MGIC Investment Corp. reported second quarter earnings Thursday of $38.5 million, up 20% from $31.9 million in the second quarter of 1993.
For the first six months of 1994 earnings totaled $71.6 million, or $1.21 a share, up 25% from the same period in 1993.
New mortgage insurance written was off slightly, to $9.1 billion in the second quarter of 1994, down from $9.2 billion last year, reflecting the decline in volume in the industry.
"Our second quarter earnings were driven by increased revenues ... and reflect growth in our renewal premium base and investment portfolio," said William H. Lacy, president of the Milwaukee-based insurer.
The monthly payment mortgage insurance plan -- a product in existence less than a year -- surged in popularity and now accounts for 50% of new insurance written.
The company acknowledged the slowing of home lending, noting that it expects new insurance written to decline in the second half of the year, but it expects insurance in force to continue to grow because the increasing affordabiity of homes attracts new buyers.
