Introduction The following is management’s discussion and analysis of the financial condition and results of operations of MGIC Investment Corporation for the second quarter of 2026. As used below, “we” and “our” refer to MGIC Investment Corporation’s consolidated operations. This form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. See the “Glossary of terms and acronyms” for definitions and descriptions of terms used throughout this MD&A. Our revenues and losses could be affected by the Risk Factors referred to under “Forward Looking Statements and Risk Factors” above, and they are an integral part of the MD&A. Forward Looking and Other Statements As discussed under “Forward Looking Statements and Risk Factors” above, actual results may differ materially from the results contemplated by forward looking statements. These forward looking statements speak only as of the date of this filing and are subject to change without notice. We are not undertaking any obligation to update any forward looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the time at which this document was filed with the Securities and Exchange Commission. MGIC Investment Corporation - Q2 2026 | 31 Overview Through our primary operating subsidiary, Mortgage Guaranty Insurance Corporation (“MGIC”), we provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Primary mortgage insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us, of the underlying property. As of June 30, 2026, we had $304.8 billion of primary insurance in force and $81.8 billion of primary risk in force. PMIERs We operate under the requirements of the GSEs PMIERs and must maintain compliance with these requirements to be eligible to insure loans delivered to or purchased by that GSE. The PMIERs include financial requirements, as well as business, quality control and certain transaction approval requirements. The PMIERs provide that the GSEs may amend any provision of the PMIERs or impose additional requirements with an effective date specified by the GSEs. The financial requirements of the PMIERs require a mortgage insurer’s "Available Assets" (generally only the most liquid assets of an insurer) to equal or exceed its "Minimum Required Assets" (which are generally based on an insurer's book of risk in force and calculated from tables of factors with several risk dimensions, reduced for credit given for risk ceded under reinsurance agreements and subject to a floor amount). Based on our application of the PMIERs as of June 30, 2026, MGIC’s Available Assets totaled $5.6 billion, or $2.7 billion in excess of its Minimum Required Assets. MGIC is in compliance with the PMIERs and eligible to insure loans purchased by the GSEs; however, if our Available Assets fall below our Minimum Required Assets, we would not be in compliance with the PMIERs. Our ability to continue to comply with PMIERS financial requirements could be affected by several factors, including: •Amendments to PMIERs, or changes to the way the GSEs interpret the existing PMIERs. •An increase in the number of loan delinquencies. The PMIERs generally require us to hold significantly more Minimum Required Assets for delinquent loans than for performing loans, and the Minimum Required Assets required to be held increases as the number of payments missed on a delinquent loan increases. If we are required to hold more capital relative to our insured loans it could adversely affect our business and results of operations. •The credit we receive for the investments in our investment portfolio. Under PMIERs, specified assets are excluded, limited or haircut for purposes of being counted as Available Assets. •Changes to the amount of credit we receive for risk ceded under our QSR and XOL Transactions. Our reinsurance transactions enable us to earn higher returns on our Minimum Required Assets than we would without them because they generally reduce the Minimum Required Assets we must hold under PMIERs. For additional information see our risk factors titled "Our underwriting practices and the mix of business we write affects our Minimum Required Assets under the PMIERs, our premium yields and the likelihood of losses occurring" and "Reinsurance may be unavailable at current levels and prices, and/or the GSEs may reduce the amount of capital credit we receive for our reinsurance transactions" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. •Failure to meet certain transactional approval conditions imposed by PMIERs. Such failure may restrict or delay us from taking certain actions that would be advantageous to our investors. GSE Reform FHFA placed the GSEs into conservatorship on September 7, 2008 and the FHFA has the authority to control and direct their operations. Given that the Director of the FHFA serves at the pleasure of the President, the agency's agenda, policies and actions may be influenced by the then-current administration. Congress and executive branch officials have periodically proposed various plans for the reform of the GSEs, including through privatization and/or termination of FHFA's conservatorship. However, it is unclear what reforms will ultimately be implemented, if any, and what the time frame for any such reforms will be. The potential impact of any such plan on our business and financial results remains uncertain. For additional information about the business practices of the GSEs, see our risk factor titled “Changes in the business practices of Fannie Mae and Freddie Mac ("the GSEs"), federal legislation that changes their charters or a restructuring of the GSEs could reduce our revenues or increase our losses” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. State Regulations The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to its RIF (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage MGIC Investment Corporation - Q2 2026 | 32 increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a MPP. MGIC’s “policyholder position” includes its net worth or surplus and its contingency reserve. As of June 30, 2026, MGIC’s risk-to-capital ratio was 9.9 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $3.6 billion above the required MPP of $2.1 billion. The calculation of our risk-to-capital ratio and MPP reflect full credit for the risk ceded under our reinsurance transactions. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded under such transactions. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the PMIERs, MGIC may terminate the reinsurance transactions, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements; however, for additional information about matters that could negatively impact our compliance with State Capital Requirements refer to our risk factor titled “State capital requirements may prevent us from continuing to write new insurance on an uninterrupted basis” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Regulatory and Legislative Developments Credit Score Modernization In recent years, the FHFA and the GSEs have undertaken initiatives to modernize the credit scoring framework used in mortgage underwriting and securitization. In June 2025, the FHFA directed the GSEs to adopt updated credit scoring models, including VantageScore 4.0 and FICO Score 10T, as part of a broader credit score modernization initiative. In April 2026, the GSEs began a phased implementation, initially permitting limited use of VantageScore 4.0 by certain approved lenders. FICO Score 10T is expected to be implemented at a later date. These changes may affect borrower eligibility and the mix of insured business, and the extent of any impact will depend on the pace of adoption and broader economic conditions. Basel III Endgame In July 2023, the Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency proposed a revised regulatory capital rule, known as the Basel III End Game, that would impose higher capital standards on large U.S. banks. Under the proposed regulation's new expanded risk-based approach, it was interpreted that affected banks would no longer receive risk-based capital relief for mortgage insurance on loans held in their portfolios. In March 2026, the U.S. federal banking agencies rescinded the 2023 proposal and released a revised proposal. The 2026 proposal includes more granular risk-weight calculations for residential mortgage loans and maintains the existing treatment of mortgage insurance as a prudent underwriting standard. The proposal does not include the treatment of mortgage insurance as a part of the proposed risk-weight calculations. Mortgage Insurance Earnings and Cash Flow Cycle In general, the majority of any underwriting profit that a book generates occurs in the early years of the book, with the largest portion of any underwriting profit realized in the first year following the year the book was written. Subsequent years of a book may result in either underwriting profit or underwriting losses. This pattern generally results from the fact that relatively few of the losses ultimately incurred on delinquencies occur in the early years of a book, when premium revenue is highest, while subsequent years are affected by declining premium revenues, as the number of insured loans