MGIC profits up 8.6% in Q2

Revenue flat year-over-year

MGIC headquarters
The MGIC headquarters in downtown Milwaukee.

Milwaukee-based MGIC Investment Corp. today reported second quarter earnings of $118.6 million, or 31 cents per share, up 8.6 percent from $109.2 million, or 26 cents per share, during the second quarter of last year.

MGIC headquarters
The MGIC headquarters in downtown Milwaukee.

The company reported total revenue of $263.3 million for the quarter, nearly the same as a year ago.

New insurance written in the second quarter was $12.9 billion, compared to $12.6 billion in the second quarter of 2016.

The fair value of MGIC Investment Corporation’s investment portfolio was $4.8 billion at the end of June, the same as at the end of last year and a bit from $4.9 billion one year ago.

At the end of June, the percentage of loans that were delinquent, excluding bulk loans, was 3.23 percent, compared to 4.05 percent at the end of last year, and 4.24 percent a year ago.

Losses incurred in the second quarter of 2017 were $27.3 million, compared to $46.6 million in the second quarter of 2016.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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