PMI Group narrows 4Q loss, writes $2.2B in new insurance
The PMI Group (PMI) narrowed its fourth-quarter loss in 2010 as the mortgage insurer noted a 128% increase in new loan insurance for the period and a slight decline in the number of PMI-insured U.S. primary loans classified as in default. The Walnut Creek, Calif-based company narrowed its fourth-quarter loss to $184.4 million, or $1.14 per share. That compares to a net loss of $228.2 million, or $2.76 per share, for the same period of 2009. The loss was deeper than the 68 cents per share 4Q loss forecasted by the average analyst. The stock was trading down nearly 5% late Tuesday. PMI Group managed to still write $2.2 billion in new insurance for the fourth quarter. Still, PMI Group wrote $2.2 billion in new insurance for the fourth quarter. The company also saw declines in new defaults, with 127,478 primary loans classified as "in default," compared to 150,925 loans in 4Q of 2009. For fiscal year 2010, PMI Group reported a loss from continuing operations of $773 million, or $5.70 per share, compared to a loss of $654 million, or $7.94 per share, in 2009. Write to Kerri Panchuk.