MGIC Investment Corporation
(NYSE:MTG)

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage insurance ...

Website: http://mtg.mgic.com

Full Time Employees: 724

Sector: Financial Services

Industry: Insurance-Specialty

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2011-12-31	2010-12-31	2007-03-31

revenues:
premiums written:
direct	286,522,000	281,169,000	279,203,000	277,206,000	276,471,000	277,254,000	275,124,000	273,337,000	275,203,000	276,816,000	280,885,000	273,079,000	274,247,000	277,924,000	279,317,000	276,536,000	274,793,000	276,417,000	280,172,000	283,523,000	283,005,000	275,694,000	272,990,000	283,224,000	274,724,000	281,051,000	286,059,000	283,189,000	273,897,000	278,343,000	280,229,000	274,726,000	270,034,000	287,918,000	275,245,000	265,823,000	276,901,000	283,618,000	282,113,000	265,291,000	273,871,000	273,803,000	261,404,000	265,412,000	259,464,000	255,041,000
assumed	3,965,000	3,071,000	4,122,000	3,717,000	3,538,000	3,995,000	3,602,000	3,353,000	3,416,000	3,297,000	3,770,000	3,017,000	2,751,000	2,244,000	2,205,000	2,055,000	2,031,000	2,114,000	2,477,000	2,202,000	2,131,000	1,942,000	2,137,000	3,899,000	2,859,000	2,041,000	1,793,000	1,505,000	1,107,000	1,114,000	-3,020,000	2,085,000	92,000	-91,000	685,000	1,288,000	511,000	152,000	182,000	208,000	247,000	285,000	308,000	338,000	372,000	400,000
ceded	-55,544,000	-53,720,000	-48,097,000	-43,539,000	-44,663,000	-49,145,000	-44,720,000	-43,212,000	-44,819,000	-60,979,000	-50,164,000	-44,872,000	-46,806,000	-48,729,000	-39,215,000	-34,270,000	-34,159,000	-40,367,000	-35,039,000	-43,988,000	-43,637,000	-44,240,000	-47,173,000	-65,738,000	-31,576,000	-29,077,000	-28,438,000	-41,096,000	-30,723,000	-31,420,000	-25,326,000	-21,375,000	-33,220,000	-31,931,000	-30,096,000	-30,409,000	-33,941,000	-33,446,000	-32,280,000	-34,218,000	-33,057,000	43,897,000	-34,937,000	-31,294,000	-32,184,000	-32,536,000
net premiums written	234,943,000	230,520,000	235,228,000	237,384,000	235,346,000	232,104,000	234,006,000	233,478,000	233,800,000	219,134,000	234,491,000	231,224,000	230,192,000	231,439,000	242,307,000	244,321,000	242,665,000	238,164,000	247,610,000	241,737,000	241,499,000	233,396,000	227,954,000	221,385,000	246,007,000	254,015,000	259,414,000	243,598,000	244,281,000	248,037,000	251,883,000	255,436,000	236,906,000	255,896,000	245,834,000	236,702,000	243,471,000	250,324,000	250,015,000	231,281,000	241,061,000	317,985,000	226,775,000	234,456,000	227,652,000	222,905,000
decrease in unearned premiums	420,000	5,501,000	6,522,000	6,938,000	8,373,000	9,191,000	9,334,000	10,050,000	8,844,000	7,314,000	6,786,000	11,587,000	11,823,000	12,646,000	9,804,000	11,376,000	12,575,000	14,827,000	7,234,000	9,802,000	13,546,000	27,971,000	28,159,000	22,177,000	14,894,000	12,253,000	8,443,000	3,504,000	5,480,000
net premiums earned	235,363,000	236,021,000	241,750,000	244,322,000	243,719,000	241,295,000	243,340,000	243,528,000	242,644,000	226,448,000	241,277,000	242,811,000	242,015,000	244,085,000	252,111,000	255,697,000	255,240,000	252,991,000	254,844,000	251,539,000	255,045,000	261,367,000	256,113,000	243,562,000	260,901,000	266,268,000	267,857,000	247,102,000	249,761,000	245,665,000	250,426,000	246,964,000	232,107,000	237,083,000	231,136,000	229,103,000	235,053,000	237,376,000	231,456,000	221,341,000	226,192,000	239,234,000	213,508,000	217,288,000	213,589,000	209,035,000
investment income, net of expenses	61,742,000	61,610,000	62,210,000	60,995,000	61,443,000	61,324,000	62,093,000	61,479,000	59,744,000	57,802,000	55,375,000	52,340,000	49,223,000	46,360,000	42,549,000	40,305,000	38,262,000	39,134,000	38,282,000	41,129,000	37,893,000	36,118,000	37,252,000	39,679,000	41,347,000	41,322,000	42,715,000	42,423,000	40,585,000	38,328,000	36,380,000	34,502,000	32,121,000	30,402,000	29,716,000	29,477,000	28,094,000	27,515,000	27,248,000	27,809,000	27,926,000	25,939,000	25,756,000	24,120,000	23,956,000	22,355,000
net gains on investments and other financial instruments	-169,000	857,000	162,000	-1,426,000	741,000	-1,644,000	583,000	-276,000	-8,509,000	-761,000	-695,000	-4,987,000	-7,698,000	1,313,000	-3,258,000	-4,746,000
other revenue	141,000	164,000	383,000	354,000	331,000	469,000	633,000	546,000	482,000	468,000	548,000	511,000	425,000	496,000	1,397,000	1,860,000	2,619,000	810,000	1,611,000	3,011,000	2,804,000	1,895,000	380,000	4,026,000	2,754,000	2,717,000	3,606,000	2,485,000	1,830,000	1,881,000	2,525,000	2,431,000	1,871,000	2,922,000	2,502,000	2,422,000	3,425,000	3,867,000	3,994,000	6,373,000	2,580,000	3,698,000	3,699,000	2,480,000	2,385,000	3,093,000			8,000,000
total revenues	297,077,000	298,652,000	304,505,000	304,245,000	306,234,000	301,444,000	306,649,000	305,277,000	294,361,000	283,957,000	296,505,000	290,675,000	283,965,000	292,254,000	292,799,000	293,116,000	294,616,000	294,120,000	295,746,000	297,852,000	297,957,000	302,281,000	296,004,000	293,968,000	306,893,000	311,627,000	318,383,000	292,317,000	291,650,000	285,633,000	290,445,000	282,000,000	265,770,000	270,360,000	263,312,000	260,880,000	266,520,000	273,850,000	263,534,000	258,579,000	257,926,000	269,511,000	243,129,000	270,215,000	240,364,000	235,115,000			285,400,000
yoy	-2.99%	-0.93%	-0.70%	-0.34%	4.03%	6.16%	3.42%	5.02%	3.66%	-2.84%	1.27%	-0.83%	-3.62%	-0.63%	-1.00%	-1.59%	-1.12%	-2.70%	-0.09%	1.32%	-2.91%	-3.00%	-7.03%	0.56%	5.23%	9.10%	9.62%	3.66%	9.74%	5.65%	10.30%	8.10%	-0.28%	-1.27%	-0.08%	0.89%	3.33%	1.61%	8.39%	-4.31%	7.31%	14.63%			-15.78%
qoq	-0.53%	-1.92%	0.09%	-0.65%	1.59%	-1.70%	0.45%	3.71%	3.66%	-4.23%	2.01%	2.36%	-2.84%	-0.19%	-0.11%	-0.51%	0.17%	-0.55%	-0.71%	-0.04%	-1.43%	2.12%	0.69%	-4.21%	-1.52%	-2.12%	8.92%	0.23%	2.11%	-1.66%	2.99%	6.11%	-1.70%	2.68%	0.93%	-2.12%	-2.68%	3.91%	1.92%	0.25%	-4.30%	10.85%	-10.02%	12.42%	2.23%
losses and expenses:
losses incurred	33,242,000	31,219,000	10,928,000	-2,835,000	9,591,000	8,698,000	-9,842,000	-18,272,000	4,555,000	-9,534,000	-77,000	-17,691,000	6,446,000	-31,139,000	-105,054,000	-99,058,000	-19,314,000	-24,989,000	20,766,000	29,164,000	39,636,000	45,758,000	40,686,000	217,374,000	60,956,000	23,691,000	33,985,000	21,836,000	39,063,000	27,685,000	-1,518,000	-13,455,000	23,850,000	29,747,000	27,339,000	27,619,000	47,658,000	60,897,000	46,590,000	85,012,000	95,066,000	76,458,000	90,238,000	81,785,000	117,074,000	115,254,000
amortization of deferred insurance policy acquisition costs	1,224,000	1,895,000	1,830,000	1,738,000	1,657,000	2,475,000	2,323,000	2,150,000	2,009,000
other underwriting and operating expenses	46,884,000	43,933,000	47,780,000	50,354,000	51,406,000	46,664,000	50,967,000	52,675,000	59,018,000	51,813,000	50,130,000	53,998,000	70,063,000	70,041,000	58,475,000	53,449,000	54,732,000	42,682,000	53,942,000	53,798,000	48,023,000	44,613,000	45,250,000	44,273,000	42,262,000	48,671,000	45,197,000	42,960,000	45,940,000	46,624,000	43,655,000	41,842,000	46,090,000	39,888,000	38,511,000	40,765,000	37,768,000	37,870,000	35,348,000	39,777,000	34,425,000	46,075,000	35,829,000	39,268,000	33,340,000	34,882,000
interest expense	8,899,000	8,899,000	8,906,000	8,899,000	8,899,000	8,899,000	8,905,000	8,899,000	8,899,000	8,900,000	9,254,000	9,377,000	9,374,000	9,381,000	10,300,000	13,461,000	14,912,000	17,367,000	18,011,000	17,997,000	17,985,000	18,015,000	15,725,000	12,929,000	12,926,000	12,934,000	12,939,000	13,550,000	13,233,000	13,256,000	13,258,000	13,246,000	13,233,000	13,273,000	14,197,000	16,309,000	16,191,000	13,536,000	12,244,000	14,701,000	16,835,000	17,362,000	17,373,000	17,362,000	17,374,000	17,361,000
total losses and expenses	90,249,000	85,946,000	69,444,000	58,156,000	71,553,000	66,736,000	52,353,000	45,452,000	74,481,000	54,110,000	62,109,000	48,293,000	88,361,000	51,817,000	-21,468,000	-22,775,000	75,177,000	75,560,000	96,014,000	103,984,000	108,340,000	112,069,000	131,675,000	277,485,000	118,654,000	88,917,000	95,263,000	81,106,000	100,714,000	90,924,000	58,551,000	44,478,000	85,745,000	85,893,000	82,696,000	86,923,000	104,482,000	190,101,000	98,295,000	154,891,000	148,924,000	142,263,000	128,153,000	133,754,000	165,255,000	162,849,000
income before tax	206,828,000	212,706,000	235,061,000	246,089,000	234,681,000	234,708,000	254,296,000	259,825,000	219,880,000	229,847,000	234,396,000	242,382,000	195,604,000	240,437,000	314,267,000	315,891,000	219,439,000	218,560,000	199,732,000	193,868,000	189,617,000	190,212,000	164,329,000	16,483,000	188,239,000	222,710,000	223,120,000	211,211,000	190,936,000	194,709,000	231,894,000	237,522,000	180,025,000	184,467,000	180,616,000	173,957,000	162,038,000	83,749,000	165,239,000	103,688,000	109,002,000	127,248,000	114,976,000	136,461,000	75,109,000	72,266,000			81,100,000
provision for income tax	41,525,000	36,698,500	43,966,000	53,607,000	49,221,000	38,926,750	54,327,000	55,597,000	45,783,000	35,984,250	51,552,000	51,328,000	41,057,000	43,922,750	64,642,000	66,623,000	44,426,000
net income	165,303,000	169,310,000	191,095,000	192,482,000	185,460,000	184,700,000	199,969,000	204,228,000	174,097,000	184,504,000	182,844,000	191,054,000	154,547,000	191,443,000	249,625,000	249,268,000	175,013,000	173,934,000	157,977,000	153,051,000	150,021,000	151,430,000	130,811,000	14,047,000	149,805,000	177,110,000	176,934,000	167,778,000	151,941,000	157,746,000	181,900,000	186,814,000	143,637,000	120,027,000	118,622,000	89,798,000	107,487,000	56,618,000	109,221,000	69,191,000	102,418,000	822,852,000	113,654,000	133,076,000	74,428,000	72,017,000			92,363
yoy	-10.87%	-8.33%	-4.44%	-5.75%	6.53%	0.11%	9.37%	6.90%	12.65%	-3.62%	-26.75%	-23.35%	-11.69%	10.07%	58.01%	62.87%	16.66%	14.86%	20.77%	989.56%	0.14%	-14.50%	-26.07%	-91.63%	-1.41%	12.28%	-2.73%	-10.19%	5.78%	31.43%	53.34%	108.04%	33.63%	111.99%	8.61%	29.78%	4.95%	-93.12%	-3.90%	-48.01%	37.61%	1042.58%			80482.05%
