MGIC Investment : MIC Quarterly Statement (as of March 31, 2024)

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY 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			................139,243,665	...................................	................	139,243,665	................150,285,325
2.	Stocks:
	2.1 Preferred stocks		...................................	...................................	...................................	...................................
	2.2 Common stocks		...................................	...................................	...................................	...................................
3.	Mortgage loans on real estate:
	3.1 First liens			...................................	...................................	...................................	...................................
	3.2 Other than first liens	...................................	...................................	...................................	...................................
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)		...................................	...................................	...................................	...................................
	4.2 Properties held for	the production of income (less
	$		encumbrances)	...................................	...................................	...................................	...................................
	4.3 Properties held for sale (less $
	.......................................................................................encumbrances)		...................................	...................................	...................................	...................................
5.	Cash ($	215,745	), cash equivalents
	($	7,024,365 ) and short-term
	investments ($	...................................	)	7,240,110	...................................	...................	7,240,110	................... 7,356,310
6.	Contract loans (including $	premium notes)	...................................	...................................	...................................	...................................
7.	Derivatives			...................................	...................................	...................................	...................................
8.	Other invested assets		...................................	...................................	...................................	...................................
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)	146,483,775	...................................	................	146,483,775	................157,641,635
13.	Title plants less $	charged off (for Title insurers
	only)			...................................	...................................	...................................	...................................
14.	Investment income due and accrued	1,132,336	...................................	...................	1,132,336	................... 1,324,664

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	1,909	1,909	2,179
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	........................ 95,902	...................................	........................ 95,902	........................ 48,136
	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	...................................	...................................	...................................	...................................
18.2	Net deferred tax asset	................... 1,928,847	...................... 445,925	...................1,482,922	................... 1,667,721
19.	Guaranty funds receivable or on deposit	...................................	...................................	...................................	...................................
20.	Electronic data processing equipment and software	...................................	...................................	...................................	...................................
21.	Furniture and equipment, including health care delivery assets
	($	)	...................................	...................................	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	Receivables from parent, subsidiaries and affiliates	...................................	...................................	...................................	...................................
24.	Health care ($	) and other amounts receivable	...................................	...................................	...................................	...................................
25.	........................................Aggregate write-ins for other than invested assets	........................ 83,397	...................................	........................ 83,397	........................ 82,888
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	................149,726,166	...................... 445,925	............... 149,280,241	................160,767,223
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	...................................	...................................	...................................	...................................
28.	Total (Lines 26 and 27)		149,726,166	445,925	149,280,241	160,767,223
	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.	Miscellaneous receivables	........................ 83,397	...................................	........................ 83,397	........................ 82,888
2502.	.......................................................................................................................	....................................	....................................	....................................	....................................
2503.	.......................................................................................................................	....................................	....................................	....................................	....................................
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	...................................	...................................	...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	83,397		83,397	82,888

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

2

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY CORPORATION

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current	December 31,
						Statement Date	Prior Year
1.	Losses (current accident year $	7,000	)		...................... 126,987	...................... 101,321
2.	.......................................................................................Reinsurance payable on paid losses and loss adjustment expenses		...................................	...................................
3.	Loss adjustment expenses				..........................3,492	..........................2,786
4.	.............................................................................Commissions payable, contingent commissions and other similar charges		...................................	...................................
5.	...............................................................................................................Other expenses (excluding taxes, licenses and fees)			........................ 18,712	........................ 18,384
6.	...................................................................................Taxes, licenses and fees (excluding federal and foreign income taxes)		...................................	...................................
7.1	Current federal and foreign income taxes (including $	(204,906) on realized capital gains (losses))	..............	...................... 599,635	........................ 76,919
7.2	Net deferred tax liability				...................................	...................................
8.	Borrowed money $	and interest thereon $	..............................................	...................................	...................................
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	1,192	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)	................... 2,165,870	................... 2,382,193
10.	Advance premium				...................................	...................................
11.	Dividends declared and unpaid:
	11.1 Stockholders				...................................	...................................
	11.2 Policyholders				...................................	...................................
12.	........................................................................................Ceded reinsurance premiums payable (net of ceding commissions)		..........................5,023	..........................5,728
13.	..................................................................................................................Funds held by company under reinsurance treaties			...................................	...................................
14.	..............................................................................................Amounts withheld or retained by company for account of others		...................................	...................................
15.	Remittances and items not allocated				...................................	...................................
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			........................ 16,430	........................ 49,566
20.	Derivatives				...................................	...................................
21.	Payable for securities				...................................	...................................
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				39,861,417	42,801,986
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)		42,797,566	45,438,883
27.	Protected cell liabilities				...................................	...................................
28.	Total liabilities (Lines 26 and 27)				................. 42,797,566	................. 45,438,883
29.	............................................................................................................................Aggregate write-ins for special surplus funds			...................................	...................................
30.	Common capital stock				................... 3,588,000	................... 3,588,000
31.	Preferred capital stock				...................................	...................................
32.	...........................................................................................................Aggregate write-ins for other than special surplus funds			...................................	...................................
33.	Surplus notes				...................................	...................................
34.	.......................................................................................................................................Gross paid in and contributed surplus				................. 98,225,792	................. 98,225,792
35.	Unassigned funds (surplus)			4,668,883	13,514,548

