Two large mortgage insurance companies reported sharp increases in earnings for 1995.
MGIC Investment Corp. posted net income of $207.6 million, a gain of 30% from $159.5 million posted in 1994.
The Milwaukee company said earnings in the fourth quarter were $58.7 million, up 28% from $45.8 million in the period a year ago.
Total revenues for the year climbed 23%, to $617.9 million. Net premiums of $506.5 million fueled the growth, the company indicated.
MGIC's insurance in force grew 15% and its investment portfolio increased 30% for the year, said William H. Lacy, the company's president.
Rival PMI Group said earnings were $135.2 million, a 27% increase from $106.1 million reported in 1994. For the fourth quarter, the San Francisco company posted net income of $33.8 million, a 28% increase from $26.4 million in the fourth quarter of 1994.
Total revenues for the company were $405 million for 1995, an increase of 13% over the $360 million reported last year. Net premiums of $328.8 million spurred the growth, the company said.
PMI's primary insurance in force at Dec. 31, was $71.4 billion, an increase of $5.4 billion from the year earlier figure.
W. Roger Haughton, PMI Group's president, said strong performance of mortgage insurance operations, led by higher premiums earned and favorable loss experience, was primarily responsible for the results reported throughout 1995.
The figures represent PMI Group's first yearend results as a public company.