MGIC Investment Q1 Profit Rises, Tops View - Quick Facts

(RTTNews) - MGIC Investment Corp. (MTG) reported Wednesday a net income for the first quarter of $143.6 million or $0.38 per share, up from $89.8 million or $0.24 per share in the year-ago quarter.

Adjusted net operating income was $144.6 million or $0.38 per share, compared to $117.1 million or $0.31 per share in the prior-year quarter.

Total revenues for the quarter grew to $265.8 million from $260.9 million in the same quarter last year, with net premiums written of $236.9 million and net premiums earned of $232.1 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenues of $274.92 million for the quarter. Analysts' estimates typically exclude special items.

Investment income was $32.1 million, compared to $29.5 million for the same period last year.