Industry News

Real estate loan insurer boosts profits

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Private mortgage insurance provider MGIC Investment Corp. (NYSE:MTG) reported fourth-quarter net income of $134.5 million, up 29.5 percent from the $103.9 million reported for the same quarter a year ago. Diluted earnings per share gained to $1.39 in the fourth quarter, up 32.4 percent from $1.05 for the same quarter a year ago. Net income for the full year 2004 was $553.2 million, compared with $493.9 million for the same period last year, an increase of 12 percent. Diluted earnings per share for the full year 2004 were $5.63 compared with $4.99 in 2003, a 12.8 percent increase. Curt S. Culver, president and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp., said that earnings were higher as a result of improved credit loss performance, higher contributions from joint ventures and lower operating expenses achieved during the year that were partially offset by the expected decline in earned premiums. Total revenues for the fourth quarter were $...