MTG - MGIC Investment Q4 earnings weighed by lower net premiums earned

• MGIC Investment ( NYSE: MTG ) on Wednesday posted Q4 results that were largely in line with estimates , as higher investment income was offset by lower net premiums earned.
• Shares of MGIC ( MTG ) -2% after hours.
• Q4 adj. EPS of $0.64 vs. $0.61 in Q4 2021, while revenue dipped 0.6% Y/Y to $292.3M.
• Net premiums earned decreased 3.5% to $244.1M, while net premiums written slipped 2.9% to $231.4M. Both declines were due to an increase in ceded premiums.
• But net investment income increased 18.5% to $46.4M.
• New insurance written was $12.9B, compared with $19.6B in Q3 and $27.1B in Q4 2021, reflecting a decrease in the origination markets.
• Book value per share outstanding as of December 31 grew 4% to $15.82 as a result of a decrease in shares outstanding due to buybacks, partially offset by lower fair value of investment portfolio.
• Decrease in MGIC's ( MTG ) investment portfolio's fair value is due to higher market interest rates.
• Earlier, MGIC ( MTG ) declared $0.10 quarterly dividend .

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