MGIC Investment up big after strong quarter

• MGIC Investment (NYSE:MTG) earned a whopping $822.9M or $1.78 per share in Q3 thanks to a reversal in the company's DTA. Excluding this, earnings of $124.7M or $0.29 per share compared to $72M and $0.18 one year ago. The DTA move also boosted  book value per share by $2.23.
• Turning to operations, NIW of $12.4B gained 19.5% Y/Y. insurance in force of $172.7B up 6.3%. Primary delinquent inventory of 64,642 loans fell 22.3%.
• Annual persistency of 80% vs. 82.8% in Q2. Consolidated risk-to-capital ratio of 13.6:1 fell from 17:1. GAAP loss ratio dropped to 32% from 55.1%. GAAP underwriting expense ratio of 14.4% fell 50 basis points.
• Conference call at 10 ET
• Previously: MGIC Investment beats by $0.08, beats on revenue (Oct. 15)
• Shares +4.8% premarket