36. Less treasury stock, at cost:

	36.1	shares common (value included in Line 30	$	)	...................................	...................................
	36.2	shares preferred (value included in Line 31	$	)
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)		106,482,675	115,328,340
38.	Totals (Page 2, Line 28, Col. 3)			149,280,241	160,767,223
	DETAILS OF WRITE-INS
2501.	.........................................................Contingency reserve per Wisconsin Administrative Code Section Insurance 3.09(14)	................. 39,861,417	................. 42,801,986
2502		....................................
2503		....................................
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page		...................................	...................................
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)			39,861,417	42,801,986
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)

3

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY 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 $	7,351	)	.......................223,674	...................... 349,642	...................1,159,620
	1.2 Assumed (written $		)	...................................	...................................	...................................
	1.3 Ceded (written $	6,275	)	..........................6,275	........................ 23,110	........................ 50,835
	1.4 Net (written $	1,076 )	.....................................................................................	.......................217,399	.......................326,532	................... 1,108,785
			DEDUCTIONS:
2.	Losses incurred (current accident year $	7,000	):
	2.1 Direct				(15,023)	(180,665)	.....................(451,440)
	2.2 Assumed				...................................	...................................	...................................
	2.3 Ceded				...................... (40,690)	.......................(71,148)	.....................(240,920)
	2.4 Net				........................ 25,667	.....................(109,517)	.....................(210,520)
3.	....................................................................................................Loss adjustment expenses incurred		............................. 706	........................ (3,012)	........................ (5,788)
4.	.................................................................................................Other underwriting expenses incurred		........................ 96,867	........................ 51,596	...................... 285,845
5.	Aggregate write-ins for underwriting deductions
(2,940,569)	(2,189,992)	................(10,872,508)
6.	Total underwriting deductions (Lines 2 through 5)	(2,817,329)	(2,250,925)	................(10,802,971)
7.	.............................................................................................................Net income of protected cells
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)	3,034,728	2,577,457	................. 11,911,756
			INVESTMENT INCOME
9.	Net investment income earned			878,191	1,254,671	................... 5,039,197
10.	Net realized capital gains (losses)	less capital gains tax of $	(124,262)	(467,462)	(556,658)	(716,218)
11.	Net investment gain (loss) (Lines 9 + 10)		410,729	698,013	................... 4,322,979
			OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off (amount recovered
	$	amount charged off $	(10) )	............................... 10	............................... 47	............................. 115
13.	......................................................................Finance and service charges not included in premiums	...................................	...................................	...................................
14.	Aggregate write-ins for miscellaneous income	...................................................................................
15.	Total other income (Lines 12 through 14)		10	47	115

16. Net income before dividends to policyholders, after capital gains tax and before all other federal

and foreign income taxes (Lines 8 + 11 + 15)

