MGIC narrows losses as defaults decline
Milwaukee-based MGIC Investment Corp. reported a first-quarter net loss of $33.7 million, or 17 cents per share, compared with a net loss of $150.1 million, or $1.20 per share, for the same period a year ago.
MGIC’s total revenues for the first quarter were $353.1 million, down from with $370.8 million a year earlier.
Net premiums written for the quarter were $274.5 million, up from $256.1million for the same period last year.
New insurance written in the first quarter was $3.0 billion, compared with $1.8 billion in the first quarter of 2010. In addition, the Home Affordable Refinance Program accounted for $894.2 million of insurance that is not included in the new insurance written total due to these transactions being treated as a modification of the coverage on existing insurance in force.
The fair value of MGIC Investment Corp.’s investment portfolio, cash and cash equivalents was $8.3 billion at March 31, 2011, compared with $8.8 billion at December 31, 2010, and $8.3 billion at March 31, 2010.
