MGIC Investment Corp. (MGIC) is not going to be profitable in 2009, the top executive at the Milwaukee-based mortgage insurer declared, even though its fourth quarter and full year results were improved over the previous year.

Curt S. Culver, chairman and chief executive, said falling home values and the impact of the recession have caused a significant increase in delinquencies in the fourth quarter at MGIC. However, in spite of the difficult operating environment, he continued, MGIC has adequate resources to meet its claim obligations.

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