MGIC Investment Corp (NYSE:MTG) 2013 Q3 results reported
Today, MGIC Investment Corp (NYSE:MTG) reported a net income of $273.9M for the quarter that ended on 30 June 2013, in comparison with the $273.9M net loss of the same quarter in 2012. For the first 6 months of 2013, the net loss was $60.6M in comparison with the $293.4M net loss in the same period last year.
The Board of Mortgage Guaranty Insurance Corporation and MTG’s CEO and Chairman, Curt S. Culver announced that the company’s performance and credit quality of the new businesses it had been written since 2009, were good. There was a y-o-y increase of 45% in the total amount of new businesses. He also stated that there was a 24% y-o-y decrease in delinquent loans in comparison to last year.
The total revenue for the Q2 was $263.9M in comparison with $321.1M in the same quarter of 2012. For the quarter the net premiums that were written were $236.6M in comparison with $238.6M and realized gains were $2.5M in comparison with the $26.6M for the same period in 2012. Against $20.0M revenue in the 2012 Q2, this year’s revenue stood at $2.7M. In addition to this, $8.0B worth of new insurance was written in comparison to the $5.9B in the 2012 Q2.
About the company
MGIC Investment Corporation (MGIC) is essentially a holding company Via its 100%- owned subsidiaries MGIC private-mortgage insurer in the U.S. As of 31 December 2012, its primary mortgage-insurance subsidiaries, MGIC Indemnity Corporation (MIC) and Mortgage Guaranty Insurance Corporation (MGIC) were licensed in all the 50 states in the U.S, Puerto Rico and the District of Columbia.
In the year ending 31 December 2012, MGIC wrote new insurance in each one of those jurisdictions in MIC and/or MGIC. The company also capitalized MIC to write newer insurance in some jurisdictions. These are the jurisdictions where MGIC is not able to get a waiver or does not meet the capital requirements.