MGIC Investment Corp. had net income of $89.8 million for the first quarter, an increase of nearly 30% over the same period last year of $69.2 million.

There was $9.3 billion of new insurance written in the quarter, up 12% over the year prior, while insurance-in-force grew 4.8% to $183.5 billion. The 12% increase in NIW was much better than $8 billion (or a 2.5% decrease) that FBR Capital Markets expected for the period, a report from analyst Randy Binner said.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry