MGIC continues to narrows its losses
MGIC Investment Corp. reported a fourth quarter net loss of $186.7 million, or 93 cents per share, compared with a net loss of $280.1 million, or $2.25 per share, in the same period a year ago.
The Milwaukee company’s net loss for the full year ending Dec. 31, 2010 was $363.7 million, compared with a net loss of $1.3 billion for the full year 2009. For the full year 2010, the company’s diluted loss per share was $2.06 compared with $10.65 for the full year 2009.
MGIC’s total revenues for the fourth quarter were $361.1 million, down from $405.5 million in the same period a year ago. Net premiums written for the fourth quarter were $271.4 million, down from $286.9million a year earlier.
New insurance written in the fourth quarter was $4.2 billion, compared with $3.0 billion in the fourth quarter of 2009. In addition, the Home Affordable Refinance Program (HARP) accounted for $1.1 billion of insurance that is not included in the new insurance written total for the quarter due to these transactions being treated as a modification of the coverage on existing insurance in force.