decreases, primarily due to loan prepayments, and increasing losses. The state of the economy, local housing markets, pandemics, natural disasters, and various other factors may result in delinquencies not following the typical pattern. Key Factors Affecting Our Results Our current and future business, results of operations and financial condition are impacted by macroeconomic conditions, such as interest rates, home prices, housing demand, level of employment, inflation, pandemics, restrictions on and costs of mortgage credit, and other factors. For additional information on how our business may be impacted by such circumstances refer to our Risk Factors published in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Premiums Written and Earned Premiums written and earned during a given period are primarily driven by the insurance in force during all or a portion of the period. A change in the average IIF in the current period compared to an earlier period is a factor that will increase (when the average in force is higher) or reduce (when it is lower) premiums written and earned in the current period, although this effect may be enhanced or mitigated by the following factors: •NIW: Increases IIF and is influenced by the volume of low down payment home mortgage originations and competition to provide credit enhancement on those mortgages from the FHA, the VA, and other mortgage insurers. Other alternatives to mortgage insurance also impact NIW, including GSE programs that may reduce or eliminate the demand for mortgage insurance. •Cancellations: Reduce IIF and occur when borrowers refinance or achieve the required amount of home equity through loan amortization, loan payoffs, or home price appreciation. Refinance-related cancellations are influenced by the level of current mortgage interest rates compared to the mortgage coupon rates throughout the in force book, current home values relative to values when the loans in the in force book were insured and the terms on which mortgage credit is available. Policy rescissions also cause cancellations requiring us to return any premiums received, from the date of default, on the rescinded policies and claim payments. Cancellations of single premium policies, which are generally non-refundable, result in immediate recognition of any remaining unearned premium. MGIC Investment Corporation - Q2 2026 | 33 •Premium rates: Vary by product type, the risk characteristics of the insured loans, competitive pressures, the percentage of coverage on the insured loans, and PMIERs capital requirements. The substantial majority of our monthly and annual mortgage insurance premiums are under premium plans for which, for the first ten years of the policy, the amount of premium is determined by multiplying the initial premium rate by the original loan balance; thereafter, the premium rate resets to a lower rate used for the remaining life of the policy. The remainder of our monthly and annual premiums are under premium plans for which premiums are determined by a fixed percentage of the loan’s amortizing balance over the life of the policy. •Premiums ceded, net of profit commission: Ceded premiums under our QSR and XOL Transactions, are primarily affected by the percentage of our IIF subject to our reinsurance transactions. The profit commission under our QSR Transactions also varies inversely with the level of ceded losses incurred on a “dollar for dollar” basis and can be eliminated at ceded loss levels higher than what we have experienced on our QSR Transactions. As a result, lower levels of losses incurred result in a higher profit commission and less benefit from ceded losses incurred; higher levels of losses incurred result in more benefit from ceded losses incurred and a lower profit commission (or for certain levels of accident year loss ratios, its elimination). (See Note 7 - “Reinsurance” to our consolidated financial statements for a discussion of our reinsurance transactions.) Investment Income Our investment portfolio is composed principally of investment grade fixed income securities. The primary factors that influence investment income are the size of the portfolio and its yield. As measured by amortized cost (which excludes changes in fair value, such as from changes in interest rates), the size of the investment portfolio is mainly a function of cash generated from (or used in) operations, such as net premiums written, investment income, net claim payments and expenses, and cash provided by (or used for) non-operating activities, such as debt or stock issuances or repurchases, and dividends. Losses Incurred Losses incurred are the current expense that reflects claim payments, costs of settling claims, and changes in our estimates of payments that will ultimately be made as a result of delinquencies on insured loans. As explained under “Critical Accounting Estimates” in our 2025 10-K MD&A, we recognize an estimate of this expense only for delinquent loans. The level of new delinquencies has historically followed a seasonal pattern, with new delinquencies in the first half of the year lower than new delinquencies in the latter half of the year. The state of the economy, local housing markets, pandemics, natural disasters and various other factors, may result in delinquencies not following the typical pattern. Losses incurred are generally affected by: •The state of the economy, including unemployment and housing values, each of which affects the likelihood that loans will become delinquent and whether loans that are delinquent cure their delinquency. •The level of new notice and cure activity reported in a given period, influenced by factors such as the timing of servicer reporting, the number of business days in the period, and transfers of servicing between loan servicers. •The mix of the in force book, with loans having higher risk characteristics generally resulting in higher delinquencies and claims. •The size of insured loans, with higher average loan amounts on delinquent loans tending to increase losses incurred. •The percentage of coverage on insured loans, with deeper coverage levels on delinquent loans tending to increase losses incurred. •The distribution of claims over the life of a book. Historically, the first few years after loans are originated are a period of relatively low claims, with claims increasing substantially for several years subsequent and then declining. Annual persistency, the condition of the economy, including unemployment and housing prices, and other factors can affect this pattern. For example, a weak economy or housing value declines can lead to claims from older books increasing, continuing at stable levels or experiencing a lower rate of decline. •Delinquencies covered by our reinsurance transactions would decrease losses incurred, net. See Note 7 - “Reinsurance” to our consolidated financial statements for a discussion of our reinsurance transactions. •The rate at which we rescind policies or curtail claims. Our estimated loss reserves incorporate our estimates of future rescissions of policies and curtailments of claims, and reversals of rescissions and curtailments. We collectively refer to such rescissions and denials as “rescissions” and variations of this term. We call reductions to claims “curtailments.” Underwriting and Other Expenses Underwriting and other expenses includes items such as employee compensation, fees for professional and consulting services, depreciation and maintenance expense, and premium taxes, and are reported net of ceding commissions associated with our QSR Transactions. Employee compensation expenses are variable due to share-based compensation, changes in benefits, and changes in headcount. See Note 7 - “Reinsurance” and Note 14 - “Segment Reporting” to our consolidated financial statements for a discussion of ceding commission on our QSR Transactions and discussion on significant segment expenses. Interest expense Interest expense reflects the interest associated with our outstanding debt obligation discussed in Note 3 - “Debt” to our consolidated financial statements and “Liquidity and Capital Resources” below. MGIC Investment Corporation - Q2 2026 | 34 Other Certain activities that we do not consider being part of our fundamental operating activities may also impact our results of operations and are described below. Gains (losses) on Investments and Other Financial Instruments: •Fixed income securities: Investment gains and losses reflect the difference between the amount received on the sale of a fixed income security and the fixed income security’s cost basis, as well as any credit allowances and impairments on securities we intend to sell prior to recovery of its amortized cost basis. The amount received on the sale of fixed income securities is affected by the coupon rate of the security compared to the yield of comparable securities at the time of sale. •Equity securities: Investment gains and losses reflect the periodic change in fair value. •Financial instruments: Investment gains and losses on the embedded derivative on our Home Re Transactions reflect the present value impact of the variation in investment income on assets on