The PMI Group, Inc. Reports Third Quarter 2004 Net Income Per Share of $1.05.WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif. -- The PMI Group The PMI Group (NYSE: PMI) is a provider of credit enhancement products that promote homeownership and the provision of services essential to the building of strong communities. , Inc. (NYSE NYSE See: New York Stock Exchange :PMI See Private Mortgage Insurance. ) (the "Company") today announced that net income per share totaled $1.05 for the quarter ended September September: see month. 30, 2004 and $3.28 for the nine months ended September 30, 2004, compared to $0.67 and $2.43 for the same periods a year ago. Net income for the quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. totaled $102.6 million and $318.8 million respectively, compared to $60.1 million and $219.2 million for the same periods a year ago. Year-to-date net income for 2004 includes a $30.1 million (after tax) gain from the sale of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Pioneer Title Insurance Company ("APTIC APTIC Air Pollution Technical Information Center "). Year-to-date and third quarter net income for 2003 included a $19.4 million (after tax) net loss attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to equity earnings from the Company's unconsolidated subsidiary Select Portfolio Servicing, Inc. ("SPS (Standby Power System) A UPS system that switches to battery backup upon detection of power failure. See UPS. SPS - Symbolic Programming System. Assembly language for IBM 1620. "). Third Quarter 2004 Highlights --Combined(1) insurance in force totaled $254.3 billion compared to $204.0 billion at September 30, 2003 --Consolidated premiums earned grew 14.5 percent to $195.1 million compared to $170.3 million for the third quarter 2003 --The third full quarter of the Company's investment in FGIC FGIC See Financial Guaranty Insurance Corporation (FGIC). yielded equity in earnings of $14.1 million (after tax) --International premiums earned increased $8.6 million or 35.3 percent over the third quarter 2003 to $32.8 million (1) "Combined" includes results from U.S. Mortgage Insurance Operations, CMG CMG Coastal & Marine Geology (USGS) CMG Chipotle Mexican Grill, Inc. (stock symbol) CMG Companion (of the Order Of) St Michael and St George CMG Computer Measurement Group Mortgage Insurance Company ("CMG"), PMI Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and PMI Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .Results for the Company include: --A $16.2 million increase in premiums earned for the quarter for U.S. Mortgage Insurance Operations including a $7.8 million increase related to loan cancellations reported in the third quarter under a single premium non-refundable policy; --A $4.7 million reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of a tax reserve attributable to a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). state tax issue; --A $2.6 million (pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ) refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the settlement in 2001 of the Baynham class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; --Favorable impacts of $1.6 million and $9.0 million for the quarter and year-to-date respectively, due to a change in the average foreign currency exchange rates compared to the same periods a year ago. Mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. losses related to the foreign currency put options purchased to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the effects of a strengthening in the U.S. dollar
were $1.5 million for the quarter and $0.5 million year-to-date.The diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. weighted average common shares outstanding for the quarter and year-to-date totaled 97.3 million and 97.2 million respectively, compared to 90.3 million and 90.0 million for the same periods a year ago. The increase reflects the issuance of 5.75 million shares in November November: see month. 2003 as a result of the Company's common stock offering in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with our 42.1 percent investment in FGIC Corporation, the parent of Financial Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Insurance Company ("FGIC"). On August 5, 2004 PMI announced it would commence repurchases under a previously authorized stock Authorized Stock The maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet. repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program in an amount not to exceed $100 million. For the quarter and year-to-date, 986,100 shares have been repurchased in the amount of $39.7 million. Combined new insurance written (including new credit default swaps Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. written) for the quarter and year-to-date was $22.0 billion and $61.6 billion respectively, compared to $27.0 billion and $67.5 billion for the same periods a year ago. The decreases were due primarily to declines in new insurance written by U.S. Mortgage Insurance Operations, partially offset by increases in new insurance written by PMI Australia. Combined insurance in force at September 30, 2004 was $254.3 billion, compared to $204.0 billion at September 30, 2003. The increase in combined insurance in force was the result of an increase in insurance in force for PMI Australia, PMI Europe's acquisition of the U.K. lenders' mortgage insurance portfolio from Royal & Sun Alliance ("R&SA") which closed in October October: see month. 2003, and growth in Domestic(2) primary insurance in force. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net premiums written for the quarter and year-to-date totaled $187.0 million and $571.3 million respectively, compared to $175.3 million and $525.2 million for the same periods a year ago. The changes were the result of increases in net premiums written for International Operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and U.S. Mortgage Insurance Operations. Consolidated premiums earned for the quarter and year-to-date totaled $195.1 million and $568.1 million respectively, compared to $170.3 million and $514.5 million for the same periods a year ago. The increase for the quarter and year-to-date was a result of increases in both premiums earned for U.S. Mortgage Insurance Operations and International Operations. Consolidated net investment income for the quarter and year-to-date totaled $42.0 million and $125.6 million respectively, compared to $35.4 million and $102.6 million for the same periods a year ago. The increases were a result of higher net investment income for International Operations, U.S. Mortgage Insurance Operations and the Other segment due primarily to an increase in the investment portfolio for each segment as well as municipal bond refundings. Consolidated losses and loss adjustment expenses for the quarter and year-to-date totaled $60.8 million and $177.2 million respectively, compared to $46.7 million and $149.7 million for the same periods a year ago. The increase for the quarter was due primarily to the change between the losses and loss adjustment expenses/(reversals) for PMI Australia for the third quarter 2003 of ($7.2) million compared to $0.4 million for the third quarter 2004 and higher losses and loss adjustment expenses incurred by U.S. Mortgage Insurance Operations. The year-to-date increase was due primarily to the higher claims paid and increases to loss reserves by U.S. Mortgage Insurance Operations. Consolidated reserve for losses and loss adjustment expenses totaled $358.0 million at September 30, 2004, compared to $346.9 million at December December: see month. 31, 2003 and $335.9 million at September 30, 2003. The higher reserve total was led by increases for U.S. Mortgage Insurance Operations and PMI Europe, with the latter due to the acquisition of the R&SA insurance portfolio. Consolidated other underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter and year-to-date totaled $46.7 million and $144.0 million respectively, compared to $45.8 million and $129.4 million for the same periods a year ago. The increases for the quarter and year-to-date were due primarily to the higher expenses for U.S. Mortgage Insurance Operations and PMI Australia, partially offset by lower U.S. contract underwriting expenses. Consolidated income tax expense for the quarter and year-to-date includes the reversal of a $4.7 million tax reserve established in connection with notices of assessment received from the California Franchise Tax Board The California Franchise Tax Board (FTB) collects state personal income tax and corporate income tax of California.[1] History In 1879 California adopted its state constitution which among many other programs created the State Board of Equalization and the for dividends received by the Company from its wholly-owned insurance company subsidiaries. Legislation enacted by the State of California on September 29, 2004 permits an irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is election to take a deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of 80% of "qualifying dividends qualifying dividends The dividends that meet Internal Revenue Service regulations for exclusion or partial exclusion from federal income taxation. For example, corporations are permitted to exclude a portion of all of the qualifying dividends received from received" by holding companies. The Company has made this election. (2) "Domestic" includes results from U.S. Mortgage Insurance Operations and CMG.
