The quarterly volume of new policies written by United Guaranty turned lower, although so did the amount of delinquent policies. The firm’s book of business expanded.
The mortgage insurance company wrote $7.745 billion in new policies from Jan. 1 through March 31, according to earnings data from parent American International Group Inc.
United Guaranty’s business tumbled from the fourth quarter of last year, when $10.859 billion in new insurance was written.
Business additionally declined from the first quarter of last year, when the Greensboro, N.C.-based firm insured $10.658 billion.
United Guaranty finished March with 808,392 first liens for $150.874 billion that had insurance in force.
The company grew its book from 799,573 loans for $147.612 billion at the end of December. At the same point in 2013, the total was 724,986 loans for $126.112 billion.
The primary delinquency ratio fell to 5.3 percent as of March 31 from 5.9 percent as of Dec. 31, 2013. The ratio plunged from 7.9 percent as of March 31, 2013.
Pre-tax income within the mortgage guaranty business jumped to $77 million from $51 million and was also higher than $44 million one year prior.
At parent AIG, $21.569 billion in mortgages and other receivables were on the books. Holdings grew from $20.765 billion three months earlier and $19.488 billion 12 months earlier.
Income at the holding company level from continuing operations inched up to $2.3 billion before income tax expense from $2.2 billion but fell short of the $2.9 billion earned in the first-quarter 2013.
