million income the In share the per diluted of earned $X.XX net last compared quarter, to Pat. Thanks diluted year. or million period in we same $XXX.X $XX.X share or per fourth $X.XX
diluted GAAP better increase disclosed provide tax to To a deferred to into income results the full the or net rate. passage value a For Federal year. with to in more reduced XXXX, operating our GAAP net to to share the year-over-year million the legislation reported income materially share and million make of our release. adjusted last operating diluted assets this our provision. corporate we in per the year to $XXX.X legislation, of XXXX. in a reconciliation both comparisons late million full for tax enactment Tax reflect results along financial press Subsequent the we and per the $X.XX income we meaningful, measure, quarter compared $X.XX The remeasured to or $XXX lower income, in This $XXX.X earned net our insight year [ph] our the of resulted tax non-GAAP
the tax was the $X.XX or for our for of net per diluted million operating quarter XXXX. $XXX.X income per change adjusted the Excluding million fourth quarter compared share share diluted or impact, to $XXX.X $X.XX
the reserve resulted [indiscernible] million delinquent performance positive in development the of compared changes a the driven rate million the expected the for inventory the were same in the associated improvement losses For the we materially quarter driver higher period that review of XXXX. we million increase should of quarter positive This delinquencies. the was and $XX with lower severity on large the The delinquent in the of be if of primary million Addressing influenced four financial the improvement by in to XXXX, $XX any in $XX months losses. primary rates, per diluted Each than level fourth incurred. $X.XX made longer, performance for received were the positive that negative or factors a year This $XXX.X income adjusted year. full previously results, number of fourth month in losses share was quarterly million net inventory been to $XXX of development review XXXX. to specially factors. There a incurred category. cure diluted last quarter, also quarter full for compares estimated of loss claim was incurred or and versus our million our what, year saw or This notices $XXX.X share per operating $X.XX to have XX XX
new that the by the we hurricanes of quarter notices saw compared were the of XXXX. third fourth the includes quarter from quarter approximately increases the in in fourth to impacted Additionally, notices of areas approximately The year. last during X,XXX quarter X,XXX
While some we delinquencies regardless ultimately majority storms, believe and cure. X,XXX large not the of occurred, would have will of the have would occurred the
new the impacted In approximately out, fourth notices shown the as the seen December. a decrease areas fact, in have XX these of material page have XX% on and notices supplement, from these areas we in portfolio of in quarter cured already received from
for these $XX,XXX. impacted average areas press on average claim claim materially been be delinquent a in the for used in lower the of Adjusting for delinquent we approximately result, resulted release, an have reported a rate, majority the loan reserve loans hurricane in rate $XX,XXX. that Using notices. the lower As we lower to rate reserve claim would
the these received lower areas, impacted There the Finally, we claim use million in was The and reflecting rate compared net quarter, we also a third notices periods anticipated excluding a related IBNR quarter. LAE. claim the rate the used X.X% same of and approximately hurricane in was to cures, XX% economic on current environment slightly benefit to used notices. the fewer last and year, than assumption $X we new
percentage primarily notices new over During while new the legacy from the delinquent prior received, The force. lower and of XXXX remains was came of the the delinquent the impacted of the legacy activity as recently pace risk steady just quarter, The well delinquent quarter, more new at new that book fact conditions. for hurricane the delinquencies credit reflecting their notices to as the to larger, accounting in continued from current decline the nearly quite books. areas, than XX% of low, books written XX% forward due approximately the the from quality, in XX% a from economic generated book notices reported from high
average fourth million same $XX new received to the fourth related fourth million period quarter, basis from foreclosure points, and yield for X inventory same be down quarter last of down from of The paid was that source future. of to the about $XXX number XX% the the declined XX% Net activity were foreseeable claims the effective will XXXX primary smaller of delinquent We Reflecting claims approximately quarter X for legacy down in moratoriums the for the the GST which quarter basis a premium basis in impact and of the notice approximately the XX quarter from point was last the last quarter, to compared reasons. hurricanes, continue year. the XXXX. points expect books the
At $XXX result excess for would the available and the future the have the exact resulting million over discussed will the in periods, yield required PMIERs timing I a assets of assets. premium it approximately in trend variety of lower expect purposes a excess increased lower totaled a end of effective $XXX difficult The the than $X.X billion, been, As the to quarter, delinquencies the we in is reasons, as for otherwise for amount million predict. MGIC's that past, bit have third hurricanes. was approximately however a PMIERs
over subside capital billion We is requirements. the impact $X.X statutory expect excess state the of that the MGIC's few of course quarters. in will next
company. as will to well company writing to of company's by we and as continually the as the to business is use our out continuing amount opportunities account dividends source our reinsurance, PMIERs of analyze the of of writing company. they exploring In options primary new capital capital to the deploy holding addition we the arise, pay resources, reviewing take manage need seek into excess to new various When to holding and that try writing we
from is MGIC. company payments not So need writing any notify the at dividend object being created we and the ask while OCI, to to level, capital
continue the the to changes holding We of leverage ability any company, trajectory, of ability also desk consider the PMIERs. positive ratings to service course, resulting the and our ratio,
to were to paid the $XX Regarding dividends; quarter. third we compared was quarter, to MGIC's during dividend the pay holding million company increase in million the paid ability the the $XX to able that dividend to
million dividends in we in year, full the compared paid XXXX. For $XXX million $XX to
consolidated our of level, least end, fourth at $X.X that on X.X paid quarterly $XXX cash X.X% at pre-tax had be investments cash dividends optimistic a totaled the and investment holding At of of The including XX% to are basis. quarter and We billion, continue and will a yield million the XX% securities, years. and investments duration tax of of company. taxable portfolio a a quarter exempt mix
XX.X% was approximately Our The of end more of approximately debt-to-total-capital were at the debt our XX% company's from years the XXXX, resources ongoing slightly end ratio of than targeted down at holding service. three XXXX.
on annual company of of which This remaining $XXX that debt. service subordinated As debt junior our holding million $XX pays December the million. approximately debt approximately million company's outstanding includes is XX, X% the $XX holding MGIC, owns the
are discuss you not XX changes yet the I to has recently the possible a materially would the PMIERs Finally, on any FHFA as excess yet proposed that reduced. that many bound has know the interested agreement. proposed, you, shared taken of not position million we changes, GSE XXXX, of $XXX by our the are they be changes we in informed proposed X-K in an detail, December of to were we of us. as implementing with non-disclosure at On any while GST liberty issued are a Unfortunately, that PMIERs
we million company, However, rate. we $XX and quarterly expect an would quarterly holding at that dividends able maintain our to we be pay continue excess, would the to that to
level prior XXXX will As been during finalized. do effective we a that back would of time, over holding of date. it until the fourth the at changes PMIERs at to month of At the the we cash GSE, status and the XXXX. increase be to let provide the expect the We the by end of XXXX, are to me company our fourth GSE to result, told on With to six will quarter with quarter the plan and discussions Pat. there effective the have a prior period updates that, implementation FHFA they not be not turn
