Private mortgage insurer,
MGIC Investment Corp.
) reported second-quarter earnings per share of 12 cents per share,
missing the Zacks Consensus Estimate by a penny. In the year-ago
quarter, the company had reported earnings of 4 cents per
Mgic Investment Corporation - Quarterly EPS
(BNRI) | FindTheBest
The earnings miss stemmed from a deceleration in top line.
Following the earnings miss, share lost 7.07% in value and closed
Total revenue of $$231.2 million declined 12.4% year over year and
also lagged the Zacks Consensus Estimate of $235 million. A 9.8%
year-over-year decline in $213.4 million net premium written, which
was responsible for the decrease in top line, was partly
compensated by lower claims.
Premium earned was $207.5 million, down 12.7% year over year.
New insurance written in the second quarter was $8.3 billion
compared to $8.0 billion in the second quarter of 2013.
As of Jun 30, 2014, MGIC Investment's primary insurance in force
was $159.3 billion compared with $158.6 billion at Jun 30, 2013.
Persistency, or the percentage of insurance remaining in force from
the prior year, was 82.4% at Jun 30, 2014 compared with 78.0% at
Jun 30, 2013.
MGIC Investment incurred lower losses of $141.1 million in the
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