Milwaukee-based MGIC Investment Corp. today reported third quarter net income of $822.9 million, or $1.78 per share, up significantly from $72 million, or 18 cents per share, in the third quarter of 2014.
The profit increase was mostly due to a reversal of MGIC’s deferred tax asset valuation allowance, which added $2.23 per share.
Revenue totaled $269.5 million, compared with $235.1 million in the same period a year ago.
MGIC wrote $12.4 million in new insurance in the third quarter, up 19.5 percent from $10.4 million in the third quarter of 2014. It had $172.7 million of insurance in force as of Sept. 30, compared with $162.4 million in the third quarter of 2014.
“I am pleased to report that in the third quarter of 2015 we added another $12.4 billion of high quality new insurance to our growing insurance in force, and we continued to experience positive trends on pre-2009 business relative to new delinquent notices, paid claims, and the declining delinquent inventory,” said Patrick Sinks, chief executive officer of MTG and Mortgage Guaranty Insurance Corp.
MGIC, the principal subsidiary of MGIC Investment Corp., provides mortgage insurance.