MGIC Investment Corporation announced its third-quarter 2024 financial results, reporting a net income of $200.0 million, an increase from $182.8 million in the prior year's third quarter. Diluted net income per share also rose to $0.77, up from $0.64 in the third quarter of 2023. This performance reflects a robust period for the company, demonstrating enhanced profitability.
The company's new insurance written (NIW) reached $17.2 billion for the quarter, a notable increase from $14.6 billion in the third quarter of 2023. Net premiums earned remained solid at $243.3 million, compared to $241.3 million in the same period last year. These figures highlight continued business generation and stable revenue streams.
MGIC's capital position remained strong, with PMIERs excess assets increasing to $2.5 billion as of September 30, 2024, from $2.4 billion a year prior. Holding company liquidity also improved to $841 million, up from $723 million. The annualized return on equity stood at 15.6%, reinforcing the company's efficient use of capital and its ability to generate value for shareholders.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.