THIRD QUARTER SEGMENT HIGHLIGHTS
U.S. Mortgage
(Dollars in Insurance International Financial
millions) Operations(3) Operations(4) Guaranty(5) Other(6) Total
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Net premiums
written $143.7 $43.2 $-- $0.0 $187.0(a)
Premiums
earned 162.3 32.8 -- 0.0 195.1
Equity in
earnings 3.7 -- 17.1 0.4 21.1(a)
Total revenues 192.0 45.2 17.1 11.9 266.2
Losses,
expenses and
interest
expense 98.6 11.3 -- 25.2 135.1
Net income $67.8 $23.7 $15.2 ($4.1) $102.6
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(a) Does not total due to rounding
----------------------------------------------------------------------
(3) "U.S. Mortgage Insurance Operations" includes the results of PMI
Mortgage Insurance Co. and affiliated U.S. reinsurance companies
and equity in earnings from CMG.
(4) "International Operations" includes the results of PMI Australia,
PMI Europe and the results of operations in Hong Kong.
(5) "Financial Guaranty" includes the equity in earnings from FGIC and
RAM Re.
(6) "Other" includes the results from the holding company, equity in
earnings/losses from SPS, limited partnerships, PMI Mortgage
Services Co., dormant insurance companies and the discontinued
operations of APTIC.
U.S. Mortgage Insurance Operations Net income for U.S. Mortgage Insurance Operations for the quarter and year-to-date totaled $67.8 million and $184.7 million respectively, compared to $58.3 million and $186.1 million for the same periods a year ago. The increase for the quarter primarily was the result of increases in premiums earned and net investment income partially offset by increases in losses and loss adjustment expenses and other underwriting and operating expenses. The year-to-date decrease in net income was due primarily to increases in losses and loss adjustment expenses and other underwriting and operating expenses, including a field operations restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $2.9 million, partially offset by increases in premiums earned and net investment income. Net premiums written for U.S. Mortgage Insurance Operations for the quarter and year-to-date totaled $143.7 million and $444.2 million respectively, compared to $138.3 million and $432.2 million for the same periods a year ago. Premiums earned for the quarter and year-to-date totaled $162.3 million and $465.7 million respectively, compared to $146.1 million and $447.6 million for the same periods a year ago. The increases in net premiums written and premiums earned were due primarily to the increase in the average premium rate as a result of a higher percentage of policies with deeper coverage, a higher percentage of policies on adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. and a higher proportion of mortgages with higher loan to value ratios, all compared to the same period a year ago. The $16.2 million and $18.1 million increases in premiums earned for the quarter and year-to-date respectively, were also partially the result of $7.8 million in premiums earned related to loan cancellations reported in the third quarter under a single premium non-refundable policy executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. in the fourth quarter of 2003. Net investment income for the quarter and year-to-date totaled $24.3 million and $76.7 million respectively, compared to $22.0 million and $67.5 million for the same periods a year ago. The increases were due primarily to increases in the investment portfolio and municipal bond refundings. The equity in earnings from CMG Mortgage Insurance Company for the quarter and year-to-date totaled $2.4 million (after tax) and $7.0 million (after tax) respectively, compared to $2.0 million (after tax) and $6.4 million (after tax) for the same periods a year ago. Losses and loss adjustment expenses for the quarter and year-to-date totaled $60.1 million and $174.8 million respectively, compared to $53.4 million and $156.5 million for the same periods a year ago. The increase for the quarter was due primarily to an increase in primary claims paid. The year-to-date increase was due primarily to increases in primary claims paid and additions to loss reserves. Amortization of policy acquisition costs for the quarter and year-to-date totaled $18.0 million and $55.5 million respectively, compared to $19.6 million and $58.6 million for the same periods a year ago. The deferred policy acquisition cost asset declined $13.8 million from December 31, 2003 as the amortization of deferred costs outpaced additions. Other underwriting and operating expenses for the quarter and year-to-date totaled $22.8 million and $71.2 million respectively, compared to $18.9 million and $52.6 million for the same periods a year ago. The increase for the quarter was due primarily to the recognition of expenses previously deferred as acquisition costs and higher depreciation expense attributable to increased technology investments. The year-to-date increase was due primarily to: 2003 compensation and related expenses paid in the first quarter of 2004; the recognition of expenses previously deferred as acquisition costs; higher depreciation expense attributable to increased technology investments; and the reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation of expenses previously recorded as loss adjustment expenses. In addition to the other underwriting and operating expenses above, during the quarter, the Company received a $2.6 million (pre-tax) refund relating to the settlement in 2001 of the Baynham class action litigation. As previously announced, during the course of 2004, the Company has consolidated certain field underwriting and sales offices and reduced the number of field personnel. The impact from consolidation is presently expected to result in annual pre-tax savings of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5 million to $6 million beginning in 2005. Reported separately from other underwriting and operating expenses, the Company incurred expenses of $0.3 million pre-tax and $2.9 million pre-tax for the quarter and year-to-date respectively, as charges related to this consolidation and reduction. NEW INSURANCE WRITTEN (Dollars in billions) Q3 2004 YTD 2004 Q3 2003 YTD 2003 ---------------------------------------------------------------------- Domestic new primary mortgage insurance written $12.0 $34.8 $19.8 $51.0 Excluding CMG 10.5 30.7 17.5 45.4 Bulk transactions 1.4 2.7 1.8 5.7 Domestic mortgage pool insurance written 1.0 7.4 3.4 7.5 ---------------------------------------------------------------------- Domestic new insurance written for the quarter and year-to-date totaled $12.0 billion and $34.8 billion respectively, compared to $19.8 billion and $51.0 billion for the same periods a year ago. The decreases were due primarily to lower mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume, lower mortgage insurance volume and tighter spreads in the structured transactions market which drove lower bulk insurance writings.
