Q1 net operating income of $117.1M or $0.31 per share vs. $76.1M and $0.19 one year ago. Estimates were for $0.24 per share.
Boosting Q1's results by $49M was positive development in primary loss reserves. Losses of $27.6M in Q1 were down from $85M a year ago. Delinquencies now just 3.62% of loans vs. 40.5% in Q4 and 4.51% a year ago.
New insurance written of $9.3B up 12% Y/Y. Insurance in force of $183.5B up 4.8%. Primary delinquent inventory of 45,349 loans down 18.4%. Annual persistency of 76.9% vs. 79.9%.
Consolidated risk-to-capital ratio of 11.6:1 vs. 13.8:1.
Book value per share of $7.75 up 12.5% Y/Y.
Previously: MGIC Investment beats by $0.07, misses on revenue (April 20)