3,445,467

3,275,517

16,234,850

1. Dividends to policyholders ...................................................................................................................
2. Net income, after dividends to policyholders, after capital gains tax and before all other federal and

	foreign income taxes (Line 16 minus Line 17)	3,445,467	3,275,517	16,234,850
19.	Federal and foreign income taxes incurred	646,978	720,887	3,315,378
20.	Net income (Line 18 minus Line 19)(to Line 22)	2,798,489	2,554,630	12,919,472
	CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year	115,328,340	113,636,875	113,636,875
22.	Net income (from Line 20)	2,798,489	2,554,630	12,919,472
23.	Net transfers (to) from Protected Cell accounts	...................................	...................................	...................................
24.	...............................Change in net unrealized capital gains (losses) less capital gains tax of $	13	............................... 49	............................(361)	............................. (49)
25.	Change in net unrealized foreign exchange capital gain (loss)	...................................	...................................	...................................
26.	Change in net deferred income tax	.....................(174,737)	.......................(80,756)	.....................(275,311)
27.	Change in nonadmitted assets	........................ 30,534	..........................9,496	.......................347,353
28.	Change in provision for reinsurance	...................................	...................................	...................................
29.	Change in surplus notes	...................................	...................................	...................................
30.	Surplus (contributed to) withdrawn from protected cells	...................................	...................................	...................................
31.	Cumulative effect of changes in accounting principles
...................................	...................................	...................................
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	...................................	...................................	...................................
	33.2 Transferred to capital (Stock Dividend)
	...................................	...................................	...................................
	33.3 Transferred from capital	...................................	...................................	...................................
34.	Net remittances from or (to) Home Office	...................................	...................................	...................................
35.	Dividends to stockholders	................(11,500,000)	................(11,300,000)	................(11,300,000)
36.	Change in treasury stock	...................................	...................................	...................................
37.	Aggregate write-ins for gains and losses in surplus
38.	Change in surplus as regards policyholders (Lines 22 through 37)	(8,845,665)	(8,816,991)	1,691,465
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	106,482,675	104,819,884	115,328,340
	DETAILS OF WRITE-INS
0501.	Contingency reserve contribution per Wisconsin Administrative Code Section Insurance
	3.09(14)	149,477	163,266	...................... 597,915
0502.	120 month release of statutory contingency reserve	(3,090,046)	................. (2,353,258)	................(11,470,423)
0503	....................................	....................................	....................................
0598.	Summary of remaining write-ins for Line 5 from overflow page
...................................	...................................	...................................
0599.	Totals (Lines 0501 through 0503 plus 0598)(Line 5 above)	(2,940,569)	(2,189,992)	(10,872,508)
1401	....................................	....................................	....................................

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)

3701. .............................................................................................................................................................. .................................... .................................... ....................................

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)

4

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY CORPORATION

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	............................. 641	.......................(35,922)	.......................(40,072)
2.	Net investment income	................... 1,167,597	................... 1,607,844	...................5,564,546
3.	Miscellaneous income	10	47	115
4.	Total (Lines 1 to 3)	1,168,248	1,571,969	5,524,589
5.	Benefit and loss related payments	........................ 46,554	.......................(32,408)	........................ 16,653
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	...................................	...................................	...................................
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	........................ 98,590	........................ 43,134	...................... 286,484
8.	Dividends paid to policyholders	...................................	...................................	...................................
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)		569,000	3,567,979
10.	Total (Lines 5 through 9)	145,144	579,726	3,871,116
11.	Net cash from operations (Line 4 minus Line 10)	1,023,104	992,243	1,653,473

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1	Bonds	................... 7,552,635	................... 9,922,176	................. 14,233,892
12.2	Stocks	...................................	...................................	...................................
12.3	Mortgage loans	...................................	...................................	...................................
12.4	Real estate	...................................	...................................	...................................
12.5	Other invested assets	...................................	...................................	...................................
12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	...................................	............................(470)	........................ (1,000)
12.7	Miscellaneous proceeds		810,000	810,000
12.8 Total investment proceeds (Lines 12.1 to 12.7)	................... 7,552,635	................. 10,731,706	................. 15,042,892

