Mortgage Insurer PMI Narrows Loss

PMI narrowed its second-quarter loss but continues to suffer 'high' losses from its U.S. mortgage insurance operations.
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WALNUT CREEK, Calif. (

TheStreet

) -- Mortgage insurer

PMI

(PMI)

narrowed its loss in the second quarter but continues to suffer "high" losses and loss-adjustment expenses from its U.S. mortgage insurance operations.

PMI reported a loss from continuing operations of $222.6 million, or $2.71 a share, in the second quarter compared with a year-earlier loss of $251 million, or $3.09 a share.

Analysts surveyed by Thomson Reuters estimated PMI would report a loss of $1.42 a share in the quarter.

The latest second quarter also includes a $25.4 million charge from an increase in the fair market value of certain holding company senior debt.

Total revenue in the quarter fell to $202.2 million from $259.6 million a year earlier.

PMI said consolidated net premiums written for the second quarter were $169.7 million, down from $202.2 million a year earlier.

-- Reported by Joseph Woelfel in New York

.