WALNUT CREEK, Calif.--(BUSINESS WIRE)--Aug. 3, 2006--The PMI Group, Inc. (NYSE:PMI) (the "Company") today reported net income of $109.6 million for the second quarter of 2006 compared to net income of $104.6 million for the second quarter of 2005. Net income per diluted share grew by approximately 10 percent to $1.14 for the second quarter of 2006 compared to $1.04 for the second quarter of 2005.
Highlights in the second quarter of 2006 include:
-- U.S. Mortgage Insurance Operations(1)-- growth in premiums written, premiums earned and average premium rate as well as favorable credit performance with a sequential decline in delinquencies and claims paid;
-- International Operations(2) -- solid growth in PMI Australia's new insurance written, insurance in force and risk in force partially offset by credit performance trending towards historic norms;
-- Financial Guaranty(3)-- continued expansion of FGIC's operations, strong premium earnings and favorable credit performance;
-- Common Share Repurchases -- the Company repurchased approximately 3.2 million common shares in the second quarter of 2006 at a cost of $146.5 million.