MGIC: Earnings Down, Overdues Up

MGIC Investment Corp., the nation's largest mortgage insurance company, earned $149.8 million in the second quarter, a 14% decline from its earnings a year earlier.The Milwaukee-based MGIC also reported that its delinquencies (which include bulk insurance coverage) increased to 5.77% in the quarter, compared with 5.62% at June 30, 2005. MGIC issued $16.1 billion in new MI policies during the quarter, compared with $16.6 billion a year ago. Its delinquency inventory now stands at 73,354 units, of which it attributes 1,650 to damage caused by hurricanes Katrina and Rita. At the end of June it had $169.8 billion of insurance-in-force. In trading on Wednesday, its shares were up slightly, to $59.07. Its 52-week high is $72.73, its low $65.70.