PMI reported.
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THE PMI GROUP, INC. AND SUBSIDIARIES
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U.S. MORTGAGE INSURANCE OPERATIONS(5) FINANCIAL AND STATISTICAL
INFORMATION
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12/31/2005 9/30/2005 6/30/2005
------------ ----------- -----------
Primary insurance in force (in
millions)
Flow $ 86,991 $ 88,433 $ 89,965
Structured transactions 14,099 12,788 13,469
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Total $ 101,090 $ 101,221 $ 103,434
============ =========== ===========
Primary risk in force (in
millions)
Flow $ 21,644 $ 21,981 $ 22,296
Structured transactions 3,584 3,167 3,296
------------ ----------- -----------
Total $ 25,228 $ 25,148 $ 25,592
============ =========== ===========
Pool risk in force
(in millions)(10) $ 2,589 $ 2,530 $ 2,445
Primary risk in force -- credit
score distribution
Flow 620 or above 93.0% 92.7% 92.4%
619-575 5.5% 5.7% 5.9%
574 or below 1.5% 1.6% 1.7%
Structured
transactions 620 or above 76.9% 73.9% 71.7%
619-575 14.5% 16.0% 17.4%
574 or below 8.6% 10.1% 10.9%
Total 620 or above 90.7% 90.3% 89.7%
619-575 6.8% 7.0% 7.4%
574 or below 2.5% 2.7% 2.9%
Primary average loan size (in
thousands)
Flow $ 134.5 $ 133.3 $ 132.2
Structured transactions $ 145.4 $ 139.5 $ 139.8
Total $ 136.0 $ 134.1 $ 133.2
Loss severity -- primary
(quarterly)
Flow 95.6% 84.0% 83.8%
Structured transactions 93.1% 89.6% 87.7%
Total 95.0% 85.2% 84.6%
Persistency 61.9% 61.2% 62.0%
Primary loans, defaults and
default rates
Primary policies in force 743,533 754,934 776,721
Primary loans in default 42,702 38,146 35,030
Primary default rate 5.74% 5.05% 4.51%
Structured transactions only
default rate 9.85% 10.09% 8.54%
Pool default rate 6.84% 6.34% 5.65%
Claims paid (year-to-date in
thousands)
Primary claims paid -- flow $ 165.8 $ 126.6 $ 87.8
Primary claims paid -- structured
transactions 49.1 36.8 25.4
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Total primary claims paid 214.9 163.4 113.2
Total pool and other 20.1 15.0 9.6
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Total claims paid $ 235.0 $ 178.4 $ 122.8
============ =========== ===========
Number of primary claims paid
(year-to-date) 9,262 7,124 4,934
Average primary claim size (year-
to-date in thousands) $ 23.2 $ 22.9 $ 22.9
Captive reinsurance arrangements
(year-to-date)
Percentage of flow NIW subject to
captive reinsurance arrangements 69.0% 68.0% 65.0%
Percentage of primary NIW subject
to captive reinsurance
arrangements 54.7% 55.7% 50.7%
Percentage of primary IIF subject
to captive reinsurance
arrangements 53.4% 53.2% 52.1%
Percentage of primary RIF subject
to captive reinsurance
arrangements 53.8% 53.9% 52.9%
Risk-to-capital ratio (11) 8.3 to 1 8.1 to 1 8.4 to 1
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