qoq	-2.37%	-11.40%	-0.72%	3.79%	0.41%	-7.64%	-2.09%	17.31%	-5.64%	0.91%	-4.30%	23.62%	-19.27%	-23.31%	0.14%	42.43%	0.62%	10.10%	3.22%	2.02%	-0.93%	15.76%	831.24%	-90.62%	-15.42%	0.10%	5.46%	10.42%	-3.68%	-13.28%	-2.63%	30.06%	19.67%	1.18%	32.10%	-16.46%	89.85%	-48.16%	57.85%	-32.44%	-87.55%	624.00%	-14.59%	78.80%	3.35%
net income margin %	55.64%	56.69%	62.76%	63.27%	60.56%	61.27%	65.21%	66.90%	59.14%	64.98%	61.67%	65.73%	54.42%	65.51%	85.25%	85.04%	59.40%	59.14%	53.42%	51.38%	50.35%	50.10%	44.19%	4.78%	48.81%	56.83%	55.57%	57.40%	52.10%	55.23%	62.63%	66.25%	54.05%	44.40%	45.05%	34.42%	40.33%	20.67%	41.44%	26.76%	39.71%	305.31%	46.75%	49.25%	30.96%	30.63%		NaN%	0.03%
earnings per share:
basic	0.76	0.76	0.83	0.81	0.76	0.74	0.77	0.77	0.64	0.66	0.65	0.67	0.53	0.65	0.82	0.81	0.55	0.54	0.47	0.45	0.44	0.44	0.39	0.04	0.44	0.51	0.5	0.47	0.43	0.43	0.5	0.51	0.39	0.32	0.32	0.26
diluted	0.76	0.75	0.83	0.81	0.75	0.72	0.77	0.77	0.64	0.66	0.64	0.66	0.53	0.64	0.81	0.8	0.54	0.52	0.46	0.44	0.43	0.44	0.38	0.04	0.42	0.49	0.49	0.46	0.42	0.42	0.49	0.49	0.38	0.32	0.31	0.24
weighted-average common shares outstanding - basic	216,135	232,975	229,308	236,333	244,147	261,684	258,596	265,315	270,314	283,605	281,757	285,906	290,989	305,847	302,622	308,840	315,975	334,330	335,938	339,326	338,904	339,953	338,598	338,593	344,053	352,827	351,475	355,734	355,653	365,406	362,180	368,578	370,908	370,586	366,918	341,009	342,890	349,376	340,678	340,144	339,552	339,701	339,705	339,107	338,523	338,626
weighted-average common shares outstanding - diluted	218,186	235,099	231,376	237,971	246,490	263,995	260,833	266,872	273,108	287,155	285,600	289,566	294,712	311,229	307,194	313,545	324,538	351,308	353,557	356,536	356,383	359,293	357,195	339,661	365,216	373,924	372,575	376,603	376,667	386,078	382,905	388,881	391,562	391,087	394,470	402,175	431,992	406,050	446,139	431,365	468,039	468,149	439,148	468,141	413,547	413,576
mgic investment corporation and subsidiaries
consolidated statements of comprehensive income
other comprehensive income, net of tax:
change in unrealized investment gains and losses
benefit plan adjustments
other comprehensive income, net of tax
comprehensive income
consolidated statements of shareholders' equity
common stock
balance, beginning of period
issuance of common stock, net under share-based compensation plans
purchases of common stock
balance, end of period
paid-in capital
equity compensation
accumulated other comprehensive income
retained earnings
cash dividends
total shareholders’ equity
reissuance of treasury stock, net under share-based compensation plans
treasury stock
balance, beginning and end of period
conversion of 9% debentures, net of tax
repurchase of common stock
amortization of deferred policy acquisition costs										1,972,250	2,802,000	2,609,000	2,478,000	3,465,000	3,179,000	2,982,000	2,740,000	3,586,000	3,295,000	3,025,000	2,696,000	3,683,000	3,278,000	2,909,000	2,510,000	3,621,000	3,142,000	2,760,000	2,478,000	3,359,000	3,156,000	2,845,000	2,572,000	2,985,000	2,584,000	2,230,000	2,865,000	2,575,000	2,245,000	1,961,000	2,598,000	2,368,000	2,046,000	1,757,000	2,427,000	2,096,000
loss on debt extinguishment														69,000	11,632,000	6,391,000	22,107,000						26,736,000												65,000			75,223,000	1,868,000	13,440,000
certain amounts have been reclassified to conform with the current year presentation
balance, beginning of period, as previously reported
cumulative effect of debt with conversion options accounting standards update
balance, beginning of the period, as adjusted
net realized investment gains																	-1,505,000	1,185,000	1,009,000	2,173,000	2,215,000	2,901,000	2,259,000	6,701,000	1,891,000	1,320,000	4,205,000	307,000		-241,000	1,114,000			-47,000	-42,000	-122,000	-52,000	5,092,000	836,000	3,056,000	1,228,000	640,000	166,000	26,327,000
provision for income taxes																		44,626,000	41,755,000	40,817,000	39,596,000	38,782,000	33,518,000	2,436,000	38,434,000	45,600,000	46,186,000	43,433,000	38,995,000	36,963,000	49,994,000	50,708,000	36,388,000	64,440,000	61,994,000	84,159,000	54,551,000	27,131,000	56,018,000	34,497,000	6,584,000	-695,604,000	1,322,000	3,385,000	681,000	249,000
net realized investment losses																													-526,000			-1,897,000	-329,000
increase in unearned premiums																														-2,372,000	-1,457,000	-8,472,000	-4,799,000	-18,813,000	-14,698,000	-7,599,000	-8,418,000	-12,948,000	-18,559,000	-9,940,000	-27,296,500	-78,751,000	-13,267,000	-17,168,000	-5,882,000	-13,870,000
net realized investment gains:
total other-than-temporary impairment losses
portion of losses recognized in comprehensive income, before taxes
net impairment losses recognized in earnings
other realized investment gains																																					-52,000	5,092,000	836,000	3,056,000	1,228,000	640,000	166,000	26,327,000
change in premium deficiency reserve																																											-17,333,000	-6,418,000	-4,960,000	-6,744,000
income per share
basic																																					0.17	0.16	0.32	0.2	0.3	2.42	0.33	0.39	0.22	0.21
diluted																																					0.145	0.14	0.26	0.17	0.25	1.78	0.28	0.32	0.19	0.18
realized investment gains																																													230,750	632,000
portion of losses recognized in other comprehensive income, before taxes
revenues from receivable portfolios																																																	281,000,000
portfolio amortization																																																	122,100,000
revenues, net of amortization																																																	158,900,000
credit card interest income and fees																																																	118,500,000
total expenses																																																	204,300,000
company’s share of pre-tax income																																																	27,700,000
exhibit
number
2
11
31.1
31.2
32
99
basic earnings per share																																																	1.13
average common shares outstanding																																																	81,890
diluted earnings per share																																																	1.12
adjusted weighted-average shares outstanding:
common stock equivalents																																																	464
adjusted weighted-average diluted shares outstanding																																																	82,354

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-03-31	2014-12-31	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30

assets
investment portfolio:
fixed income, available-for-sale, at fair value	5,482,530,000	5,489,945,000	5,497,303,000	5,459,483,000	5,542,864,000	5,511,564,000	5,691,717,000	5,553,549,000	5,576,997,000	5,601,540,000	5,581,537,000	5,603,038,000	5,564,053,000	5,409,698,000	5,400,982,000	5,712,820,000	5,935,916,000	6,587,581,000	6,897,734,000	6,964,409,000	6,811,318,000	6,661,596,000	6,344,718,000	5,862,262,000	5,458,846,000	5,737,892,000	5,660,992,000	5,504,823,000	5,287,360,000	5,151,987,000
short-term, fixed income, available-for-sale, at fair value	220,591,000	301,286,000	371,291,000	342,848,000	342,169,000	340,125,000	272,348,000	236,419,000	95,717,000	121,573,000
equity securities, at fair value	15,191,000	15,322,000	15,286,000	15,038,000	14,915,000	14,762,000	15,174,000	14,636,000	14,697,000	14,771,000	13,949,000	14,384,000	14,523,000	14,140,000	13,885,000	14,481,000	15,191,000	16,068,000	15,361,000	15,453,000	15,319,000	18,215,000	18,060,000	17,953,000	28,892,000	17,328,000	17,360,000	4,114,000	4,057,000	3,932,000	7,720,000	4,048,000	4,099,000
other invested assets, at cost	1,109,000	1,109,000	1,109,000	1,109,000	1,109,000	1,109,000	1,109,000	1,109,000	850,000	850,000	850,000	850,000	850,000	850,000	850,000	850,000	850,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000	3,100,000
total investment portfolio	5,719,421,000	5,807,662,000	5,884,989,000	5,818,478,000	5,901,057,000	5,867,560,000	5,980,348,000	5,805,713,000	5,688,261,000	5,738,734,000	5,596,336,000	5,618,272,000	5,579,426,000	5,424,688,000	5,415,717,000	5,728,151,000	5,951,957,000	6,606,749,000	6,916,195,000	6,982,962,000	6,829,737,000	6,682,911,000	6,365,878,000	5,883,315,000	5,490,838,000	5,758,320,000	5,681,452,000	5,512,037,000	5,294,517,000	5,159,019,000	4,980,432,000	4,933,395,000	4,937,262,000		4,717,392,000	4,708,420,000	4,649,281,000	4,692,350,000	4,725,843,000	4,566,078,000	4,564,203,000	4,663,206,000	4,593,965,000	4,597,763,000	4,612,669,000	4,540,690,000	4,230,275,000	4,926,764,000	5,401,674,000	5,536,249,000	5,823,647,000	6,458,220,000	6,746,449,000	7,203,418,000	7,458,282,000	7,123,031,000	7,086,303,000	7,470,237,000	7,254,465,000	7,854,791,000	7,478,278,000	7,425,438,000	6,639,843,000	6,730,981,000	6,176,989,000	5,896,233,000	5,409,635,000	5,396,863,000	5,327,871,000	5,252,422,000	5,250,095,000	5,272,521,000	5,237,080,000	5,486,070,000	5,536,119,000
cash and cash equivalents	235,090,000	368,989,000	266,901,000	294,871,000	206,988,000	229,485,000	288,622,000	281,788,000	431,347,000	363,666,000	266,543,000	310,720,000	358,214,000	327,384,000	241,982,000	410,188,000	477,113,000	284,690,000	176,426,000	178,635,000	182,930,000	287,953,000	380,055,000	366,715,000	365,303,000	161,847,000	165,425,000	218,908,000	259,351,000	151,892,000	266,997,000	191,894,000	177,488,000		250,701,000	127,908,000	427,074,000	155,410,000	274,743,000	300,974,000	249,898,000	181,120,000	384,536,000	232,623,000	197,882,000	1,635,810,000	1,027,625,000	730,404,000	563,145,000	902,606,000	995,799,000	866,614,000	1,038,568,000	1,112,334,000	1,304,154,000	2,166,101,000	2,395,568,000	818,123,000	1,185,739,000	869,722,000	1,008,190,000	1,212,697,000	1,088,034,000	1,060,663,000	1,087,243,000	288,933,000	417,802,000	183,387,000	255,043,000	293,738,000	257,414,000	106,442,000	206,595,000
restricted cash and cash equivalents	14,405,000	6,525,000	4,891,000	4,024,000	5,705,000	5,142,000	10,987,000	6,020,000	8,221,000	6,978,000	8,582,000	6,004,000	8,358,000	5,529,000	7,776,000	9,073,000	12,784,000	20,268,000	9,486,000	12,318,000	9,836,000	8,727,000	8,755,000	4,678,000	4,223,000	7,209,000	6,329,000	6,275,000	3,161,000	3,146,000															17,212,000