PRIMARY MORTGAGE INSURANCE IN FORCE
as of as of as of
(Dollars in billions) 9/30/04 12/31/03 9/30/03
----------------------------------------------------------------------
Domestic primary insurance in force $118.8 $117.8 $116.7
Excluding CMG 104.8 105.2 104.6
Domestic primary risk in force 28.4 27.4 27.1
Excluding CMG 25.3 24.7 24.5
Domestic annual primary persistency rate 60.6% 45.1% 42.4%
Excluding CMG 59.5% 44.6% 41.9%
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Domestic primary insurance in force totaled $118.8 billion, compared to $116.7 billion a year ago. The increase from September 30, 2003 was a result of new insurance written outpacing the cancellations of insurance over the previous twelve months. The domestic annual persistency rate increased to 60.6 percent as of September 30, 2004 from 45.1 percent as of December 31, 2003 and 42.4 percent as of September 30, 2003. Pool risk in force as of September 30, 2004 was $2.4 billion, compared to $2.9 billion at December 31, 2003 and $2.8 billion at September 30, 2003.
DEFAULT RATE
as of as of as of
9/30/04 12/31/03 9/30/03
----------------------------------------------------------------------
Domestic primary mortgage insurance 4.14% 4.10% 3.96%
Excluding CMG 4.61% 4.53% 4.36%
Excluding CMG and bulk transactions 4.07% 3.89% 3.77%
Bulk transactions only 8.97% 9.45% 8.95%
Pool insurance 4.97% 4.36% 4.18%
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At September 30, 2004, the Company's U.S. primary insurance default rate, excluding CMG, was 4.61 percent compared to 4.53 percent at December 31, 2003 and 4.36 percent at September 30, 2003. The year-over-year increase was due to a combination of the 2.6 percent increase in delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loan inventory and the 2.8 percent decrease in the number of policies in force. At September 30, 2004, the Company's U.S. pool insurance default rate was 4.97 percent compared to 4.36 percent at December 31, 2003 and 4.18 percent at September 30, 2003. The year-over-year increase in the delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate was due primarily to the 10.8 percent decrease in pool insurance policies in force.
CLAIMS PAID - EXCLUDING CMG
(Dollars in millions) Q3 2004 YTD 2004 Q3 2003 YTD 2003
----------------------------------------------------------------------
Claims paid
-----------
Primary - traditional flow $37.2 $104.3 $27.6 $82.1
Primary - bulk 14.8 41.2 15.6 45.4
-------- ------- ------- ------
Total primary 52.1(b) 145.4(b) 43.1(b) 127.5
Total pool 6.4 14.6 4.7 13.0
-------- ------- ------- ------
Total claims paid $58.5 $160.0 $47.8 $140.5
(b) Does not total due to rounding
----------------------------------------------------------------------
Primary claims paid for the quarter and year-to-date totaled $52.1 million and $145.4 million respectively, compared to $43.1 million and $127.5 million for the same periods a year ago. We believe the level of claims paid over the past twelve months was influenced by the seasoning of our insurance portfolio and general economic conditions, partially offset by our loss mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy efforts. International Operations Net income from International Operations for the quarter and year-to-date totaled $23.7 million and $75.7 million respectively, compared to $23.7 million and $54.5 million for the same periods a year ago. The level of net income for the quarter was the result of the year-over-year increases in premiums earned for PMI Australia and PMI Europe and the strengthening of the Australian dollar Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents and the Euro compared to the U.S. dollar, offset by the change between the losses and loss adjustment expenses/(reversals) for PMI Australia for the third quarter 2003 of ($7.2) million compared to $0.4 million for the third quarter 2004. The year-to-date increase was driven by a 22 percent year-to-date increase in net income from PMI Australia due to the previously stated factors. The results of our International Operations are subject to fluctuations in the monthly average foreign currency exchange rate of the U.S. dollar with the Australian dollar and the Euro. In the second quarter of 2004, the Company initiated a foreign currency put option program designed to mitigate negative effects to net income due to a potential strengthening of the U.S. dollar relative to the Australian dollar and the Euro during the remainder of 2004. For the quarter and year-to-date, the Company recorded in other income a net loss of $1.5 million and $0.5 million respectively, related to the foreign currency put option program. To the extent the U.S. dollar weakens against either the Australian dollar or the Euro, the total negative impact to consolidated net income in 2004 under the foreign currency put option program will be limited to the cost of the options purchased. To the extent net income in the foreign currency were to exceed the notional no·tion·al adj. 1. Of, containing, or being a notion; mental or imaginary. 2. Speculative or theoretical. 3. balances of the options purchased, and the U.S. dollar strengthens, that portion of the net income from our International Operations segment exceeding the notional balance of the options purchased would not be covered by the mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. benefits of the foreign currency put option program. Net investment income for International Operations for the quarter and year-to-date totaled $11.8 million and $34.3 million respectively, compared to $9.1 million and $22.3 million for the same periods a year ago. The increases were due primarily to increases in the investment portfolios of PMI Australia and PMI Europe and an increase in the yield on investments in the PMI Australia investment portfolio. Net income from PMI Australia for the quarter and year-to-date totaled $17.6 million and $57.0 million respectively, compared to $21.1 million and $46.9 million for the same periods a year ago. The decrease for the quarter was due primarily to the change between the losses and loss adjustment expenses/(reversals) for PMI Australia for the third quarter 2003 of ($7.2) million compared to $0.4 million for the third quarter 2004. The year-to-date increase was due primarily to increases in premiums earned, increases in net investment income and the strengthening of the Australian dollar compared to the U.S. dollar. In local currency, net income from PMI Australia for the quarter and year-to-date totaled AU$24.7 million and AU$78.1 million respectively, compared to AU$32.0 million and AU$73.7 million for the same periods a year ago. Refer to Appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. B for more information on results in local currency. Credit trends have remained favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for PMI Australia. Losses and loss adjustment expenses/(reversals) for PMI Australia for the quarter and year-to-date totaled $0.4 million and $0.7 million respectively, compared to ($7.2) million and ($8.6) million for the same periods a year ago. The changes for the quarter and year-to-date were primarily due to the