PMI Reports Volume Up 92%

PMI Mortgage Insurance Co., San Francisco, wrote $6.9 billion of new insurance in the second quarter, up 92% from $3.6 billion a year ago, according to the company's parent, The PMI Group Inc. Net income for the second quarter was $46.8 million ($1.46 per share), compared with $42.3 million ($1.25 per share) a year ago.Operating earnings per share grew to $1.41 in the second quarter, up 14% from the year before. "Despite the high level of mortgage refinances, we're particularly pleased to see PMI's insurance in force grow in the second quarter," said W. Roger Haughton, chairman and chief executive officer of PMI Group. Risk in force increased to $18.3 billion as of June 30, up from $18.1 billion at March 31 and $17.7 billion at June 30, 1997. PMI Group's website address is http://www.pmigroup.com.