MGIC Investment : 2024 Corporate Sustainability Report

Forward-Looking Statements

As the company that originated modern private mortgage insurance, MGIC's very foundation rests on the understanding that our role in the housing ecosystem makes a powerful, positive difference in the lives of homebuyers each and every day. Private mortgage insurance (PMI) allows American families to access sustainable homeownership sooner, helping set themselves and the next generation on more stable financial footing, which in turn contributes to more secure and resilient communities.

Our part in the larger whole is not lost on us, and it informs how we approach the work we do. We recognize that our success is inextricably linked to the success of our stakeholders from our co-workers, customers, investors, and our Board of Directors to homebuyers and the wider communities and environment within which we work. MGIC is stronger, and healthier, when we approach each challenge with an eye toward longer-term solutions with mutual benefit and return.

As you will read in the following pages, it's through this holistic lens that we approach corporate sustainability, harnessing day-to-day opportunities and activities to further our larger, collective, long-term goals. From funding groundbreaking academic research on homeownership and generational wealth to piloting a co-worker-driven community grant program and continually enhancing our co-worker experience, we are committed to building on the best of the past, while setting our sights ever higher for the impact we can make in the future.

These initiatives benefit greatly from our highly engaged Board of Directors, which provides essential vision and oversight and our Corporate Sustainability Council, which advances these efforts at the management level, cascading our priorities down through each functional area of our business. As you will see in this report, our high-level vision and on-the-ground commitment are very effective and help MGIC maximize both the value we create for our stakeholders and the value on which we were founded: strong communities through homeownership.

Tim Mattke, CEO

"MGIC is stronger, and healthier, when we approach each challenge with an eye toward longer-term solutions with mutual benefit and return."

About MGIC

MGIC takes pride in knowing that our efforts have helped people get the keys to their own homes sooner than otherwise possible. Since our founding in 1957, we have helped more than 13.5 million people attain homeownership.

MGIC Investment Corporation (NYSE: MTG) is the parent company of Mortgage Guaranty Insurance Corporation (MGIC). We are a Wisconsin corporation, with long, proud roots in our community. We were founded 67 years ago by Max Karl, a Milwaukee real estate attorney who invented the modern form of PMI to make the homebuying process less expensive for borrowers and less cumbersome than government- sponsored mortgage insurance for lenders.

OUR MISSION is to help communities flourish by making homeownership more accessible.

"PMI provides families access to sustainable homeownership sooner, helping to set them and the next generation on more stable financial footing, thereby empowering more secure and resilient communities."

Tim Mattke, CEO

Empowering Communities Through Homeownership

At MGIC, we take pride in knowing that what we

do matters.

The value we place on homes and the people in them influences the way we approach our business and our responsibilities. We believe in transparency, honesty, and active communication throughout our organization and with our partners and customers as we work together to help families achieve the goal of homeownership.

SNAPSHOT: MGIC's Customers

•  Banks

•  Mortgage bankers •  Mortgage brokers

•  Credit unions

•  Mortgage investors

•  Government-sponsored entities

MGIC 2023 at a Glance 1 $1.2 Billion Total revenue

641 Co-workers

133,305 Homes New insurance written in 2023

2,240 Homes Refinanced in 2023

1,145,922 Homes Total insurance in force at year-end

1 As of December 31, 2023

MGIC 2024 Corporate Sustainability Report  | 4

PMI Industry - Fast Facts 2, 3

Making Homeownership Possible Sooner

•  Down payments as low as 3%

•  Could take 35 years for a middle-class family to save up for a 20% down payment

In 2022 alone, more than 1 million borrowers purchased a home or refinanced a loan with PMI

•  Nearly 62% of purchase loans with PMI went to first-time homebuyers

•  More than 34% of borrowers had annual incomes below $75,000

2 U.S. Mortgage Insurers, "Private Mortgage Insurance: Promoting Homeownership for Wisconsin Families" (2023)

3 U.S. Mortgage Insurers, "Private MI: A Source of Strength & Resiliency in the Housing Finance System" (November 2023)

About PMI

What is PMI

Private mortgage insurance provides a critical component of the residential mortgage finance system by protecting mortgage lenders from credit losses.

We provide our customers, which include banks, mortgage bankers, mortgage brokers, credit unions, mortgage loan servicers, mortgage investors, and government-sponsored entities, with credit loss protection. MGIC insures a portion of the mortgage loan in the event of a default. This protection reduces (and in some instances eliminates) the losses our customers would experience if a homeowner defaults on a mortgage loan.

We provide our customers, which include banks, mortgage bankers, mortgage brokers, credit unions, mortgage loan servicers, mortgage investors, and government-sponsored entities, with credit loss protection.

How PMI Works

Our core business has been designed to reduce barriers to homeownership by making it possible for a borrower to buy a home sooner, which is especially impactful for first-timehomebuyers.

