MGIC Investment, a provider of private mortgage insurance in the US, has posted a net income of $24.5m, or $0.13 per share, for the quarter ended June 30, 2010, compared to net loss of $330.8m, or $2.74 per share, for the same period last year.
Total revenues for the second quarter were $406.4m, compared with $454.5m in the second quarter last year.
Net premiums written for the quarter were $295.3m, compared with $330.4m for the same period last year.
New insurance written in the second quarter was $2.7bn, compared to $5.9bn in the second quarter of 2009.
As of June 30, 2010, MGIC’s primary insurance in force was $202.4bn, compared with $220.1bn at June 30, 2009.
At June 30, 2010, the percentage of loans that were delinquent, excluding bulk loans, was 14.97%, compared with 12.04% at June 30, 2009. Including bulk loans, the percentage of loans that were delinquent at June 30, 2010 was 17.59%, compared to 14.97% at June 30, 2009.