SAN FRANCISCO - PMI Group Inc. has raised its sights on earnings.
The private mortgage insurer predicted Wednesday that it will earn $5.70 to $5.80 per share this year, 26% to 29% more than last year, and $6.67 to $6.90 next year.
The consensus estimates from First Call/Thomson Financial are $5.72 this year and $6.51 next year.
PMI said policies have been staying on the books longer than had been expected, that losses have been lower than expected, and that overseas operations and other investments "will continue to drive growth in the second half of the year and into 2001."
However, the company said its 2001 forecast calls for slightly higher claims than it is currently experiencing, because some policies are aging and reaching the peak default period.