MILWAUKEE -- MGIC Investment Corp. reported third quarter earnings of $42.1 million, an increase of 25% over the $33.8 million reported in the third quarter of 1993.
Earnings per share for the quarter were 71 cents, compared to 57 cents a year ago, an increase of 25%.
As previously reported, earnings per share for the third quarter of 1993 included a retroactive tax adjustment that decreased earnings 5 cents a share.
For the first nine months of 1994, net income totaled $113.7 million or $1.93 per share, compared to $91.1 million or $1.55 per share in 1993. For the first nine months of 1994, both net income and earnings per share increased 25%.
William H. Lacy, president and chief executive, said MGIC's book of insurance in force now exceeds $100 billion, and that the quality of its book of business was recently confirmed by Standard & Poor's Corp. and Moody's Investors Service when they raised MGIC's claims-paying ability ratings to AA-plus and Aa2, respectively.
Mr. Lacy went on to say that third-quarter earnings were driven by increased revenues, which were up 22% over the third quarter of 1993, reflecting growth in insurance in force and its investment portfolio.
