Industry News

MGIC earnings rise, revenue falls

Mortgage insurance policies plummet in 2nd quarter

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Private mortgage insurance provider MGIC Investment Corp. (NYSE:MTG) reported second-quarter net income of $154.5 million, up 7.4 percent from $143.8 million for the same quarter a year ago. Diluted earnings per share rose to $1.56 in the second quarter, compared to $1.46 for the same quarter a year ago. Net income for the first six months of 2004 was $284.6 million, down 0.1 percent from $284.9 million for the same period last year. For the first six months of 2004, diluted earnings per share was $2.87 compared with $2.87 for the same period last year. Curt S. Culver, president and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp. (MGIC), in a company statement said that the lack of growth of insurance in force has continued to negatively impact earned premiums. As a result, we expect earned premiums to be challenged for the balance of the year. However, we remain encouraged by the credit loss development. Total revenues for the second quarter...