MGIC Investment Corp (MTG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MGIC Investment Corporation first quarter 2025 earnings call. (Operator Instructions).

女士們，先生們，感謝你們的支持，歡迎參加 MGIC 投資公司 2025 年第一季財報電話會議。（操作員指令）。

I will now turn the conference over to Dianna Higgins, Head of Investor Relations. Please go ahead.

現在我將會議交給投資者關係主管戴安娜·希金斯 (Dianna Higgins)。請繼續。

Good morning, and welcome, everyone. Thank you for your interest in MGIC. Joining me on the call today to discuss our results for the first quarter are Tim Mattke, Chief Executive Officer; and Nathan Colson, Chief Financial Officer and Chief Risk Officer.

早上好，歡迎大家。感謝您對 MGIC 的關注。今天與我一起參加電話會議討論第一季業績的有執行長 Tim Mattke 和財務長兼首席風險長 Nathan Colson。

Our press release, which contains MGIC's first quarter financial results was issued yesterday and is available on our website at mtg.mgic.com under newsroom, includes additional information about our quarterly results that we will refer to during the call today. It also includes a reconciliation of non-GAAP financial measures to their most comparable GAAP measures.

我們的新聞稿包含 MGIC 昨天發布的第一季度財務業績，可在我們網站 mtg.mgic.com 的新聞編輯室查閱，其中包含有關我們季度業績的其他信息，我們將在今天的電話會議上參考這些信息。它還包括非公認會計準則 (GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 指標的對帳。

In addition, we posted on our website a quarterly supplement that contains information pertaining to our primary risk in force and other information you may find valuable. As a reminder, from time to time, we may post information about our underwriting guidelines and other presentations or corrections to past presentations on our website.

此外，我們在網站上發布了一份季度補充資料，其中包含有關我們的主要有效風險的資訊以及您可能認為有價值的其他資訊。提醒一下，我們可能會不時在我們的網站上發布有關我們的核保指南和其他介紹或對過去介紹的更正的資訊。

Before getting started today, I want to remind everyone that during the course of this call, we may make comments about our expectations of the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about the factors that could cause actual results to differ materially from those discussed on the call today, are contained in our Form 8-K and 10-Q also filed yesterday.

在今天開始之前，我想提醒大家，在這次電話會議的過程中，我們可能會對未來的期望發表評論。實際結果可能與這些前瞻性陳述中的結果有重大差異。有關可能導致實際結果與今天電話會議上討論的結果大不相同的因素的更多信息，包含在我們昨天提交的 8-K 和 10-Q 表中。

If we make any forward-looking statements, we are not undertaking an obligation to update those statements in the future in light of subsequent developments. No one should rely on the fact that such guidance or forward-looking statements are current at any time other than the time of this call or the issuance of our 8-K or 10-Q.

如果我們做出任何前瞻性陳述，我們不承擔根據後續發展更新這些陳述的義務。除本次電話會議或我們發布 8-K 或 10-Q 表時外，任何人都不應依賴此類指導或前瞻性陳述在任何其他時間都是最新的。

With that, I now have the pleasure to turn the call over to Tim.

現在我很高興將電話轉給提姆。

Thank you, Dianna, and good morning, everyone. We are very pleased with our first quarter financial results, a strong start to the year, which builds on the momentum we've sustained over the past few years. For the first quarter, we reported net income of $186 million and generated an annualized 14.3% return on equity.

謝謝你，黛安娜，大家早安。我們對第一季的財務表現非常滿意，這是今年的一個強勁開端，它建立在我們過去幾年保持的勢頭之上。第一季度，我們報告的淨收入為 1.86 億美元，年化股本回報率為 14.3%。

At the same time, we continue to return meaningful capital to our shareholders while creating long-term value for all of our stakeholders. Our performance reflects our position as a market leader in our disciplined and balanced approach to the market.

同時，我們繼續向股東返還有意義的資本，同時為所有利害關係人創造長期價值。我們的業績反映了我們以嚴謹、均衡的方式對待市場的市場領導地位。

We demonstrate our discipline in the way in which we acquire, manage and distribute risk, enhancing both capital efficiency and risk mitigation and thoughtfully and prudently allocating capital for the benefit of stakeholders. During the quarter, we wrote $10 billion of new insurance.

