The quarterly volume of new business, the degree of delinquency and the amount earned at the parent of MGIC Guaranty Insurance Corp. all improved.
New insurance written by the Milwaukee-based mortgage insurance company from April 1 through June 30 of this year amounted to $12.6 billion.
The results, along with other operational and financial metrics, were disclosed by parent MGIC Investment Corp. in
its second-quarter earnings report.
Business
took a leap from the previous three-month period, when MGIC wrote $8.3 billion in new insurance.
Activity also ascended from the year-earlier period, when the total came to $11.8 billion.
During the entire first half of this year, MGIC has written $20.9 billion.
MGIC finished last month with $177.5 billion insurance in force.
The company’s book
grew from $175.0 billion at the end of the first-quarter 2016 and $168.8 billion at the end of the second-quarter 2015.
The default rate on primary insurance in force was 5.30 percent as of the most-recent date.
Delinquency tumbled 32 basis points from three months earlier and was 148 BPS better than a year earlier.
At the parent company, income before tax was $165 million, better than
$104 million in the first-quarter 2016 and $115 million in the second-quarter 2015.
