MGIC Investment (MTG) Reports In-Line Q1 EPS

MGIC Investment (NYSE: MTG) reported Q1 EPS of $0.42, in-line with the analyst estimate of $0.42.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation, said, "I am pleased to report that we again had strong financial performance in the first quarter. Our quarterly financial results reflect the solid credit quality of our insurance in force, the favorable housing market trends, improving economic conditions, and our market presence. Our insurance in force grew more than 11% year over year, as the amount of new insurance written more than offset lower annual persistency. During the quarter, the number of new notices of delinquency continued its downward trend toward pre-COVID-19 levels, which resulted in a lower loss ratio compared to the last few quarters. While still elevated due to COVID-19 related delinquencies, the total number of delinquent loans continued to decline as well."

Mattke concluded, "We continue to focus on executing our business strategies to deliver long-term value creation for all of our constituents, including shareholders, customers and co-workers. We believe that a dynamic, strong and durable balance sheet, quality offerings and superior customer experience put us in the best position to accomplish those strategies."

For earnings history and earnings-related data on MGIC Investment (MTG) click here.

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