Private mortgage insurance provider MGIC Investment Corp. today reported third-quarter net income of $142.4 million, up 6.2 percent from $134.1 million during the same quarter a year ago.

Diluted earnings per share was $1.55 for the third quarter, up 13.8 percent from $1.36 for the same quarter a year ago.

Net income for the first nine months of 2005 was $498.8 million, up 19.1 percent from $418.7 million reported for third-quarter 2004.

Curt S. Culver, president and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp., said that he was pleased with the improvement in credit losses and the contribution from joint ventures but that insurance in force and associated revenues continue to be challenged by low interest rates and strong home-price appreciation.

Total revenues for the third quarter were $375.7 million, down 3.9 percent from $391 million in the third quarter of 2004. The decline in revenues resulted from a 5.7 percent decrease in net premiums earned to $305.8 million. Net premiums written for the quarter were $314.2 million, compared with $320.8 million in the third quarter last year, a decrease of 2.1 percent.

New insurance written in the third quarter was $18.1 billion, compared with $18 billion in the third quarter of 2004. New insurance written for the quarter included $6.8 billion of bulk business compared with $6 billion in the same period last year.

The percentage of third-quarter loans that were delinquent, excluding bulk loans, was 3.95 percent, compared with 3.99 percent at Dec. 31, 2004, and 3.8 percent at Sept. 30, 2004.

Losses incurred in the third quarter were $146.2 million, down from $169.8 million reported for the same period last year due primarily to a decrease in the delinquency inventory.

Underwriting expenses were $70.6 million in the third quarter, up from $69.7 million reported for the same period last year.

Income from joint ventures, net of tax, totaled $31.7 million in the third quarter, up from $29.6 million for the same period last year.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription