— 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.