accrued investment income	57,256,000	58,009,000	56,688,000	59,106,000	58,768,000	61,064,000	59,409,000	60,402,000	58,093,000	58,774,000	58,499,000	55,166,000	54,550,000	55,178,000	52,867,000	51,635,000	50,400,000	51,902,000	53,595,000	52,214,000	51,127,000	49,997,000	47,782,000	46,790,000	46,942,000	49,705,000	48,320,000	48,272,000	46,699,000	48,001,000	45,366,000	47,125,000	45,123,000		42,928,000	44,030,000	43,786,000	44,073,000	42,310,000	39,709,000	39,019,000	40,224,000	36,861,000	32,114,000	30,518,000	31,290,000	27,243,000	42,417,000	46,985,000	52,014,000	55,666,000	67,104,000	67,555,000	73,687,000	70,305,000	68,427,000	70,487,000	78,285,000	79,828,000	90,447,000	89,404,000	94,394,000	93,132,000	86,465,000	80,448,000	72,829,000	68,056,000	65,436,000	65,604,000	64,646,000	64,252,000	64,503,000	66,265,000	66,369,000	62,321,000
reinsurance recoverable on loss reserves	73,184,000	65,055,000	57,565,000	53,781,000	51,864,000	47,281,000	45,327,000	42,346,000	39,200,000	33,302,000	40,934,000	34,475,000	32,761,000	28,240,000	46,384,000	53,958,000	64,717,000	66,905,000	107,029,000	111,153,000	102,901,000	95,042,000	83,143,000	63,444,000	25,756,000	21,641,000	19,566,000	18,402,000	31,875,000	33,328,000	33,281,000	37,051,000	45,474,000		45,878,000	44,783,000	46,658,000	50,493,000	46,863,000	45,215,000	41,119,000	44,487,000	38,748,000	55,415,000	57,841,000	96,179,000	104,848,000	117,859,000	126,832,000	142,289,000	154,607,000	166,874,000	206,170,000	238,039,000	275,290,000	299,239,000	339,542,000	339,427,000	332,227,000	384,400,000	363,520,000	303,550,000	324,373,000	170,573,000	89,235,000	35,244,000	16,204,000	12,809,000	13,621,000	13,417,000	13,526,000	13,236,000	14,039,000	14,787,000	14,620,000
reinsurance recoverable on paid losses	3,897,000	4,386,000	2,352,000	2,041,000	1,847,000	4,197,000	992,000	884,000	555,000	9,896,000	265,000	240,000	145,000	18,081,000	214,000	310,000	203,000	36,275,000	526,000	706,000	606,000	669,000	1,062,000	1,351,000	1,691,000	1,521,000	1,573,000	16,903,000	3,069,000	2,948,000	3,111,000	3,295,000	3,718,000		4,638,000	6,151,000	5,129,000	4,964,000	4,632,000	4,773,000	3,855,000	3,319,000	4,275,000	5,966,000	6,424,000	13,283,000	15,605,000	16,726,000	19,109,000	17,490,000	19,891,000	15,320,000	32,259,000	38,448,000	34,160,000
premiums receivable	68,143,000	58,184,000	56,531,000	57,236,000	56,273,000	57,536,000	58,125,000	56,597,000	56,033,000	58,499,000	57,606,000	57,066,000	57,375,000	58,000,000	57,654,000	57,547,000	57,338,000	56,540,000	56,388,000	56,637,000	55,107,000	56,044,000	53,971,000	54,028,000	53,440,000	55,587,000	51,804,000	57,492,000	51,596,000	55,090,000	51,640,000	56,213,000	52,701,000		53,938,000	51,344,000	51,907,000	52,392,000	47,421,000	46,602,000	47,185,000	48,469,000	51,579,000	59,254,000	57,442,000		67,828,000				71,073,000				79,567,000			86,749,000	90,139,000	95,312,000	95,834,000	96,918,000	100,708,000	108,636,000	102,776,000	107,333,000	102,868,000	92,973,000	87,870,000	88,071,000	83,801,000	84,033,000	92,784,000	91,547,000	95,852,000
home office and equipment	31,947,000	32,454,000	32,737,000	33,210,000	34,468,000	35,679,000	36,223,000	36,747,000	37,614,000	38,755,000	39,379,000	39,699,000	40,580,000	41,419,000	44,206,000	45,072,000	45,184,000	45,614,000	45,303,000	45,477,000	46,024,000	47,144,000	47,546,000	47,738,000	49,010,000	50,121,000	50,540,000	51,607,000	50,388,000	51,734,000	50,055,000	49,461,000	48,382,000		43,157,000	42,212,000	38,314,000	36,088,000	32,009,000	30,800,000	31,047,000	30,095,000	29,265,000	28,565,000	28,693,000	26,863,000	27,190,000	26,891,000	27,290,000	27,590,000	28,145,000	28,527,000	28,962,000	28,883,000	28,638,000	28,046,000	27,932,000	28,745,000	29,556,000	29,425,000	30,146,000	31,065,000	32,417,000	33,067,000	33,772,000	34,603,000	34,380,000	33,309,000	32,126,000	32,603,000	32,195,000	32,261,000	32,579,000	32,666,000	32,717,000
deferred insurance policy acquisition costs	7,955,000	8,377,000	9,394,000	10,274,000	11,114,000	11,694,000	12,508,000	13,126,000	13,846,000	14,591,000	15,905,000	16,900,000	18,097,000	19,062,000	19,975,000	21,003,000	21,538,000	21,671,000	22,284,000	22,630,000	22,335,000	21,561,000	21,238,000	20,645,000	19,514,000	18,531,000	18,010,000	17,669,000	17,630,000	17,888,000	18,665,000	18,807,000	18,928,000		19,024,000	18,677,000	18,236,000	17,759,000	17,408,000	16,680,000	15,946,000	15,241,000	14,997,000	13,251,000	12,240,000	12,208,000	11,245,000	10,451,000	9,530,000	8,701,000	7,505,000	7,696,000	7,970,000	8,096,000	8,282,000	8,172,000	8,206,000	8,689,000	9,022,000	9,303,000	9,973,000	10,741,000	12,451,000	10,393,000	10,978,000	11,168,000	11,775,000	11,692,000	11,925,000	12,769,000	13,872,000	15,449,000	16,934,000	18,416,000	20,723,000
deferred income taxes	15,494,000	18,512,000	59,486,000	41,818,000	46,196,000	69,875,000	56,023,000	90,629,000	76,271,000	79,782,000	132,030,000	110,782,000	100,174,000	124,769,000	122,228,000	75,617,000									8,867,000	5,742,000	11,583,000	20,932,000	39,440,000	69,184,000	111,613,000	161,488,000	211,994,000		416,167,000	481,389,000	552,469,000	607,655,000	602,142,000	617,266,000	702,400,000	762,080,000	758,851,000
other assets	189,957,000	211,333,000	194,109,000	167,488,000	160,856,000	157,722,000	129,220,000	129,670,000	125,805,000	135,403,000	115,600,000	104,123,000	102,608,000	111,443,000	145,113,000	147,053,000	163,567,000	134,394,000	124,077,000	112,995,000	106,413,000	104,478,000	140,080,000	85,884,000	89,703,000	99,347,000	92,149,000	87,040,000	72,371,000	85,572,000	95,948,000	93,287,000	75,273,000		82,045,000	75,254,000	71,034,000	73,345,000	79,678,000	76,689,000	78,731,000	91,138,000	94,886,000	92,688,000	106,390,000	79,534,000	62,465,000	68,740,000	56,148,000	57,441,000	59,897,000	61,271,000	65,124,000	67,094,000	72,327,000	203,510,000	162,145,000	149,915,000	144,702,000	143,809,000	142,827,000	153,729,000	229,830,000	169,785,000	216,023,000	240,208,000	212,366,000	236,245,000	203,406,000	198,501,000	198,091,000	177,662,000	176,625,000	151,712,000	145,146,000
total assets	6,416,749,000	6,639,486,000	6,625,643,000	6,542,327,000	6,535,136,000	6,547,235,000	6,677,784,000	6,523,922,000	6,535,246,000	6,538,380,000	6,331,679,000	6,353,447,000	6,352,288,000	6,213,793,000	6,154,116,000	6,599,607,000	6,844,801,000	7,325,008,000	7,511,309,000	7,575,727,000	7,407,016,000	7,354,526,000	7,149,510,000	6,574,588,000	6,155,287,000	6,229,571,000	6,146,751,000	6,055,537,000	5,870,097,000	5,677,802,000	5,657,108,000	5,592,016,000	5,616,343,000		5,675,868,000	5,600,168,000	5,903,888,000	5,734,529,000	5,873,049,000	5,744,786,000	5,773,403,000	5,879,545,000	6,008,150,000	5,282,732,000	5,266,434,000	6,508,498,000	5,574,324,000	6,008,890,000	6,318,636,000	6,812,114,000	7,216,230,000	7,747,303,000	8,269,736,000	8,847,972,000	9,333,642,000	9,986,763,000	10,185,090,000	9,250,417,000	9,404,419,000	9,480,991,000	9,222,029,000	9,332,684,000	8,953,125,000	8,770,584,000	8,668,397,000	7,716,361,000	6,838,389,000	6,798,907,000	6,647,690,000	6,621,671,000	6,515,185,000	6,303,262,000	6,324,218,000	6,357,569,000	6,349,968,000
liabilities and shareholders’ equity
liabilities:
loss reserves	499,120,000	474,884,000	452,160,000	452,154,000	465,033,000	462,662,000	460,574,000	477,614,000	504,447,000	505,379,000	525,528,000	530,681,000	558,515,000	557,988,000	603,370,000	727,178,000	851,272,000	883,522,000	932,909,000	936,236,000	913,110,000	880,537,000	840,449,000	797,396,000	574,753,000	555,334,000	602,297,000	621,902,000	655,264,000	674,019,000	721,046,000	813,015,000	924,171,000		1,105,151,000	1,187,089,000	1,335,042,000	1,438,813,000	1,535,483,000	1,632,333,000	1,753,389,000	1,893,402,000	1,979,943,000	2,244,624,000	2,396,807,000	3,848,348,000	4,056,843,000	4,004,001,000	4,108,590,000	4,209,170,000	4,557,512,000	4,791,560,000	5,082,902,000	5,471,494,000	5,884,171,000	6,179,092,000	6,388,929,000	6,648,106,000	6,704,990,000	6,314,445,000	5,698,638,000	5,248,173,000	4,013,251,000	3,401,170,000	3,017,331,000	2,642,479,000	1,561,611,000	1,188,248,000	1,141,566,000	1,125,715,000	1,095,572,000	1,087,337,000	1,103,557,000	1,124,454,000	1,101,042,000
unearned premiums	92,606,000	93,026,000	98,527,000	105,049,000	111,987,000	120,360,000	129,551,000	138,885,000	148,935,000	157,779,000	165,093,000	171,879,000	183,467,000	195,289,000	207,935,000	217,739,000	229,115,000	241,690,000	256,517,000	263,751,000	273,553,000	287,099,000	315,071,000	343,229,000	365,408,000	380,302,000	392,556,000	400,999,000	404,504,000	409,985,000	407,614,000	406,159,000	397,688,000		370,816,000	352,010,000	337,322,000	329,737,000	321,326,000	308,424,000	289,879,000	279,973,000	265,119,000	223,053,000	203,414,000	140,213,000	138,840,000	140,137,000	143,187,000	147,375,000	154,866,000	166,703,000	186,985,000	200,661,000	215,157,000	234,178,000	249,438,000	265,052,000	280,738,000	299,591,000	313,084,000	327,212,000	336,084,000	320,385,000	296,067,000	272,233,000	227,660,000	208,247,000	194,175,000	189,661,000	181,490,000	172,277,000	160,130,000	159,823,000	146,462,000
senior notes	646,506,000	646,138,000	645,770,000	645,402,000	645,035,000	644,667,000	644,299,000	643,931,000	643,563,000	643,196,000	642,828,000	642,460,000	642,092,000	641,724,000	641,357,000	882,572,000	882,040,000	881,508,000	880,976,000	880,443,000	879,911,000	879,379,000	878,838,000	421,443,000	421,155,000	420,867,000	420,578,000	420,290,000	420,002,000	419,713,000	419,425,000	419,136,000	418,848,000		418,271,000	417,983,000	417,695,000	417,406,000	417,087,000				61,953,000	61,930,000	61,918,000	99,929,000	99,910,000	99,891,000	99,872,000	170,548,000	170,515,000	244,259,000	321,621,000	376,386,000	376,329,000	377,271,000	377,213,000
federal tax credits payable	16,110,000	135,344,000	139,591,000
