Thursday, July 19, 2018 10:30:24 AM
MGIC INVESTMENT PREMIUM YIELD RISES surpassing analysts expectations boosting revenue and net Profit in the second quarter.
MGIC Second quarter results:
"Net premium yield was 49.6 basis points in the second quarter of 2018, compared to 47.3 basis points for the first quarter of 2018 and 49.9 basis points for the second quarter of 2017.Repurchased 9.2 million shares of common stock at an average price of $10.88."
"Adjusted net operating income for the second quarter of 2018 was $189.2 million, or $0.49 per diluted share, compared with $119.3 million, or $0.31per diluted share for the second quarter of 2017."
"Total revenues for the second quarter of 2018 were $282.0 million, compared to $263.3 million in the second quarter last year. Net premiums written for the quarter were $255.4 million, compared to $245.8 million for the same period last year. Net premiums earned for the quarter were $247.0 million, compared to $231.1 million for the same period last year.
The increase was primarily due to the positive primary loss reserve development during the quarter. The positive loss development resulted in a decrease of ceded losses, and a decrease in ceded premiums earned which were driven by a higher profit commission.:
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