in assets and liabilities due to foreign exchange rates
18.	Drafts outstanding
19.	Payable to parent, subsidiaries and affiliates				651,666	1,496,016

20. Derivatives

21.	Payable for securities	6,750,000	22,770,000
22.	Payable for securities lending

23. Liability for amounts held under uninsured plans

24.	Capital notes $		and interest thereon $
25.	Aggregate write-ins for liabilities			3,955,426,664	3,558,898,538
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			5,228,151,499	4,840,442,232
27.	Protected cell liabilities
28.	Total liabilities (Lines 26 and 27)			5,228,151,499	4,840,442,232
29.	Aggregate write-ins for special surplus funds
30.	Common capital stock					5,000,000	5,000,000
31.	Preferred capital stock
32.	Aggregate write-ins for other than special surplus funds
33.	Surplus notes
34.	Gross paid in and contributed surplus			1,289,320,525	1,289,320,525
35.	Unassigned funds (surplus)				243,867,303	229,298,604
36.	Less treasury stock, at cost:
	36.1	58,915	shares common (value included in Line 30	$	2,945,750 )	187,581,941	187,581,941
	36.2		shares preferred (value included in Line 31	$	)
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)			1,350,605,887	1,336,037,188
38.	Totals (Page 2, Line 28, Col. 3)			6,578,757,386	6,176,479,420
	DETAILS OF WRITE-INS
2501.	Contingency reserve per Wisconsin Administrative Code Section 3.09(14)		3,918,568,377	3,521,244,622
2502.	Accrual for premium refunds				37,300,000	30,100,000
2503.	Checks pending escheatment				2,348,938	761,899
2598.	Summary of remaining write-ins for Line 25 from overflow page			(2,790,651)	6,792,017
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)			3,955,426,664	3,558,898,538
2901.
2902.
2903.
2998.	Summary of remaining write-ins for Line 29 from overflow page
2999.	Totals (Lines 2901 through 2903 plus 2998)(Line 29 above)
3201.
3202.
3203.
3298.	Summary of remaining write-ins for Line 32 from overflow page
3299.	Totals (Lines 3201 through 3203 plus 3298)(Line 32 above)

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STATEMENT AS OF SEPTEMBER 30, 2021 OF THE MORTGAGE GUARANTY INSURANCE CORPORATION