13. Cost of investments acquired (long-term only):

	13.1	Bonds	................... 1,330,000	...................5,020,025	................. 11,498,871
	13.2	Stocks	...................................	...................................	...................................
	13.3	Mortgage loans	...................................	...................................	...................................
	13.4	Real estate	...................................	...................................	...................................
	13.5	Other invested assets	...................................	...................................	...................................
	13.6	Miscellaneous applications
	13.7	Total investments acquired (Lines 13.1 to 13.6)	1,330,000	5,020,025	11,498,871
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)	6,222,635	5,711,681	3,544,021
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	...................................	...................................	...................................
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	...................................	...................................	...................................
	..........................................................................................................16.5 Dividends to stockholders	................... 7,369,386	................... 4,841,138	................... 4,841,138
	....................................................................................................16.6 Other cash provided (applied)	7,447	(2,232)	963
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	(7,361,939)	(4,843,370)	(4,840,175)
	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)	.....................(116,200)	...................1,860,554	.......................357,319
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	................... 7,356,310	...................6,998,991	...................6,998,991
	19.2 End of period (Line 18 plus Line 19.1)	7,240,110	8,859,545	7,356,310

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

20.0001.	Line	12.1	Bonds - Dividend paid to Parent	................... 4,130,614	...................6,458,862	...................6,458,862
20.0002.	Line	16.5	Dividends to stockholders - Dividend paid to Parent	................... 4,130,614	...................6,458,862	...................6,458,862

5

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NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies and Going Concern

1. Accounting Practices
   The financial statements of MGIC Indemnity Corporation ("MIC") are presented on the basis of accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin ("OCI"). The OCI recognizes only statutory accounting practices prescribed or permitted by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the Wisconsin insurance law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed practices by the OCI. The OCI has adopted certain prescribed accounting practices that differ from those found in NAIC SAP. Specifically, Wisconsin domiciled companies record changes in the contingency reserve through the income statement as an underwriting deduction. In NAIC SAP, changes in the contingency reserve are recorded directly to unassigned surplus. In addition, Wisconsin domiciled companies' annual contribution to the contingency reserve is calculated as the greater of a) fifty percent of earned premium or b) one-seventh of the result of the minimum policyholders' position calculation provided under Wisconsin Administrative Code Section Insurance 3.09(14). In NAIC SAP, the annual contribution to the contingency reserve is fifty percent of earned premium. The OCI has the right to permit other specific practices that deviate from prescribed practices. A reconciliation of our net income and capital and surplus between the NAIC SAP and practices prescribed by the OCI is shown below:

	SSAP #		F/S Page		F/S Line #			2024			2023
NET INCOME
(1) MIC state basis (Page 4, Line 20, Columns 1 & 2)	XXX		XXX		XXX	$	2,798,489	$	12,919,472

1. State Prescribed Practices that are an increase/(decrease) from NAIC SAP

Change in contingency reserve	00	4	5		2,940,569			10,872,508
(3) State Permitted Practices that are an increase/(decrease)					-			-
from NAIC SAP
(4) NAIC SAP (1-2-3=4)	XXX	XXX	XXX	$	(142,080)	$	2,046,964
SURPLUS
(5) MIC state basis (Page 3, Line 37, Columns 1 & 2)	XXX	XXX	XXX	$	106,482,675	$	115,328,340

1. State Prescribed Practices that are an increase/(decrease) from NAIC SAP

Accumulated difference in contingency reserve

(84,300)

(43,522)

(7) State Permitted Practices that are an increase/(decrease)

-

-

from NAIC SAP

(8) NAIC SAP (5-6-7=8)

XXX

XXX

XXX

$

106,566,975

$

115,371,862

B.

Use of Estimates in the Preparation of the Financial Statements - no significant changes

C.

Accounting Policy

(1)

No significant changes

(2)

Generally, bonds are stated at amortized cost and are amortized using the modified scientific method in accordance with SSAP No. 26R, Bonds ("SSAP No.

26R"). We do not own any mandatory convertible securities or SVO-identified investments identified in SSAP No. 26R.

(3) - (5) No significant changes

(6)

Loan-backed securities are valued using the retrospective or prospective method and stated at amortized cost or fair value in accordance with their NAIC

designation.

