Milwaukee-based MGIC Investment Corp. today reported first quarter net income of $133.1 million, or 32 cents per share, up significantly from $60 million, or 15 cents per share, in the first quarter of 2014.
Total revenue was $270.2 million in the first quarter, up from $235.1 million in the same period a year ago. MGIC wrote $234.5 million in net premiums, up from $218 million in the first quarter of 2014.
MGIC had $166.1 billion in primary insurance in force as of March 31, up from $157.9 billion as of March 31, 2014.
“I am pleased to report that in the first quarter of 2015 the company continued to generate high quality new insurance which contributed to an increase in insurance in force,” said Patrick Sinks, chief executive officer of Mortgage Guaranty Insurance Corp. “I am encouraged by the positive trends we continue to experience relative to new delinquent notices, paid claims, and the delinquent inventory.”
