PMI Group Inc., the fourth-largest U.S. mortgage insurer, reported an eighth-straight quarterly loss, citing rising mortgage defaults and a decline in policy sales.
The net loss narrowed to $222.6 million, or $2.71 a share, from $246.3 million, or $3.03, the year earlier, the Walnut Creek, Calif., company said on Friday.
The loss was wider than the $1.30 average estimate of four analysts contacted by Bloomberg.
Reserves for losses were $3.2 billion, compared with $2.2 billion the year before.
The insurer said it increased its loss reserves because of higher defaults and higher claim rates in the United States.
Claims costs were $480.8 million in the second quarter, compared with $556.1 million the year earlier.
PMI reported a growing number of rescissions, or claims rejected on grounds that false information voids coverage, which helped offset claim costs.
