Industry News

Profits fall at real estate loan insurer

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Private mortgage insurance provider MGIC Investment Corp. on Tuesday reported its second-quarter net income dropped 14 percent from a year ago, falling from $174.4 million in second-quarter 2005 to $149.8 million in second-quarter 2006. Diluted earnings per share were $1.74 for the quarter ending June 30, 2006, a 7 percent drop from $1.87 reported for the same quarter a year ago. Net income for the first six months of 2006 was $313.3 million, down 12 percent from $356.4 million for the same period last year. For the first six months of 2006, diluted earnings per share were $3.61, compared with $3.77 for the same period last year. Curt S. Culver, chairman and chief executive officer of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp. (MGIC), said that he was pleased with the resumption of insurance in force growth during the quarter, the expected seasonal decline in the number of delinquent loans and the positive joint venture results achieved during the quarter. Total reve...