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New Business Soars at United Guaranty

New business, outstanding policies and delinquency all improved at United Guaranty — though earnings at the mortgage insurer and its parent deteriorated.

In the three months ended June 30, there was $15.323 billion in new insurance written.

The operational data, as well as other financial performance metrics, were disclosed by parent American International Group Inc. in its second-quarter earnings report.

Business soared from the $10.854 billion written in the first quarter and $11.195 billion written during the same three-month period in 2014.

For the entire first-half 2015, insurance written amounted to $26.177 billion.

Second-quarter 2015 activity included $15.190 billion
in domestic first-lien new insurance written, more than $10.542 billion three months earlier and $11.057 billion a year earlier.

First-lien insurance in force grew to $178.498 billion as of June 30, 2015, from $169.880 billion at the end of March. As of the same point last year, $156.050 billion was in force.

The number of polices in force expanded to 899,621 from 877,076 as of March 31, 2015, and 826,158 as of June 30, 2014.

AIG reported that the Greensboro, North Carolina-based mortgage insurance company’s primary delinquency ratio was 3.6 percent, dropping from 3.9 percent as of the end of the first quarter. At the same point last year, delinquency stood at 4.8 percent.

Pre-tax operating income at from the mortgage guaranty business fell to $157 million in the latest period from
$210 million in the second-quarter 2014.

Parent-AIG reported $2.6 billion in income prior to income taxes, falling from $3.8 billion in the first quarter and sinking from $4.5 billion in the year-earlier quarter.

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