(7) - (10) No significant changes

(11)

Case reserves and loss adjustment expenses ("LAE") reserves are established when notices of delinquency on insured mortgage loans are received. Such

loans are referred to as being in our delinquency inventory. We consider a loan delinquent when it is two or more payments past due and has not become

current or resulted in a claim payment. Consistent with industry standards for mortgage insurers, we do not establish case reserves for future claims on

insured loans which are not currently delinquent. Case reserves are established by 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. Our case reserve estimates are established based upon historical experience, including rescissions of policies, curtailments of claims, and loan

modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made.

Incurred but not reported ("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.

LAE reserves are established for the estimated costs of settling claims, including legal and other expenses.

Loss reserves are ceded to reinsurers under our reinsurance agreements.

Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the

domestic economy, including unemployment and the current and future strength of local housing markets; exposure on insured loans; 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); and

curtailments and rescissions. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could

be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, leading to a

reduction in borrowers' income and thus their ability to make mortgage payments, and a drop in housing values which may affect borrower willingness to

continue to make mortgage payments when the value of the home is below the mortgage balance. Loss reserves in future periods will also be dependent on

the number of loans reported to us as delinquent. Changes to our estimates could result in a material impact to our results of operations and financial

position, even in a stable economic environment. Given the uncertainty of the macroeconomic environment, including the effectiveness of loss mitigation

efforts, changes in home prices and changes in unemployment, our loss reserve estimates may continue to be impacted.

D.

(12) - (13) No significant changes

Going Concern

2.

Based upon its evaluation of relevant conditions and events, management does not have substantial doubt about our ability to continue as a going concern.

Accounting Changes and Corrections of Errors - not applicable

3.

Business Combinations and Goodwill - not applicable

4.

Discontinued Operations - not applicable

5.

Investments

A.

Mortgage Loans, including Mezzanine Real Estate Loans - not applicable

B.

Debt Restructuring - not applicable

C.

Reverse Mortgages - not applicable

D.

Loan-Backed Securities

(1)

Prepayment assumptions for mortgage-backed/loan-backed and structured securities were obtained from third-party sources.

(2)

We did not recognize any other-than-temporary impairments ("OTTI") in the current reporting period.

(3)

We do not currently hold any securities for which an OTTI has been recognized.

(4)

All impaired securities for which an OTTI has not been recognized in earnings as a realized loss:

a.

The aggregate amount of unrealized losses: 1.

Less than 12 months

$

16,553

b.

2.

12 months or longer

$

342,788

The aggregate related fair value of securities with unrealized losses:

$

2,071,558

1.

Less than 12 months

(5)

2.

12 months or longer

$

8,679,109

All loan-backed and structured securities in an unrealized loss position were reviewed for potential OTTIs; however, we have the intent and ability to hold

these securities long enough to recover our cost basis. Cash flow analysis and credit research were used to support the conclusion that impairments are not

E.

other-than-temporary. The unrealized losses were primarily caused by an increase in prevailing interest rates.

Dollar Repurchase Agreements and/or Securities Lending Transactions - not applicable

F.

Repurchase Agreements Transactions Accounted for as Secured Borrowing - not applicable

G.

Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing - not applicable

H.

Repurchase Agreements Transactions Accounted for as a Sale - not applicable

I.

Reverse Repurchase Agreements Transactions Accounted for as a Sale - not applicable

J.

Real Estate - not applicable

K.

Low-Income Housing Tax Credits ("LIHTC") - not applicable

L.

Restricted Assets - no significant changes

M.

Working Capital Finance Investments - not applicable

N.

Offsetting and Netting of Assets and Liabilities - not applicable

O.

5GI Securities - not applicable

P.

Short Sales - not applicable

Q.

Prepayment Penalty and Acceleration Fees - no significant changes

R.

