The PMI Group, Walnut Creek, Calif., posted a $184 million loss in the fourth quarter, compared to $242 million of red ink spilled in the same period a year earlier.
However, the company wrote $2.2 billion of new mortgage insurance policies in the fourth quarter, a 128% spike from the fourth quarter of 2009.
Most of the firm's problems are tied to its U.S. mortgage insurance business, which ranks fifth nationwide in terms of policies-in-force, according to figures compiled by National Mortgage News.
For the full year, PMI lost $773 million compared to a $659 million loss in 2009. However, excluding an income tax benefit, it dropped $779 million last year and $1.1 billion in 2009.
The loss suffered by its U.S. MI business in the fourth quarter was due primarily to continued high delinquencies and adjustment expenses.
PMI's inventory of delinquent loans totaled 127,478 units at yearend, a 15% decline over 12 months.