the insurance-linked notes held by the reinsurance trusts and the contractual reference rate used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. Gains and Losses on Debt Extinguishment: •Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile. Extinguishing our outstanding debt obligations early through these discretionary activities may result in gains or losses primarily driven by differences in the payment of consideration from the carrying value, and the write off of unamortized debt issuance costs on the extinguished portion of the debt. Refer to “Explanation and reconciliation of our use of Non-GAAP financial measures” below to understand how these items impact our evaluation of our core financial performance. Cybersecurity As part of our business, we maintain large amounts of confidential and proprietary information both on our own servers and those of cloud computing services. This includes personal information of consumers and our employees. Personal information is subject to an increasing number of federal and state laws and regulations regarding privacy and data security, as well as contractual commitments. Any failure or perceived failure by us, or by the vendors with whom we share this information, to comply with such obligations may result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties or customer dissatisfaction. All information technology systems are potentially vulnerable to damage or interruption from a variety of sources, including by cyber attacks, such as those involving ransomware. The Company discovers vulnerabilities and regularly blocks attempts at unauthorized access to its systems, through threats such as malware and computer virus attacks, unauthorized access, system failures and disruptions. Threats have the potential to jeopardize the information processed and stored in, and transmitted through, our computer systems and networks and otherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties or customer dissatisfaction. We could be similarly affected by threats against our vendors and/or third-parties with whom we share information. Globally, attacks are expected to continue accelerating in both frequency and sophistication with increasing use by actors of tools, techniques, and technological advances that may hinder the Company’s ability to identify, investigate and recover from incidents. Such attacks may also increase as a result of retaliation by threat actors against actions taken by the U.S. and other countries in connection with wars and other global events. The Company operates under a hybrid workforce model and such model may be more vulnerable to security breaches. While we have information security policies and systems in place to secure our information technology systems and to prevent unauthorized access to or disclosure of sensitive information, there can be no assurance with respect to our systems and those of our third-party vendors that unauthorized access to the systems or disclosure of the sensitive information, either through the actions of third parties or employees, will not occur. Due to our reliance on information technology systems, including ours and those of our customers and third-party service providers, and to the sensitivity of the information that we maintain, unauthorized access to the systems or disclosure of the information could adversely affect our reputation, severely disrupt our operations, result in a loss of business and expose us to material claims for damages and may require that we provide free credit monitoring services to individuals affected by a security breach. Should we experience an unauthorized disclosure of information or a cyber attack, including those involving ransomware, some of the costs we incur may not be recoverable through insurance, or legal or other processes, and this may have a material adverse effect on our results of operations. For additional information about our IT systems and cybersecurity, see our risk factor titled “Failed, disrupted, or inadequate information technology systems may materially impact our operations and adversely affect our financial results" and "We could be materially adversely affected by a cyber security breach or failure of information security controls" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. MGIC Investment Corporation - Q2 2026 | 35 Explanation and Reconciliation of Our Use of Non-GAAP Financial Measures Non-GAAP Financial Measures We believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. Adjusted Pre-Tax Operating Income (Loss) is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment, and infrequent or unusual non-operating items where applicable. Adjusted Net Operating Income (Loss) is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%. Adjusted Net Operating Income (Loss) per Diluted Share is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units. Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us. (1)Net Realized Investment Gains (Losses): The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles. (2)Gains and Losses on Debt Extinguishment: Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position and/or improve our debt profile. (3)Infrequent or Unusual Non-Operating Items: Items that are non-recurring in nature and are not part of our primary operating activities. MGIC Investment Corporation - Q2 2026 | 36 Non-GAAP Reconciliations Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income Three Months Ended June 30, 2026 2025 (In thousands, except per share amounts) Pre-tax Tax effect Net (after-tax) Pre-tax Tax effect Net (after-tax) Income before tax / Net income $ 229,928 47,783 $ 182,145 $ 246,089 53,607 $ 192,482 Adjustments: Net realized investment (gains) losses 1,963 412 1,551 1,944 408 1,536 Adjusted pre-tax operating income / Adjusted net operating income $ 231,891 $ 48,195 $ 183,696 $ 248,033 $ 54,015 $ 194,018 Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share Weighted average shares - diluted 210,945 237,971 Net income per diluted share $ 0.86 $ 0.81 Net realized investment (gains) losses 0.01 0.01 Adjusted net operating income per diluted share $ 0.87 $ 0.82 Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income Six Months Ended June 30, 2026 2025 (In thousands, except per share amounts) Pre-tax Tax effect Net (after-tax) Pre-tax Tax effect Net (after-tax) Income before tax / Net income $ 436,756 $ 89,308 $ 347,448 $ 480,770 $ 102,828 $ 377,942 Adjustments: Net realized investment (gains) losses 1,763 370 1,393 1,625 341 1,284 Adjusted pre-tax operating income / Adjusted net operating income $ 438,519 $ 89,678 $ 348,841 $ 482,395 $ 103,169 $ 379,226 Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share Weighted average diluted shares outstanding 214,548 242,209 Net income per diluted share $ 1.62 $ 1.56 Net realized investment (gains) losses 0.01 0.01 Adjusted net operating income per diluted share $ 1.63 $ 1.57 MGIC Investment Corporation - Q2 2026 | 37 Mortgage Insurance Portfolio New Insurance Written NIW for the second quarter of 2026 was $17.8 billion (Q2 2025: $16.4 billion) and $32.2 billion for the six months ended June 30, 2026 (YTD June 30, 2025: $26.6 billion). The increase for the six months ended June 30, 2026 reflects a larger expected purchase origination market. We expect our full-year 2026 NIW to remain relatively flat compared with 2025. Even when home prices are stable or rising, mortgages with certain characteristics have higher probabilities of claims. In general, these characteristics include mortgages with high LTV and DTI ratios and low credit scores, which are determined at the time of loan origination. When home prices increase, interest rates increase and/or the percentage of our NIW from purchase transactions increases, our NIW on mortgages with DTI ratios over 45% and LTVs over 95% may fluctuate. We consider a variety of loan characteristics when assessing the risk of a loan. The following tables provide information about loan risk characteristics associated with our NIW for the periods indicated. Primary NIW by Credit Score Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 760 and greater 52.2 % 51.5 % 51.4 % 51.3 % 740 - 759 16.9 % 17.8 % 17.4 % 17.6 % 720 - 739 12.7 % 13.1 % 12.9 % 13.2 % 700 - 719 8.3 % 9.1 % 8.4 % 9.2 % 680 - 699 5.1 % 4.9 % 5.0 % 5.1 % 660 - 679 2.9 % 2.5 % 2.9 % 2.6 % 640 - 659 1.2 % 0.6 % 1.3 % 0.6 % 639 and less 0.7 % 0.5 % 0.7 % 0.4 % Total 100 % 100 % 100 % 100 % Primary NIW by Loan-to-Value Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 95.01% and above 14.7 % 13.2 % 14.3 % 13.1 % 90.01% to 95.00% 46.7 % 46.4 % 45.8 % 46.1 % 85.01% to 90.00% 28.0 % 30.1 % 29.1 % 30.0 % 80.01% to 85.00% 10.6 % 10.3 % 10.8 % 10.8 % Total 100 % 100 % 100 % 100 % Primary NIW by Debt-to-Income Ratio Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 45.01% and above 25.3 % 26.3 % 25.3 % 28.1 % 38.01% to 45.00% 29.1 % 30.8 % 29.1 % 30.7 % 38.00% and below 45.6 % 42.9 % 45.6 % 41.2 % Total 100 % 100 % 100 % 100 % Primary NIW by Policy Payment Type Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 Monthly premiums 96.8 % 97.7 % 96.6 % 97.5 % Single premiums 3.2 % 2.3 % 3.4 % 2.5 % Total 100 % 100 % 100 % 100 % MGIC Investment Corporation - Q2 2026 | 38 Primary NIW by Type of Mortgage Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 Purchases 90.1 % 94.2 % 85.3 % 94.3 % Refinances 9.9 % 5.8 % 14.7 % 5.7 % Total 100 % 100 % 100 % 100 % The following table provides information about loans with one or more of the following characteristics associated with our NIW: LTV ratios greater than 95%, borrowers having credit scores below 680, and borrowers having DTI ratios greater than 45%, each attribute as determined at the time of loan origination. Primary NIW by Number of Risk Characteristics Three Months Ended June 30, Six Months Ended June 30, (% of primary NIW) 2026 2025 2026 2025 One 35.5 % 34.6 % 35.4 % 36.0 % Two or more 4.6 % 4.2 % 4.6 % 4.4 % Insurance in Force and Risk in Force The amount of our IIF and RIF is impacted by the amount of NIW, cancellations, and principal payments received on our primary IIF during the period. Cancellation activity is impacted by refinancing activity, policies cancelled when borrowers achieve the required amount of home equity, and cancellations due to claim payment. Refinancing activity has historically been affected by the level of mortgage interest rates and the level of home price appreciation. Cancellations generally move inversely to the change in the direction of interest rates, although they generally lag a change in direction. The following table presents a summary of the change in our IIF and RIF for the periods indicated. Primary IIF and RIF Three Months Ended June 30, Six Months Ended June 30, (In billions) 2026 2025 2026 2025 NIW $ 17.8 $ 16.4 $ 32.2 $ 26.6 Cancellations, principal payments, and other reductions (15.7) (13.2) (30.5) (25.0) Increase (decrease) in primary IIF $ 2.1 $ 3.2 $ 1.7 $ 1.6 Direct primary IIF as of June 30, $ 304.8 $ 297.0 Direct primary RIF as of June 30, $ 81.8 $ 79.5 The composition of our primary RIF and IIF by policy year is shown below for the periods indicated. Primary IIF and RIF by Policy Year As of June 30, ($ in millions) 2026 2025 Policy year Insurance in force Risk in Force Insurance in Force Risk in Force 2004 and prior $ 924 $ 262 $ 1,087 $ 308 2005 - 2008 6,965 1,863 8,244 2,202 2009 - 2019 17,926 4,748 23,838 6,309 2020 25,124 6,981 33,708 9,256 2021 50,878 14,301 62,689 17,327 2022 47,876 13,029 55,513 14,918 2023 29,343 7,677 36,486 9,482 2024 42,606 11,156 50,813 13,239 2025 53,231 13,921 24,642 6,414 2026 29,882 7,830 — — Total $ 304,755 $ 81,768 $ 297,020 $ 79,455 MGIC Investment Corporation - Q2 2026 | 39 The following table sets forth portfolio statistics associated with our primary IIF and RIF as of June 30, 2026. Portfolio Statistics by Policy Year Weighted Avg. Interest Rate Delinquency Rate % Cede Rate % (1) % of Original Remaining IIF Policy Year 2004 and prior 7.3 % 12.6 % — % N/M 2005-2008 7.0 % 8.9 % — % 2.9 % 2009-2019 4.4 % 4.0 % — % 4.6 % 2020 3.2 % 1.8 % 5.1 % 22.0 % 2021 3.1 % 2.2 % 27.4 % 43.2 % 2022 4.9 % 2.5 % 29.3 % 64.5 % 2023 6.5 % 2.3 % 26.9 % 63.8 % 2024 6.6 % 1.7 % 30.7 % 75.8 % 2025 6.5 % 0.7 % 39.3 % 87.9 % 2026 6.1 % 0.1 % 39.3 % 98.4 % (1)Cede Rate % is calculated as the risk in force ceded to our QSR Transactions divided by the total direct primary risk in force. Credit Profile of Our Primary RIF Our 2009 and later books possess significantly improved risk characteristics when compared to our 2005-2008 books. We believe changes such as more rigorous underwriting standards, higher quality credit profiles, strengthened mortgage loan servicing and government support to help borrowers stay in their homes, have led to improved credit performance on our 2009 and later books. Annual Persistency Our Annual Persistency was 83.3% at June 30, 2026 compared with 84.7% at June 30, 2025. Since 2018, our Annual Persistency ranged from a high of 86.3% at September 30, 2023 to a low of 60.7% at March 31, 2021. Our persistency rate is primarily affected by the level of current mortgage interest rates compared to the mortgage coupon rates on our IIF, which affects the vulnerability of the IIF to refinancing; and the current amount of equity that borrowers have in the homes underlying our IIF. CRT Programs In connection with the GSEs' CRT programs, an insurance subsidiary of MGIC provides insurance and reinsurance covering portions of the credit risk related to certain reference pools of mortgages acquired by the GSEs. Our RIF, as reported to us, related to these programs was approximately $495 million and $482 million as of June 30, 2026 and December 31, 2025, respectively. MGIC Investment Corporation - Q2 2026 | 40 Consolidated Results of Operations The following section of the MD&A provides a comparative discussion of MGIC Investment Corporation’s Consolidated Results of Operations for the three and six months ended June 30, 2026 and 2025. Summary Results of Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data and effective tax rate) 2026 2025 Change 2026 2025 Change Revenues Net premiums earned $ 238,057 $ 244,322 (3) % $ 473,420 488,041 (3) % Net investment income 59,465 60,995 (3) % 121,207 122,438 (1) % Net gains (losses) on investments and other financial instruments (2,226) (1,426) N/M (2,395) (685) N/M Other revenue 92 354 N/M 233 685 N/M Total revenues 295,388 304,245 (3) % 592,465 610,479 (3) % Losses and expenses Losses incurred, net 10,986 (2,835) 488 % 44,228 6,756 555 % Underwriting and other expenses, net 45,575 52,092 (13) % 93,683 105,155 (11) % Interest expense 8,899 8,899 0 % 17,798 17,798 0 % Total losses and expenses 65,460 58,156 13 % 155,709 129,709 20 % Income before tax 229,928 246,089 (7) % 436,756 480,770 (9) % Provision for income taxes 47,783 53,607 (11) % 89,308 102,828 (13) % Net income $ 182,145 $ 192,482 (5) % $ 347,448 $ 377,942 (8) % Net income per diluted share $ 0.86 $ 0.81 6 % $ 1.62 $ 1.56 4 % Effective tax rate 20.8 % 21.8 % (1.0) bps 20.4 % 21.4 % (1.0) bps Non-GAAP Financial Measures (1) Adjusted pre-tax operating income $ 231,891 $ 248,033 (7) % $ 438,519 $ 482,395 (9) % Adjusted net operating income 183,696 194,018 (5) % 348,841 379,226 (8) % Adjusted net operating income per diluted share $ 0.87 $ 0.82 6 % $ 1.63 $ 1.57 4 % (1)See "Explanation and Reconciliation of our use of Non-GAAP Financial Measures." The decrease in net income and adjusted net operating income for the three and six months ended June 30, 2026, is primarily due to an increase in losses incurred, net and a decrease in net premiums earned, partially offset by a decrease in underwriting and other expenses, net and a decrease in the provision for income taxes. Diluted income per share and adjusted operating income per diluted share increased primarily due to decreases in the number of diluted weighted shares outstanding partially offset by decreases in net income. MGIC Investment Corporation - Q2 2026 | 41 Revenues Net Premiums Earned The decrease in net premiums earned for the three and six months ended June 30, 2026, was primarily driven by an increase in ceded premiums written. Premium Yield Net premium yield is net premiums earned divided by average IIF during the period. The following table presents the key drivers of our net premium yield for each of the three and six months ended June 30, 2026 and June 30, 2025. Premium Yield Three Months Ended June 30, Six Months Ended June 30, (in basis points) 2026 2025 2026 2025 In force portfolio yield (1) 37.8 38.3 37.8 38.2 Premium refunds (0.2) (0.1) (0.2) 0.0 Accelerated earnings on single premium policies 0.2 0.2 0.2 0.2 Total direct premium yield 37.8 38.4 37.8 38.4 Ceded premiums earned, net of profit commission and assumed premiums (2) (6.5) (5.4) (6.7) (5.5) Net premium yield 31.3 33.0 31.1 32.9 (1) Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force. (2) Assumed premiums include those from our participation in GSE CRT programs, of which the impact on the net premium yield was 0.4 bps and 0.5 bps for the six months ended June 30, 2026 and June 30, 2025, respectively. With elevated Annual Persistency and continued high credit quality for NIW expected in 2026, we expect our in force portfolio premium yield to remain relatively flat during 2026; however, due to impacts from accelerated earnings on single premium policies and reinsurance, among other things, our net premium yield may fluctuate from one period to the next. See “Overview - Factors Affecting Our Results” for factors that influence the amount of net premiums written and earned during a given period. Reinsurance Transactions Quota Share Reinsurance Our quota share reinsurance affects various lines of our statements of operations and therefore we believe it should be analyzed by reviewing its total effect on our pre-tax income, described as follows. •We cede a fixed percentage of premiums earned and received on insurance covered by the transactions. Ceded premiums are primarily affected by the percentage of our IIF subject to our QSR Transactions •We receive the benefit of a profit commission through a reduction in the premiums we cede. The profit commission varies inversely with the level of losses incurred on a "dollar for dollar" basis and can be eliminated at loss levels higher than what we have experienced on the QSR Transactions. As a result, lower levels of ceded losses incurred result in less benefit from ceded losses incurred, and a higher profit commission; higher levels of ceded losses incurred result in more benefit from ceded losses incurred and a lower profit commission (or for certain levels of accident year loss ratios, its elimination). •We receive the benefit of a ceding commission through a reduction in underwriting expenses equal to 20% of premiums ceded (before the effect of the profit commission). •We cede a fixed percentage of losses incurred on insurance covered by the transactions. Ceded losses incurred are impacted by the delinquencies covered by our QSR Transactions, our estimates of payments that will be ultimately made on those delinquencies, and claim payments covered by our QSR Transactions. MGIC Investment Corporation - Q2 2026 | 42 The following table provides information related to our QSR Transactions for the presented periods. