Mortgage Guaranty Insurance Corp. reported its revenues saw a slight drop in the second quarter of 2017, down from the same quarter last year, according to the company’s earnings report released early Thursday morning.

The company’s total revenue dropped from $263.5 million in the second quarter last year to $263.3 million in the second quarter of 2017.

However, net income increased to $118.6 during the second quarter, up from $109.2 last year. Net income per diluted share also increased, hitting $0.31 this quarter, up from last quarter’s $0.26. Last quarter, the company reported an increase of 23% in net income. 

“I am pleased to report that our insurance in force continued to increase as a result of modestly higher new insurance written compared to the same quarter last year, and the sequential increase in annual persistency,” MTG and MGIC CEO Patrick Sinks said.  “Also, new delinquent notices received, and the estimated claim rates associated with those notices declined compared to the same period last year.”

“Further, we maintained our traditionally low expense ratio,” Sinks said. “As we previously announced, the majority of our outstanding 2% convertible senior notes due in 2020 were converted to shares of common stock in the second quarter and the remainder were redeemed.”

“In the quarter, we also retired the remaining $145 million of 5% senior notes and repaid the $150 million that was drawn on our credit facility,” he said. “Finally, in the quarter the holding company received a $30 million dividend from MGIC.”

New insurance written increased 2.4% from last year’s $12.6 billion to $12.9 billion in the second quarter this year.

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