A net loss of $178.84m for Q4 08 compared to a net loss of $1.01 billion Q4 07 is reported
The PMI Group, a mortgage insurer, has reported a net loss of $178.84m, or $2.19 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net loss of $1.01 billion, or $12.51 per diluted share, for the fourth quarter ended December 31, 2007.
The group reported that its loss from continuing operations for the fourth quarter of 2008 was $181m, or $2.22 per diluted share, compared to a loss from continuing operations of $1.03 billion, or $12.76 per diluted share, for the same quarter of 2007.
Consolidated net premiums written for the fourth quarter of 2008 totaled $177.5m, compared with $203.1m for the fourth quarter of 2007. For the fourth quarter of 2008, consolidated premiums earned were $184.1m, compared with $210m for the same quarter of 2007.
For the full year ended December 31, 2008, the company reported a net loss of $928.51m, or $11.40 per diluted share, compared to a net loss of $915.33m, or $10.81 per diluted share, for the full year ended December 31, 2007.
Loss from continuing operations for the full year of 2008 was $887.2m, or $10.90 per diluted share, compared to loss from continuing operations of $1.01 billion, or $11.92 per diluted share, for the year 2007.
For the year 2008, consolidated net premiums written were $768.9m, compared with $813.9m for the year 2007. Consolidated premiums earned for the full year were $786.2m, compared with $815.4m for 2007.