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WALNUT CREEK, Calif. (AP) - Mortgage insurer PMI Group says it swung to a first-quarter loss, due to hefty payouts on default claims amid the nation's subprime mortgage crisis.
| PMI | 1.48 |  -0.1 |
Walnut Creek, Calif.-based PMI Group Inc. says losses totaled $274 million, or $3.37 per share, compared with year-ago earnings of $102 million, or $1.16 per share. The latest period includes mortgage insurance losses of $172.5 million due to more claims, added loss reserves and a charge on PMI's investment in bond insurer FGIC.
Total net premiums written rose to $255.3 million from $244.1 million.
Analysts surveyed by Thomson Financial expected a loss of $1.96 per share on revenue of $288.8 million.
The company affirmed its outlook for 2008 paid mortgage insurance claims of $825 million to $975 million.
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AP Business Writer Jennifer Malloy
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