Milwaukee-based MGIC Investment Corp. today reported a net loss for the quarter that ended June 30, of $97.9 million, compared with net income of $76.7 million for the same quarter a year ago. Diluted loss per share was 79 cents for the quarter, compared to diluted earnings per share of 93 cents for the same quarter a year ago.
The company's net loss for the first six months the year was $132.3 million, compared with net income of $169.1 million for the first half of last year.
However, total revenues for the second quarter were $424.5 million, up 15 percent from $369.0 million in the second quarter of 2007. The increase in revenues resulted primarily from a 14.3 percent increase in net premiums earned to $350.3 million, the company said. Net premiums written for the quarter were $371.8 million, compared with $321.0 million in the second quarter last year, an increase of 15.8 percent.
Curt S. Culver, chairman and CEO of MGIC, said that delinquencies and foreclosures remain at elevated levels resulting from lower home values and a softening economy and as a result continue to impact the company's financial results.
MGIC reports $97.9 million quarterly net loss
Operand type clash: text is incompatible with int
advertisement
Sorry, the story you tried to comment on is not accepting comments.