release of loss reserves for the same periods a year ago. In the third quarter of 2003, PMI Australia released $8.0 million in loss reserves as a result of the declining trend in the number of delinquent loans and claims paid. The continued low level of losses and loss adjustment expenses for the quarter and year-to-date is the result of the low claims paid and the low delinquent loan inventory. Claims paid totaled $0.4 million and $0.6 million for the quarter and year-to-date respectively, compared to $0.7 million and $2.3 million for the same periods a year ago. Premiums earned for PMI Australia for the quarter and year-to-date totaled $26.3 million and $81.9 million respectively, compared to $21.6 million and $58.7 million for the same periods a year ago, as a result of an increase in insurance in force and the strengthening of the Australian dollar versus the U.S. dollar. Primary insurance in force for PMI Australia was $102.5 billion at September 30, 2004, compared to $87.9 billion at December 31, 2003 and $74.5 billion at September 30, 2003. Primary risk in force for PMI Australia was $93.0 billion at September 30, 2004, compared to $79.3 billion at December 31, 2003 and $68.2 billion at September 30, 2003. New insurance written for PMI Australia for the quarter and year-to-date totaled $10.0 billion and $26.9 billion respectively, compared to $7.2 billion and $16.5 billion for the same periods a year ago. PMI Australia's primary new insurance written includes flow channel insurance and insurance on residential mortgage-backed securities Residential mortgage-backed securities (RMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on residential rather than commercial real estate. , or RMBS RMBS Residential Mortgage-Backed Securities RMBS Rambus, Inc. (NASDAQ stock symbol) RMBS Russian Mortgage-Backed Securities . RMBS transactions include insurance on seasoned portfolios comprised of prime credit quality loans that have LTVs principally below 80 percent. RMBS new insurance written for the quarter and year-to-date totaled $5.3 billion and $11.9 billion respectively, compared to $2.3 billion and $5.1 billion for the same periods a year ago. For PMI Europe, net income for the quarter and year-to-date totaled $4.8 million and $13.8 million respectively, compared to $1.5 million and $3.9 million for the same periods a year ago. In local currency, net income from PMI Europe for the quarter and year-to-date totaled EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.1 million and EUR 14.9 million respectively, compared to EUR 1.3 million and EUR 3.4 million for the same periods a year ago. Refer to Appendix B for more information on results in local currency. Net premiums written for PMI Europe for the quarter and year-to-date totaled $2.3 million and $7.4 million respectively, compared to $1.0 million and $4.3 million for the same periods a year ago. The increases in net premiums written were due to the level of new insurance written. Premiums earned for PMI Europe for the quarter and year-to-date totaled $5.2 million and $15.6 million respectively, compared to $1.4 million and $4.5 million for the same periods a year ago. The increases in premiums earned were due primarily to the increase in insurance in force. Net investment income for PMI Europe for the quarter and year-to-date totaled $2.3 million and $6.7 million respectively, compared to $1.8 million and $3.5 million for the same periods a year ago. Insurance in force for PMI Europe was $33.0 billion at September 30, 2004, compared $12.8 billion at September 30, 2003. Risk in force for PMI Europe was $3.2 billion at September 30, 2004, compared to $0.7 billion at September 30, 2003. The increases in net investment income, insurance in force and risk in force were due primarily to PMI Europe's acquisition of the U.K. lenders' mortgage insurance portfolio from R&SA. PMI Europe has entered into four credit default swaps which are classified as derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. . Other income for PMI Europe totaled $1.2 million and $3.9 million for the quarter and year-to-date respectively, and primarily relates to the change in the fair value of those instruments. PMI's Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. premiums earned for the quarter and year-to-date totaled $1.3 million and $4.8 million respectively, compared to $1.2 million and $3.7 million for the same periods a year ago. The increases were due primarily to an increase in mortgage origination activity in Hong Kong. PMI's Hong Kong branch reinsures mortgage risk for the Hong Kong Mortgage Corporation. Financial Guaranty Financial Guaranty, which includes the Company's investments in FGIC and RAM Re, reported net income for the quarter and year-to-date of $15.2 million and $46.2 million respectively, compared to $0.8 million and $1.8 million for the same periods a year ago. The increases were the result of our 42.1 percent investment in FGIC, which occurred in December 2003. For the quarter and year-to-date, equity in earnings from FGIC totaled $14.1 million (after tax) and $43.1 million (after tax) respectively. Equity in earnings from RAM Re for the quarter and year-to-date totaled $1.1 million (after tax) and $3.1 million (after tax) respectively, compared to $0.8 million (after tax) and $1.8 million (after tax) for the same periods a year ago. The increase for the quarter was due primarily to increases in premiums earned and net investment income. The year-to-date increase was due primarily to the $1.9 million charge in the first quarter of 2003 for other-than-temporary impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. to its investment portfolio. PMI reports equity in earnings from RAM Re on a one-quarter lag. Other The Other segment consists of revenues and expenses of the holding company, PMI Mortgage Services Co., equity earnings from SPS, and for 2003 and the first quarter of 2004 the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of APTIC. For the quarter, the Other segment reported a net loss of $4.1 million compared to a net loss $22.8 million for the same period a year ago. The decrease in the net loss for the third quarter of 2004 compared to the third quarter of 2003 was primarily the result of the change in equity earnings from SPS (formerly Fairbanks Fairbanks, city (1990 pop. 30,843), Fairbanks North Star Borough, E central Alaska, on the Chena River near its confluence with the Tanana; inc. 1903. Fairbanks is the only sizable urban center in the vast Alaskan interior. Capital) and the release of $4.7 million of tax reserves. In the third quarter 2003, SPS recognized a charge in connection with its settlement of a joint Federal Trade Commission and U.S. Department of Housing and Urban Development investigation and the estimated related costs of the settlement. The Company's share in the net loss of SPS was $19.4 million (after tax). Year-to-date, net income from the Other segment totaled $12.2 million compared to a net loss of $23.1 million for the same period a year ago. The year-to-date change in net income/(loss) from the Other segment was due to the gain on sale of APTIC in the first quarter of 2004 and an increase