STATEMENT OF INCOME

					1	2	3
					Current	Prior Year	Prior Year Ended
					Year to Date	to Date	December 31
		UNDERWRITING INCOME
1.	Premiums earned:
	1.1 Direct (written $	842,051,027	)		864,675,105	879,324,309	1,175,242,771
	1.2 Assumed (written $	628,992 )		772,205	2,006,710	2,506,521
	1.3 Ceded (written $	122,633,243	)		122,633,243	144,254,093	188,462,109
	1.4 Net (written $	720,046,776 )			742,814,067	737,076,926	989,287,183
		DEDUCTIONS:
2.	Losses incurred (current accident year $	88,475,177 ):
	2.1 Direct				90,562,056	353,275,245	403,343,619
	2.2 Assumed				(255,694)	963,002	989,312
	2.3 Ceded				13,353,381	63,571,185	75,746,361
	2.4 Net				76,952,981	290,667,062	328,586,570
3.	Loss adjustment expenses incurred			12,509,904	28,256,042	36,135,850
4.	Other underwriting expenses incurred			155,110,973	137,773,408	172,198,598
5.	Aggregate write-ins for underwriting deductions		416,533,202	383,810,036	558,504,390
6.	Total underwriting deductions (Lines 2 through 5)		661,107,060	840,506,548	1,095,425,408
7.	Net income of protected cells
8.	Net underwriting gain or (loss) (Line 1 minus Line 6 + Line 7)		81,707,007	(103,429,622)	(106,138,225)
		INVESTMENT INCOME
9.	Net investment income earned			111,712,908	110,291,979	144,615,579
10.	Net realized capital gains (losses) less capital gains tax of $	291,699	(4,147,408)	(689,558,593)	(689,210,489)
11.	Net investment gain (loss) (Lines 9 + 10)			107,565,500	(579,266,614)	(544,594,910)
		OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off (amount recovered
	$	amount charged off $	)	(61,399)	(67,570)	(111,724)
13.	Finance and service charges not included in premiums
14.	Aggregate write-ins for miscellaneous income			5,395	7,827	7,827
15.	Total other income (Lines 12 through 14)			(56,004)	(59,743)	(103,897)
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal
	and foreign income taxes (Lines 8 + 11 + 15)			189,216,503	(682,755,979)	(650,837,032)
17.	Dividends to policyholders
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal and
	foreign income taxes (Line 16 minus Line 17)			189,216,503	(682,755,979)	(650,837,032)
19.	Federal and foreign income taxes incurred			(623,283)	(8,220,920)	(8,324,410)
20.	Net income (Line 18 minus Line 19)(to Line 22)		189,839,786	(674,535,059)	(642,512,622)
		CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year		1,336,037,188	1,618,868,454	1,618,868,454
22.	Net income (from Line 20)				189,839,786	(674,535,059)	(642,512,622)
23.	Net transfers (to) from Protected Cell accounts
24.	Change in net unrealized capital gains (losses)	less capital gains tax of $	9,407	9,814,075	767,670,607	769,966,710
25.	Change in net unrealized foreign exchange capital gain (loss)
26.	Change in net deferred income tax			(40,452,063)	(39,550,054)	(45,463,023)
27.	Change in nonadmitted assets			(11,368,860)	177,924,781	149,763,554
28.	Change in provision for reinsurance

1. Change in surplus notes
2. Surplus (contributed to) withdrawn from protected cells

31.	Cumulative effect of changes in accounting principles	15,175,463
32.	Capital changes:
	32.1	Paid in
	32.2	Transferred from surplus (Stock Dividend)
	32.3	Transferred to surplus
33.	Surplus adjustments:
	33.1	Paid in		(463,911,215)	(463,911,214)
	33.2	Transferred to capital (Stock Dividend)

33.3 Transferred from capital

34. Net remittances from or (to) Home Office

35.	Dividends to stockholders	(158,911,559)	(65,589,496)	(65,589,497)
36.	Change in treasury stock
37.	Aggregate write-ins for gains and losses in surplus	10,471,857	(10,411,848)	14,914,826
38.	Change in surplus as regards policyholders (Lines 22 through 37)	14,568,699	(308,402,283)	(282,831,266)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	1,350,605,887	1,310,466,171	1,336,037,188
	DETAILS OF WRITE-INS
0501.	Contingency reserve contribution per Wisconsin Administrative Code Section Insurance
	3.09(14)	416,533,202	440,665,510	588,874,646
0502.	Contingency reserve withdrawal		(56,855,474)	(30,370,256)
0503.
0598.	Summary of remaining write-ins for Line 5 from overflow page
0599.	Totals (Lines 0501 through 0503 plus 0598)(Line 5 above)	416,533,202	383,810,036	558,504,390
1401.	Other revenue	5,395	7,827	7,827
1402.
1403.
1498.	Summary of remaining write-ins for Line 14 from overflow page
1499.	Totals (Lines 1401 through 1403 plus 1498)(Line 14 above)	5,395	7,827
7,827
3701.	SSAP 92 & SSAP 102 net funded status adjustments	10,471,857	(10,411,848)	14,914,826
3702.
3703.
3798.	Summary of remaining write-ins for Line 37 from overflow page
3799.	Totals (Lines 3701 through 3703 plus 3798)(Line 37 above)	10,471,857	(10,411,848)	14,914,826

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STATEMENT AS OF SEPTEMBER 30, 2021 OF THE MORTGAGE GUARANTY INSURANCE CORPORATION

