Industry News

MGIC earnings drop in first quarter

Losses at home-loan insurer grow 14%

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MGIC Investment Corp. reported first-quarter-2006 net income of $163.5 million, down 10.2 percent from $182 million earned in the same quarter a year ago. Diluted earnings per share were $1.87 for the quarter ending March 31, 2006, down 1.6 percent from $1.90 for the same quarter a year ago. Curt S. Culver, chairman and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp., said that the quarterly results benefited from positive joint-venture results and the expected seasonal decline in the delinquencies, which somewhat offset the decline of insurance in force and associated revenues. Total revenues for the first quarter were $369 million, down 4.1 percent from $384.9 million in the first quarter of 2005. The decline in revenues resulted from a 5.2 percent decrease in net premiums earned to $299.7 million. Net premiums written for the quarter were $300.5 million, compared with $312.2 million in the first quarter last year, a decrease of 3.8 percent. N...