我們在獲取、管理和分配風險的方式上體現了我們的紀律性，提高了資本效率和風險緩解，並周到而審慎地分配資本以造福利益相關者。本季度，我們簽發了 100 億美元的新保險。

Insurance in force, the primary driver of our revenue ended the quarter at $294 billion with annual persistency ending the quarter at 85%. Both have remained relatively flat over the past several quarters, consistent with what we expected.

有效保險是我們收入的主要驅動力，本季末有效保險收入為 2,940 億美元，年持續率為 85%。過去幾個季度，兩者均保持相對平穩，與我們的預期一致。

We are pleased with the credit quality and performance of our portfolio. Our underwriting standards remain strong, and the new insurance we write continues to have solid credit characteristics. We remain focused on maintaining a high-quality, well-balanced insurance portfolio.

我們對我們的投資組合的信用品質和表現感到滿意。我們的核保標準依然強勁，我們承保的新保險持續具有穩固的信用特徵。我們仍然致力於維持高品質、均衡的保險組合。

Turning to capital management. The foundation of our strategy is to maintain financial strength and flexibility and position ourselves for success across a wide range of economic environments. Key objectives include maintaining capital to support growth at the operating company at the holding company, maintaining a low to mid-teens debt-to-capital ratio and liquidity buffer while returning excess capital to shareholders in the form of share repurchases and common stock dividends.

轉向資本管理。我們的策略基礎是保持財務實力和靈活性，並為在各種經濟環境中取得成功做好準備。主要目標包括維持資本以支持控股公司營運公司的成長，維持低至中等水平的債務資本比率和流動性緩衝，同時以股票回購和普通股股息的形式將多餘的資本返還給股東。

We continue to allocate excess capital to share repurchases, which totaled 9.2 million shares for $224 million in the first quarter. We also paid a quarterly common stock dividend of $33 million.

我們繼續將超額資本用於股票回購，第一季共回購 920 萬股，價值 2.24 億美元。我們還支付了 3300 萬美元的季度普通股股息。

Over the prior four quarters, share repurchases totaled $698 million and shareholder dividends totaled $130 million. Combined, they represented a 107% payout of the net income we earned over that period.

前四個季度，股票回購總額為 6.98 億美元，股東分紅總額為 1.3 億美元。加起來，它們代表了我們在此期間所獲淨收入的 107% 的支出。

The holding company ended the quarter with $824 million in liquidity. In the second quarter, through April 25, we repurchased an additional 2.8 million shares of common stock for $66 million.

該控股公司本季末的流動資金為 8.24 億美元。截至 4 月 25 日的第二季度，我們又以 6,600 萬美元回購了 280 萬股普通股。

The share repurchase activity I just discussed continues to reflect our capital strength, solid financial results and share price levels that we believe are attractive to generating long-term value for our shareholders. We expect share repurchases to remain our primary method of returning capital to shareholders, while at the same time continuing to pay a quarterly common stock dividend.

我剛才討論的股票回購活動繼續反映我們的資本實力、穩健的財務表現和我們認為對為股東創造長期價值有吸引力的股價水準。我們預期股票回購仍將是我們向股東返還資本的主要方式，同時繼續支付季度普通股股利。

Also in April, and as previously announced, the Board approved an additional $750 million share repurchase program and a $0.13 per share common stock dividend payable on May 21. Earlier this week, we paid a $400 million dividend from MGIC to the holding company. These actions are consistent with our overall capital management strategy.

同樣在 4 月份，正如先前宣布的那樣，董事會批准了一項額外的 7.5 億美元股票回購計劃，以及 5 月 21 日支付的每股 0.13 美元的普通股股息。本週早些時候，我們向控股公司支付了 MGIC 的 4 億美元股息。這些舉措與我們的整體資本管理策略一致。

While we prioritize prudent growth over capital return, market conditions have remained have constrained growth in our insurance in force over the last few years, which we expect will persist this year. Therefore, the credit performance stays strong, we'd expect capital levels at both MGIC and the holding company to stay above targets, supporting continued elevated payout ratios.

雖然我們優先考慮審慎成長而不是資本回報，但過去幾年市場狀況一直限制我們有效保險的成長，我們預計今年這種情況仍將持續。因此，信貸表現保持強勁，我們預計 MGIC 和控股公司的資本水準將保持在目標以上，從而支持持續提高的派息率。

Looking more broadly at the macro environment, we recognize that there are uncertainties around the current economic and geopolitical conditions. However, we remain confident in the solid fundamentals of the housing market. Several key trends continue to support its resilience.

從更廣泛的角度來看宏觀環境，我們認識到當前的經濟和地緣政治條件存在不確定性。然而，我們仍然對房地產市場的穩健基本面充滿信心。有幾個關鍵趨勢繼續支撐其韌性。

Demographic tailwinds, particularly from millennials, are driving sustained strong demand and desire for homeownership. Housing inventory is gradually increasing and home price growth is moderating.

人口結構的順風，特別是千禧世代的順風，正在推動持續強勁的購屋需求和願望。房屋庫存正在逐步增加，房價漲幅正在放緩。

These factors have contributed to housing market that has remained stable. Although housing affordability continues to pose challenges for homebuyers, private mortgage insurance enables low down payment borrowers to achieve the American dream of homeownership sooner.

這些因素促使房地產市場保持穩定。儘管住房負擔能力仍然對購房者構成挑戰，但私人抵押貸款保險使低首付借款人能夠更快地實現擁有住房的美國夢。

With that, let me turn it over to Nathan to get into more details on our financial results and capital management activities for the quarter.

接下來，讓我將主題交給 Nathan，讓他詳細介紹本季的財務表現和資本管理活動。

Thanks, Tim, and good morning. As Tim discussed, we had solid financial results for the first quarter. We earned net income of $0.75 per diluted share compared to $0.64 per diluted share last year. Adjusted net operating income was $0.75 per diluted share compared to $0.65 last year. A detailed reconciliation of GAAP net income to adjusted net operating income can be found in our earnings release.

謝謝，提姆，早安。正如蒂姆所討論的，我們第一季的財務表現穩健。我們的每股淨利潤為 0.75 美元，而去年每股淨利潤為 0.64 美元。調整後的每股營業淨收入為 0.75 美元，而去年同期為 0.65 美元。在我們的收益報告中可以找到 GAAP 淨收入與調整後淨營業收入的詳細對帳表。

In the quarter, our re-estimation of ultimate losses on prior delinquencies resulted in $50 million of favorable loss reserve development. The favorable development this quarter primarily came from delinquency notices received in 2023 and 2024.

在本季度，我們對先前拖欠的最終損失進行了重新估計，從而產生了 5000 萬美元的有利損失準備金發展。本季的良好發展主要來自於 2023 年和 2024 年收到的拖欠通知。

Curate on those delinquency notices continue to exceed our expectations. As a result, we adjusted our ultimate loss expectations accordingly.

對這些拖欠通知的管理繼續超出我們的預期。因此，我們相應調整了最終損失預期。

A quick reminder, delinquency notices we received during the quarter span across various book-year vintages. For new delinquency notices, we established an initial claim rate loss assumption of 7.5%, which is consistent with recent quarters, except the fourth quarter where the initial claim rate assumption was impacted by hurricane-related delinquencies that have historically resolved more favorably than other delinquencies.

簡單提醒一下，我們在各個書年的季度期間收到了拖欠通知。對於新的拖欠通知，我們建立了 7.5% 的初始索賠率損失假設，這與最近幾個季度的情況一致，但第四季度除外，該季度的初始索賠率假設受到颶風相關拖欠的影響，而颶風相關拖欠的解決情況歷來比其他拖欠情況更為有利。

Looking at delinquency trends, our account-based delinquency rate decreased 10 basis points in the quarter to 2.3%, which is consistent with the seasonal trends we have discussed on past calls. Historically, February, March and April are seasonally the best months for mortgage credit performance.

從拖欠趨勢來看，我們基於帳戶的拖欠率在本季度下降了 10 個基點，至 2.3%，這與我們在過去電話會議上討論的季節性趨勢一致。從歷史上看，二月、三月和四月是抵押貸款信貸表現最好的月份。

The pandemic significantly disrupted mortgage credit seasonality, but we continue to see evidence that pre-pandemic seasonal trends are returning. As a result, we do not expect a decrease in delinquency rate we had in the first quarter will repeat in subsequent quarters this year.

疫情嚴重擾亂了抵押貸款信貸的季節性，但我們繼續看到疫情前的季節性趨勢正在回歸的證據。因此，我們預計今年第一季的拖欠率下降趨勢不會在今​​年隨後的幾季重演。

We received 13,000 new delinquency notices this quarter, down from 14,200 last quarter. Cures outpaced new notices in the quarter, reflecting the seasonality I just discussed. Overall, the number of new notices and the delinquency rate remained low by historical standards, while the 2.3% delinquency rate at the end of the first quarter was 15 basis points higher than a year ago.

