MGIC Investment Q3 Profit Rises

(RTTNews) - MGIC Investment Corp. (MTG) reported that its third quarter net income rose to $249.6 million or $0.81 per share, from $158.0 million or $0.46 per share last year.

Adjusted net operating income for the quarter was $264.2 million or $0.86 per share, compared with $157.1 million, or $0.46 per share, for the third quarter of 2021.

Total revenues for the quarter declined to $292.80 million from $295.75 million in the previous year. The decrease primarily reflected a change in net gains (losses) on investments and other financial instruments and a decrease in net premiums earned, partially offset by an increase in investment income.

Premiums earned in the third quarter of 2022 were $252.1 million compared to $254.8 million for the same period last year. Net premiums written for the quarter were $242.3 million, compared with $247.6 million for the same period last year. The decrease in net premiums written and earned in the current period compared with the same period the prior year was primarily due to an increase in ceded premiums and a decrease in our premium yield.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share and revenues of $298.87 million for the third quarter. Analysts' estimates typically exclude special items.