Earnings for MGIC more than double in first quarter

Freeman Staff

April 21, 2015

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 of 2014.

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.

www.mgic.com