(Bloomberg) — MGIC Investment Corp., the No. 3 U.S. mortgage guarantor, declined in New York trading after posting profit that missed some analysts' estimates as sales of home-loan guarantees slowed.
Net income was $45.5 million, or 12 cents a share, trailing by 2 cents the average estimate of analysts surveyed by Bloomberg. Policy sales fell 9.8% to $213.4 million, Milwaukee-based MGIC said today in a statement, MGIC fell 5.9% to $7.86 at 9:46 a.m. in New York.
MGIC, which had benefited as rising home prices reduced losses tied to policies issued before the real estate crisis, is vulnerable to slowing property sales. The shares have fallen since federal regulators proposed tighter liquidity standards last week for mortgage insurers that do business with Fannie Mae and Freddie Mac.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
