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MGIC’s Profit Sinks on Lower Revenues, Debt Repurchase
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MGIC Investment Corp. earned $69.2 million in the first quarter, a decline of 48% from the year-earlier period.
Total revenues fell 4.3% to $258.6 million. Net realized investment gains were just $3.1 million, down from $26.3 million the prior year.
MGIC took a $13.4 million pretax loss on its repurchase of outstanding convertible debt during the quarter. The company repurchased $128.3 million of 5% convertible senior notes due in 2017 for $143.4 million plus accrued interest. It also repurchased $132.7 million of 9% convertible junior debentures due in 2063 for $150.7 million plus accrued interest.
But those moves were still a positive for the company because the debt repurchases reduced the potential for diluting shareholder equity and lowered MGIC’s long-term interest expense, Chief Executive Patrick Sinks said in a press release.
There was also a $34.5 million tax provision recorded in the first quarter, versus just $3.4 million one year ago. The increase stemmed from the reversal of MGIC’s deferred tax asset valuation allowance during 2015.
Its Mortgage Guaranty Insurance Corp. subsidiary wrote $8.3 billion of new mortgage insurance during the quarter, a 7.7% decline.
The portfolio of delinquent mortgages that have not yet had an insurance claim filed on them fell 23% to 55,590 loans.
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MGIC's Profit Sinks on Lower Revenues, Debt Repurchase
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