in equity in earnings from SPS, partially offset by the absence of net income from discontinued operations due to the sale of APTIC in the first quarter of 2004 and the increase in interest expense due to the November 2003 issuance of our hybrid hybrid (hī`brĭd), term applied by plant and animal breeders to the offspring of a cross between two different subspecies or species, and by geneticists to the offspring of parents differing in any genetic characteristic (see genetics). income term securities to finance our investment in FGIC. On March 19, 2004, we completed the sale of APTIC, received $115.1 million in cash and recognized an after tax gain of $30.1 million. Equity in earnings of SPS for the quarter and year-to-date totaled $0.2 million (after tax) and $0.6 million (after tax) respectively, compared to losses of $19.4 million (after tax) and $13.2 million (after tax) for the same periods a year ago. As of September 30, 2004, the Company's carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its investment in SPS was $131.2 million compared to $110.5 million at June June: see month. 30, 2004. The increase in the carrying value from June 30, 2004 is due primarily to our exchange of certain SPS notes receivable for equity. Our equity ownership in SPS at September 30, 2004 increased to 64.9 percent compared to 56.8 percent at June 30, 2004 primarily as a result of SPS's repurchase of shares from its minority shareholders. As of September 30, 2004, SPS receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed held by the Company totaled $19.2 million. During the third quarter, the Company was repaid $6.9 million by SPS on outstanding receivables. Other income totaled $6.1 million and $20.7 million for the quarter and year-to-date, compared to $11.6 million and $36.2 million for the same periods a year ago. The decline was the result of a decline in contract underwriting volume. Other underwriting and operating expenses for the quarter and year-to-date totaled $16.5 million and $51.6 million respectively, compared to $21.8 million and $63.1 million for the same periods a year ago. The level of expenses reflects lower contract underwriting expenses due to decreased volume, partially offset by higher holding company expenses including compensation and interest expense. ABOUT THE PMI GROUP, INC. The PMI Group, Inc. (NYSE:PMI) headquartered in Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the is an international provider of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing products that promotes homeownership and facilitates mortgage transactions in the capital markets. Through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. and unconsolidated strategic investments, the Company offers residential mortgage insurance and credit enhancement products domestically and internationally as well as financial guaranty insurance and reinsurance. The Company is an advocate advocate: see attorney. of affordable housing and supports a number of organizations that foster greater access to affordable housing. The Company's approach to affordable housing lending is to develop products and services that assist responsible borrowers who may not qualify for mortgage loans under traditional underwriting practices. Cautionary Statement: Statements in this press release that are not historical facts, and that relate to future plans, events or performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements relate to the Company's field office consolidation. Readers are cautioned that these forward-looking statements by their nature involve risk and uncertainty because they relate to events and depend on circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements, including, among others, refinements of our estimates of savings and charges as we implement the office consolidation, conditions affecting the Company's mortgage insurance operations, and general economic conditions. Risks and uncertainties that could affect the Company are discussed in our Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2004.
THE PMI GROUP, INC. AND SUBSIDIARIES
FINANCIAL RESULTS AND STATISTICAL INFORMATION FOR THE PERIOD ENDED
SEPTEMBER 30, 2004
----------------------------------------------------------------------
Contents
----------------------------------------------------------------------
Consolidated Statements of Operations and Balance Sheets
Business Segments Results of Operations - Three Months Ended September
30, 2004 and 2003
Business Segments Results of Operations - Nine Months Ended September
30, 2004 and 2003
Business Segments Balance Sheets
U.S. Mortgage Insurance Operations Analysis of Loss Reserves and
Statistical Information
U.S. Mortgage Insurance Operations and CMG Mortgage Insurance Company
Statistical Information
PMI Australia and PMI Europe Statistical Information
Appendix A - U.S. Mortgage Insurance Operations Supplemental
Statistical Information
Appendix B - PMI Australia and PMI Europe Supplemental Financial and
Statistical Information
Please refer to the following when noted:
(1) The Company's investments and equity earnings in unconsolidated
subsidiaries include FGIC Corporation, Select Portfolio Servicing
Inc. (formerly Fairbanks Capital), CMG, RAM Reinsurance, other
limited partnership interests and the trust subsidiary that issued
the Company's preferred securities. In December 2003, the Company
completed its investment in FGIC, and the investment is accounted
for under the equity method of accounting.
(2) Company obligated mandatorily redeemable preferred capital
securities of the subsidiary trust holding solely junior
subordinated deferrable interest debentures of the Company. Upon
the adoption of Financial Interpretation Number ("FIN") 46 in
December 2003, the Company deconsolidated the trust subsidiary
that issued the preferred securities. The underlying debentures
issued by the holding company to the trust have been included in
long-term debt as of December 31, 2003.
(3) The operating results, assets and liabilities of APTIC were
reflected as discontinued operations in the fourth quarter of 2003
with prior period financial information reclassified accordingly.
The Company completed its sale of APTIC in March 2004.
(4) U.S. Mortgage Insurance Operations include the operating results
of PMI Mortgage Insurance Co. and affiliated U.S. mortgage
insurance and reinsurance Companies. CMG and its affiliates are
included under the equity method of accounting in equity earnings
of unconsolidated subsidiaries.
(5) International Operations include PMI Australia, PMI Europe and
PMI's Hong Kong reinsurance operations.
(6) Financial Guaranty represents equity investments of FGIC and RAM
Reinsurance.
(7) The "Other" segment includes other income and related operating
expenses of MSC; investment income, interest expense and corporate
overhead of The PMI Group; the results of Commercial Loans
Insurance Co. and WMAC Credit Insurance Corporation; equity in
earnings from SPS; and the results from discontinued operations of
APTIC.
(8) The expense ratio is the ratio, expressed as a percentage, of the
sum of amortization of policy acquisition costs and other
underwriting expenses to net premiums written.