CASH FLOW

			1	2	3
			Current Year	Prior Year	Prior Year Ended
			To Date	To Date	December 31
	Cash from Operations
1.	Premiums collected net of reinsurance		714,121,878	705,957,851	926,732,086
2.	Net investment income		139,628,020	149,279,737	193,103,207
3.	Miscellaneous income		(56,004)	(59,743)	(103,897)
4.	Total (Lines 1 to 3)		853,693,894	855,177,845	1,119,731,396
5.	Benefit and loss related payments		39,389,597	83,544,918	95,338,311
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts
7.	Commissions, expenses paid and aggregate write-ins for deductions		159,101,112	155,689,850	196,533,669
8.	Dividends paid to policyholders
9.	Federal and foreign income taxes paid (recovered) net of $	1,185,145 tax on capital
	gains (losses)		(1,153,000)	3,025,587	(14,173,647)
10.	Total (Lines 5 through 9)		197,337,709	242,260,355	277,698,333
11.	Net cash from operations (Line 4 minus Line 10)		656,356,185	612,917,490	842,033,063

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	481,754,164	688,999,948	839,223,270
	12.2	Stocks		5,204,707	5,204,707
	12.3	Mortgage loans
	12.4	Real estate	3,171,550	11,973,300	13,141,488
	12.5	Other invested assets
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	(9,862)	72,900	68,499
	12.7	Miscellaneous proceeds		(4,756,366)
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	484,915,852	701,494,489	857,637,964
13. Cost of investments acquired (long-term only):
	13.1	Bonds	991,265,448	928,126,865	1,424,749,952
	13.2	Stocks		8,817,758	8,817,758
	13.3	Mortgage loans
	13.4	Real estate	3,564,159	6,411,971	6,982,201
	13.5	Other invested assets
	13.6	Miscellaneous applications	16,020,000	(29,244,621)	(22,594,713)
	13.7	Total investments acquired (Lines 13.1 to 13.6)	1,010,849,607	914,111,973	1,417,955,198
14.	Net increase (or decrease) in contract loans and premium notes
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(525,933,755)	(212,617,484)	(560,317,234)

Cash from Financing and Miscellaneous Sources

1. Cash provided (applied):
2. 1. Surplus notes, capital notes
   2. Capital and paid in surplus, less treasury stock
   3. Borrowed funds
   4. Net deposits on deposit-type contracts and other insurance liabilities
   5. Dividends to stockholders
   6. Other cash provided (applied)
3. Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5 plus Line 16.6)

	(175,459,528)	(175,459,527)
150,000,000	48,218,656	48,218,657
(9,821,242)	(10,565,333)	(4,067,078)
(159,821,242)	(234,243,517)	(227,745,262)

	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	(29,398,812)	166,056,489	53,970,567
19.	Cash, cash equivalents and short-term investments:
	19.1 Beginning of year	158,588,816	104,618,249	104,618,249
	19.2 End of period (Line 18 plus Line 19.1)	129,190,004	270,674,737	158,588,816

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001.	Line 9 Federal and foreign income taxes paid - Dissolution of subsidiary		65,555,516	65,555,516
20.0002.	Line 12.1 Bonds - Capital contributed to subsidiary		41,182,242	41,182,242
20.0003.	Line 12.1 Bonds - Return of capital/ dividend to Parent		305,822,527	305,822,527
20.0004.	Line 12.2 Stocks - Dividend to Parent	8,911,559
20.0005.	Line 12.2 Stocks - Dissolution of subsidiary		307,468,372	307,468,372
20.0006.	Line 13.1	Bonds - Dissolution of subsidiary		241,091,754	241,091,754
20.0007.	Line 13.2	Stocks - Capital contributed to subsidiary		41,182,242	41,182,242
20.0008.	Line 16.2	Capital and paid in surplus - Return of capital to Parent		(288,451,687)	(288,451,687)
20.0009.	Line 16.5	Dividends to stockholders - Dividend to Parent	8,911,559	17,370,840	17,370,840

5