MGIC Investment Posts Profit In Q1 - Quick Facts

(RTTNews) - Mortgage insurer MGIC Investment Corp. (MTG) reported a profit for the first quarter of about $60.0 million, compared to a loss of about $73 million a year ago. Earnings per share was $0.15, versus loss per share of $0.31 last year.

Total revenues for the quarter, however, slid to $235.1 million from $269.2 million in the same quarter of last year.

Analysts polled by Thomson Reuters expected the company to report earnings per share of $0.10, on revenues of $241.01 million for the quarter. Analysts' estimates typically exclude special items.

Net premiums written declined to $218.0 million from $248.5 million last year.

The company said losses incurred in the first quarter were $122.6 million, down from $266.2 million last year, primarily due to fewer new notices of default being received and a lower claim rate on new and previously received delinquencies.

Net underwriting and other expenses were $39.4 million in the first quarter as compared to $50.0 million a year ago, due primarily to ceding commissions related to reinsurance.