(9) Pool insurance includes modified pool, GSE pool, old pool and all
other pool insurance products for U.S. Mortgage Insurance
Operations.
(10) Statutory risk-to-capital ratio for PMI Mortgage Insurance Co.
(11) The interim financial and statistical information contained in
this material are unaudited. Certain prior year information has
been reclassified to conform to the current quarters'
presentation.
(12) The $2.6 million refund relates to the settlement in 2001 of the
Baynham class action litigation.
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Dollars in thousands,
except per share data)
Net premiums written $186,979 $175,341 $571,259 $525,151
=========== =========== =========== ===========
Revenues
Premiums earned $195,123 $170,347 $568,088 $514,531
Net investment
income 41,955 35,415 125,618 102,596
Equity in earnings
(losses) from
unconsolidated
subsidiaries(1) 21,121 (13,576) 63,804 926
Net realized
investment gains 1,554 940 2,896 4,296
Other income 6,418 11,555 25,068 36,623
----------- ----------- ----------- -----------
Total revenues 266,171 204,681 785,474 658,972
----------- ----------------------- -----------
Losses and expenses
Losses and loss
adjustment expenses 60,838 46,746 177,190 149,717
Amortization of
policy acquisition
costs 21,228 22,202 65,566 66,091
Other underwriting
and operating
expenses 46,676 45,825 144,016 129,421
Field operations
restructuring
charge 315 - 2,914 -
Legal settlement
refund(12) (2,574) - (2,574) -
Interest expense and
distributions on
mandatorily
redeemable
preferred
securities(2) 8,637 5,957 25,974 16,645
----------- ----------- ----------- -----------
Total losses and
expenses 135,120 120,730 413,086 361,874
----------- ----------------------- -----------
Income from continuing
operations before
income taxes 131,051 83,951 372,388 297,098
Income taxes from
continuing operations 28,408 28,530 87,508 88,726
----------- ----------- ----------- -----------
Income from continuing
operations after
income taxes 102,643 55,421 284,880 208,372
----------- ----------- ----------- -----------
Income from
discontinued
operations before
income taxes(3) - 7,294 5,756 16,615
Income taxes from
discontinued
operations(3) - 2,584 1,958 5,790
----------- ----------- ----------- -----------
Income from
discontinued
operations after
income taxes(3) - 4,710 3,798 10,825
----------- ----------- ----------- -----------
Gain on sale of
discontinued
operations, net of
income taxes of
$17,131(3) - - 30,108 -
----------- ----------- ----------- -----------
Net income $102,643 $60,131 $318,786 $219,197
=========== =========== =========== ===========
Diluted weighted
average common shares
outstanding (shares in
thousands) 97,312 90,268 97,220 90,031
=========== =========== =========== ===========
Diluted net income per
share $1.05 $0.67 $3.28 $2.43
=========== =========== =========== ===========
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
Sept. 30, Dec. 31, Sept. 30,
2004 2003 2003
------------ ----------- -------------
(Unaudited) (Unaudited)
(Dollars in thousands, except per
share data)
Assets
Cash and investments, at fair
value $3,489,568 $3,202,881 $2,908,430
Investments in unconsolidated
subsidiaries(1) 1,021,227 937,846 309,031
Related party receivables 20,371 27,840 27,357
Reinsurance receivable,
reinsurance recoverable and
prepaid premiums 45,754 56,799 51,587
Deferred policy acquisition
costs 90,023 102,074 95,929
Other assets 364,823 348,987 372,908
Assets - discontinued
operations(3) - 117,862 114,501
------------ ----------- -----------
Total assets $5,031,766 $4,794,289 $3,879,743
============ =========== ===========
Liabilities
Reserve for losses and loss
adjustment expenses $357,965 $346,939 $335,939
Unearned premiums 463,786 469,001 274,889
Long-term debt 819,529 819,543 422,950
Other liabilities 336,945 330,560 265,176
Liabilities - discontinued
operations(3) - 44,217 50,089
------------ ----------- -----------
Total liabilities 1,978,225 2,010,260 1,349,043
Mandatorily redeemable preferred
securities(2) - - 48,500
Shareholders' equity 3,053,541 2,784,029 2,482,200
------------ ----------- -----------
Total liabilities,
mandatorily redeemable
preferred securities and
shareholders' equity $5,031,766 $4,794,289 $3,879,743
============ =========== ===========
Book value per share $32.05 $29.26 $27.86
============ =========== ===========
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
BUSINESS SEGMENTS RESULTS OF OPERATIONS
----------------------------------------------------------------------
U.S.
