PMI Group Profits Flat
NU Online News Service, April 23, 3:08 p.m. EDT?Mortgage insurance writer PMI Group posted first-quarter net income of $89.6 million, or $1 per share, down slightly from the $91.5 million, or $1.00 per share, it reported for the period last year.
PMI Group wrote $235.3 million in net premiums for the quarter, up 5 percent from a year ago, thanks to improved results from international and title operations that offset a drop in its U.S. mortgage insurance, the company said.
In its U.S. mortgage insurance operations, PMI reported premiums written of $151.7 million and premiums earned of $156.6 million for the quarter, which are off slightly from $156.4 million for premiums written and $152.6 million for premiums earned reported for first-quarter 2002.
The Walnut Creek, Calif.-based mortgage insurer said it stands by its guidance for full-year operating earnings of $4.08 to $4.30 a share, a forecast which was issued last December.
The PMI Group, by underwriting private mortgage insurance, protects lenders in case of borrower default. The company also offers pool insurance, helping to protect secondary mortgage market investors. Its American Pioneer Title Insurance writes title insurance, and its other subsidiaries offer contract underwriting.
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