Magazine article Mortgage Banking

MGIC Reports 4Q EPS. (Business Alert)

Magazine article Mortgage Banking

MGIC Reports 4Q EPS. (Business Alert)

Article excerpt

MILWAUKEE-BASED MGIC INVESTMENT Corporation reported diluted earnings per share (EPS) of $1.37 for the quarter ended Dec. 31, 2002, compared with $1.50 for the same quarter a year ago. EPS for the quarter, excluding realized gains, was $1.32, compared with $1.45 for the fourth quarter of 2001. Net income for the quarter was $137.5 million, compared with $161 million in the fourth quarter last year.

For the full year 2002, diluted EPS was $6.04, compared with $5.93 last year. Earnings per share for 2002, excluding realized gains, was $5.85, compared with $5.70 reported last year. Net income for 2002 was $629.2 million, compared with $639.1 million for the same period last year.

According to Curt S. Culver, president and chief executive officer of MGIC Investment Corporation and MGIC, said that MGIC earned $137.5 million in the fourth quarter and $629.2 million for the year despite challenging economic conditions.

Persistency, or the percentage of insurance remaining in force from one year prior, was 56.8 percent at Dec. 31, 2002, compared with 61 percent at Dec. 31, 2001, and 80.4 percent at Dec. 31, 2000. …

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