MGIC reports 2Q profit increase

Special to The Freeman

July 16, 2014

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.