MTG - MGIC Investment Non-GAAP EPS of $0.68 beats by $0.15 revenue of $290.7M misses by $1.81M

2023-08-02 17:39:18 ET

• MGIC Investment press release ( NYSE: MTG ): Q2 Non-GAAP EPS of $0.68 beats by $0.15 .
• Revenue of $290.7M (-0.8% Y/Y) misses by $1.81M .
• New insurance written was $12.4 billion, compared with $8.2 billion in the first quarter of 2023 and $24.3 billion in the second quarter of 2022.
• Persistency, or the percentage of insurance remaining in force from one year prior, was 83.5% at June 30, 2023, compared with 82.0% at March 31, 2023, and 71.5% at June 30, 2022.
• Insurance in force of $292.5 billion at June 30, 2023, remained flat during the quarter and increased by 2.0% compared with June 30, 2022.
• Primary delinquency inventory of 23,823 loans at June 30, 2023, decreased from 24,757 loans at March 31, 2023, and 26,855 loans at June 30, 2022.
  • The percentage of primary loans insured that were delinquent at June 30, 2023, was 2.05%, compared with 2.12% at March 31, 2023, and 2.28% at June 30, 2022.
• The loss ratio for the second quarter of 2023 was (7.3)%, compared with 2.7% for the first quarter of 2023, and (38.7)% for the second quarter of 2022.
• The underwriting expense ratio associated with our insurance operations for the second quarter of 2023 was 24.1%, compared with 31.1% for the first quarter of 2023, and 22.4% for the second quarter of 2022.
• The net premium yield was 33.2 basis points in the second quarter of 2023, compared with 32.9 basis points for the first quarter of 2023, and 36.2 basis points for the second quarter of 2022.
  • The in force portfolio yield was 38.6 in the second quarter of 2023, compared with 38.7 for the first quarter of 2023, and 39.4 for the second quarter of 2022.

For further details see: