Reuters (03/17/08); Singh, Sweta
PMI Group Inc. recorded a net loss of $1 billion in the 2007 fourth quarter, versus net earnings of $100.5 million in the 2006 fourth quarter. The mortgage insurer's biggest quarterly loss in company history is attributed to a $776.1 million loss from its investments in FGIC Corp.—a bond insurer that posted a more than 70-percent reduction in its quarterly dividend—as well as to a $236 million loss tied to its U.S. mortgage insurance operations. Reuters Estimates says a loss of just $3.37 per share was predicted by analysts, much lower than the actual loss of $12.51 a share.
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