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...But MI Firms Post Strong Profits.(Brief Article)
The four publicly-traded companies whose primary business is mortgage insurance all reported strong earnings growth in the second quarter, as the industry is benefiting from the record production year for lenders.
Radian Group Inc., Philadelphia, had the largest increase in year-to-year earnings, with a 21% increase for the quarter.
MGIC Investment Corp., Milwaukee, reported an increase of 17% and Triad Guaranty Inc., Winston-Salem, N.C., had an increase in net income of just under 16%. The PMI Group, San Francisco, had a six-month increase in operating income per share of 18%.
The mortgage guaranty group at Old Republic International Corp., Chicago, reported a pretax operating income increase of 13%. Old Republic is an insurance holding company that also operates title, general insurance, and life and health units. The mortgage guaranty unit is known as Republic Mortgage Insurance Co.
MGIC president and chief executive Curt S. Culver said the company's record earnings of $161.2 million for the quarter reflects strong revenue growth driven by record new insurance written.
The earnings per share of $1.49 reported is eight cents greater than the ...
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...All three key revenue components net premiums earned, advisory and other fees, and net...months ended June 30, 1997, net premiums earned rose 22% to $12.2 million, up...For the first half of 1997, net premiums earned climbed 29% to $24.2 million...
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...with $3,893,221 for the same quarter in 1998. Net premiums earned for the third quarter of 1999 increased 125 to $4,040...with $11,482,305 for the same period in 1998. Net premiums earned increased 66 to $10,096,149 over the same period in...