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Tuesday, 04/22/2014 7:07:06 AM

Tuesday, April 22, 2014 7:07:06 AM

MGIC Investment Corporation Reports First Quarter 2014 Results

PR Newswire
MILWAUKEE, April 22, 2014

MILWAUKEE, April 22, 2014 /PRNewswire/ -- MGIC Investment Corporation(MTG) today reported income for the quarter ended March 31, 2014 of $60.0 million, compared with a net loss of $72.9 million for the same quarter a year ago. Diluted income per share was $0.15 for the quarter ending March 31, 2014, compared to diluted loss per share of $0.31 for the same quarter a year ago.
Curt S. Culver, CEO and Chairman of the Board of Mortgage Guaranty Insurance Corporation ("MGIC") and MTG, said, "I am pleased with the credit performance during the quarter and am encouraged by the level of the new business being written given the significant decline in refinance transactions compared to last year and the slow start in home sales given this winter's harsh conditions." He added that "I feel the company is in an excellent position to take advantage of the housing recovery."