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PMI Group reports net loss

The PMI Group, a provider of credit enhancement products, has reported a net loss of $915.3 million for FY 2007, as against the 2006 net income of $419.7 million.

The net loss for the fourth quarter of 2007 was $1 billion compared to the 2006 fourth quarter net income of $100 million.

Consolidated net premiums written for the fourth quarter and full year totaled $263.5 million and $1 billion, respectively, compared with $235.5 million and $861.6 million for the same periods one year ago.

The year-over-year increase was primarily due to increases in new insurance written in the US mortgage insurance operations and an increase in international operations’ net premiums written combined with favorable Australian foreign exchange rates.

Consolidated premiums earned for the fourth quarter and full year were $259.6 million and $995.2 million, respectively, compared with $225.7 million and $860.5 million for the same periods in 2006.