Research Desk Line-up: The Travelers Cos. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on MGIC Investment Corp. (NYSE: MTG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MTG following the Company's announcement of its financial performance for the third quarter fiscal 2017 (Q3 FY17) on October 18, 2017. The Milwaukee, Wisconsin based-Company's adjusted net operating income increased on a year-over-year basis; outperforming market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Property & Casualty Insurance industry. Pro-TD has currently selected The Travelers Cos. Inc. (NYSE: TRV) for due-diligence and potential coverage as the Company reported on October 19, 2017, its financial results for Q3 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on The Travelers Cos. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MTG; also brushing on TRV. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=MTG

http://protraderdaily.com/optin/?symbol=TRV

Earnings Reviewed

During Q3 FY17, MGIC Investment reported total revenues of $270.36 million, which came in below the $273.85 million recorded in the year ago corresponding quarter. Meanwhile, total revenues numbers for the reported quarter topped market expectations of $267.94 million. During Q3 FY17, net premiums earned was marginally down to $237.08 million from $237.38 million in the prior year's same quarter. Nevertheless, investment income earned increased to $30.40 million in Q3 FY17 from $27.52 million in Q3 FY16.

The mortgage insurance Company recorded net income of $120.03 million, or $0.32 per diluted share, for Q3 FY17 compared to $56.62 million, or $0.14 per diluted share, in Q3 FY16. The Company's adjusted net operating income also increased to $120.68 million, or $0.32 per diluted share, in Q3 FY17 from $102.40 million, or $0.25 per diluted share, in the year-ago same period. Additionally, Wall Street had expected the Company to report adjusted net operating income of $0.25 per diluted share.

The Company attributed the improved financial performance during the reported quarter to lower losses incurred. The Company incurred losses to the tune of $29.75 million in Q3 FY17 versus $60.90 million in the year-ago comparable quarter, primarily due to fewer new notices received and a lower claim rate on the new notices received compared to the same quarter last year.

Operating Metrics

During the quarter ended September 30, 2017, new insurance written were $14.1 billion, 0.70% lower than the $14.2 billion reported in Q3 FY16. Total insurance in force during the reported quarter was $191.0 billion, up from $180.1 billion in the prior year's comparable quarter. The Company's annual persistency during the reported quarter was 78.8% compared to 78.3% in Q3 FY16.

In the reported period, consolidated risk-to-capital ratio came in at 11.1:1 versus 12:6:1 in Q3 FY16. The insurance Company's GAAP loss ratio during Q3 FY17 was 12.5% compared to 25.7% in the prior year's same period. GAAP underwriting expense ratio increased during Q3 FY17 to 15.7% from 14.7% in Q3 FY16. Furthermore, the Company's book value per share as on September 30, 2017, stood at $8.45, up from $7.48 as on September 30, 2016.

Balance Sheet

As on September 30, 2017 the Company reported cash and cash equivalents balance of $250.70 million compared to $274.74 million as on September 30, 2016. The Company reported senior notes of $418.27 million as on September 30, 2017, up from $417.09 million as on September 30, 2016. Furthermore, the Company's debt-to-total capital ratio declined to approximately 21% at the end of Q3 FY17 from approximately 31% at the close of Q3 FY16.

Stock Performance

On Monday, October 23, 2017, the stock closed the trading session at $13.70, slightly down 0.51% from its previous closing price of $13.77. A total volume of 2.10 million shares have exchanged hands. MGIC Investment's stock price skyrocketed 17.29% in the last three months, 25.92% in the past six months, and 58.93% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 34.45%. The stock is trading at a PE ratio of 12.03. At Monday's closing price, the stock's net capitalization stands at $5.10 billion.

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SOURCE: Pro-Trader Daily