Buying a home usually involves a challenging hurdle for many families: coming up with a sufficient down payment. MGIC's PMI provides additional coverage to a conventional mortgage that allows borrowers to make a smaller down payment and shorten the time to homeownership. For the average borrower, it can take years to save for the typical 20% down payment. With MGIC's PMI, families can purchase homes with as little as 3% cash down, thus accelerating their access to homeownership.

Overcoming the Homebuying Hurdle

PMI allows a borrower to make a smaller down payment than lenders typically require.

Governance and

Leadership

We strive to maintain high standards for our business conduct and ethics, customer service, and privacy practices.

Our People

We are committed to creating an inclusive workplace that fosters diversity of thought and a sense of purpose and belonging, where co-workers can thrive, innovate, and attain professional and personal success.

Empowering

Communities

We aim to help communities flourish by making sustainable homeownership more accessible.

Environmental

Management

We endeavor to serve as good stewards of the environment so that we may achieve our goals without compromising the ability of future generations to sustain their needs.

•  31% of board members are female, and 23% are racially/ethnically diverse

•  Recognized for advancing inclusive board leadership with gender diversity by Milwaukee Women inc.'s 2023 research report

•  100% of co-workers completed annual compliance training

•  54% of co-workers are female, and 20% are racially/ethnically diverse

•  Achieved a response rate of 77% for the co-worker annual survey and an engagement score of 82%, above benchmark

•  Launched new co-worker learning forums: four-part workshops on equitable homeownership and a webinar series for customer-facing roles titled DEI Compass

•  Over 32,000 people enrolled in MGIC homebuyer education courses

•  Enabled 133,305 households to purchase a home

•  Launched a community grant program to award community grants to nonprofit organizations nominated by co-workers

•  Implemented energy-efficiency initiatives in data centers

•  Decreased vehicle fleet size by approximately 10%

•  Added additional electric vehicle charging stations to parking garage

Corporate Sustainability Oversight

As a whole and through its standing committees, our Board of Directors (Board) sets the tone for our commitment to responsible business practices and sound corporate sustainability management. The Board, supported by five committees that meet regularly and report back to the full Board, oversees the various

Governance of Corporate Sustainability Matters

Board Oversight

Board of Directors

Responsible for oversight of how our senior management addresses risks associated with material corporate sustainability matters

specific risks associated with sustainability and environmental, social, and governance (ESG) matters.

Linking Executive Compensation to

Corporate Sustainability

MGIC's executive compensation plan is designed to align the management team with long-term shareholder interests and to support our business strategies, one of which is to foster an environment that embraces diversity and best positions our people to succeed. In 2023, 25% of the short-term incentive plan was based on relevant qualitative factors that include how effectively our leaders demonstrated our commitment to social responsibility to all our stakeholders, including co-workers, customers, investors, and the communities in which we operate. Please see our latest proxy statement for more information.

Board Committees

Audit: Key company risks, including disclosure controls related to our corporate sustainability and ESG-related reporting

Management Development, Nominating, and Governance:

Corporate governance, executive compensation, and operational risks related to human capital

Securities Investment: Investment portfolio

Management Responsibilities

Senior Leadership Team (SLT)

Responsible for oversight of how our senior management addresses risks associated with material corporate sustainability matters

Business Transformation and Technology: Technology strategies, initiatives, and risk management, including cybersecurity and business continuity

Risk Management: Enterprise risk framework, including oversight of key corporate risks, such as mortgage credit risk and climate change risk

Senior Management Oversight Committee (SMOC) Chaired by our Chief Risk Officer and serves as the primary risk- governance body at the management level - SMOC members meet quarterly with the Board or relevant Board committees

Identifying Our Corporate

Sustainability Priorities

Our sustainability strategy and priority areas are informed by insights gleaned from a recent materiality assessment of various corporate sustainability factors and our ongoing engagement with stakeholders inside and outside MGIC. Throughout this report, we provide information on our governance of these areas and updates on related initiatives.

MGIC's corporate sustainability strategy is structured around how we strive to do right by our co-workers, shareholders, communities, and customers.

Engaging Our Stakeholders

MGIC's corporate sustainability strategy is structured around how we strive to do right by our co-workers, shareholders, communities, and customers. Throughout the year, company leaders engage with stakeholders to deepen our understanding of key sustainability topics through a mix of open dialogue, collaboration, and transparent disclosure. We listen and learn from our stakeholders and value their input, which in turn helps to inform, shape, and improve our corporate sustainability strategy and advance our progress.

We regularly invite shareholders who, combined, own approximately 70% of our common stock to meet with us to discuss important topics, such as performance against our business strategies, corporate sustainability matters, and our executive compensation program. We value the views of our shareholders and will continue to engage with them and solicit their feedback.