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Jun 30, 2021
MGIC Q2 2021 Earnings Report
MGIC Investment Corporation's financial performance was characterized by robust financial results, influenced by the credit quality of insurance in force, a strong housing market, reduced new delinquencies, and improving economic conditions.
Key Takeaways
MGIC Investment Corporation reported a strong second quarter in 2021, with net income of $153.1 million, or $0.44 per diluted share, and adjusted net operating income of $151.5 million, also $0.44 per diluted share. The company benefited from a strong housing market, improving economic conditions, and a decrease in new delinquencies.
New insurance written was $33.6 billion, reflecting the strength of the purchase mortgage market.
Insurance in force increased to $262.0 billion, growing by 4.1% during the quarter and 13.7% compared to the previous year.
The loss ratio improved to 11.6%, compared to 89.2% in the second quarter of 2020.
Primary delinquency inventory decreased to 42,999 loans.
Forward Guidance
Reflecting the increase in capital position, and long-term confidence in transformed business model a $150 million dividend was declared and paid from MGIC to our holding company subsequent to quarter end.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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