本季我們收到 13,000 份新的拖欠通知，比上一季的 14,200 份有所下降。本季治癒數量超過了新通知數量，反映了我剛才討論的季節性。總體而言，新通知數量和拖欠率按歷史標準仍處於低位，而第一季末的拖欠率為 2.3%，比去年同期高出 15 個基點。

Looking ahead, we expect that the level of new delinquency notices may increase modestly due to the aging of the larger 2021 and 2022 book years being in what are historically higher loss emergence years.

展望未來，我們預計新的拖欠通知數量可能會小幅增加，因為 2021 年和 2022 年帳面年限較長，是歷史上損失出現率較高的年份。

The in-force premium yield was 38.4 basis points in the quarter, relatively flat sequentially and with the first quarter last year, consistent with what we expected. As I mentioned last quarter, with high persistency expected again this year and MI origination trends similar to last year, we expect the in-force premium yields to remain relatively flat for the year.

本季有效保費收益率為 38.4 個基點，與上一季和去年第一季基本持平，與我們的預期一致。正如我上個季度提到的，由於今年預計持續性將再次提高，且 MI 發起趨勢與去年相似，我們預計今年有效保費收益率將保持相對穩定。

Our solid operating results and strong balance sheet enabled us to grow book value per share to $21.40, up 13% compared to a year ago while also returning $828 million of capital to shareholders during that same time through share repurchases and quarterly common stock dividends.

我們穩健的經營業績和強勁的資產負債表使我們的每股帳面價值增長至 21.40 美元，比去年同期增長 13%，同時還透過股票回購和季度普通股股息向股東返還 8.28 億美元的資本。

Investment income continues to contribute meaningfully to our revenue. The book yield on the portfolio was 3.8% at the end of the first quarter, relatively flat quarter-over-quarter, but up 15 basis points from a year ago.

投資收益持續為我們的收入做出重大貢獻。第一季末，該投資組合的帳面收益率為 3.8%，與上一季基本持平，但比去年同期高出 15 個基點。

Net investment income was $61 million in the quarter unchanged from the prior quarter and up $1 million as compared to the first quarter last year. Reinvestment rates on our fixed income portfolio during the quarter continued to be above our book yield.

本季淨投資收入為 6,100 萬美元，與上一季持平，比去年第一季增加 100 萬美元。本季，我們固定收益投資組合的再投資利率持續高於帳面收益率。

We expect the overall book yield to remain relatively flat for the rest of the year due to declines in shorter-term interest rates and the recent higher levels of capital return, which are limiting the growth of the investment portfolio. The unrealized loss position in our portfolio decreased by $66 million in the quarter, primarily driven by a decrease in interest rates.

我們預計，由於短期利率下降和近期資本回報率上升限制了投資組合的成長，今年剩餘時間內整體帳面收益率將保持相對穩定。本季度，我們投資組合中的未實現虧損減少了 6,600 萬美元，主要原因是利率下降。

We continue to keep a close eye on expenses and operational efficiency. Operating expenses were $53 million this quarter, down from $61 million in the first quarter last year. We continue to expect operating expenses for the full year will be in the range of $195 million to $205 million as shared in February.

我們繼續密切關注費用和營運效率。本季營運費用為 5,300 萬美元，低於去年第一季的 6,100 萬美元。我們繼續預計全年營運費用將在 1.95 億美元至 2.05 億美元之間，正如 2 月所分享的那樣。

As Tim mentioned earlier, our capital management strategy is built to maintain flexibility and resilience in different macroeconomic environments. Our capital structure includes $6 billion of balance sheet capital and our well-established reinsurance program remains a key component of our risk and capital management strategies.

正如蒂姆之前提到的，我們的資本管理策略旨在在不同的宏觀經濟環境中保持靈活性和彈性。我們的資本結構包括 60 億美元的資產負債表資本，我們完善的再保險計劃仍然是我們風險和資本管理策略的關鍵組成部分。

In addition to reducing the volatility of losses in stress scenarios, our reinsurance agreements provide capital diversification and flexibility at attractive costs and reduce our PMIERs required assets by $2.4 billion or approximately 42% at the end of the first quarter.