other liabilities	125,120,000	142,543,000	116,896,000	184,778,000	173,197,000	147,171,000	149,284,000	146,571,000	135,958,000	160,009,000	143,525,000	143,079,000	169,484,000	154,966,000	140,097,000	163,760,000	218,780,000	191,702,000	199,673,000	216,776,000	244,335,000	244,711,000	237,716,000	217,293,000	140,271,000	151,962,000	159,831,000	164,809,000	162,272,000	180,322,000	207,620,000	227,959,000	232,361,000		239,609,000	236,153,000	254,578,000	238,398,000	255,129,000	244,154,000	289,240,000	247,005,000	318,094,000	315,710,000	309,119,000	335,673,000	283,401,000	297,589,000	300,323,000	335,244,000	312,283,000	327,737,000	332,125,000	353,863,000	349,337,000	398,436,000	379,646,000	325,208,000	254,041,000	324,976,000	229,538,000	178,426,000	318,069,000	222,203,000	267,228,000	198,215,000	213,639,000	183,486,000	190,432,000	194,661,000	193,746,000	181,070,000	152,453,000	161,068,000	174,072,000
total liabilities	1,379,462,000	1,491,935,000	1,452,944,000	1,387,383,000	1,395,252,000	1,374,860,000	1,383,708,000	1,407,001,000	1,432,903,000	1,466,363,000	1,476,974,000	1,509,185,000	1,574,644,000	1,571,053,000	1,614,055,000	2,026,588,000	2,234,446,000	2,463,626,000	2,633,889,000	2,661,020,000	2,674,723,000	2,655,540,000	2,635,888,000	2,191,233,000	1,913,459,000	1,920,337,000	1,987,134,000	2,019,872,000	2,053,914,000	2,095,911,000	2,167,577,000	2,278,141,000	2,384,940,000		2,545,719,000	2,605,107,000	3,256,357,000	3,185,687,000	3,289,970,000	3,233,107,000	3,430,004,000	3,643,405,000	3,859,631,000	4,097,172,000	4,229,531,000	5,730,816,000	5,377,384,000	5,340,914,000	5,451,413,000	5,680,562,000	6,019,415,000	6,358,478,000	6,756,876,000	7,239,665,000	7,664,587,000	8,003,318,000	8,212,357,000	8,092,463,000	8,101,838,000	7,831,890,000	7,205,020,000	7,008,010,000	6,324,499,000	5,904,186,000	5,681,674,000	5,122,018,000	2,806,101,000	2,399,335,000	2,192,274,000	2,325,794,000	2,295,091,000	2,113,319,000	2,128,692,000	2,192,514,000	2,103,074,000
contingencies
shareholders’ equity:
common stock	213,200,000	219,367,000	226,155,000	233,138,000	240,194,000	248,449,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,353,000	371,348,000	371,348,000		370,562,000	370,557,000	360,171,000	359,400,000	359,395,000	341,076,000	341,076,000	340,097,000	340,091,000	340,079,000	340,047,000	340,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	205,047,000	130,163,000	130,163,000	130,163,000	130,163,000	130,119,000	130,119,000	130,119,000	130,119,000					123,029,000	122,964,000	122,964,000	122,766,000	122,549,000	122,540,000
paid-in capital	1,795,697,000	1,812,463,000	1,806,807,000	1,801,159,000	1,796,475,000	1,808,236,000	1,801,788,000	1,795,231,000	1,788,050,000	1,808,113,000	1,799,624,000	1,799,444,000	1,791,609,000	1,798,842,000	1,792,043,000	1,791,380,000	1,783,611,000	1,794,906,000	1,789,874,000	1,786,260,000	1,782,041,000	1,862,042,000	1,856,570,000	1,859,195,000	1,855,371,000	1,869,719,000	1,864,973,000	1,860,578,000	1,856,236,000	1,862,536,000	1,857,639,000	1,852,251,000	1,847,000,000		1,846,260,000	1,842,601,000	1,778,305,000	1,782,337,000	1,779,911,000	1,660,666,000	1,657,783,000	1,670,238,000	1,667,307,000	1,662,211,000	1,663,592,000	1,657,567,000	1,135,296,000	1,133,107,000	1,131,008,000	1,129,024,000	1,135,821,000	1,133,270,000	1,131,557,000	1,129,024,000	1,138,942,000	1,135,572,000	1,132,229,000	431,532,000	443,294,000	439,267,000	435,410,000	431,268,000	363,649,000	358,782,000	354,985,000	316,649,000	312,571,000	311,384,000	305,512,000	310,394,000	300,564,000	292,714,000	273,840,000	280,052,000	275,050,000
accumulated other comprehensive income, net of tax	-167,482,000	-134,394,000	-159,221,000	-204,969,000	-236,445,000	-288,162,000	-204,061,000	-333,055,000	-326,134,000	-316,281,000	-496,895,000	-424,887,000	-395,499,000	-481,511,000	-495,525,000	-325,738,000	-150,848,000	119,697,000	147,645,000	169,282,000	123,565,000	216,821,000	167,777,000	145,412,000	1,224,000	72,708,000	63,782,000	30,810,000											30,155,000	44,840,000							-48,163,000	38,373,000	-7,223,000	-14,711,000	30,124,000	89,393,000	50,977,000	-2,551,000	22,136,000	153,228,000	94,329,000	79,945,000	74,155,000	144,545,000			-115,292,000	10,927,000	39,217,000	70,675,000	44,291,000	11,075,000	61,121,000	65,789,000	85,399,000	13,259,000	45,975,000	77,499,000	87,200,000
retained earnings	3,195,872,000	3,250,115,000	3,298,958,000	3,325,616,000	3,339,660,000	3,403,852,000	5,073,891,000	4,908,183,000	4,735,298,000	4,593,125,000	4,441,045,000	4,291,135,000	4,129,229,000	4,004,294,000	3,843,060,000	3,623,983,000	3,399,935,000	3,250,691,000	3,102,995,000	2,972,362,000	2,839,884,000	2,642,096,000	2,511,248,000	2,400,820,000	2,407,305,000	2,278,650,000	2,122,705,000	1,966,994,000	1,799,216,000	1,647,275,000	1,489,529,000	1,307,629,000	1,120,815,000		939,424,000	819,397,000	722,515,000	632,564,000	525,077,000	468,459,000	359,238,000	290,047,000	187,630,000									123,657,000	288,865,000	440,596,000	525,562,000	712,230,000	763,760,000	739,208,000	924,707,000	1,204,824,000	1,722,593,000	2,062,133,000	2,527,023,000	2,643,443,000	2,745,802,000	4,350,316,000	5,818,720,000	6,211,684,000	6,155,755,000	5,998,631,000	5,897,917,000	5,788,965,000	5,660,887,000	5,519,389,000	5,404,576,000
total shareholders’ equity	5,037,287,000		5,172,699,000	5,154,944,000	5,139,884,000		5,294,076,000	5,116,921,000	5,102,343,000		4,854,705,000	4,844,262,000	4,777,644,000		4,540,061,000	4,573,019,000	4,610,355,000		4,877,420,000	4,914,707,000	4,732,293,000		4,513,622,000	4,383,355,000	4,241,828,000		4,159,617,000	4,035,665,000	3,816,183,000		3,489,531,000	3,313,875,000	3,231,403,000		3,130,149,000	2,995,061,000	2,647,531,000		2,583,079,000	2,511,679,000	2,343,399,000																		1,302,581,000	1,649,101,000	2,017,009,000	2,324,674,000	2,628,626,000	2,866,398,000	2,986,723,000	2,594,343,000	4,032,288,000	4,399,572,000	4,455,416,000	4,295,877,000	4,220,094,000	4,189,943,000	4,195,526,000	4,165,055,000	4,246,894,000
total liabilities and shareholders’ equity	6,416,749,000		6,625,643,000	6,542,327,000	6,535,136,000		6,677,784,000	6,523,922,000	6,535,246,000		6,331,679,000	6,353,447,000	6,352,288,000		6,154,116,000	6,599,607,000	6,844,801,000		7,511,309,000	7,575,727,000	7,407,016,000		7,149,510,000	6,574,588,000	6,155,287,000		6,146,751,000	6,055,537,000	5,870,097,000		5,657,108,000	5,592,016,000	5,616,343,000		5,675,868,000	5,600,168,000	5,903,888,000		5,873,049,000	5,744,786,000	5,773,403,000																		9,404,419,000	9,480,991,000	9,222,029,000	9,332,684,000	8,953,125,000	8,770,584,000	8,668,397,000	7,716,361,000	6,838,389,000	6,798,907,000	6,647,690,000	6,621,671,000	6,515,185,000	6,303,262,000	6,324,218,000	6,357,569,000	6,349,968,000
liabilities and shareholders' equity
shareholders' equity:
total shareholders' equity		5,147,551,000				5,172,375,000				5,072,017,000				4,642,740,000				4,861,382,000				4,698,986,000				4,309,234,000				3,581,891,000								2,548,842,000				2,236,140,000	2,148,519,000	1,185,560,000	1,036,903,000	777,682,000	196,940,000	667,976,000	867,223,000	1,131,552,000	1,196,815,000	1,388,825,000	1,512,860,000	1,608,307,000	1,669,055,000	1,983,445,000	1,972,733,000	1,157,954,000
total liabilities and shareholders' equity		6,639,486,000				6,547,235,000				6,538,380,000				6,213,793,000				7,325,008,000				7,354,526,000				6,229,571,000				5,677,802,000								5,734,529,000				5,879,545,000	6,008,150,000	5,282,732,000	5,266,434,000	6,508,498,000	5,574,324,000	6,008,890,000	6,318,636,000	6,812,114,000	7,216,230,000	7,747,303,000	8,269,736,000	8,847,972,000	9,333,642,000	9,986,763,000	10,185,090,000	9,250,417,000
treasury stock							-1,748,895,000	-1,624,791,000	-1,466,224,000	-1,384,293,000	-1,260,422,000	-1,192,783,000	-1,119,048,000	-1,050,238,000	-970,870,000	-887,959,000	-793,696,000	-675,265,000	-534,447,000	-384,550,000	-384,550,000	-393,326,000	-393,326,000	-393,425,000	-393,425,000	-283,196,000	-263,196,000	-194,070,000	-169,129,000	-175,059,000	-100,059,000	-100,059,000					-150,359,000	-150,359,000	-111,459,000	-3,362,000	-3,362,000	-3,362,000	-3,362,000	-3,362,000	-32,937,000	-64,435,000	-104,959,000	-104,959,000	-104,959,000	-105,049,000	-162,542,000	-162,542,000	-163,586,000	-163,809,000	-222,632,000	-222,632,000	-222,632,000	-222,894,000	-269,738,000	-269,698,000	-269,698,000	-268,518,000	-276,873,000	-276,873,000	-283,400,000				-2,190,036,000	-2,201,966,000	-2,186,750,000	-2,027,959,000	-1,907,942,000	-1,834,434,000	-1,642,472,000
convertible junior subordinated debentures												21,086,000	21,086,000	21,086,000	21,296,000	35,339,000	53,239,000	110,204,000	208,814,000	208,814,000	208,814,000	208,814,000	208,814,000	256,872,000	256,872,000	256,872,000	256,872,000	256,872,000	256,872,000	256,872,000					256,872,000	256,872,000	256,872,000	256,872,000	256,872,000	256,872,000	256,872,000
federal home loan bank advance																		155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000	155,000,000		155,000,000	155,000,000	155,000,000		155,000,000	155,000,000	155,000,000		155,000,000	155,000,000	155,000,000
accumulated other comprehensive loss, net of tax																													-41,493,000	-124,214,000	-128,931,000	-117,294,000	-107,760,000		-26,097,000	-37,494,000	-63,101,000	-75,100,000			-11,336,000	-60,880,000	-43,147,000	-64,492,000	-81,341,000	-57,801,000															-1,459,000	-30,328,000
fhlb advance																														155,000,000								155,000,000
fixed income, available for sale, at fair value																															4,969,612,000	4,926,247,000	4,930,063,000
securities, available-for-sale, at fair value:
fixed income																																			4,710,153,000	4,701,211,000	4,642,119,000	4,685,222,000