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Ceded premiums written and earned, net of profit commission $ 35,590 $ 28,101 $ 73,359 $ 58,044 % of direct premiums written 13 % 10 % 13 % 10 % % of direct premiums earned 12 % 10 % 13 % 10 % Profit commission $ 35,081 $ 32,299 $ 64,184 $ 60,994 Ceding commissions $ 14,135 $ 12,081 $ 27,509 $ 23,808 Ceded losses incurred $ 8,397 $ 3,958 $ 20,423 $ 10,389 As of June 30, Ceded RIF ($ in millions) 2026 2025 2021 QSR 3,419 4,127 2022 QSR 3,352 4,015 2023 QSR 1,622 1,988 2024 QSR 2,854 3,388 2025 QSR 4,695 2,320 2026 QSR 2,803 N/A Credit Union QSR 3,409 2,990 Total ceded RIF $ 22,154 $ 18,828 Covered risk The percentages of our NIW, new risk written, IIF, and RIF subject to our QSR Transactions as shown in the following table will vary from period to period in part due to the mix of our risk written during the period and the number of active QSR Transactions. Quota Share Reinsurance Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NIW subject to QSR Transactions 87.6 % 87.7 % 87.1 % 87.4 % New Risk Written subject to QSR Transactions 93.2 % 93.4 % 92.9 % 93.3 % IIF subject to QSR Transactions 76.2 % 71.1 % 76.2 % 71.1 % RIF subject to QSR Transactions 79.6 % 74.3 % 79.6 % 74.3 % Excess of Loss Reinsurance We have XOL Transactions with panels of unaffiliated reinsurers executed through the traditional reinsurance market (“Traditional XOL Transactions”) and with unaffiliated special purpose insurers (“Home Re Transactions”). For policies covered by our XOL Transactions, we retain the first layer of the aggregate losses paid, and the reinsurers will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount. Our XOL Transactions provide reinsurance coverage for a portion of the risk associated with certain mortgage insurance policies having insurance coverage in force dates from January 1, 2020 through December 31, 2026. The calculated credit for XOL Transactions under PMIERs is generally based on the PMIERs requirement of the covered loans and the attachment and detachment point of the coverage. PMIERs credit is haircut for the uncollateralized portion of the reinsured risk and is generally not given for the reinsured risk above the PMIERs requirement. The current attachment, current detachment, and PMIERs required asset credit for each of our XOL Transactions as of June 30, 2026, are presented in the table below. The table below excludes the 2026 Traditional XOL which is still within its contractual fill-up period covering policies in force from January 1, 2026 through MGIC Investment Corporation - Q2 2026 | 43 December 31, 2026. ($ In thousands) Initial Attachment % (1) Initial Detachment % (2) Current Attachment % (1) Current Detachment % (2) PMIERs Required Asset Credit 2025 Traditional XOL 2.53% 6.53% 2.72% 7.04% $ 146,038 2024 Traditional XOL 2.67% 6.67% 3.28% 7.67% 157,875 2023 Traditional XOL 2.91% 6.91% 4.11% 7.35% 51,148 2022 Traditional XOL 2.60% 7.10% 3.37% 7.46% 87,879 2021 Traditional XOL 1.25% 3.48% 1.41% 3.88% 240,346 2020 Traditional XOL 0.75% 3.50% 1.08% 5.03% 240,883 Home Re 2026-1 2.40% 5.75% 2.70% 6.18% 283,350 Home Re 2023-1 3.00% 6.75% 4.04% 7.25% 182,512 Home Re 2022-1 2.75% 6.75% 4.90% 7.50% 129,156 Home Re 2021-2 2.10% 6.50% 5.69% 7.25% 26,018 (1) The percentage represents the cumulative losses as a percentage of adjusted risk in force that MGIC retains prior to the XOL taking losses. (2) The percentage represents the cumulative losses as a percentage of adjusted risk in force that must be reached before MGIC begins absorbing losses after the XOL layer. Ceded premiums on our XOL Transactions were $16.3 million and $34.1 million for the three and six months ended June 30, 2026, and $15.4 million and $30.1 million for the three and six months ended June 30, 2025. See Note 7 - “Reinsurance" to our consolidated financial statements for additional discussion of our QSR and XOL Transactions. Losses and Expenses Losses Incurred, Net As discussed in “Critical Accounting Estimates” in our 2025 10-K MD&A, we establish case loss reserves for future claims on delinquent loans that were reported to us as two payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case loss reserves are established based on estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. IBNR reserves are established for estimated losses from delinquencies we estimate have occurred prior to the close of an accounting period, but have not yet been reported to us. IBNR reserves are also established using estimated claim rates and claim severities. Estimation of losses is inherently judgmental. The conditions that affect our estimates include the current and future state of the domestic economy, including unemployment and the strength of local housing markets; exposure on insured loans; the number of loans reported to us as delinquent; the amount of time between delinquency and claim filing (all else being equal, the longer the period between delinquency and claim filing, the greater the severity); the effectiveness of loss mitigation efforts; and curtailments and rescissions. Additionally, past and future government initiatives and actions taken by the GSEs to keep borrowers in their homes may impact our estimates. The actual amount of the claim payments may differ substantially from our loss reserve estimates, and changes in those estimates, whether arising from the factors described above or from other unforeseen circumstances, could materially affect our financial results, even in a stable economic environment. Generally, losses follow a seasonal trend in which the second half of the year has weaker credit performance than the first half, with higher new notice activity and a lower cure rate. The state of the economy, local housing markets, pandemics, natural disasters, and various other factors may result in delinquencies not following the typical pattern. For information on how pandemics and natural disasters could affect losses incurred, net see our Risk Factors titled “The effects of pandemics, severe weather events, or other disasters may adversely impact our results of operations and financial condition". in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. If we have not received a notice of delinquency with respect to a loan and if we have not estimated the loan to be delinquent as of June 30, 2026 through our IBNR reserve, then we have not yet recorded an incurred loss with respect to that loan. See our Risk Factor titled “Because we establish loss reserves only upon a loan delinquency rather than based on estimates of our ultimate losses on risk in force, losses may have a disproportionate adverse effect on our earnings in certain periods” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. MGIC Investment Corporation - Q2 2026 | 44 The following table details the financial impact of the significant components of losses incurred for the periods indicated. Composition of Losses Incurred Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Current year / New notices $ 53,289 $ 51,596 $ 117,760 $ 111,093 Prior year reserve development (42,303) (54,431) (73,532) (104,337) Losses incurred, net $ 10,986 $ (2,835) $ 44,228 $ 6,756 Loss Ratio 4.6 % (1.2) % 9.3 % 1.4 % The increase in current year losses incurred for the three and six months ended June 30, 2026 compared with the same periods in the prior year is primarily due to an increase in new delinquencies reported and an increase in estimated severity on current year delinquencies. The favorable development for both periods primarily resulted from a decrease in the expected claim rate on previously received delinquencies. Home price appreciation experienced in recent years has allowed some borrowers to cure their delinquencies through the sale of their property. See "New Notice Activity" and "Claims Severity" below for additional factors and trends that impact these loss reserve assumptions. Delinquency Inventory A rollforward of our primary delinquency inventory for the three and six months ended June 30, 2026 and 2025 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. Delinquency Inventory Rollforward Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Delinquency inventory