除了降低壓力情境下的損失波動性之外，我們的再保險協議還以具有吸引力的成 本提供了資本多樣化和靈活性，並在第一季末將我們的 PMIER 所需資產減少了 24 億美元，約 42%。

We further bolstered our reinsurance program in the first quarter with a seasoned excess of loss transaction covering our 2020 NIW with a panel of highly rated reinsurers providing $251 million in tail risk reinsurance coverage. This reinsurance transaction complements our programmatic quota share in excess of loss transactions covering recent or future NIW.

我們在第一季進一步加強了我們的再保險計劃，透過經驗豐富的超額損失交易涵蓋了我們的 2020 年 NIW，由一組高評級的再保險公司提供 2.51 億美元的尾部風險再保險保障。此項再保險交易是我們對近期或未來 NIW 損失交易的程序化配額份額的補充。

With that, let me turn it back over to Tim.

說完這些，讓我把話題還給提姆。

Thanks, Nathan. Two additional comments before we open it up for questions. I recently had the opportunity and pleasure of meeting with the new FHFA Director, Bill Pulte. We are looking forward to building our relationship with a new director and continuing to work with the FHFA, the GSEs and the other key industry stakeholders to responsibly serve lower down payment borrowers and while advocating for the use of private mortgage insurance in order to protect the taxpayers from mortgage credit risk.

謝謝，內森。在我們開始提問之前，還有兩個補充意見。我最近有幸與新任聯邦住房金融局局長比爾普爾特 (Bill Pulte) 會面。我們期待與新董事建立關係，並繼續與聯邦住房金融局、政府支持企業和其他主要行業利益相關者合作，負責任地為低首付借款人提供服務，同時提倡使用私人抵押貸款保險，以保護納稅人免受抵押貸款信用風險。

Also, we support the introduction of the middle class Mortgage Insurance Premium Act. This bipartisan legislation would restore, make permanent and expand eligibility for borrowers to deduct mortgage insurance premiums from their taxes. This will be a positive step towards putting money back in the pockets of low and moderate income borrowers and helping make homeownership more affordable for families.

此外，我們支持出台中產階級抵押貸款保險費法案。這項兩黨立法將恢復、永久化並擴大借款人從稅收中扣除抵押貸款保險費的資格。這將是將錢放回低收入和中等收入借款人的口袋並幫助家庭更能負擔得起住房的積極一步。

In closing, we are very pleased with the financial results we achieved in the first quarter. As we look ahead, we are confident in our position and leadership in the market as well as our ability to execute on our business strategies capitalize on opportunities and continue building on our momentum.

最後，我們對第一季所取得的財務業績非常滿意。展望未來，我們對自己在市場上的地位和領導地位以及執行業務策略、抓住機會、繼續保持發展勢頭的能力充滿信心。

With that, Rico, let's take questions.

里科，我們來回答問題吧。

(Operator Instructions)

（操作員指示）

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Hey, thank you, good morning. I was curious, just given all the uncertainty around the macro and the headlines we're seeing around tariffs, have you done anything on the pricing or underwriting side to adjust for that? And then maybe just more broadly, how are you thinking about credit loss expectations going forward?

嘿，謝謝，早安。我很好奇，考慮到宏觀方面的所有不確定性以及我們看到的有關關稅的頭條新聞，您是否在定價或承保方面做了任何調整？那麼也許更廣泛地說，您如何看待未來的信用損失預期？

Yeah. It's a very timely question. I'd say it's tough to know exactly what's specifically going to happen on tariffs and sustain. But I think when we think about our business and our pricing, we think about a wide range of different sort of scenarios and environments that we can perform under.

是的。這是一個非常及時的問題。我想說，很難確切知道關稅和維持方面具體會發生什麼。但我認為，當我們考慮我們的業務和定價時，我們會考慮我們可以在其下執行的各種不同類型的場景和環境。

And so we have to take that into account when we do pricing. And that's consistent, no matter if it feels like it's a benign environment, if it's something that feels like it's changing more now.

因此我們在定價時必須考慮到這一點。這是一致的，無論感覺這是一個良性的環境，還是感覺現在正在發生更多變化。

So I think it's fair to say we think about a wide range of potential environments that we evaporating in probably less specific to tariffs itself, but just more of the broader economic environment. So it's something we're highly mindful of. But I don't think it changes anything that we do from a normal sort of operation standpoint, I would say.

