New quarterly business slowed at United Guaranty, while earnings at the mortgage insurance company were also down. Delinquency, however, was improved.
During the first-three months of this year, the
Greensboro, North Carolina-based firm wrote $8.970 billion in new insurance.
Business dropped from the fourth-quarter 2015, when $10.778 billion in new insurance was written.
The details, along with other operational and financial results, were disclosed by parent American International Group Inc. in its first-quarter 2016 earnings report.
Activity at the
Greensboro, North Carolina-based firm was similarly down from the first-quarter 2015, when there was $10.854 billion in new insurance written.
Domestic first-lien new insurance written
accounted for $8.827 billion of first-quarter 2016 business.
First-lien insurance in force ended March at 923,412 loans for $187.016 billion.
The total in force was slightly more than 921,937 loans for $187.186 billion at the end of last year and greater than 872,978 loans for $169.880 billion at the same point last year.
The mortgage insurer’s primary delinquency ratio fell to 3.1 percent from 3.4 percent as of Dec. 31, 2015.
As of March 31, 2015, the delinquency rate was 3.9 percent.
The mortgage guaranty business earned $163 million in pre-tax operating income during the first-quarter 2016, off from $180 million three months earlier but better than $145 million a year earlier.
Income prior to income taxes at AIG was an $0.2 billion loss, receding from the $2.9 billion fourth-quarter 2015 loss and swinging from a $3.8 billion first-quarter 2015 profit.