at beginning of period 27,006 25,438 27,072 26,791 New notices 12,433 11,970 26,224 24,935 Cures (12,814) (12,588) (26,207) (26,569) Paid claims (455) (341) (912) (653) Rescissions and denials (18) (35) (25) (60) Delinquency inventory at end of period 26,152 24,444 26,152 24,444 MGIC Investment Corporation - Q2 2026 | 45 New Notice Activity The table below presents our new delinquency notices received, delinquency inventory, and the average number of missed payments for the loans in our delinquency inventory by policy year: New Notices and Delinquency Inventory During the Period June 30, 2026 Policy Year New Delinquency Notices Received in the Three Months Ended New Delinquency Notices Received in the Six Months Ended Delinquency Inventory Avg. Number of Missed Payments of Delinquency Inventory 2004 and prior 587 1,192 1,500 13 2005-2008 1,728 3,739 4,391 14 2009-2017 805 1,764 1,792 8 2018 562 1,179 1,224 7 2019 560 1,259 1,215 7 2020 1,132 2,346 2,069 6 2021 2,238 4,711 4,317 6 2022 1,854 3,967 4,073 7 2023 992 2,094 2,193 7 2024 1,157 2,399 2,262 6 2025 733 1,489 1,052 4 2026 85 85 64 2 Total 12,433 26,224 26,152 8 Claim rate on new notices (1) 7.5 % June 30, 2025 Policy Year New Delinquency Notices Received in the Three Months Ended New Delinquency Notices Received in the Six Months Ended Delinquency Inventory Avg. Number of Missed Payments of Delinquency Inventory 2004 and prior 660 1,355 1,607 15 2005-2008 1,954 4,092 5,006 15 2009-2017 1,091 2,352 2,421 8 2018 617 1,286 1,350 8 2019 657 1,387 1,285 7 2020 1,143 2,369 2,064 6 2021 2,281 4,755 4,295 6 2022 1,820 3,871 3,668 6 2023 894 1,885 1,643 5 2024 765 1,493 1,036 4 2025 88 90 69 2 Total 11,970 24,935 24,444 9 Claim rate on new notices (1) 7.5 % (1) Claim rate at the time new delinquency notices are received. Claims Severity Factors that impact claim severity include: •economic conditions at time of claim filing, including home prices compared to home prices at the time of placement of coverage, •exposure of the loan, which is the unpaid principal balance of the loan times our insurance coverage percentage, •length of time between delinquency and claim filing (which impacts the amount of interest and expenses, with a longer time between default and claim filing generally increasing severity), and •curtailments. MGIC Investment Corporation - Q2 2026 | 46 As discussed in Note 8 - “Loss Reserves,” in estimating our loss reserves we consider historical trends in delinquency development; however, results may fluctuate from period to period and may not necessarily be indicative of a sustained long term trend. In recent years, an increase in third party property sales, prior to claim settlement has resulted in a decrease in the average claim paid and the average claim paid as a percentage of exposure. We expect average claims paid as a percentage of exposure to increase as we receive delinquencies that have not experienced the same level of home price appreciation. The extent and timing of their increase is uncertain. The majority of loans insured prior to 2014 (which represent 23% of the loans in the delinquency inventory) are covered by master policy terms that, except under certain circumstances, do not limit the number of years that an insured can include interest when filing a claim. Under our current master policy terms, an insured can include accumulated interest when filing a claim only for the first three years the loan is delinquent. In each case, the insured must comply with its obligations under the terms of the applicable master policy. Claims Severity Trend Period Average exposure on claim paid Average claim paid % Paid to exposure Average number of missed payments at claim received date Q2 2026 $ 67,477 $ 54,659 81.0 % 25 Q1 2026 56,479 42,655 75.5 % 27 Q4 2025 59,228 46,061 77.8 % 29 Q3 2025 55,846 39,689 71.1 % 30 Q2 2025 50,411 36,536 72.5 % 30 Q1 2025 55,297 38,826 70.2 % 34 The table below shows the number of consecutive months a borrower is delinquent. Historically as a delinquency ages it is more likely to result in a claim. Delinquency Inventory - Consecutive Months Delinquent June 30, 2026 December 31, 2025 June 30, 2025 3 months or less 9,268 10,389 8,552 4-11 months 9,682 9,559 8,868 12 months or more (1) 7,202 7,124 7,024 Total 26,152 27,072 24,444 3 months or less 35% 38% 35% 4-11 months 37% 35% 36% 12 months or more 28% 27% 29% Total 100% 100% 100% (1)Approximately 21%, 22%, and 24% of the primary delinquency inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. The length of time a loan is in the delinquency inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. Generally, a defaulted loan with more missed payments is more likely to result in a claim. The number of payments that a borrower is delinquent is shown in the following table. Delinquency Inventory - Number of Payments Delinquent June 30, 2026 December 31, 2025 June 30, 2025 3 payments or less 12,874 14,121 12,260 4-11 payments 8,905 8,747 7,963 12 payments or more (1) 4,373 4,204 4,221 Total 26,152 27,072 24,444 3 payments or less 49 % 52 % 50 % 4-11 payments 34 % 32 % 33 % 12 payments or more 17 % 16 % 17 % Total 100 % 100 % 100 % (1)Approximately 14%, 16%, and 20% of the primary delinquency inventory with 12 payments or more delinquent has at least 36 payments delinquent as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. MGIC Investment Corporation - Q2 2026 | 47 Net Losses and LAE paid The following table presents our net losses and LAE paid for the periods presented. Net Losses and LAE Paid Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Direct primary (excluding settlements) $ 24 $ 13 $ 44 $ 25 Reinsurance (5) (2) (9) (4) LAE and other 2 1 3 3 Net losses and LAE paid $ 21 $ 12 $ 38 $ 24 The increase in net losses and LAE paid during the three and six months ended June 30, 2026 when compared with the same periods in the prior year was primarily driven by an increase in our claims received along with an increase in the average claim paid. The primary average claim paid can vary materially from period to period based upon a variety of factors, including the local market conditions, average loan amount, average coverage percentage, the amount of time between delinquency and claim filing, and our loss mitigation efforts on loans for which claims are paid. Home price appreciation and pre-claim third-party sales have mitigated net losses and LAE in recent years; however, the positive impact of both factors has moderated relative to prior years. We expect net losses and LAE paid to increase; however, the magnitude and timing of their increase is uncertain. Loss reserves The loss reserves appear in the table below for the periods indicated. Loss Reserves June 30, 2026 December 31, 2025 June 30, 2025 Primary (in millions): Direct case loss reserves $ 428 $ 412 $ 392 Direct IBNR and LAE reserves 62 60 58 Total primary direct loss reserves $ 490 $ 472 $ 450 Ending delinquent inventory (count based) 26,152 27,072 24,444 Percentage of loans delinquent (delinquency rate) 2.37 % 2.43 % 2.21 % Average total primary loss reserves per delinquency $ 18,732 $ 17,449 $ 18,395 Primary claims received inventory included in ending delinquent inventory (count based) 355 398 295 The primary delinquency inventory for the top 10 jurisdictions (based on June 30, 2026 delinquency inventory) as of June 30, 2026, December 31, 2025 and June 30, 2025 appears in the following table. Delinquency Inventory by Jurisdiction June 30, 2026 December 31, 2025 June 30, 2025 Florida * 2,240 2,291 2,081 Texas 2,110 2,245 2,037 Illinois * 1,700 1,769 1,593 California 1,606 1,623 1,468 Pennsylvania * 1,505 1,522 1,381 Michigan 1,302 1,301 1,088 New York * 1,236 1,204 1,184 Ohio * 1,210 1,276 1,136 Georgia 1,018 1,040 936 North Carolina 784 766 738 All other jurisdictions 11,441 12,035 10,802 Total 26,152 27,072 24,444 Note: Asterisk denotes jurisdictions in the table above that predominately use a judicial foreclosure process, which generally increases the amount of time it takes for a foreclosure to be completed. MGIC Investment Corporation - Q2 2026 | 48 The primary average RIF on delinquent loans at June 30, 2026, December 31, 2025 and June 30, 2025 for the top 5 jurisdictions (based on the June 30, 2026 delinquency inventory) appears in the following table. Primary Average RIF - Delinquent Loans June 30, 2026 December 31, 2025 June 30, 2025 Florida $ 77,318 $ 73,620 $ 71,298 Texas 71,261 68,787 66,174 Illinois 48,875 48,443 48,036 California 118,352 114,904 113,989 Pennsylvania 48,625 48,413 46,631 All other jurisdictions 61,049 59,991 58,551 All jurisdictions $ 65,279 $ 63,760 $ 62,240 The primary average RIF on all loans was $73,990, $72,995, and $71,741 at June 30, 2026, December 31, 2025, and June 30, 2025, respectively. The primary delinquency inventory by policy year at June 30, 2026, December 31, 2025 and June 30, 2025 appears in the following table. Delinquency Inventory by Policy Year June 30, 2026 December 31, 2025 June 30, 2025 Policy year: 2004 and prior 1,500 1,557 1,607 2005 - 2008 4,391 4,871 5,006 2009 - 2017 1,792 2,264 2,421 2018 1,224 1,424 1,350 2019 1,215 1,369 1,285 2020 2,069 2,268 2,064 2021 4,317 4,739 4,295 2022 4,073 4,227 3,668 2023 2,193 2,044 1,643 2024 2,262 1,844 1,036 2025 1,052 465 69 2026 64 — — Total 26,152 27,072 24,444 Generally, on our primary business, the third and fourth year after loan origination have been periods with the highest level of new delinquency notices. Factors such as Annual Persistency and economic conditions can impact the level and frequency of new notices we receive during a given period. As of June 30, 2026, 50% of our primary RIF was written subsequent to December 31, 2022, 66% of our primary RIF was written subsequent to December 31, 2021, and 83% of our primary RIF was written subsequent to December 31, 2020. Underwriting and Other Expenses, Net Underwriting and other expenses includes items such as employee compensation costs, outside service expenses, depreciation and maintenance expense, and premium taxes, and are reported net of ceding commissions. Underwriting and other expenses, net for the three and six months ended June 30, 2026 were $45.6 million and $93.7 million, respectively, compared with $52.1 million and $105.2 million for the three and six months ended June 30, 2025. The decreases were primarily attributable to a decrease in outside service expenses and employee costs. See Note 14 - “Segment Reporting,” to our consolidated financial statements for additional discussion of significant segment expenses. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Underwriting expense ratio 19.8 % 21.9 % 20.2 % 22.2 % The underwriting expense ratio is the ratio, expressed as a percentage, of the underwriting and operating expenses, net and amortization of DAC to net premiums written. The underwriting expense ratio for the three and six months ended June 30, 2026, decreased compared with the same periods in the prior year primarily due to a decrease in underwriting and other expenses, net. MGIC Investment Corporation - Q2 2026 | 49 Income Tax Expense and Effective Tax Rate The decrease in our provision for income taxes in the three and six months ended June 30, 2026 as compared to the same periods in the prior year was primarily due to a decrease in income before tax. Our effective tax rate for the three and six months ended June 30, 2026 and 2025, approximated the federal statutory income tax rate of 21%. Balance Sheet Review The following sections mainly focus on the major developments on our Consolidated Balance Sheet since December 31, 2025. Consolidated Balance Sheets - Assets ($ in thousands) June 30, 2026 December 31, 2025 % Change Investments $ 5,717,441 $ 5,807,662 (2) % Cash and cash equivalents 207,277 368,989 (44) % Reinsurance recoverable on loss reserves (1) 76,144 65,055 17 % Deferred incomes taxes, net 131,243 18,512 609 % Other assets 394,877 379,268 4 % Total Assets $ 6,526,982 $ 6,639,486 (2) % (1) See "Liabilities and Equity" section below for further discussion. Investments - Our investment portfolio primarily consists of a diverse mix of highly rated fixed income securities. The average duration and investment yield of our investment portfolio as of June 30, 2026 and December 31, 2025 are shown in the table below. Portfolio Duration and Embedded Investment Yield June 30, 2026 December 31, 2025 Effective duration (in years) 4.1 4.2 Pre-tax yield (1) 4.0% 4.0% After-tax yield (1) 3.2% 3.2% (1)Embedded investment yield is calculated on a yield-to-worst basis. The security ratings of our fixed income investments as of June 30, 2026 and December 31, 2025 are shown in the table below. Fixed Income Security Ratings Security Ratings (1) June 30, 2026 December 31, 2025 AAA 14% 12% AA 35% 36% A 33% 34% BBB 18% 18% (1)Ratings are provided by one or more of: Moody's, Standard & Poor's and Fitch Ratings. If three ratings are available, the middle rating is used, otherwise the lowest rating is used. Cash and Cash Equivalents - Our cash and cash equivalents balance decreased to $207.3 million as of June 30, 2026, from $369.0 million as of December 31, 2025, as cash used in financing activities was only partially offset by net cash generated from operating and investing activities. Deferred income taxes, net - Our net deferred tax asset was $131.2 million and $18.5 million at June 30, 2026 and December 31, 2025, respectively. The change was primarily attributable to the benefit associated with transferable tax credits that were purchased and deferred during the six months ended June 30, 2026. MGIC Investment Corporation - Q2 2026 | 50 Consolidated Balance Sheets - Liabilities and Equity (in thousands) June 30, 2026 December 31, 2025 % Change Loss reserves $ 492,001 $ 474,884 4 % Unearned premiums 84,511 93,026 (9) % Long-term debt 646,874 646,138 0 % Federal tax credit payable 162,624 135,344 20 % Other liabilities 127,613 142,543 (10) % Total Liabilities $ 1,513,623 $ 1,491,935 1 % Common stock 206,603 219,367 (6) % Paid-in capital 1,801,258 1,812,463 (1) % Accumulated other comprehensive income (loss), net of tax (168,823) (134,394) (26) % Retained earnings 3,174,321 3,250,115 (2) % Total Shareholders’ Equity $ 5,013,359 $ 5,147,551 (3) % Loss Reserves and Reinsurance Recoverable on Loss Reserves - Our loss reserves include estimates of losses and settlement expenses on (1) loans in our delinquency inventory (known as case reserves), (2) IBNR delinquencies, and (3) LAE. Our gross reserves are reduced by reinsurance recoverable on loss reserves to calculate a net reserve balance. Reinsurance recoverables on loss reserves were $76.1 million and $65.1 million as of June 30, 2026 and December 31, 2025, respectively. The reinsurance recoverable is impacted by the mix of delinquencies covered by our QSR Transactions. The increase in loss reserves, net of reinsurance recoverable, is primarily due to loss reserves established on new notices partially offset by favorable development on previously received delinquencies. See Note 8 - “Loss Reserves,” to our consolidated financial statements for additional information on the composition of our loss reserves. Federal Tax Credit Payable - We have purchased transferable federal tax credits from third parties. The increase to the federal tax credit payable during the six months ended June 30, 2026, is primarily due to the purchase of additional tax credits, partially offset by the payment for amounts owed for tax credits. MGIC Investment Corporation - Q2 2026 | 51 Liquidity and Capital Resources Consolidated Cash Flow Analysis We have three primary types of cash flows: (1) operating cash flows, which consist mainly of cash generated by our insurance operations and income earned on our investment portfolio, less amounts paid for claims, interest expense and operating expenses, (2) investing cash flows related primarily to the purchase, sale and maturity of investments and (3) financing cash flows generally from activities that impact our capital structure, such as changes in debt and shares outstanding, and dividend payments. The following table summarizes our consolidated cash flows from operating, investing and financing activities: Summary of Consolidated Cash Flows Six Months Ended June 30, ($ in thousands) 2026 2025 Total cash provided by (used in): Operating activities $ 261,866 $ 406,647 Investing activities 43,976 152,784 Financing activities (466,260) (495,163) Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents $ (160,418) $ 64,268 The decrease in net cash provided by operating activities for the six months ended June 30, 2026 was primarily due to cash paid to third parties for the purchase of transferrable federal tax credits, a decrease in premiums received, and an increase in losses paid, partially offset by a decrease in underwriting expenses. Net cash provided by investing activities for the six months ended June 30, 2026 and 2025, primarily reflects sales and maturities of fixed income securities that exceeded purchases of fixed income securities during the period. Net cash used in financing activities for the six months ended June 30, 2026 and 2025, primarily reflects repurchases of our common stock, dividends to shareholders, and the payment of withholding taxes related to share-based compensation net share settlement. In the next twelve months we will pay approximately $154.4 million for amounts owed to third parties for our purchase of transferable federal tax credits. We also have purchase obligations totaling approximately $20.3 million which consist primarily of contracts related to our continued investment in our information technology infrastructure in the normal course of business. The majority of these obligations are under contracts that give us cancellation rights with notice. In the next twelve months we anticipate we will pay approximately $12.8 million for our purchase obligations. Future contributions to our pension plan are impacted by the net funded status (the market value of our plan assets compared to the projected benefit obligation). Capitalization Debt - Holding Company As of June 30, 2026, our holding company’s debt obligations were $650 million in aggregate principal amount consisting of our 5.25% Notes due in 2028. See Note 7 – “Debt” to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information about the terms of