equity securities																																			7,239,000	7,209,000	7,162,000	7,128,000	7,218,000	9,876,000	6,289,000	5,645,000	5,634,000	3,100,000	3,055,000	2,928,000	2,936,000	2,918,000	2,843,000	2,783,000	2,747,000	2,699,000	2,637,000	3,063,000	3,044,000	3,126,000	3,014,000	2,943,000	2,891,000	2,894,000	2,748,000	2,707,000	2,600,000	2,651,000	2,647,000	2,642,000	2,614,000	2,571,000	2,583,000	2,568,000	2,705,000	2,490,000	2,489,000	2,488,000	321,000
convertible senior notes																																					349,848,000	349,461,000	349,073,000	636,324,000	685,624,000	833,503,000	845,000,000	845,000,000	845,000,000	845,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000
revolving credit facility																																					150,000,000
investment portfolio
fixed maturities																																							4,718,625,000	4,556,202,000	4,557,914,000	4,657,561,000	4,588,331,000	4,594,663,000	4,609,614,000	4,537,762,000	4,227,339,000	4,923,846,000	5,398,831,000	5,533,466,000	5,820,900,000	6,455,521,000	6,743,812,000	7,200,355,000	7,455,238,000	7,119,905,000	7,083,289,000	7,467,294,000	7,251,574,000	7,851,897,000	7,475,530,000	7,422,731,000	6,637,243,000	6,728,330,000	6,174,342,000	5,893,591,000	5,407,021,000	5,221,540,000	5,267,073,000	5,249,854,000	5,247,390,000	5,270,031,000	5,234,591,000	5,292,942,000	5,196,096,000
shareholders’ equity
prepaid reinsurance premiums																																										166,000	187,000	50,119,000	47,623,000							1,782,000	1,962,000	2,138,000	2,637,000	2,924,000	3,125,000	3,342,000	3,554,000	3,782,000	3,857,000	4,152,000	7,550,000	8,122,000	8,598,000	8,715,000	8,556,000	8,636,000	9,122,000	9,620,000	10,032,000	10,481,000	9,110,000	9,608,000	7,780,000
profit commission receivable																																												114,974,000	91,500,000
premium deficiency reserve																																												17,333,000	23,751,000	72,131,000	73,781,000	84,132,000	93,276,000	120,634,000	134,817,000	146,525,000	158,913,000	169,948,000	178,967,000	160,114,000	169,001,000
convertible junior debentures																																										389,522,000	389,522,000	389,522,000	389,522,000	389,522,000	379,609,000	370,164,000	361,165,000	352,591,000	344,422,000	336,694,000	329,330,000	322,313,000	315,626,000	309,227,000	303,130,000
shareholders' equity
retained deficit																																												-748,876,000	-852,458,000	-1,097,696,000	-990,281,000	-603,592,000	-356,650,000	-82,759,000
premium receivable																																														72,641,000		68,638,000	67,923,000	67,734,000		73,895,000	74,717,000	75,835,000		87,313,000	91,782,000
retained (deficit) earnings																																																			-11,635,000
income taxes recoverable																																																										266,905,000	275,187,000				414,303,000	256,940,000	694,110,000	865,665,000	361,051,000	83,649,000	19,012,000
see accompanying notes to consolidated financial statements.
premium deficiency reserves																																																										179,620,000	193,186,000	207,803,000	227,149,000	289,535,000	583,922,000	788,162,000	947,060,000	1,210,841,000
short- and long-term debt																																																										377,156,000	377,098,000	384,690,000	426,948,000	667,180,000	698,427,000	798,368,000	798,309,000	798,250,000	803,191,000	646,602,000	607,886,000	781,277,000	782,135,000	631,104,000	597,674,000	685,163,000	599,806,000
convertible debentures																																																										297,321,000	291,785,000	286,512,000	281,486,000	277,034,000	374,746,000	373,898,000	355,679,000
income taxes payable																																																												13,873,000	28,177,000	20,450,000								34,480,000	42,148,000	41,531,000	114,878,000	62,006,000	81,692,000
investments in joint ventures																																																															10,484,000	134,959,000	168,225,000	155,430,000	145,696,000	673,908,000	622,090,000	655,884,000	591,907,000	526,674,000	472,207,000	481,778,000	432,876,000
securities, available-for-sale, at market value:
300,000,000; shares issued 2007 - 123,067,426; 2006 - 123,028,976
outstanding 2007 - 81,793,185; 2006 - 82,799,919																																																																		123,067,000
2006 - 40,229,057)																																																																		-2,266,364,000
note receivable from joint venture																																																																			50,000,000
300,000,000; shares issued, 9/30/07 - 123,067,426
12/31/06 - 123,028,976;
shares outstanding, 9/30/07 - 81,793,299
12/31/06 - 82,799,919																																																																			123,067,000	123,065,000
12/31/06 - 40,229,057)																																																																			-2,266,361,000	-2,257,636,000
collateral held under securities lending																																																																				172,752,000	58,215,000
obligations under securities lending																																																																				172,752,000	58,215,000
300,000,000; shares issued, 6/30/07 - 123,065,426
shares outstanding, 6/30/07 - 81,954,310
shares outstanding, 3/31/07 - 83,067,337 12/31/06 - 82,799,919																																																																					123,064,000
short-term investments																																																																										190,640,000	339,702,000
cash																																																																										4,616,000	1,814,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

cash flows from operating activities:
net income	165,303,000	169,310,000	191,095,000	192,482,000	185,460,000	184,700,000	199,969,000	204,228,000	174,097,000	184,504,000	182,844,000	191,054,000	154,547,000	191,443,000	249,625,000	249,268,000	175,013,000	173,934,000	157,977,000	153,051,000	150,021,000	151,430,000	130,811,000	14,047,000	149,805,000	177,110,000	176,934,000	167,778,000	151,941,000	157,746,000	181,900,000	186,814,000	143,637,000	27,314,000	120,027,000	118,622,000	89,798,000	107,487,000	56,618,000	109,221,000	69,191,000	-72,930,000	-386,691,000	-246,942,000	-273,891,000	-19,555,000				-33,661,000	-186,667,000	-51,528,000	24,551,000	-150,091,000	-280,114,000	-517,768,000	-339,835,000	-184,560,000		-97,899,000	-34,394,000	-1,466,627,000	-372,469,000	76,715,000	92,363,000	121,469,000	129,978,000	149,839,000	163,453,000	128,121,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	-84,000		900,000	2,534,000	2,694,000		3,434,000	4,484,000	6,485,000		9,632,000	9,180,000	10,192,000		13,303,000	14,128,000	15,395,000		17,348,000	15,050,000	17,422,000		15,203,000	12,405,000	13,052,000		12,314,000	11,556,000	11,908,000		13,872,000	15,562,000	15,833,000		15,691,000	16,112,000	17,079,000		15,847,000	14,368,000	14,109,000							20,897,000	19,709,000	19,560,000		15,744,000	15,198,000	12,627,000		15,175,000	14,851,000	17,350,000	8,324,000	10,115,000	4,619,000		11,086,000	5,007,000	4,708,000		4,631,000	5,734,000	6,854,000
deferred tax expense	7,367,000	1,948,000	11,330,000	-3,989,000	9,932,000	-312,000	-1,764,000	-1,623,000	6,131,000	4,237,000	-2,107,000	-2,797,000	1,732,000	-6,267,000	-1,478,000	-2,567,000	5,945,000	597,000	-2,272,000	4,228,000	2,635,000	-952,000	13,593,000	-1,043,000	15,877,000	3,468,000	585,000	-712,000	7,755,000	41,175,000	52,969,000	53,040,000	39,388,000	189,794,000	59,087,000	57,231,000	48,932,000	51,165,000	23,034,000	54,887,000	33,270,000
equity compensation	6,431,000	5,656,000	5,907,000	4,782,000	8,087,000	6,481,000	6,557,000	7,181,000	11,105,000	8,518,000	5,575,000	7,835,000	9,679,000	7,097,000
net losses on investments and other financial instruments	169,000	-857,000	-162,000	1,426,000	-741,000	1,644,000	-583,000	276,000	8,509,000	761,000	695,000	4,987,000	7,698,000	-1,313,000	3,258,000
change in certain assets and liabilities:
accrued investment income	753,000	-1,321,000	2,418,000	-338,000	2,296,000	-1,655,000	993,000	-2,309,000	681,000	-275,000	-3,333,000	-616,000	628,000	-2,311,000	-1,232,000	-1,235,000	1,502,000	1,693,000	-1,381,000	-1,087,000	-1,130,000	-2,215,000	-992,000	152,000	2,763,000	-1,385,000	-48,000	-1,573,000	1,302,000	-2,635,000	1,759,000	-2,002,000	937,000	-3,132,000	1,102,000	-244,000	287,000	-1,763,000	-2,601,000	-690,000	1,205,000	-4,047,000	15,174,000	4,568,000	5,029,000	3,652,000
reinsurance recoverable on loss reserves	-8,129,000	-7,490,000	-3,784,000	-1,917,000	-4,583,000	-1,954,000	-2,981,000	-3,146,000	-5,898,000	7,632,000	-6,459,000	-1,714,000	-4,521,000	18,144,000	7,574,000	10,759,000	2,188,000	40,124,000	4,124,000	-8,252,000	-7,859,000	-11,899,000	-19,699,000	-37,688,000	-4,115,000	-2,075,000	-1,164,000	13,473,000	1,453,000	-47,000	3,770,000	8,423,000	3,000,000	-2,596,000	-1,095,000	1,875,000	3,835,000	-3,630,000	-1,648,000	-4,096,000	3,368,000	8,669,000	13,011,000	8,973,000	15,457,000	12,318,000
reinsurance recoverable on paid losses	489,000	-2,034,000	-311,000	-194,000	2,350,000	-3,205,000	-108,000	-329,000	9,341,000	-9,631,000	-25,000	-95,000	17,936,000	-17,867,000	96,000	-107,000	36,072,000	-35,749,000	180,000	-100,000	63,000	393,000	289,000	340,000	-170,000	52,000	15,330,000	-13,834,000	-121,000	163,000	184,000	423,000	154,000	766,000	1,513,000	-1,022,000	-165,000	-332,000	141,000	-918,000	-536,000	2,322,000	1,121,000	2,383,000	-1,619,000	2,401,000
premiums receivable	-9,959,000	-1,653,000	705,000	-963,000	1,263,000	589,000	-1,528,000	-564,000	2,466,000																																	-4,813,000	810,000	-715,000	-189,000	3,339,000
deferred insurance policy acquisition costs	422,000	1,017,000	880,000	840,000	580,000	814,000	618,000	720,000	745,000	1,314,000	995,000	1,197,000	965,000	913,000	1,028,000	535,000	133,000	613,000	346,000	-295,000	-774,000	-323,000	-593,000	-1,131,000	-983,000	-521,000	-341,000	-39,000	258,000	777,000	142,000	121,000	-87,000	183,000	-347,000	-441,000	-477,000	-351,000	-728,000	-734,000	-705,000	-963,000	-794,000	-921,000	-829,000	-1,196,000
