MGIC increased its quarterly earnings, expanded its book of business and cut delinquency. But new business moved down from the prior period.
The Milwaukee-based mortgage insurance company earned $174 million before taxes during the three months ended March 31, 2017.
Parent-MGIC Investment Corp. disclosed the details, along with other operational and financial metrics, in its first-quarter 2017 earnings report.
Income
rose from $162 million in the prior three-month period and $104 million in the year-earlier quarter.
MGIC wrote $9.3 billion in new insurance during the first-three months of this year.
Business
tumbled from $12.8 billion in the fourth-quarter 2016 but strengthened from $8.3 billion in the first-quarter 2016.
The first-quarter 2017 concluded with $183.5 billion insurance in force.
The balance grew from $182.0 billion as of year-end 2016 and $175.0 billion as of March 31, 2016.
Delinquency was slashed to 3.62 percent from 4.05 percent at the end of the fourth-quarter 2016 and 4.51 percent at the close of the first-quarter 2016.
