MGIC Investment Corp. reported results for the second quarter ending 6/30/2010. The company earned net income of $24.6 million, or $0.13 per diluted share. MGIC Investment Corporation reported a net loss of $339.8 million, or $2.74 per diluted share, in the same quarter of 2009.
MGIC Investment Corporation reported that sales in the second quarter of 2010 were down on a year over year basis. The company reported sales of $406.4 million in the quarter that just ended, compared to $454.5 million in the same quarter in 2009.
Net premiums written by MGIC Investment Corporation also declined on a year over year basis, to $295.3 million in the second quarter of 2010, from $330.4 million in the corresponding quarter last year.
MGIC Investment Corporation is also seeing a slight improvement in the quality of its loan portfolio. The company reported that 17.6% of its loans were delinquent as of 6/30/2010, down from 15.5% at the end of 2009.
MGIC Investment Corporation is the holding company that owns MGIC, which sells private mortgage insurance in the United States. MGIC insured 1.3 million mortgages and reported $202.4 billion in primary insurance in force as of 6/30/2010.
For more information on the company, go to www.mgic.com