Since 200,000 insider buys @4.5-5 both MI as well as LTC margins have improved. The market is notoriously irrational short term. It is reacting to LTC as if this were a repeat of the MI crisis 7 years ago. The two are entirely different. Do not be surprised to see more insider purchases.
Looks to me a) that aggregate active life margins have increased from 2.1 B a year ago and b) management thinks LTC is healthy enough to separate it off, perhaps in preparation for sale. LTC and MI were quite strong this quarter