loss reserves	24,236,000	22,724,000	6,000	-12,879,000	2,371,000	2,088,000	-17,040,000	-26,833,000	-932,000	-20,149,000	-5,153,000	-27,834,000	527,000	-45,382,000	-123,808,000	-124,094,000	-32,250,000	-49,387,000	-3,327,000	23,126,000	32,573,000	40,088,000	43,053,000	222,643,000	19,419,000	-46,963,000	-19,605,000	-33,362,000	-18,755,000	-47,027,000	-91,969,000	-111,156,000	-61,464,000	-119,516,000	-81,938,000	-147,953,000	-103,771,000	-96,670,000	-96,850,000	-121,056,000	-140,013,000	-208,495,000	52,842,000	-104,589,000	-100,580,000	-348,342,000
unearned premiums	-420,000	-5,501,000	-6,522,000	-6,938,000	-8,373,000	-9,191,000	-9,334,000	-10,050,000	-8,844,000	-7,314,000	-6,786,000	-11,588,000	-11,822,000	-12,646,000	-9,804,000	-11,376,000	-12,575,000	-14,827,000	-7,234,000	-9,802,000	-13,546,000	-27,972,000	-28,160,000	-22,177,000	-14,894,000	-12,254,000	-8,443,000	-3,505,000	-5,481,000	2,371,000	1,455,000	8,471,000	4,754,000	22,118,000	18,806,000	14,688,000	7,585,000	8,411,000	12,902,000	18,545,000	9,906,000	1,373,000	-1,297,000	-3,050,000	-4,188,000	-7,491,000
current income taxes	-80,619,000	23,467,000	8,213,000	397,000	61,087,000	-19,670,000	8,951,000	-12,846,000	39,839,000	-2,013,000	-9,976,000	-31,635,000	39,481,000	-11,689,000	-19,691,000	-15,614,000	38,445,000	-24,000	6,810,000	-38,254,000	36,897,000	47,126,000	-67,226,000	3,844,000	22,527,000	9,822,000	-6,465,000	-33,283,000	30,983,000	-2,158,000
other	-29,057,000	22,852,000	4,366,000	8,495,000	-37,343,000	19,916,000	-3,305,000	13,149,000	-50,588,000	17,058,000	3,895,000	10,477,000	-23,405,000	31,327,000	-22,813,000	17,209,000	-30,550,000	15,843,000	577,000	16,861,000	-14,461,000	25,125,000	-5,263,000	21,988,000	-19,934,000	17,035,000	3,428,000	18,774,000	-14,446,000	1,547,000	21,781,000	-2,971,000	-5,619,000	11,488,000	4,970,000	-1,490,000	-12,715,000	3,770,000	22,298,000	-13,932,000	869,000	6,335,000	-6,577,000	7,810,000	-19,650,000	-2,609,000	-1,205,000	9,559,000	-22,375,000	-197,000	-16,442,000	4,736,000	12,082,000	50,698,000	33,570,000	100,221,000	-388,000	-51,411,000	-34,660,000	74,066,000	52,231,000	-13,850,000	-14,475,000	25,764,000	-3,077,000	-40,308,000	-37,834,000	55,181,000	-10,796,000	-55,738,000
net cash from operating activities	76,902,000	230,752,000	215,399,000	182,993,000	223,654,000	182,378,000	182,879,000	169,238,000	190,537,000	186,246,000	169,768,000	144,662,000	212,286,000	166,219,000	122,114,000	133,668,000	228,011,000	183,907,000	162,988,000	151,389,000	198,033,000	223,456,000	88,728,000	235,801,000	184,324,000	151,369,000	176,552,000	116,730,000	164,881,000	160,970,000	120,954,000	128,627,000	133,966,000	150,301,000	130,800,000	48,087,000	77,469,000	188,034,000	38,572,000	49,587,000	-56,530,000	-251,709,000	-396,078,000	-318,414,000	-430,493,000	-423,615,000	-467,850,000	-438,539,000	-556,529,000	-420,933,000	-422,022,000	-269,617,000	13,258,000	-197,049,000	-87,511,000	-12,596,000	397,000	429,664,000	36,138,000	595,955,000	260,876,000	377,847,000	21,263,000	53,873,000	178,988,000	88,309,000	118,877,000	89,359,000	201,133,000	95,465,000
capital expenditures	-184,000	-601,000	-279,000	-20,000	-125,000	-514,000	-381,000	0		-544,000	-784,000	-308,000	-363,000	-852,000	-256,000	-1,258,000	-888,000	-1,727,000	-983,000	-964,000	-441,000	-1,097,000	-1,272,000	-362,000	-580,000	-1,557,000	-799,000	-2,972,000	-308,000	-3,579,000	-2,403,000	-3,048,000	-5,208,000	-3,945,000	-2,462,000	-5,645,000	-4,014,000	-5,583,000	-2,245,000	-808,000	-1,916,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	76,718,000	230,151,000	215,120,000	182,973,000	223,529,000	181,864,000	182,498,000	169,238,000		185,702,000	168,984,000	144,354,000	211,923,000	165,367,000	121,858,000	132,410,000	227,123,000	182,180,000	162,005,000	150,425,000	197,592,000	222,359,000	87,456,000	235,439,000	183,744,000	149,812,000	175,753,000	113,758,000	164,573,000	157,391,000	118,551,000	125,579,000	128,758,000	146,356,000	128,338,000	42,442,000	73,455,000	182,451,000	36,327,000	48,779,000	-58,446,000	-251,709,000	-396,078,000	-318,414,000	-430,493,000	-423,615,000	-467,850,000	-438,539,000	-556,529,000	-420,933,000	-422,022,000	-269,617,000	13,258,000	-197,049,000	-87,511,000	-12,596,000	397,000	429,664,000	36,138,000	595,955,000	260,876,000	377,847,000	21,263,000	53,873,000	178,988,000	88,309,000	118,877,000	89,359,000	201,133,000	95,465,000
cash flows from investing activities:
purchases of investments	-430,297,000	-365,715,000	-484,537,000	-315,292,000	-455,780,000	-441,348,000	-376,669,000	-409,850,000	-327,757,000	-249,321,000	-389,446,000	-601,575,000	-229,198,000	-130,182,000	-168,470,000	-281,737,000	-94,017,000	-195,560,000	-238,151,000	-445,090,000	-652,328,000	-642,686,000	-1,001,564,000	-712,108,000	-280,614,000	-351,123,000	-365,612,000	-328,645,000	-348,746,000	-384,624,000	-558,137,000
proceeds from sales of investments	1,040,000	51,134,000	18,779,000	20,280,000	20,737,000	15,345,000	16,901,000	-2,000,000	14,841,000	82,396,000	24,474,000	236,737,000	32,991,000	8,267,000	125,020,000	48,001,000	218,373,000	234,421,000	96,729,000	83,376,000	59,378,000	95,119,000	265,093,000	251,836,000	224,803,000	28,427,000	17,749,000	77,610,000	106,010,000	31,510,000	313,754,000
proceeds from maturity of fixed income securities	476,227,000	410,734,000	446,075,000	415,441,000	467,543,000	406,754,000	346,319,000	277,748,000	338,885,000	226,863,000	282,006,000	273,157,000	131,389,000	152,290,000	135,082,000	175,140,000	225,972,000	200,290,000	151,574,000	229,835,000	318,892,000	254,217,000	307,150,000	247,015,000	222,544,000	211,418,000	208,929,000	124,889,000	202,929,000	190,496,000	170,746,000	268,328,000	155,605,000
additions to property and equipment	-184,000	-601,000	-279,000	-20,000	-125,000	-514,000	-381,000			-544,000	-784,000	-308,000	-363,000	-852,000	-256,000	-1,258,000	-888,000	-1,727,000	-983,000	-964,000	-441,000	-1,097,000	-1,272,000	-362,000	-580,000	-1,557,000	-799,000	-2,972,000	-308,000	-3,579,000	-2,403,000	-3,048,000	-5,208,000	-3,945,000	-2,462,000	-5,645,000	-4,014,000	-5,583,000	-2,245,000	-808,000	-1,916,000
net cash from investing activities	46,786,000	95,552,000	-19,962,000	120,409,000	32,375,000	-19,763,000	-13,830,000	-134,381,000	25,969,000	61,564,000	-83,726,000	-91,847,000	-65,181,000	29,523,000	91,376,000	-59,854,000	349,440,000	237,424,000	9,169,000	-132,843,000	-274,499,000	-294,447,000	-430,593,000	-213,619,000	166,153,000	-113,142,000	-139,733,000	-129,118,000	-40,115,000	-209,569,000	-45,793,000	-14,162,000	-48,256,000	-301,112,000	-7,948,000	-47,021,000	52,440,000	-139,365,000	-215,070,000	51,737,000	209,306,000	-288,318,000	693,299,000	485,673,000	144,139,000	330,422,000	646,578,000	343,994,000	534,532,000	229,113,000	-438,925,000	40,151,000	457,437,000	-170,567,000	409,955,000	-89,707,000	27,434,000	-294,879,000	94,483,000	-641,893,000	-275,215,000			-188,964,000	-83,666,000	-17,209,000	63,072,000	-91,305,000	3,604,000	-121,715,000
cash flows from financing activities:
repurchase of common stock	-192,368,000	-189,192,000	-187,868,000	-186,409,000	-225,176,000	-194,664,000	-123,597,000	-156,034,000	-95,183,000	-120,489,000	-66,501,000	-74,041,000	-76,151,000	-82,513,000	-83,987,000	-95,433,000	-123,640,000	-140,818,000				0	0	0	-119,997,000	-20,000,000	-69,185,000	-24,941,000	-11,640,000	-63,360,000	0																																-8,011,000				-158,791,000	-122,724,000	-91,534,000
dividends paid	-35,184,000	-33,390,000	-34,424,000	-30,758,000	-33,919,000	-32,913,000	-33,651,000	-30,583,000	-33,353,000	-31,791,000	-32,456,000	-28,622,000	-30,096,000	-29,659,000	-30,450,000	-24,726,000	-26,112,000	-25,943,000	-27,090,000	-20,359,000	-20,827,000	-20,316,000	-20,319,000	-20,315,000	-21,111,000	-20,925,000
payment of withholding taxes related to share-based compensation net share settlement	-22,155,000	0	-248,000	-33,000	-18,868,000	-20,000	0	0	-19,046,000	-11,000	-47,000	0	-7,199,000	-136,000	-1,270,000	0	-8,688,000	0	-108,000	0	-6,621,000	0	-41,000	0	-8,899,000	0	-74,000	0	-5,652,000	0	-58,000	0	-8,073,000	-39,000	-59,000	-1,000	-6,722,000
net cash from financing activities	-249,707,000	-222,582,000	-222,540,000	-217,200,000	-277,963,000	-227,597,000	-157,248,000	-186,617,000	-147,582,000	-152,291,000	-127,641,000	-102,663,000	-113,446,000	-112,587,000	-382,993,000	-144,450,000	-392,512,000	-302,285,000	-177,198,000	-20,359,000	-27,448,000			-20,315,000	-150,007,000	-40,925,000	-90,248,000	-24,941,000	-17,292,000	-63,360,000	-58,000	-100,059,000	-8,073,000	-39,000	-59,000	-300,232,000	141,755,000	-168,002,000	150,267,000	-50,248,000	-83,998,000	1,148,212,000	0	0			-49,543,000	-77,409,000			-1,000,000	-1,000			-6,427,000	-36,165,000	-232,338,000	-19,422,000			812,649,000	-6,739,000	-45,685,000	63,435,000	-134,017,000	-34,776,000	-30,977,000	-98,207,000	-193,398,000	-120,010,000
net increase in cash and cash equivalents and restricted cash and cash equivalents	-126,019,000	103,722,000	-27,103,000	86,202,000	-21,934,000	-64,982,000	11,801,000	-151,760,000	68,924,000	95,519,000	-41,599,000	-49,848,000	33,659,000	83,155,000	-169,503,000	-70,636,000	184,939,000	119,046,000	-5,041,000	-1,813,000	-103,914,000	-92,130,000	17,417,000	1,867,000	200,470,000	-2,698,000	-53,429,000	-37,329,000	107,474,000
cash and cash equivalents and restricted cash and cash equivalents at beginning of period	375,514,000		0	0	234,627,000		0	0	370,644,000		0	0	332,913,000		0	0	304,958,000		0	0	296,680,000		0	0	169,056,000		0	0	155,038,000
cash and cash equivalents and restricted cash and cash equivalents at end of period	249,495,000		-27,103,000	86,202,000	212,693,000		11,801,000	-151,760,000	439,568,000		-41,599,000	-49,848,000	366,572,000		-169,503,000	-70,636,000	489,897,000		-5,041,000	-1,813,000	192,766,000		17,417,000	1,867,000	369,526,000		-53,429,000	-37,329,000	262,512,000
