New business jumped on a quarter-over-quarter basis at United Guaranty, while the book of business grew and the level of delinquency declined.
From July 1 through Sept. 30, the Greensboro, N.C.-based company wrote $12.881 billion in new insurance. The total included $12.643 billion in first liens.
The operational data was included in the third-quarter earnings report for parent American International Group Inc.
Business improved from the second quarter, when United Guaranty wrote $11.195 billion in policies.
However, the mortgage insurer’s volume retreated from the third-quarter 2013, when $14.437 billion was written.
During the first nine months of 2014, United Guaranty wrote $31.821 billion in new insurance.
As of Sept. 30, 2014, there were 850,578 policies in force for $162.533 billion in first liens.
The book grew from 826,158 policies for $156.050 billion three months earlier and 780,267 policies for $141.962 billion a year earlier.
United Guaranty’s primary delinquency ratio was cut to 4.6 percent from 4.8 percent as of June 30. Delinquency has improved 180 basis points compared to the same point in 2013.
Pre-tax operating income from mortgage guaranty operations fell to $135 million from the second quarter’s $210 million. But income was much better than $43 million in the year-earlier period.
At parent-AIG, income from continuing operations before income tax expense declined to $3.0 billion from the prior period’s $4.5 billion but improved from $1.2 billion in the third-quarter 2013.
