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MGIC Investment Corporation reports developments in private mortgage insurance through its principal subsidiary, Mortgage Guaranty Insurance Corporation. MGIC serves mortgage lenders across the United States with insurance solutions that support mortgage credit risk management and low-down-payment lending.
Recurring MTG news includes quarterly operating results, portfolio statistics, new insurance written, reinsurance arrangements, and capital management actions such as dividends and share repurchases. Company updates also cover board and governance changes, lender-facing technology integrations, and product-service enhancements tied to MGIC's mortgage insurance operations.
MGIC Investment Corporation (NYSE: MTG) reported a significant decline in net income for Q2 2020, totaling $14.0 million ($0.04 per diluted share) compared to $167.8 million ($0.46 per diluted share) in Q2 2019. Adjusted net operating income also dropped to $9.9 million ($0.03 per diluted share) from $167.6 million. Insurance in force rose by 7.7% year-over-year to $230.5 billion. However, primary delinquency inventory climbed 133% year-over-year to 69,326 loans. The company declared a $0.06 dividend per share and maintained total shareholders' equity at $4.4 billion.
The Board of Directors of MGIC Investment Corporation (NYSE:MTG) has declared a quarterly cash dividend of $0.06 per share. The dividend will be payable on August 28, 2020, to shareholders who are on record by August 11, 2020. As of June 30, 2020, MGIC had $230.5 billion in primary insurance in force, covering over one million mortgages, showcasing their commitment to assisting families in achieving homeownership.
MGIC Investment Corporation (NYSE: MTG) has announced the release of its 2nd quarter 2020 financial results on August 5, 2020, before market opening. A conference call will be held at 10:00 a.m. ET to discuss the results for the quarter ending June 30, 2020. Notably, MGIC reported a significant increase in its primary delinquent inventory, rising from 30,243 loans in May to 69,326 in June, reflecting challenges amid the COVID-19 pandemic. The company expects continued increases in delinquencies due to ongoing economic pressures.