Reporting Entity's Share of Cash Pool by Asset Type - not applicable

Ｖ

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1. Joint Ventures, Partnerships and Limited Liability Companies - not applicable
2. Investment Income - not applicable
3. Derivative Instruments - not applicable
4. Income Taxes - no significant changes
5. Information Concerning Parent, Subsidiaries, Affiliates and Other Related Parties
6. 1. On March 25, 2024, we paid an ordinary dividend of $11.5 million to our Parent, Mortgage Guaranty Insurance Corporation ("MGIC"). The dividend paid consisted of cash and investment securities.
   2. - O. No significant changes
7. Debt - not applicable
8. Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans - no significant changes
9. Capital and Surplus, Dividend Restrictions and Quasi-Reorganizations
10. 1. No significant changes
    2. No significant changes
    3. No significant changes
    4. We paid an ordinary dividend to MGIC of $11.5 million on March 25, 2024.
    5. - M. No significant changes
11. Liabilities, Contingencies and Assessments - not applicable
12. Leases - not applicable
13. Information About Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk - not applicable
14. Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities - not applicable
15. Gain or Loss to the Reporting Entity from Uninsured Plans and the Uninsured Portion of Partially Insured Plans - not applicable
16. Direct Premium Written/Produced by Managing General Agents/Third Party Administrators - not applicable
17. Fair Value Measurement
18. 1. Assets and Liabilities Measured and Reported at Fair Value
    2. 1. Fair Value Measurements at Reporting Date
          We applied the following fair value hierarchy in order to measure fair value for assets and liabilities: Level 1 - Quoted prices for identical instruments in active markets that we can access.
          Level 2 - Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments.
          Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability.
          Fair value measurements at reporting date:

		(Level 1)			(Level 2)			(Level 3)			Net Asset Value			Total
								(NAV)
a. Assets at fair value
Cash equivalents - Money market	$	7,024,365		$	-		$	-		$	-		$	7,024,365
mutual funds
Total assets at fair value	$	7,024,365	$	-	$	-	$	-	$	7,024,365
b. Liabilities at fair value	$	-		$	-		$	-		$	-		$	-
Total liabilities at fair value	$	-	$	-	$	-	$	-	$	-

1. 1. Fair Value Measurements in (Level 3) of the Fair Value hierarchy - not applicable
   2. Policy on Transfers Into and Out of Level 3
      At the end of each reporting period, we evaluate whether or not any event has occurred, or circumstances have changed that would cause a security to be transferred into or out of Level 3. During the period ended March 31, 2024, there were no transfers into or out of Level 3.
   3. Inputs and Techniques Used for Level 2 Fair Values
      We use independent pricing sources to determine the fair value of our financial instruments, which primarily consist of assets in our bond portfolio, but also includes amounts in cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves.
      On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources.
      To determine the fair value of financial instruments in Level 1 and 2 of the fair value hierarchy, independent pricing sources, as described above, have been used. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded.
2. Other Fair Value Disclosures - not applicable
3. Aggregate Fair Value for All Financial Instruments
   The following tables set forth the aggregate fair values, admitted asset values and level of fair value amounts for financial instruments held as of March 31, 2024, and December 31, 2023:

	Aggregate Fair	Admitted Asset								Net Asset	Not Practicable
March 31, 2024		Level 1		Level 2		Level 3			(Carrying
	Value		Value					Value (NAV)		Value)
Bonds	$	125,131,938	$	139,243,665	$	13,610,256	$	111,521,682	$	-	$	-	$	-
Cash equivalents		7,024,365		7,024,365		7,024,365		-		-		-		-
	Aggregate Fair	Admitted Asset								Net Asset	Not Practicable
December 31, 2023		Level 1		Level 2		Level 3			(Carrying
	Value		Value					Value (NAV)		Value)
Bonds	$	135,676,828	$	150,285,325	$	13,753,637	$	121,923,191	$	-	$	-	$	-
Cash equivalents		7,164,312		7,164,312		7,164,312		-		-		-		-

See Note 20A(4) for information on the determination of the fair value of Level 1 and Level 2 financial instruments.

