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Katrina Still Having Impact.
New York -- The PMI Group Inc., Walnut Creek, Calif., said approximately $8.9 million in after-tax charges and reserves related to Hurricane Katrina reduced its third-quarter results.
As a result, net income for the company was $95.7 million, or $0.97 per share, down from $102.6 million, or $0.99 per share, for the same period one year ago.
PMI's results were the opposite of a pair of its competitors, as Radian Group Inc. had a 33% increase in net income for the same timeframe, while Triad Guaranty Inc. had a 3% increase.
The bulk of the Katrina-related losses at PMI were attributed to Financial Guaranty Insurance Co., which had to take a pretax provision of $20.8 million related to its exposure to municipal finance obligations in the areas Katrina hit. The after-tax impact for parent PMI was $5.3 million.
Select Portfolio Servicing Inc., formerly known as Fairbanks, had to take a pretax provision of $6.6 million related to force-placed hazard and flood reinsurance for the areas Katrina affected. After the quarter ended, PMI completed the sale of SPS to Credit Suisse First Boston. PMI took a $1.8 million after-tax loss from SPS.
For its U.S. mortgage insurance operations, the increased reserves as a result of increased defaults resulting from the hurricane had a $1 million after-tax impact on PMI's earnings. The company's disaster relief response package, including an in-kind donation of single-family homes, had a $800,000 after-tax impact.
Net income for the U.S. mortgage insurance operations was $69.5 million, up slightly from $67.8 million one-year prior. The increase was due to higher premiums earned, ...
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