Milwaukee-based MGIC Investment Corp. today reported second quarter net income of $113.7 million, or 28 cents per share, up significantly from $45.5 million, or 12 cents per share, in the second quarter of 2014.
Revenue totaled $243.1 million, up from $231.2 million in the same period a year ago.
The mortgage insurance company wrote $226.8 million in net premiums during the quarter, up from $213.4 million in the second quarter of 2014.
“I am pleased to report that in the second quarter of 2015 the company continued to grow our insurance in force by adding another $11.8 billion of high quality new insurance,” said Patrick Sinks, chief executive officer of MTG and Mortgage Guaranty Insurance Corp. “At the same time, I am encouraged by the positive trends we continue to experience on pre-2009 business relative to new delinquent notices, paid claims, and the declining delinquent inventory. The combination of profitable new business, the continued runoff of the older books, and a strengthened housing market, positions us well to provide credit enhancement solutions to our customers now and in the future.”
