MGIC’s net income more than doubles in last quarter

Freeman Staff

July 16, 2015

MILWAUKEE — MGIC Investment Corporation reported Thursday that its net income for the quarter ended June 30 was $113.7 million, compared with a net income of $45.5 million for the same quarter a year ago.

Diluted net income per share was $0.28 for the past quarter compared to $0.12 for the same quarter a year ago.

“I am pleased to report that in the second quarter of 2015 the company continued to grow our insurance in force by adding another $11.8 billion of high quality new insurance,” said Patrick Sinks, CEO of MTG and Mortgage Guaranty Insurance Corporation, in a statement. “At the same time, I am encouraged by the positive trends we continue to experience on pre-2009 business relative to new delinquent notices, paid claims, and the declining delinquent inventory.  The combination of profitable new business, the continued runoff of the older books, and a strengthened housing market, positions us well to provide credit enhancement solutions to our customers now and in the future.”

New insurance written in the second quarter was $11.8 billion, compared to $8.3 billion for the same quarter last year, according to MGIC. Persistency, or the percentage of insurance remaining in force from one year prior, was 80.4 percent at June 30, 2015, compared with 82.8 percent at Dec. 31, 2014, and 82.4 percent at June 30, 2014.