MGIC Profits Rise on New Insurance, Lower Delinquencies

MGIC Investment Corp. reported an increase in third-quarter earnings from a year ago, amid lower delinquencies and an increase in new insurance.

Net income at the Milwaukee-based private mortgage insurer was $72 million, a sixfold increase from the same quarter last year. Diluted earnings were $0.18 per share.

Total revenue dipped slightly, falling 7.6%, to $235.1 million.

Growth in new insurance policies boosted profits. New insurance written jumped 21% from last year, to $10.4 million. As of Sept. 30, MGIC had $162.4 billion in primary insurance-in-force, compared to $157.9.2 billion in December of last year.

The percentage of delinquent loans dropped to 6.97%, compared to 9.69% last year.

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