MTG...MGIC Investment beats by $0.13 on a GAAP basis
7:10 AM ET 1/24/12 | Briefing.com
Reports Q4 (Dec) GAAP loss of $0.67 per share, $0.13 better than the Capital IQ GAAP Consensus Estimate of ($0.80). Total revenues for the fourth quarter were $447.0 million, compared with $361.1 million in the fourth quarter last year. Net premiums written for the quarter were $263.8 million, compared with $271.4 million for the same period last year. CEO is pleased to announce that the co has successfully completed its discussions with the Office of the Commissioner of Insurance for the State of Wisconsin, Fannie Mae and Freddie Mac to receive the necessary waivers and approvals that allow for the continuation of the co's strategy to write new business through a combination of MGIC and, as it is needed, its wholly owned subsidiary, MGIC Indemnity. Culver added that these actions further enable the co to support its policyholders and the US housing market by continuing to write high quality, profitable new insurance on a nationwide basis. FY12 outlook: New insurance written to be modestly higher than 2011. Total paid claims to be lower than 2011. Primary delinquent inventory will continue to decline. New delinquency notices are expected to continue to decline in 2012, on a year over year basis. Cure rates will slowly improve throughout the year Home prices are expected to be flat. Statutory capital will decline.
