US mortgage insurer Triad Guaranty has reported an 18% rise in 2001 operating earnings to $41.1m (£29m) from $34.8m (£24m) for 2000.
US mortgage insurer Triad Guaranty has reported an 18% rise in 2001 operating earnings, which exclude realized investment gains and losses, to $41.1m (£29m) from $34.8m (£24m) for 2000.
The company, which is headquartered in Winston-Salem, North Carolina, but domiciled in Illinois, said operating earnings per share for 2001 were $2.94 compared to $2.54 for 2000.
Net income for 2001 was $41.3m, up 17.9% from $35m in 2000.
Diluted earnings per share for the year totalled $2.95 compared to $2.55 in 2000.
Triad president and chief executive officer Darryl Thompson said 2001 was a year of record earnings for Triad.
"Our 2001 results reflect Triad's strong growth in both insurance in force and earned premium, as well as our continued favourable loss performance.
"Our continued focus in 2001 on expanding relationships with larger national lenders, as well as our innovative product offerings and our successful participation in the bulk market, have contributed to a record $13.3bn [£9.3bn] of insurance written in 2001."
Insurance written for the fourth quarter of 2001 of $4.8bn [£3.4bn] exceeded our total insurance written for the entire year in 2000. We also grew our insurance in force by 44% compared to a year ago."
Insurance in force reached $21.7bn [£15.2bn] at 31 December 2001, compared to $15.1bn [£10.6bn] at 31 December 2000.
Insurance written totalled $13.3bn for the year, up from $4.4bn (£3.1bn) in 2000.
The Company's combined loss and expense ratio was 49.1% for the fourth quarter of 2001 compared to 44% for the same period of 2000.
Triad Guaranty is the listed holding company for Triad Guaranty Insurance Corporation, a nationwide mortgage insurer that provides mortgage insurance to residential mortgage lenders.
Private mortgage insurance makes homeownership available to borrowers with equity of less than 20%, facilitates the sale of mortgage loans in the secondary market and protects lenders from default-related expenses.