depreciation and other amortization																																										22,858,000	22,909,000	25,721,000	26,809,000	24,696,000
proceeds from sale of property and equipment
conversion / purchase of convertible junior subordinated debentures
cash and cash equivalents and restricted cash and cash equivalents at beginning of year
cash and cash equivalents and restricted cash and cash equivalents at end of year
return premium accrual			358,000	-745,000	-1,426,000	-1,900,000	-1,000,000	-3,100,000	-2,600,000	1,500,000	-3,600,000	-1,000,000	-1,300,000	-2,600,000	-4,700,000	-3,600,000	-900,000	0	4,700,000	-400,000	2,900,000	-200,000	1,600,000	-1,500,000	-400,000	-1,900,000	-2,300,000	-4,200,000	-3,100,000	-4,300,000	-6,400,000	-6,700,000	-5,500,000	-7,400,000	-6,100,000	-7,100,000	-4,800,000	-6,000,000	-5,500,000	-2,450,000	-4,850,000
loss on debt extinguishment														69,000	11,632,000	6,391,000	22,107,000					0												0	0			59,460,000
redemption of 5.75% senior notes														0
repayment of fhlb advance														0	0	0	-155,000,000
cash portion of loss on debt extinguishment														-69,000	-10,947,000	-6,391,000	-22,107,000					0
proceeds from sale of equipment											24,000
conversion/purchase of 9% convertible junior debentures
amounts have been reclassified to conform to the current year presentation
profit commission receivable										-5,229,000	4,111,000	-3,098,000	9,324,000	6,221,000	1,557,000	-9,833,000	6,779,000	-681,000	-14,100,000	966,000	-5,430,000	-9,323,000	-18,422,000	31,210,000	1,121,000	1,077,000	4,844,000	1,860,000	-2,836,000	3,619,000	2,104,000	-11,579,000	377,000	1,055,000	704,000	-1,208,000	-3,395,000	1,258,000	788,000	-3,553,000	760,000
premium receivable											-540,000	309,000	625,000		-107,000	-209,000	-798,000		249,000	-1,530,000	937,000		57,000	-588,000	2,147,000		5,688,000	-5,896,000	3,494,000		4,573,000	-3,512,000	1,344,000		-2,594,000	563,000	485,000		-819,000	583,000	1,284,000
purchase of convertible junior subordinated debentures														-210,000	-14,043,000	-17,900,000	-56,965,000					0
proceeds from issuance of senior notes																						0
purchase of senior notes																						0
payment of original issue discount - senior notes																						0
payment of original issue discount- convertible junior subordinated debentures
payment of debt issuance costs																						-823,000												0	0	-107,000	-1,523,000	-189,000
net realized investment losses																	1,505,000	-1,185,000	-1,009,000	-2,173,000	-2,215,000	-2,901,000	-2,259,000	-6,701,000	-1,891,000	-1,320,000	-4,205,000	-307,000	526,000	241,000	-1,114,000	1,897,000	329,000		47,000	42,000	122,000
net decrease in payables for securities
payment of original issue discount - convertible junior subordinated debentures
net cash from ( used in) financing activities
net increase in payables for securities
proceeds from revolving credit facility																																		0	0	0	150,000,000
repayment of revolving credit facility																																		0	0
purchase or repayment of convertible senior notes																																		0	0
payment of original issue discount - convertible senior notes																																		0	0
net increase in payable for securities																															30,247,000				291,000	-6,889,000	10,336,000		-21,143,000	-19,770,000	44,289,000	43,435,000	13,133,000	-31,961,000	-7,877,000	26,685,000	-5,737,000	-412,000	-721,000	4,642,000	-12,290,000	-30,099,000	29,075,000	15,589,000
proceeds from issuance of long-term debt																																						0	418,094,000	0	155,000,000																									0
payment of original issue discount-convertible junior subordinated debentures																																						0	0	0	-41,540,000
net increase in cash and cash equivalents																															75,103,000	14,406,000	77,637,000		122,793,000	-299,166,000	271,664,000		-26,231,000	51,076,000	68,778,000	608,185,000					129,185,000	-171,954,000			-861,947,000	-229,467,000	1,577,445,000	-367,616,000	316,017,000	-138,468,000	-204,507,000	115,363,000	27,371,000	-26,580,000	798,310,000	-128,869,000			-38,695,000	36,324,000	150,972,000	-100,153,000	11,339,000
cash and cash equivalents at beginning of period																															0	0	99,851,000		0	0	155,410,000		0	0	181,120,000	1,027,625,000		0	0	995,799,000		0	0	1,304,154,000		0	0	1,185,739,000		0	0	1,097,334,000	0	0	288,933,000		0	0	293,738,000		0	0	195,256,000
cash and cash equivalents at end of period																															75,103,000	14,406,000	177,488,000		122,793,000	-299,166,000	427,074,000		-26,231,000	51,076,000	249,898,000	1,635,810,000		167,259,000	-339,461,000	902,606,000		-171,954,000	-73,766,000	1,112,334,000		-229,467,000	1,577,445,000	818,123,000		-138,468,000	-204,507,000	1,212,697,000	27,371,000	-26,580,000	1,087,243,000		234,415,000	-71,656,000	255,043,000		150,972,000	-100,153,000	206,595,000
income taxes payable - current																																-8,204,000	-3,117,000	15,235,000	952,000	-1,663,000	34,654,000	301,000	299,000	234,000	289,000
purchases of investments:
fixed income securities																																	-209,477,000
equity securities																																	-20,000	-21,000	-20,000	-19,000	-19,000	1,118,000	-1,187,000	-19,000	-3,109,000
proceeds from sales of fixed income securities																																	10,844,000
net realized investment gains
prepaid reinsurance premium
premium deficiency reserve																																										-1,650,000	-10,351,000	-9,144,000	-27,358,000	-14,183,000
fixed income																																				-358,204,000	-187,077,000
proceeds from sales of fixed income																																				132,626,000	33,980,000
proceeds from maturity of fixed income																																				191,110,000	199,234,000
proceeds from sale of equity securities																																						-1,168,000	3,900,000	0	2,525,000							0							0
net increase in restricted cash
repayment of long-term debt																																											0				-49,543,000								-6,693,000	-35,899,000	-32,338,000	-19,422,000				0	0	0	-200,000,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
prepaid insurance premium																																				10,000	15,000		47,000	14,000	34,000
purchase of convertible senior notes																																							-175,277,000	-50,248,000	-138,253,000
excess tax benefits related to share-based compensation																																						33,000	15,000	0	-115,000
net decrease in restricted cash
repurchase of convertible senior notes
net decrease in cash and cash equivalents																																												167,259,000	-339,461,000	-93,193,000				-191,820,000
realized investment gains																																							-5,092,000	-836,000	-3,056,000
payment of original issue discount-convertible senior notes
fixed maturities																																							-382,586,000	-435,136,000	-288,273,000
proceeds from sales of fixed maturities																																							69,118,000	333,849,000	315,927,000
proceeds from maturity of fixed maturities																																							119,073,000	173,621,000	139,863,000	282,701,000	323,584,000	260,112,000	261,223,000	617,036,000	315,366,000	270,005,000	323,228,000	498,726,000	96,931,000	291,503,000	194,697,000	157,828,000	143,535,000	92,484,000	204,836,000	114,125,000	82,992,000	81,499,000	159,602,000	70,265,000	48,588,000	69,694,000	142,880,000	82,491,000	119,911,000	69,077,000	40,125,000	53,970,000
purchase of convertible junior subordinated debentures-liability component																																							0	0	-91,110,000
purchase of convertible junior subordinated debentures-equity component																																							0	0	-9,750,000
purchase of common stock
net investment impairment losses																																											1,971,000	0			462,000				3,592,000	0	0	6,052,000	5,837,000	0
loss on repurchase of senior notes
net proceeds from convertible senior notes																																										484,670,000									0	-77,000
common stock shares issued																																										663,542,000									0	76,000
deferred tax benefit																																										-8,000	2,611,000					-24,271,000	-11,945,000	-25,000	38,077,000	-25,564,000	-9,442,000	-3,146,000
realized investment gains, excluding impairment losses																																										-1,259,000		-6,184,000	-26,611,000	-77,561,000		-11,405,000	-21,734,000	-5,761,000		-24,524,000	-31,702,000	-32,954,000
income taxes payable																																										899,000	88,000	6,388,000	-5,432,000	844,000
purchase of fixed maturities																																										-975,555,000		-209,531,000	-1,288,241,000	-1,833,039,000		-536,366,000	-980,916,000	-900,110,000	-1,681,302,000	-951,057,000	-1,262,934,000	-1,330,501,000	-784,833,000	-1,101,711,000	-1,118,361,000	-1,142,507,000	-663,075,000	-1,152,825,000	-887,898,000	-786,791,000	-795,226,000	-672,575,000	-466,702,000	-365,279,000	-345,169,000	-744,783,000	-386,062,000	-562,883,000
purchase of equity securities																																										-18,000		-19,000	-30,000	-21,000		-22,000	-24,000	-38,000	-74,000	-26,000	-26,000	-30,000	-31,000	-1,308,000	-24,000	-24,000	-22,000	-21,000	-22,000	-28,000	-23,000	-22,000	-22,000	122,000
proceeds from sale of fixed maturities																																										361,119,000		467,072,000	1,179,064,000	1,519,761,000		610,789,000	1,192,461,000	625,893,000	1,074,310,000	729,830,000	1,496,625,000	986,547,000	1,137,508,000	884,088,000	903,603,000	738,040,000	434,279,000	458,068,000	394,889,000	238,357,000	606,593,000	551,091,000	294,516,000	272,853,000	355,591,000	584,920,000	350,525,000	390,354,000