因此，我認為可以公平地說，我們考慮了我們正在消失的各種潛在環境，這些環境可能並不局限於關稅本身，而更多地是更廣泛的經濟環境。所以我們對此非常關注。但我認為，從正常營運的角度來看，它不會改變我們所做的任何事情。

Got it. And then on the new notice claim rate of 7.5%. Is there some level of unemployment rate that's contemplated either directly or indirectly. Like how should we kind of think about that across kind of different economic scenarios. Thank you.

知道了。而新通知上的索賠率則為7.5%。是否存在直接或間接考慮的某種程度的失業率。例如，我們該如何在不同的經濟情境下思考這個問題。謝謝。

Yeah. Terry, it's Nathan. I think the 7.5% new notice claim rate is something that we have used for some time barring the fourth quarter where we had the hurricane-related notices. And think for us, it's a good level for a wide range of outcomes. Obviously, with the unemployment rate that we've had and the other macroeconomic variables, we've had consistent favorable reserve development.

是的。特里，我是內森。我認為，除了第四季度收到颶風相關通知外，7.5% 的新通知索賠率是我們已經使用了一段時間的。對我們來說，這對於廣泛的結果來說是一個很好的水平。顯然，考慮到我們的失業率和其他宏觀經濟變量，我們的儲備發展一直保持著良好的勢頭。

So we try to set reserves so that they're not just sufficient in a base case or better environment, but sufficient across a wide range of outcomes. But we don't target a specific unemployment rate or home price path when we're setting our loss reserve assumption.

因此，我們嘗試設定儲備，以便它們不僅在基準情況或更好的環境下足夠，而且在各種結果下也足夠。但我們在設定損失準備金假設時並沒有針對特定的失業率或房價走勢。

So I think if the economic environment deteriorated. Yeah, the first thing that would happen is we would likely have less favorable development. And at some point, we'd be closer to that level. But at that point, we would consider whether 7.5% is the appropriate number, whether it needs to be increased.

所以我認為如果經濟環境惡化。是的，首先會發生的事情就是我們的發展可能會比較不順利。到某個時候，我們就會更接近那個水平。但那時，我們會考慮 7.5% 是否合適，是否需要增加。

So again, don't peg to a specific unemployment rate, but feel like we're establishing reserves not just for kind of good environments, but for a wide range of potential future environments.

所以，再說一次，不要局限於特定的失業率，而是要感覺到我們建立儲備不僅是為了良好的環境，也是為了各種潛在的未來環境。

Doug Harter, UBS.

瑞銀的道格·哈特。

Thanks, I was hoping you could talk a little bit about kind of volume, you guys have seen a little bit of volatility in market share over the past couple of quarters. Just wondering what you were kind of seeing in the market this quarter that kind of had little bit more of a pullback in your volume than some of your peers?

謝謝，我希望您能談談銷售問題，過去幾個季度，你們的市佔率出現了一些波動。只是想知道您在本季看到了什麼，導致您的交易量比一些同業下降得更多一些？

Yeah. Thanks. Appreciate the question, Doug. I mean, again, I probably will sound a little bit like a broken record and market share is a little bit of an output of ultimately what's happened, and we don't necessarily target a specific spot to be at versus making sure we're getting good returns.

是的。謝謝。感謝您的提問，道格。我的意思是，我可能聽起來有點像在重複老話，市場份額在某種程度上是最終發生的事情的結果，我們不一定瞄準一個特定的位置，而是確保我們獲得良好的回報。

I think it's safe to say, and I think I'd say probably every call, it's highly competitive industry, I think you're going to see a little bit of ebbs and flows from quarter-to-quarter. But I think from an overall standpoint, I think we've been in a relatively narrow range.

我認為可以肯定地說，而且我想說可能每次通話，這是一個競爭激烈的行業，我認為你會看到每個季度都有一些起伏。但我認為從整體角度來看，我們的範圍相對較窄。

So I don't think there's anything thing specific to call out. Again, it can be price-related, can be customer related as far as the volume that they're doing. There's a number of different things that can sort of play into it. It's safe to say we monitor that.

所以我認為沒有什麼特別需要指出的。再次，這可能與價格有關，也可能與客戶有關，就他們的業務量而言。有很多不同的事情可以影響它。可以肯定地說，我們對此進行監控。

I don't think it doesn't come a surprise to us that we did lose some share this quarter. But I don't think it's necessarily a trend.

