Mortgage Guaranty Insurance Corp. reported a strong increase in its net operating income for the third quarter 2017.

The company reported a net income which more than doubled that of 2016 at $120.7 million, or $0.32 per diluted common share. This is up from a net income of $56.6 million or $0.14 per share in the third quarter last year.

However, closer examination shows the increase net operating income, while still strong, is a better presentation of the company’s growth over the past year, according to MGIC. Net operating income also increased to $120.7 million or $0.32 per share in the third quarter. However, this is up from a net operating income of $102.4 million or $0.25 per diluted share in the third quarter of 2016.

This increase came in significantly higher than the consensus forecast of $0.25 per share, according to Zacks Investment Research, which is based on three analysts’ predictions.

“I am pleased to report that we continue to make good progress in executing on our business strategies,” MTG and MGIC CEO Patrick Sinks said. “Over the last year we prudently grew our insurance in force by 6%, and during the quarter we were able to increase the dividend payment from MGIC to the holding company to $40 million.”

“Further, we maintained our traditionally low expense ratio,” Sinks said. “Reflecting the current economic conditions and underwriting quality of recently written business, new delinquent notices received in the third quarter, and the estimated claim rate associated with those notices declined compared to the same period last year.”

Primary delinquent inventory decreased 19.8% in the third quarter to 41,235 loans. This is down from 51,433 loans in the third quarter last year.

However, new insurance written saw a slight dip, falling just 0.7% from $14.2 billion last year to $14.1 billion in the third quarter this year.

Total revenue slipped from $273.9 million in the third quarter last year to $270.4 million this year. This decrease includes $50,000 in net realized investment losses compared to $5.09 million in investment gains in the third quarter last year.

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