Mortgage Interna-
Insurance tional Financial Consoli-
Operations Operations Guaranty Other dated
(4) (5) (6) (7) Total
---------------------------------------------------
Three Months Ended September 30, 2004 (Unaudited)
---------------------------------------------------
(Dollars in thousands)
Net premiums
written $143,732 $43,238 $- $9 $186,979
========== ========== ========= ========= =========
Revenues
Premiums earned $162,276 $32,829 $- $18 $195,123
Net investment
income 24,332 11,848 - 5,775 41,955
Equity in
earnings from
unconsolidated
subsidiaries (1) 3,707 - 17,061 353 21,121
Net realized
investment gains
(losses) 1,672 256 - (374) 1,554
Other income
(loss) (24) 296 - 6,146 6,418
---------- -------------------- --------- ---------
Total revenues 191,963 45,229 17,061 11,918 266,171
---------- -------------------- --------- ---------
Losses and expenses
Losses and loss
adjustment
expenses 60,092 746 - - 60,838
Amortization of
policy
acquisition
costs 18,003 3,225 - - 21,228
Other
underwriting and
operating
expenses 22,785 7,346 - 16,545 46,676
Field operations
restructuring
charge 315 - - - 315
Legal settlement
refund (12) (2,574) - - - (2,574)
Interest expense 13 12 - 8,612 8,637
---------- ---------- --------- --------- ---------
Total losses
and expenses 98,634 11,329 - 25,157 135,120
---------- ---------- --------- --------- ---------
Income (loss)
before income
taxes 93,329 33,900 17,061 (13,239) 131,051
Income tax
(benefit) 25,528 10,218 1,820 (9,158) 28,408
---------- ---------- --------- --------- ---------
Net income (loss) $67,801 $23,682 $15,241 $(4,081) $102,643
========== ========== ========= ========= =========
Expense ratio 26.8% 24.4%
Loss ratio 37.0% 2.3%
Combined ratio 63.8% 26.7%
Three Months Ended September 30, 2003 (Unaudited)
---------------------------------------------------
(Dollars in thousands)
Net premiums
written $138,269 $37,055 $- $17 $175,341
========== ========== ========= ========= =========
Revenues
Premiums earned $146,068 $24,257 $- $22 $170,347
Net investment
income 21,997 9,093 - 4,325 35,415
Equity in
earnings
(losses) from
unconsolidated
subsidiaries (1) 3,094 - 1,302 (17,972) (13,576)
Net realized
investment gains
(losses) 4,011 693 - (3,764) 940
Other income
(loss) (95) 80 - 11,570 11,555
---------- ---------- --------- --------- ---------
Total revenues 175,075 34,123 1,302 (5,819) 204,681
---------- ---------- --------- --------- ---------
Losses and expenses
Losses and loss
adjustment
expenses 53,358 (6,612) - - 46,746
Amortization of
policy
acquisition
costs 19,591 2,611 - - 22,202
Other
underwriting and
operating
expenses 18,928 5,135 - 21,762 45,825
Interest expense
and
distributions on
redeemable
preferred
securities (2) 65 - - 5,892 5,957
---------- ---------- --------- --------- ---------
Total losses
and expenses 91,942 1,134 - 27,654 120,730
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations before
income taxes 83,133 32,989 1,302 (33,473) 83,951
Income tax
(benefit) from
continuing
operations 24,792 9,277 456 (5,995) 28,530
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations after
income taxes 58,341 23,712 846 (27,478) 55,421
---------- ---------- --------- --------- ---------
Income from
discontinued
operations before
taxes (3) - - - 7,294 7,294
Income taxes from
discontinued
operations (3) - - - 2,584 2,584
---------- ---------- --------- --------- ---------
Income from
discontinued
operations after
income taxes (3) - - - 4,710 4,710
---------- ---------- --------- --------- ---------
Net income (loss) $58,341 $23,712 $846 $(22,768) $60,131
========== ========== ========= ========= =========
Expense ratio 27.9% 20.9%
Loss ratio 36.5% -27.3%
Combined ratio 64.4% -6.4%
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
BUSINESS SEGMENTS RESULTS OF OPERATIONS
----------------------------------------------------------------------
U.S.
Mortgage Interna-
Insurance tional Financial Consoli-
Operations Operations Guaranty Other dated
(4) (5) (6) (7) Total
---------------------------------------------------
Nine Months Ended September 30, 2004 (Unaudited)
---------------------------------------------------
(Dollars in thousands)
Net premiums
written $444,203 $127,021 $- $35 $571,259
========== ========== ========= ========= =========
Revenues
Premiums earned $465,692 $102,343 $- $53 $568,088
Net investment
income 76,734 34,301 - 14,583 125,618
Equity in
earnings from
unconsolidated
subsidiaries (1) 10,710 - 51,688 1,406 63,804
Net realized
investment gains
(losses) 2,594 858 - (556) 2,896
Other income 31 4,298 - 20,739 25,068
---------- -------------------- --------- ---------
Total revenues 555,761 141,800 51,688 36,225 785,474
---------- -------------------- --------- ---------
Losses and expenses
Losses and loss
adjustment
expenses 174,802 2,388 - - 177,190
Amortization of
policy
acquisition
costs 55,544 10,022 - - 65,566
Other
underwriting and
operating
expenses 71,214 21,153 - 51,649 144,016
Field operations
restructuring
charge 2,914 - - - 2,914
Legal settlement
refund (12) (2,574) - - - (2,574)
Interest expense 51 73 - 25,850 25,974
---------- ---------- --------- --------- ---------
Total losses
and expenses 301,951 33,636 - 77,499 413,086
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations before
income taxes 253,810 108,164 51,688 (41,274) 372,388
Income tax
(benefit) from
continuing
operations 69,138 32,488 5,453 (19,571) 87,508
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations after
income taxes 184,672 75,676 46,235 (21,703) 284,880
---------- ---------- --------- --------- ---------
Income from
discontinued
operations before
taxes (3) - - - 5,756 5,756
Income taxes from
discontinued
operations (3) - - - 1,958 1,958
---------- ---------- --------- --------- ---------
Income from
discontinued
operations after
income taxes (3) - - - 3,798 3,798
---------- ---------- --------- --------- ---------
Gain on sale of
discontinued
operations, net of
income taxes (3) - - - 30,108 30,108
---------- ---------- --------- --------- ---------
Net income (loss) $184,672 $75,676 $46,235 $12,203 $318,786
========== ========== ========= ========= =========
Expense ratio 28.6% 24.5%
Loss ratio 37.5% 2.3%
Combined ratio 66.1% 26.9%
Nine Months Ended September 30, 2003 (Unaudited)
---------------------------------------------------
(Dollars in thousands)
Net premiums
written $432,195 $92,907 $- $49 $525,151
========== ========== ========= ========= =========
Revenues
Premiums earned $447,605 $66,860 $- $66 $514,531
Net investment
income 67,471 22,273 - 12,852 102,596
Equity in
earnings
(losses) from
unconsolidated
subsidiaries (1) 9,805 - 2,725 (11,604) 926
Net realized
investment gains
(losses) 5,548 943 - (2,195) 4,296
Other income 79 389 - 36,155 36,623
---------- ---------- --------- --------- ---------
Total revenues 530,508 90,465 2,725 35,274 658,972
---------- ---------- --------- --------- ---------
Losses and expenses
Losses and loss
adjustment
expenses 156,465 (6,748) - - 149,717
Amortization of
policy
acquisition
costs 58,603 7,488 - - 66,091
Other
underwriting and
operating
expenses 52,644 13,669 - 63,108 129,421
Interest expense
and
distributions on
redeemable
preferred
securities (2) 138 - - 16,507 16,645
---------- ---------- --------- --------- ---------
Total losses
and expenses 267,850 14,409 - 79,615 361,874
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations before
income taxes 262,658 76,056 2,725 (44,341) 297,098
Income tax
(benefit) from
continuing
operations 76,550 21,597 954 (10,375) 88,726
---------- ---------- --------- --------- ---------
Income (loss) from
continuing
operations after
income taxes 186,108 54,459 1,771 (33,966) 208,372
---------- ---------- --------- --------- ---------
Income from
discontinued
operations before
taxes (3) - - - 16,615 16,615
Income taxes from
discontinued
operations (3) - - - 5,790 5,790
---------- ---------- --------- --------- ---------
Income from
discontinued
operations after
income taxes (3) - - - 10,825 10,825
---------- ---------- --------- --------- ---------
Net income (loss) $186,108 $54,459 $1,771 $(23,141) $219,197
========== ========== ========= ========= =========
Expense ratio 25.7% 22.8%
Loss ratio 35.0% -10.1%
Combined ratio 60.7% 12.7%
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
BUSINESS SEGMENTS BALANCE SHEETS
----------------------------------------------------------------------
U.S.
