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Sep 30, 2020
MGIC Q3 2020 Earnings Report
Reported third quarter 2020 results with a net income of $130.8 million.
Key Takeaways
MGIC Investment Corporation reported a net income of $130.8 million, or $0.38 per diluted share, for the third quarter of 2020. Adjusted net operating income was $149.9 million, or $0.43 per diluted share. New insurance written was $32.8 billion, and insurance in force increased by 9.5% compared to the previous year.
Net income for the quarter was $130.8 million, or $0.38 per diluted share.
Adjusted net operating income for the third quarter of 2020 was $149.9 million, or $0.43 per diluted share.
New insurance written was $32.8 billion.
Insurance in force increased by 9.5% compared to the previous year, reaching $238.9 billion.
MGIC
MGIC
Forward Guidance
MGIC is cautiously optimistic about the continuing resiliency of the housing market, but there is still uncertainty about the timing and pace of the economic recovery and the long-term impact of loss mitigation efforts.
Positive Outlook
- Maintain full operations using virtual workforce model.
- Resilience of the purchase mortgage market.
- Attractive refinance market.
- Strong capital position of MTG and MGIC.
- Focus on executing business strategies.
Challenges Ahead
- Uncertainty about the timing and pace of the economic recovery.
- Long-term impact of loss mitigation efforts undertaken by GSEs and loan servicers.
- Challenges presented by the COVID-19 pandemic.
- Lower annual persistency.
- Adverse economic impact of COVID-19.