BRIEF: MGIC Earnings, Book of Business Up

April 20--MGIC increased its quarterly earnings, expanded its book of business and cut delinquency. But new business moved down from the prior period.

The Milwaukee-based mortgage insurance company earned $174 million before taxes during the three months ended March 31, 2017.

Parent-MGIC Investment Corp. disclosed the details, along with other operational and financial metrics, in its first-quarter 2017 earnings report.

Income rose from $162 million in the prior three-month period and $104 million in the year-earlier quarter.

MGIC wrote $9.3 billion in new insurance during the first-three months of this year.

Business tumbled from $12.8 billion in the fourth-quarter 2016 but strengthened from $8.3 billion in the first-quarter 2016.

The first-quarter 2017 concluded with $183.5 billion insurance in force. The balance grew from $182.0 billion as of year-end 2016 and $175.0 billion as of March 31, 2016.

Delinquency was slashed to 3.62 percent from 4.05 percent at the end of the fourth-quarter 2016 and 4.51 percent at the close of the first-quarter 2016.

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