our indebtedness. Liquidity Analysis - Holding Company As of June 30, 2026 and December 31, 2025, we had approximately $0.9 billion and $1.1 billion, respectively, in cash and investments at our holding company. These resources are maintained primarily to service our debt interest expense, pay debt maturities, repurchase shares, pay dividends to shareholders, and to settle intercompany obligations. While these assets are held, we generate investment income that serves to offset a portion of our cash requirements. The payment of dividends from MGIC are the principal source of holding company cash inflow and their payment is restricted by insurance regulation. See Note 13 - “Statutory Information” to our consolidated financial statements for additional information about MGIC’s dividend restrictions. The payment of dividends from MGIC is also influenced by our view of the appropriate level of excess PMIERs Available Assets to maintain, which can change over time. Raising capital in the public markets is another potential source of holding company liquidity. The ability to raise capital in the public markets is subject to prevailing market conditions, investor demand for the securities to be issued, and our deemed creditworthiness. During the six months ended June 30, 2026 we repurchased 13.8 million shares for $369.2 million. Through July 24, 2026, we repurchased an additional 1.5 million shares for $42.4 million inclusive of commissions. MGIC Investment Corporation - Q2 2026 | 52 We paid dividends of $0.15 to shareholders in the first and second quarter of 2026. On July 23, 2026, the Board of Directors declared a quarterly cash dividend to the holders of the company’s common stock of $0.17 per share to shareholders of record on August 5, 2026. See Note 12 - “Shareholders’ Equity” to our consolidated financial statements for additional information on our share repurchase programs as well as dividends paid to shareholders. Over the next twelve months the principal demand on our holding company resources will be interest payments on our 5.25% Notes approximating $34.0 million and dividends to shareholders. We believe our holding company has sufficient sources of liquidity to meet its payment obligations for the foreseeable future. We may also use holding company cash to repurchase additional shares, however, our repurchases are subject to variation based on a variety of factors including our capital and liquidity position and the share price of our common stock. Such repurchases may be material, may be made for cash (funded by debt) and/or exchanges for other securities, and may be made in open market purchases (including through 10b5-1 plans), privately negotiated acquisitions or other transactions. Significant cash and investments inflows at our holding company during the six months ended June 30, 2026: •$400.0 million dividend received from MGIC, and •$14.7 million of investment income. Significant cash outflows at our holding company during the six months ended June 30, 2026: •$377.1 million of net share repurchase transactions, •$86.4 million paid to third parties for the purchase of tax credits, •$66.8 million of cash dividends paid to shareholders, and •$17.1 million of interest payments on our outstanding debt obligation. The net unrealized losses on our holding company investment portfolio were approximately $3.2 million at June 30, 2026, and the portfolio had modified duration of approximately 0.9 years. The ability of MGIC to pay dividends is restricted by insurance regulation. Amounts in excess of prescribed limits are deemed “extraordinary” and may not be paid if disapproved by the OCI. A dividend is extraordinary when the proposed dividend amount, plus dividends paid in the twelve months preceding the dividend payment date exceed the ordinary dividend level. In 2026, MGIC can pay $89 million of ordinary dividends without OCI approval, before taking into consideration dividends paid in the preceding twelve months. MGIC paid a dividend to our holding company of $400 million in the six months ended June 30, 2026. Future dividend payments from MGIC to the holding company will be determined in consultation with the board, and after considering any updated estimates about our business. We ask the Wisconsin OCI not to object before MGIC pays dividends to the holding company. Debt at Subsidiaries MGIC did not have any outstanding debt obligations at June 30, 2026. MGIC is a member of the FHLB, which provides MGIC access to an additional source of liquidity via a secured lending facility. We may borrow from the FHLB at any time. Capital Adequacy PMIERs As of June 30, 2026, MGIC’s Available Assets under the PMIERs totaled approximately $5.6 billion, an excess of approximately $2.7 billion over its Minimum Required Assets; and MGIC is in compliance with the requirements of the PMIERs and eligible to insure loans delivered to or purchased by the GSEs. The table below presents the PMIERS capital credit for our reinsurance transactions. PMIERs - Reinsurance Credit (In millions) June 30, 2026 December 31, 2025 QSR Transactions $ 1,515 $ 1,402 Home Re Transactions 621 434 Traditional XOL Transactions 1,005 966 Total capital credit for Reinsurance Transactions $ 3,141 $ 2,802 The total calculated PMIERs credit for risk ceded under our XOL Transactions are based on the PMIERs requirement of the covered policies and the attachment and detachment points of the coverage, all of which fluctuate over time. (See Note 1 - “Nature of Business and Basis of Presentation” and Note 7 - “Reinsurance”.) MGIC Investment Corporation - Q2 2026 | 53 The PMIERs generally require us to hold significantly more Minimum Required Assets for delinquent loans than for performing loans and the Minimum Required Assets increases as the number of payments missed on a delinquent loan increases. Refer to “Overview - PMIERs” of this MD&A and our risk factor titled “We may not continue to meet the GSEs’ private mortgage insurer eligibility requirements and our returns may decrease if we are required to maintain more capital in order to maintain our eligibility” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of PMIERs. Risk-to-Capital We compute our risk-to-capital ratio on a separate company statutory basis, as well as on a combined insurance operations basis. The risk-to-capital ratio is our net RIF divided by our policyholders’ position. Our net RIF includes both primary and pool risk in force, net of reinsurance and excludes risk on policies that are currently in default and for which case loss reserves have been established and the risk covered by reinsurance. MGIC’s policyholders’ position consists primarily of statutory policyholders’ surplus (which generally changes due to statutory net income/loss and dividends paid, among other things), plus the statutory contingency loss reserve. The statutory contingency loss reserve is reported as a liability on the statutory balance sheet. A mortgage insurance company is required to make annual additions to a contingency loss reserve of approximately 50% of earned premiums. These contributions must generally be maintained for a period of ten years. However, with regulatory approval a mortgage insurance company may make early withdrawals from the contingency loss reserve when incurred losses exceed 35% of earned premiums in a calendar year. The table below presents our risk-to-capital calculation: Risk-to-capital - MGIC ($ in millions) June 30, 2026 December 31, 2025 RIF - net (1) $ 56,297 $ 57,598 Statutory policyholders’ surplus 785 887 Statutory contingency loss reserve 4,903 4,853 Statutory policyholders’ position $ 5,688 $ 5,740 Risk-to-capital 9:9:1 10.0:1 (1)RIF – net, as shown in the table above is net of reinsurance and exposure on policies currently delinquent ($1.4 billion at June 30, 2026 and $1.8 billion at December 31, 2025) for which loss reserves have been established. For additional information regarding regulatory capital see Note 13 – “Statutory Information” to our consolidated financial statements as well as our Risk Factor titled “State Capital requirements may prevent us from continuing to write new insurance on an uninterrupted basis” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. Financial Strength Ratings Financial strength ratings are published by third-party rating agencies as an independent opinion of an insurer’s financial strength and ability to meet ongoing insurance and contract obligations. The financial strength ratings for MGIC and MAC through the date of this filing are listed below: MGIC Financial Strength Ratings Rating Agency Rating Outlook Standard and Poor’s Rating Services A- Positive A.M. Best A Stable Moody’s Investor Services A2 Stable MAC Financial Strength Ratings Rating Agency Rating Outlook Standard and Poor's Rating Services A- Positive A.M. Best A Stable For further information about the importance of MGIC’s ratings, see our Risk Factor titled “Competition or changes in our relationships with our customers could reduce our revenues, reduce our premium yields and / or increase our losses” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. MGIC Investment Corporation - Q2 2026 | 54