Seeking Alpha

Housing crisis fades further at MGIC, but new business slows

  • Q1 net income of $60M of $0.15 per share compares to loss of $72.9M or $0.31 per share one year ago.
  • Primary insurance in force of $157.9B down from $159.5B a year ago. Persistency (percentage of insurance remaining in force from one year prior) of 81.1% vs 78.7%. Percentage of loans delinquent (excl. bulk loans) of 7.92% compares to 10.91% one year ago.
  • New insurance written in Q1 of $5.2B vs. $6.5B one year ago. Total revenue of $235.1M vs. $269.2M. Net premiums written of $218M vs. $248.5M.
  • Losses incurred of $122.6M falls from $266.2M.
  • CC at 10 ET
  • Press release, Q1 results
  • MTG +0.1% premarket
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