MILWAUKEE — MGIC
Investment Corp. said Wednesday its net income increased during
its second quarter.
The Milwaukee-based private mortgage insurer said net income for
the quarter was $45.5 million, or 12 cents per share, compared
with $12.4 million, or 4 cents per share, for the same period a
year ago. Revenue declined to $231.2 million from $263.9
million, according to the company.
MGIC said that new insurance written increased to $8.3 billion
from $8 billion in the same period a year ago. Losses incurred
declined by $55.2 million to $141.1 million, the company said.
"I am pleased that the positive operating trends affecting new
insurance writings and credit performance continued and resulted
in another profitable quarter," said Curt S. Culver, chairman
and chief executive of MGIC.