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United Guaranty Corp. reported higher third-quarter earnings compared to last year, due to a drop in first-lien claims.
The AIG-owned mortgage insurer reported pretax operating income of $135 million, compared to income of $43 million a year ago.
Lower loss reserves boosted revenue. United Guaranty’s quarterly results included a $6 million reserve for first-lien losses, compared to a $34 million reserve last year.
Domestic first-lien insurance written dropped 11% from last year, to $12.6 billion. Net premiums written held steady at $271 million.
AIG reported a slight uptick in quarterly profits, which rose 1% from last year, to $2.2 billion.