D. Not Practicable to Estimate Fair Value - not applicable

ＶＮＱ

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1. Other Items - not applicable
2. Events Subsequent
   We have considered subsequent events through May 8, 2024.
3. Reinsurance - no significant changes
4. Retrospectively Rated Contracts & Contracts Subject to Redetermination - not applicable
5. Change in Incurred Losses and Loss Adjustment Expenses
6. 1. Reserves as of December 31, 2023 were $104 thousand. As of March 31, 2024, there have been no payments for incurred losses and loss adjustment expenses attributable to insured events of prior years. Reserves remaining for prior years are now $123 thousand as a result of re-estimation of unpaid claims and claim adjustment expenses. Therefore, there has been $19 thousand of unfavorable prior year development from December 31, 2023 to March 31, 2024. The increase is generally the result of ongoing analysis of recent loss development trends. Original estimates are increased or decreased as additional information becomes known. We did not adjust premiums based on past claim activity.
   2. Not applicable
7. Inter-companyPooling Arrangements - not applicable
8. Structured Settlements - not applicable
9. Health Care Receivables - not applicable
10. Participating Policies - not applicable
11. Premium Deficiency Reserves - no significant changes
12. High Deductibles - not applicable
13. Discounting of Liabilities for Unpaid Losses or Unpaid Loss Adjustment Expenses - not applicable
14. Asbestos/Environmental Reserves - not applicable
15. Subscriber Savings Accounts - not applicable
16. Multiple Peril Crop Insurance - not applicable
17. Financial Guaranty Insurance - not applicable

ＶＮＲ

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY CORPORATION

GENERAL INTERROGATORIES

PART 1 - COMMON INTERROGATORIES

GENERAL

1. Did the reporting entity experience any material transactions requiring the filing of Disclosure of Material Transactions with the State of Domicile, as required by the Model Act? .................................................................................................................................................................
2. If yes, has the report been filed with the domiciliary state? .....................................................................................................................................

1. Has any change been made during the year of this statement in the charter, by-laws, articles of incorporation, or deed of settlement of the reporting entity? .......................................................................................................................................................................................................
2. If yes, date of change: .............................................................................................................................................................................................

1. Is the reporting entity a member of an Insurance Holding Company System consisting of two or more affiliated persons, one or more of which is an insurer? ...........................................................................................................................................................................................................

If yes, complete Schedule Y, Parts 1 and 1A.

1. Have there been any substantial changes in the organizational chart since the prior quarter end? .......................................................................
2. If the response to 3.2 is yes, provide a brief description of those changes.
   ................................................................................................................................................................................................................................

Yes [ ] No [ X ]

Yes [ ] No [ ]

Yes [ ] No [ X ]

Yes [ X ] No [ ]

Yes [ ] No [ X ]

1. Is the reporting entity publicly traded or a member of a publicly traded group? ......................................................................................................
2. If the response to 3.4 is yes, provide the CIK (Central Index Key) code issued by the SEC for the entity/group. ...................................................

1. Has the reporting entity been a party to a merger or consolidation during the period covered by this statement? .................................................
2. If yes, provide the name of the entity, NAIC Company Code, and state of domicile (use two letter state abbreviation) for any entity that has ceased to exist as a result of the merger or consolidation.

1	2	3
Name of Entity	NAIC Company Code	State of Domicile

Yes [ X ] No [ ]

0000876437

Yes [ ] No [ X ]

5. If the reporting entity is subject to a management agreement, including third-party administrator(s), managing general agent(s), attorney-

in-fact, or similar agreement, have there been any significant changes regarding the terms of the agreement or principals involved?	Yes [
If yes, attach an explanation.

................................................................................................................................................................................................................................

1. State as of what date the latest financial examination of the reporting entity was made or is being made. ............................................................
2. State the as of date that the latest financial examination report became available from either the state of domicile or the reporting entity. This date should be the date of the examined balance sheet and not the date the report was completed or released. .................................................
3. State as of what date the latest financial examination report became available to other states or the public from either the state of domicile or the reporting entity. This is the release date or completion date of the examination report and not the date of the examination (balance sheet date). .......................................................................................................................................................................................................................
4. By what department or departments?
   Office of the Commissioner of Insurance of the State of Wisconsin ......................................................................................................................
5. Have all financial statement adjustments within the latest financial examination report been accounted for in a subsequent financial

statement filed with Departments?	Yes	[
6.6 Have all of the recommendations within the latest financial examination report been complied with?	Yes	[

1. Has this reporting entity had any Certificates of Authority, licenses or registrations (including corporate registration, if applicable) suspended or revoked by any governmental entity during the reporting period? ...........................................................................................................................
2. If yes, give full information:
   ................................................................................................................................................................................................................................

