MGIC posts quarterly profit due to lower defaults

April 22 Tue Apr 22, 2014 7:12am EDT

April 22 (Reuters) - Mortgage insurer MGIC Investment Corp posted a first-quarter profit, compared with a year-earlier loss, as fewer U.S. homeowners defaulted on their payments.

Net income was $60 million, or 15 cents per share, for the quarter ended March 31, compared with a loss of $72.9 million, or 31 cents per share, a year earlier. (Reporting by Tanya Agrawal in Bangalore; Editing by Sriraj Kalluvila)