MGIC reports revenues down in 2Q05

MGIC Investment Corp. reported that total revenues for 2Q05 were $395 million, down 2% from 2Q04’s $403.1 million, resulting from a 5.9% decrease in net premiums earned. Net premiums written for the quarter were $309.2 million, compared with $319.1 million in the second quarter last year, a 3.1% decrease. New insurance written in 2Q05 was $16.6 billion, versus $16.1 billion in 2Q04. New insurance written for the quarter included $6.2 billion of bulk business, compared to $2.9 billion in the same period last year. New insurance written for the first six months of 2005 totaled $28 billion, down from the $29.1 billion in the first half of 2004. The declines in new insurance were blamed on “attractive interest rates and strong home price appreciation [that] continue to negatively impact insurance in force and associated revenues,” according to a company release.