MGIC Investment

(MTG) - Get Report

posted a fall in its first-quarter profit, citing the weak economy.

The mortgage insurer earned $141 million, or $1.42 a share, compared with $169 million, or $1.58 a share, a year ago. Analysts were expecting $1.35 a share.

Revenue was $422.9 million, up from last year's $375.6 million. The growth in revenue resulted partly from a 16.8% increase in net premiums totaling $332.2 million, the company said.

Persistency, or the percentage of insurance remaining in force from one year prior, was 53.8% at March 31, down from 59.2% at March 31 of last year, MGIC said.

Shares of the Milwaukee-based company were recently up 6.58% at $43.41.