MGIC recovers from year ago loss

Milwaukee-based private mortgage insurer MGIC Investment Corp. today reported first quarter net income of $59.9 million, or 15 cents per share, up significantly from a first quarter net loss of $72.9 million, or 31 cents per share, in 2013.

Total revenues were $235 million for the quarter, down from $269.1 million in the same period a year ago.

“I am pleased with the credit performance during the quarter and am encouraged by the level of the new business being written given the significant decline in refinance transactions compared to last year and the slow start in home sales given this winter’s harsh conditions,” said Curt Culver, chief executive officer and chairman. “I feel the company is in an excellent position to take advantage of the housing recovery.”

The loan delinquency percentage was reduced to 7.92 percent, from 10.91 percent in the first quarter of 2013. Net premiums written were $218 million, down from $248.5 million a year ago. Realized net losses were $231,000.

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