PMI Posts $220 MM Loss for Q2

The PMI Group Inc., Walnut Creek, Calif., had a loss of $222.6 million ($2.71 per share) for the second quarter of 2009, a slight improvement over the net loss of $246.3 million ($3.09 per share) for the same period last year. However, the results last year were boosted by a $4.7 million profit from units no longer part of PMI, namely PMI Australia, PMI Asia and PMI Guaranty. Total revenues at its U.S. mortgage insurance operations were $230.8 million for the second quarter of 2009, up from $219.9 million one year prior. The unit was able to improve on its second quarter 2008 loss of $225.9 million, with a loss of $175.8 million for the most recent period. Consolidated losses and loss adjustment expenses for the second quarter of 2009 were $480.8 million, down from $556.1 million for the second quarter of 2008.