PMI Australia reported a net income of $24 million for the second quarter of 2008 on Friday.
The result was significantly better than its parent’s (PMI Group) quarterly net loss of US$246.3 million ($278 million), however it was $0.4 million down from the same quarter in 2007.
PMI Australia said it was a solid result taking into account higher losses and loss adjustment expenses of $12.6 million.
The result brings the mortgage insurer’s half yearly net income to $54.5 million.
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