MGIC announced fourth quarter earnings

Special to The Freeman

Jan. 20, 2015

WAUKESHA — MGIC Investment Corporation on Tuesday reported its net income for the fourth quarter was $74.4 million, compared with a net loss of $1.4 million in 2013.

For the full year 2014, the company had a net income of $251.9 million, compared to a net loss of $49.8 million in 2013.

MGIC’s diluted net income per share was $0.19 in the fourth quarter, compared to a diluted loss per share of $0.00 in 2013. For the full year, diluted net income per share was $0.64, compared to a diluted loss per share of $0.16 in 2013.

CEO and Chairman Curt S. Culver said he was pleased with the company’s progress, noting a solid statutory capital position and low expense ratio.

“I am encouraged by the positive trends in home prices and employment and am enthusiastic about the opportunities for growth and success for MGIC, and the mortgage insurance industry in 2015 and beyond,” he said.

www.mgic.com