United Guaranty Corp., the mortgage insurance subsidiary of American International Group, had pretax operating income of $644 million for 2015.
This is an improvement of nearly 9% over the $592 million of pretax operating income for 2014.
AIG has proposed
AIG earned $2.2 billion for the full year, but lost $1.8 billion during the fourth quarter.
For the fourth quarter on a year-over-year basis, pretax operating income increased by 5% to $180 million from $171 million. The improvement is due to lower delinquency rates and higher cure rates. The fourth-quarter 2014 income was enhanced by $24 million due to a legal settlement in UG's favor.
For the full year, UG had $50.7 billion of new insurance written, up from $41.9 billion in 2014. However, UG's new insurance written in the fourth quarter declined by 1% to $10.6 billion, from $10.7 billion one year prior.
UG ended 2015 with the largest volume of NIW, followed by MGIC at $43 billion, Radian at $41.4 billion and Genworth at $31.6 billion.
Separately, Essent Group Ltd., the Hamilton, Bermuda-based parent of Essent Guaranty, reported net income of $157.3 million for 2015, compared with $88.5 million for all of 2014.
In the fourth quarter, the company had net income of $44.5 million, more than double the $19 million recorded
New insurance written for the full year totaled $25.9 billion, up from $23 billion in 2014. But fourth-quarter NIW declined slightly on a year-over-year basis to $6 billion from $6.2 billion one year prior.
During the year, Essent Group's reinsurance subsidiary reinsured $121 million of risk from Freddie Mac's Agency Credit Insurance Structure and Fannie Mae's Credit Insurance Risk Transfer programs as compared to $43.9 million in 2014.
As of Dec. 31, 2015, Essent has $65.2 billion of insurance-in-force, up 29% over the same day one year prior.
