PMI Australia is performing well despite overall losses tabled by US parent PMI Group, first quarter results released overnight revealed.
PMI Australia reported a record net income of US$30.5 million ($32.2 million) for the quarter – an increase of 69 per cent from the first quarter of 2007. Insurance in force also increased by 16.6 per cent to US$182.7 billion ($193.1 billion).
The increase in net income was due largely to higher premiums earned, net investment income, net realised investment gains as well as the strengthening Australian dollar, PMI said.
Overall, the PMI Group reported a net loss for the first quarter of 2008 of US$274 million ($289.6 million), an increase of close to 200 per cent on losses reported in the same quarter of 2007 of US$102 million ($107.8 million).
The Group said the losses were due primarily to the US$172.5 million ($182.3 million) net loss in its US Mortgage Insurance Operations due to increases in paid claims, loss adjustment expenses and additions to the reserve for losses.
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