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Mortgage Insurers See Improved Persistency.
NEW YORK -- Record net income for the fourth quarter and year was the earnings story at two of the four publicly traded mortgage insurance companies, with a third reporting only record annual profits.
Philadelphia's Radian Group has the highest level of earnings of the four during the fourth quarter, with net income of $156 million, or $1.62 per share, compared with just $55.5 million, or $0.57 per share, for the same period one year prior.
Its annual earnings were a record $518.7 million, or $5.33 per share, up some 34% from 2003's $385.9 million or $3.95 per share.
Persistency, which during the refinance boom was a drag on the industry, increased at Radian from 46.7% on Dec. 31, 2003, to 58.8% one year later.
Meanwhile, MGIC Investment Corp., the Milwaukee-based firm that is usually the leader in industry earnings, was the only firm whose release did not call its report a record.
Fourth quarter income was $134.5 million, or $1.39 per share, compared with $103.9 million, or $1.05 per share, for the final quarter of 2003.
Full-year income was up 12%, to $553.2 million, or $5.63 per share, from $493.9 million, or $4.99 per share.
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Source: HighBeam Research, Mortgage Insurers See Improved Persistency.