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Jun 30, 2020
MGIC Q2 2020 Earnings Report
Net income reflected challenges from the economic environment and was impacted by loan loss reserves.
Key Takeaways
MGIC Investment Corporation reported a net income of $14.0 million, or $0.04 per diluted share, for the second quarter of 2020. The results were impacted by the loan loss reserves established for expected losses on new loan delinquencies due to the economic environment.
Maintained full operations through remote work model due to COVID-19 pandemic.
New insurance written was $28.2 billion, compared to $14.9 billion in the second quarter of 2019.
Insurance in force of $230.5 billion at June 30, 2020 increased by 2% during the quarter and 8% compared to June 30, 2019.
Primary delinquency inventory of 69,326 loans at June 30, 2020 increased from 30,028 loans at December 31, 2019.
Forward Guidance
The company did not provide specific financial guidance in its earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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