MGIC Q1 2021 Earnings Report

Reported strong financial performance due to solid credit quality, favorable housing market trends, and improving economic conditions.

Key Takeaways

MGIC Investment Corporation reported a net income of $150.0 million, or $0.43 per diluted share, for Q1 2021, compared to $149.8 million, or $0.42 per diluted share, for Q1 2020. Adjusted net operating income was $148.0 million, or $0.42 per diluted share, compared to $147.5 million, or $0.42 per diluted share, for the same period last year.

New insurance written was $30.8 billion, compared to $17.9 billion in the first quarter of 2020.

Insurance in force (IIF) of $251.7 billion increased by 11.6% compared to March 31, 2020.

Primary delinquency inventory of 52,775 loans decreased from 57,710 loans at December 31, 2020.

The loss ratio for the first quarter of 2021 was 15.5%, compared to 23.4% for the first quarter of 2020.