Industry News

Profits rise at mortgage insurer

MGIC net income climbs to $134.1 million in third quarter

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Private mortgage insurance provider MGIC Investment Corp. (NYSE:MTG) reported third-quarter net income of $134.1 million, up 28 percent from $105.1 million for the same quarter a year ago. Diluted earnings per share climbed to $1.36 in the third quarter, compared to $1.06 for the same quarter a year ago. Net income for the first nine months was $418.7 million, up 7.4 percent from $390 million for the same period last year. For the first nine months of 2004, diluted earnings per share was $4.25 compared with $3.94 last year, a 7.9 percent increase. Curt S. Culver, president and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp., said in a company statement that earnings were higher for the quarter due to a decrease in credit losses, increased contributions from joint ventures, and lower expenses. As expected, earned premiums continued to decline, reflecting the 6 percent decrease of insurance in force from one year ago. Total revenues for...