gain on repurchase on senior notes
real estate
return premium
investment purchases:
proceeds from sale of:
repayment of note receivable from joint ventures
gain on repurchases of senior notes																																												0
deferred tax provision																																													-5,000	72,000									30,062,000
repurchases of long-term debt
net loss																																															-135,294,000	-165,205,000
adjustments to reconcile net loss to net cash from operating activities:
repayment of note payable																																																								0
decrease in deferred insurance policy acquisition costs																																																274,000	126,000	186,000
decrease in accrued investment income																																																451,000				2,060,000										-4,773,000	-2,620,000	168,000	-958,000	-394,000	251,000	1,762,000	104,000	-4,048,000
decrease in reinsurance recoverable on loss reserves																																																39,296,000															-3,395,000	812,000	-204,000	109,000	-290,000	803,000	748,000	-167,000
decrease in reinsurance recoverable on paid losses																																																16,939,000
decrease in prepaid reinsurance premiums																																																180,000	176,000	499,000	287,000	201,000	217,000	212,000	228,000	75,000	295,000	264,000	572,000	476,000	117,000	-159,000	80,000	486,000	498,000			-1,371,000	498,000	-1,828,000
decrease in premium receivable																																																822,000	1,118,000	3,732,000				3,390,000				683,000				-4,465,000	-9,895,000			-4,270,000	232,000	8,751,000	-1,237,000	4,305,000
decrease in loss reserves																																																-291,342,000	-388,592,000	-412,677,000																	8,235,000	-16,220,000	-20,897,000
decrease in premium deficiency reserve																																																-12,388,000	-11,034,000	-9,019,000	18,853,000	-8,887,000	-10,619,000	-13,566,000		-19,346,000	-62,386,000	-164,801,000	-204,240,000	-158,898,000	-263,781,000
decrease in unearned premiums																																																-20,282,000	-13,676,000	-14,496,000		-15,260,000	-15,614,000	-15,686,000
increase in income taxes payable																																																-2,317,000	-760,000	1,345,000															32,074,000			-74,804,000	50,006,000
increase in accrued investment income																																																		-3,382,000								-3,538,000	-6,667,000	-6,017,000	-7,619,000
decrease (increase) in reinsurance recoverable on loss reserves																																																		37,251,000	23,949,000
increase in reinsurance recoverable on paid losses																																																		-4,288,000
amortization of deferred insurance policy acquisition costs																																																			1,819,000	1,750,000	1,770,000	1,723,000			1,888,000	2,073,000	3,343,000	2,133,000	2,260,000				2,660,000			3,519,000	3,521,000	5,091,000
capitalized deferred insurance policy acquisition costs																																																			-1,929,000	-1,716,000	-1,287,000	-1,390,000
decrease (increase) in accrued investment income																																																						1,543,000	10,619,000	-1,043,000
decrease in premiums receivable
increase in real estate
increase in loss reserves																																																			-294,921,000	-209,837,000	-259,177,000	-56,884,000	390,545,000	615,807,000	450,465,000	472,621,000	612,081,000	383,839,000	374,852,000	1,080,868,000	373,363,000	46,682,000	15,851,000					23,412,000
increase in unearned premiums																																																							-18,853,000	-13,493,000	-14,128,000	-8,886,000	15,699,000	24,318,000	23,834,000	44,573,000	19,413,000	14,072,000	4,514,000	8,171,000	9,213,000	12,147,000	307,000	13,361,000
decrease
equity earnings from joint ventures
distributions from joint ventures																																																											185,000	21,713,000	297,000	0	0	0	51,512,000	11,675,000	54,465,000	16,547,000	67,862,000	6,500,000
additional investment in joint ventures																																																											-56,000	-282,000	-208,000	195,000	-182,000	-3,706,000	-210,000		-67,049,000	-519,000	-984,000
proceeds from sale of investment in joint ventures
dividends paid to shareholders																																																											-3,146,000	-2,965,000	-2,048,000	-1,778,000	-20,495,000	-20,786,000	-20,760,000	-20,754,000	-21,025,000	-21,762,000	-21,954,000	-13,311,000
net proceeds from convertible debentures																																																											-104,000	23,533,000	353,770,000
proceeds from reissuance of treasury stock
increase in real estate acquired																																																				-1,192,000	-918,000	-923,000
decrease in income taxes recoverable																																																				-372,000				-289,865,000	7,727,000	390,923,000	-157,363,000	437,170,000	171,555,000
increase in reinsurance recoverable on loss reserves																																																					-115,000	-7,200,000	52,173,000	-20,880,000	-59,970,000	-70,562,000			-53,991,000
increase in premium receivable
see accompanying notes to consolidated financial statements.
increase in income taxes recoverable																																																						8,546,000
decrease (increase) in premium receivable
decrease (increase) in real estate acquired
increase in premium deficiency reserve
equity (earnings) losses from joint ventures
realized investment gains, excluding other-than-temporary impairments																																																							-27,030,000
note receivable from joint ventures																																																														0
(repayment of) proceeds from note payable
repayment of short-term debt
payments for repurchase of common stock
amortization of deferred insurance policy acquisition
increase in deferred insurance policy acquisition costs																																																								-1,343,000	-1,120,000	-1,310,000	-5,401,000	-1,548,000	-2,070,000				-1,816,000			-2,034,000	-2,039,000
decrease in book value of real estate owned																																																								4,595,000
equity earnings in joint ventures																																																												-16,578,000	-12,785,000			-46,320,000	-19,338,000		-52,647,000	-70,495,000	-57,251,000	-54,205,000
sale of investment in joint ventures																																																											122,722,000			0								0
increase in payable for securities
(repayment of) net proceeds from convertible debentures
reissuance of treasury stock																																																											0	-1,210,000	385,169,000		184,000	45,000	1,255,000		0	2,581,000	1,275,000
common stock issued																																																											0	0	75,758,000		89,000	67,000	1,942,000		0	10,380,000	5,532,000
realized gains, excluding other-than-temporary impairments
decrease in real estate acquired																																																										13,557,000
realized losses																																																										17,261,000
equity losses in joint ventures
realized gains
net repayment of short-term debt																																																																			-51,119,000
realized loss																																																												10,263,000	1,194,000	9,961,000
increase in collateral under securities lending																																																																-114,537,000	-58,215,000
net proceeds from short-term debt
increase in obligations under securities lending																																																																114,537,000	58,215,000
excess tax benefits from share-based payment arrangements																																																															0	6,000	-45,000	616,000	0	1,457,000	2,866,000
decrease premium receivable																																																													4,557,000				201,000
adjustments to reconcile net income to net cash
provided by operating activities:
amortization of deferred insurance policy
acquisition costs																																																														4,366,000	3,000,000
capitalized deferred insurance policy
decrease in reinsurance recoverable
on loss reserves
decrease in income taxes payable																																																														-504,653,000	-277,402,000
equity losses from joint ventures																																																														40,188,000
proceeds from note payable																																																														0
(repayment of) net proceeds from short-term debt
amortization of capitalized deferred insurance policy
deferred insurance policy acquistion costs
net cash provided (used in) by investing activities
increase in deferred insurance policy
net proceeds from (repayment of) short-term debt																																																																37,214,000	25,376,000
equity in earnings of joint ventures
investments in joint ventures
sale of invesment in joint ventures
amortization of capitalized deferred insurance policy acquisition costs
increase in prepaid reinsurance premiums
sales of equity securities
sale of equity securities
net (repayment of) proceeds from short-term debt																																																																					-89,583,000
captialized deferred insurance policy acquisition costs
net increase in cash and short-term investments
cash and short-term investments at beginning of period
cash and short-term investments at end of period

MGIC Investment Corporation(NYSE:MTG)

MGIC Investment Corporation
(NYSE:MTG)