MGIC Investment Posts Q2 Profit - Quick Facts

(RTTNews) - MGIC Investment Corp. (MTG) reported second-quarter net income of $12.4 million or $0.04 per share, compared to a net loss of $273.9 million or $1.36 per share in the same quarter a year ago.

Losses incurred in the second quarter of 2013 were $196.3 million reflecting fewer new delinquencies received during the quarter and an estimated lower claim rate on recently reported delinquencies. In the second quarter of 2012 losses incurred were $551.4 million and included a reserve adjustment for an increase in the claim rate on late stage delinquencies.

Total revenues for the second quarter were $263.9 million, compared with $321.1 million in the second quarter last year. Net premiums written for the quarter were $236.6 million, compared with $238.6 million for the same period last year. Realized gains in the second quarter of 2013 were $2.5 million compared to $26.6 million for the same period last year. Other revenue was $2.7 million compared to $20.0 million in the same quarter last year which included a gain of $17.8 million that resulted from the repurchase of long term debt due in November 2015.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share and revenues of $266.24 million for the quarter. Analysts' estimates typically exclude special items.