1. Is the company a subsidiary of a bank holding company regulated by the Federal Reserve Board? .....................................................................
2. If response to 8.1 is yes, please identify the name of the bank holding company.
   ................................................................................................................................................................................................................................

] No [ X ] N/A [ ]

12/31/2021

12/31/2021

03/06/2023

] No [ ] N/A [ X ]

] No [ ] N/A [ X ]

Yes [ ] No [ X ]

Yes [ ] No [ X ]

8.3 Is the company affiliated with one or more banks, thrifts or securities firms?

Yes [ ] No [ X ]

8.4 If response to 8.3 is yes, please provide below the names and location (city and state of the main office) of any affiliates regulated by a federal regulatory services agency [i.e. the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC)] and identify the affiliate's primary federal regulator.

1

Affiliate Name

2

Location (City, State)

3

FRB

4

OCC

5

FDIC

6

SEC

7

STATEMENT AS OF MARCH 31, 2024 OF THE MGIC INDEMNITY CORPORATION

GENERAL INTERROGATORIES

9.1 Are the senior officers (principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions) of the reporting entity subject to a code of ethics, which includes the following standards? .......................................................

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
2. Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the reporting entity;
3. Compliance with applicable governmental laws, rules and regulations;
4. The prompt internal reporting of violations to an appropriate person or persons identified in the code; and
5. Accountability for adherence to the code.

9.11 If the response to 9.1 is No, please explain:

................................................................................................................................................................................................................................

9.2 Has the code of ethics for senior managers been amended? .................................................................................................................................

9.21 If the response to 9.2 is Yes, provide information related to amendment(s).

................................................................................................................................................................................................................................

Yes [ X ] No [ ]

Yes [ ] No [ X ]

9.3 Have any provisions of the code of ethics been waived for any of the specified officers?

Yes [ ] No [ X ]

9.31 If the response to 9.3 is Yes, provide the nature of any waiver(s).

................................................................................................................................................................................................................................

FINANCIAL

10.1	Does the reporting entity report any amounts due from parent, subsidiaries or affiliates on Page 2 of this statement?	......................................... Yes [ ] No [ X ]
10.2	If yes, indicate any amounts receivable from parent included in the Page 2 amount:	$

INVESTMENT

11.1 Were any of the stocks, bonds, or other assets of the reporting entity loaned, placed under option agreement, or otherwise made available for

use by another person? (Exclude securities under securities lending agreements.)

Yes [ ] No [ X ]

11.2 If yes, give full and complete information relating thereto:

................................................................................................................................................................................................................................

12.	Amount of real estate and mortgages held in other invested assets in Schedule BA:	$
13.	Amount of real estate and mortgages held in short-term investments:	$
14.1	Does the reporting entity have any investments in parent, subsidiaries and affiliates?	Yes [ ] No [ X ]

14.2 If yes, please complete the following:

		1				2
			Prior Year-End			Current Quarter
			Book/Adjusted			Book/Adjusted
			Carrying Value			Carrying Value
14.21	Bonds	$	...................................	$
14.22	Preferred Stock	$	...................................	$
14.23	Common Stock	$	...................................	$
14.24	Short-Term Investments	$	...................................	$
14.25	Mortgage Loans on Real Estate	$	...................................	$
14.26	All Other	$	...................................	$
14.27	Total Investment in Parent, Subsidiaries and Affiliates (Subtotal Lines 14.21 to 14.26)	$	...................................	$
14.28	Total Investment in Parent included in Lines 14.21 to 14.26 above	$	...................................	$
15.1	Has the reporting entity entered into any hedging transactions reported on Schedule DB?			Yes [ ]	No [ X ]
15.2 If yes, has a comprehensive description of the hedging program been made available to the domiciliary state?		Yes [ ] No [	] N/A [ X ]
	If no, attach a description with this statement.

................................................................................................................................................................................................................................

16. For the reporting entity's security lending program, state the amount of the following as of the current statement date:

16.1	Total fair value of reinvested collateral assets reported on Schedule DL, Parts 1 and 2	$
16.2	Total book/adjusted carrying value of reinvested collateral assets reported on Schedule DL, Parts 1 and 2	$
16.3	Total payable for securities lending reported on the liability page	$

7.1