MILWAUKEE — On Tuesday,
MGIC Investment Corporation reported more than doubling
its earnings for the first quarter of 2015 for a total
of $133.1 million. During the same period in 2014, the
company had earnings of $60 million.
Diluted net income per share was $0.32 for the quarter
ending March 31, compared to diluted net income per
share of $0.15 for the same quarter a year ago,
according to the announcement.
“I am pleased to report that in the first quarter of
2015 the company continued to generate high quality new
insurance which contributed to an increase in insurance
in force,” CEO Patrick Sinks said in a statement. “I am
encouraged by the positive trends we continue to
experience relative to new delinquent notices, paid
claims, and the delinquent inventory.”
According to the announcement, total revenues for the
first quarter were $270.2 million, compared with $235.1
million in the first quarter last year. Net premiums
written for the quarter were $234.5 million, compared
with $218 million for the same period last year. Total
revenues in the first quarter of 2015 include $26.3
million of net realized gains compared to $0.2 million
of net realized losses for the same period last year.
New insurance written in the first quarter was $9
billion, compared to $5.2 billion in the first quarter
MGIC, the principal subsidiary of MGIC Investment
Corporation, serves lenders throughout the United
States, Puerto Rico, and other locations helping
families achieve homeownership sooner by making
affordable low-down-payment mortgages a reality.