我認為我們本季確實損失了一些份額，這並不奇怪。但我並不認為這必然是一種趨勢。

Got it. Was there any particular areas that you kind of saw bigger pullback particular customers or types of product or any more detail you could provide around that?

知道了。您是否看到在某個特定領域，特定客戶或產品類型的下滑幅度更大，或者您是否能提供更多細節？

Nothing really specific. I mean, if you look at the different sort of dimensions that you look at it and that we disclosed, I don't think there's any one area that really stands out. I think there can be really minor changes that ultimately impact sort of that share, which again, I think, shows how competitive the industry is.

沒什麼特別的。我的意思是，如果你從不同角度來看待這個問題以及我們所披露的內容，我認為沒有任何一個領域真正脫穎而出。我認為，一些微小的變化最終都會對份額產生一定影響，我認為這再次表明了該行業的競爭有多麼激烈。

Great appreciate the answers. Thank you.

非常感謝您的回答。謝謝。

Hey, good morning, guys. This is Bo. You mentioned that meeting with Bill Pulte, he's obviously got a lot of things potentially on this plate. Where does sort of mortgage insurance fit? Is that something he it feels like there's any need to address? Or he's got a lot of other things to focus on at the moment.

嘿，大家早安。這是博。您提到與比爾普爾特 (Bill Pulte) 的會面，顯然他有很多事情要做。抵押貸款保險適合哪些類型？他是否覺得有必要解決這個問題？或者他現在還有很多其他事情要關注。

Bose, it's tough to know. I think he was kind enough to meet with us as an industry. I think it's something we wanted to do, just to establish the relationship and very much more of a meet and greet, I would say. So I can only go based upon what he said more publicly as far as where his focus is.

Bose，這很難知道。我認為他非常友好地與我們這個行業的人會面。我認為這是我們想做的事情，只是為了建立關係，而且我想說，這更像是一次見面和問候。因此，我只能根據他公開發表的言論來判斷他的焦點在哪裡。

And I don't think it's MI or would expect to be for any FHFA director, quite frankly. But we just really want to establish a relationship and it was much more of a meet and greet. And I think we'll have a really productive relationship with him as the Director.

坦白說，我不認為這是 MI，或者說，對於任何 FHFA 主管來說，我都不希望這是 MI。但我們真的只是想建立一種關係，這更像是一次見面和問候。我認為，我們與他作為主任將會建立起非常有成效的關係。

Okay. Great. And then actually, I don't think there's a read through, but I'm just curious the Rocket Cooper merger, whether you think there's anything there that potentially impacts the mortgage insurers.

好的。偉大的。實際上，我不認為已經通讀過，但我只是好奇 Rocket Cooper 的合併，您是否認為其中有任何可能對抵押貸款保險公司產生影響的事情。

It's tough to know exactly how they'll operationalize everything. But obviously, you've got Rocket being a substantial player in this market of Mr. Cooper and especially from their servicing platform. I've read some of the reports you probably have about some of the benefits that we might be able to achieve from that.

很難確切知道他們將如何實施這一切。但顯然，Rocket 是 Cooper 先生這個市場的重要參與者，尤其是在他們的服務平台上。我讀過你們可能已經寫過的一些關於我們可能從中獲得的一些好處的報告。

But I don't think there's any direct impact that I think is a read-through for us or for the MI industry per se. Although, again, it's something that we obviously follow closely when you have customers that are changing a little bit of how they might do business are coming together.

但我不認為這會對我們或 MI 產業本身產生任何直接影響。不過，當客戶在經營方式上發生一些變化時，我們顯然會密切關注這項變化。

Okay, great. Thanks.

好的，太好了。謝謝。

There are no further questions. I will now turn the call back over to management for closing remarks.

沒有其他問題了。現在我將把電話轉回給管理階層，請他們作最後發言。

Thank you, Ripka. I want to thank everyone for your participation in today's call and interest in MGIC. We will be participating in the KBW Virtual Real Estate Finance and Technology Conference on Tuesday, May 20. I look forward to talking to you all in the near future. Have a great rest of your week.

謝謝你，Ripka。我要感謝大家參加今天的電話會議以及對 MGIC 的關注。我們將於 5 月 20 日星期二參加 KBW 虛擬房地產金融和技術會議。我期待著不久的將來與大家交談。祝您本週剩餘時間過得愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。