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MGIC Q3 net income declines YOY

MGIC Investment Corp.'s third-quarter net income slid to $176.9 million from $181.9 million a year ago.

Net income per share was unchanged at 49 cents. Adjusted net operating income fell year over year to $173.6 million from $180.9 million, with adjusted net income per share remaining at 48 cents.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 43 cents.

Revenues went up to $318.4 million from $290.4 million in the third quarter of 2018. Net premiums written climbed to $259.4 million from $251.9 million, while net premiums earned rose to $267.9 million from $250.4 million.

The increase was due to higher average insurance in force and an increase in premiums from single premium policy cancellations, partially offset by the effect of lower premium rates.

Net investment income went up to $42.7 million from $36.4 million, resulting from an increase in the consolidated investment portfolio as well as higher yields.

Net losses incurred totaled $34.0 million in the third quarter, compared to a gain of $1.5 million in the prior-year period. During the third quarter, there was a $27 million reduction in losses incurred due to positive development on the company's primary loss reserves, before reinsurance, for previously received delinquency notices, compared to a reduction of $59 million in the third quarter of 2018.

Losses incurred in the quarter associated with delinquency notices received in the quarter reflect a lower estimated claim rate when compared to the same period of 2018.

New primary insurance written jumped to $19.1 billion from $14.5 billion. Persistency, or the percentage of the company's insurance remaining in force from one year prior, was 78.6% as of Sept. 30, compared with 81.0% at Sept. 30, 2018.

The GAAP underwriting expense ratio from insurance operations was 17.7% in the third quarter, versus 17.6% a year earlier.

Book value per share rose to $11.93 from $9.64 at Sept. 30, 2018. A $31.4 million after-tax change in net unrealized gains increased book value per common share outstanding by 9 cents during the quarter.

The company repurchased 5.5 million common shares at an average cost of $12.64 apiece in the third quarter.