Mortgage Interna-
Insurance tional Financial Consoli-
Operations Operations Guaranty Other dated
(4) (5) (6) (7) Total
------------------------------------------------------
September 30, 2004 (Unaudited)
------------------------------------------------------
(Dollars in thousands)
Assets
Cash and
investments,
at fair value $2,086,519 $912,938 $- $490,111 $3,489,568
Investments in
unconsolidated
subsidiaries
(1) 108,190 - 756,226 156,811 1,021,227
Related party
receivables 1,170 - - 19,201 20,371
Reinsurance
receivable,
recoverable
and prepaid
premiums 29,928 15,826 - - 45,754
Deferred policy
acquisition
costs 55,856 34,167 - - 90,023
Other assets 204,098 32,733 - 127,992 364,823
----------- ---------- --------- --------- -----------
Total assets $2,485,761 $995,664 $756,226 $794,115 $5,031,766
=========== ========== ========= ========= ===========
Liabilities
Reserve for
losses and
loss
adjustment
expenses $334,749 $23,213 $- $3 $357,965
Unearned
premiums 162,312 301,445 - 29 463,786
Long-term debt - - - 819,529 819,529
Other
liabilities 154,211 62,280 10,928 109,526 336,945
----------- ---------- --------- --------- -----------
Total
liabilities 651,272 386,938 10,928 929,087 1,978,225
Shareholders'
equity 1,834,489 608,726 745,298 (134,972) 3,053,541
----------- ---------- --------- --------- -----------
Total
liabilities
and
shareholders'
equity $2,485,761 $995,664 $756,226 $794,115 $5,031,766
=========== ========== ========= ========= ===========
December 31, 2003
------------------------------------------------------
(Dollars in thousands)
Assets
Cash and
investments,
at fair value $2,042,152 $836,570 $- $324,159 $3,202,881
Investments in
unconsolidated
subsidiaries
(1) 97,389 - 700,828 139,629 937,846
Related party
receivables 1,698 - - 26,142 27,840
Reinsurance
receivable,
recoverable
and prepaid
premiums 39,774 17,025 - - 56,799
Deferred policy
acquisition
costs 69,656 32,418 - - 102,074
Other assets 217,063 19,792 - 112,132 348,987
Assets -
discontinued
operations (3) - - - 117,862 117,862
----------- ---------- --------- --------- -----------
Total assets $2,467,732 $905,805 $700,828 $719,924 $4,794,289
=========== ========== ========= ========= ===========
Liabilities
Reserve for
losses and
loss
adjustment
expenses $325,262 $21,674 $- $3 $346,939
Unearned
premiums 181,854 287,099 - 48 469,001
Long-term debt - - - 819,543 819,543
Other
liabilities 160,959 52,067 6,085 111,449 330,560
Liabilities -
discontinued
operations (3) - - - 44,217 44,217
----------- ---------- --------- --------- -----------
Total
liabilities 668,075 360,840 6,085 975,260 2,010,260
Shareholders'
equity 1,799,657 544,965 694,743 (255,336) 2,784,029
----------- ---------- --------- --------- -----------
Total
liabilities
and
shareholders'
equity $2,467,732 $905,805 $700,828 $719,924 $4,794,289
=========== ========== ========= ========= ===========
September 30, 2003 (Unaudited)
------------------------------------------------------
(Dollars in thousands)
Assets
Cash and
investments,
at fair value $1,867,563 $670,264 $- $370,603 $2,908,430
Investments in
unconsolidated
subsidiaries
(1) 93,500 - 74,946 140,585 309,031
Related party
receivables 2,179 - - 25,178 27,357
Reinsurance
receivable,
recoverable
and prepaid
premiums 39,703 11,884 - - 51,587
Deferred policy
acquisition
costs 69,238 26,691 - - 95,929
Other assets 230,053 15,237 - 127,618 372,908
Assets -
discontinued
operations (3) - - - 114,501 114,501
----------- ---------- --------- --------- -----------
Total assets $2,302,236 $724,076 $74,946 $778,485 $3,879,743
=========== ========== ========= ========= ===========
Liabilities
Reserve for
losses and
loss
adjustment
expenses $324,162 $11,774 $- $3 $335,939
Unearned
premiums 72,625 202,227 - 37 274,889
Long-term debt - - - 422,950 422,950
Other
liabilities 156,556 32,343 4,986 71,291 265,176
Liabilities -
discontinued
operations (3) - - - 50,089 50,089
----------- ---------- --------- --------- -----------
Total
liabilities 553,343 246,344 4,986 544,370 1,349,043
Mandatorily
redeemable
preferred
securities (2) - - - 48,500 48,500
Shareholders'
equity 1,748,893 477,732 69,960 185,615 2,482,200
----------- ---------- --------- --------- -----------
Total
liabilities,
mandatorily
redeemable
securities
and
shareholders'
equity $2,302,236 $724,076 $74,946 $778,485 $3,879,743
=========== ========== ========= ========= ===========
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
U.S. MORTGAGE INSURANCE OPERATIONS ANALYSIS OF LOSS RESERVE (4)
----------------------------------------------------------------------
September 30, June 30, September 30,
2004 2004 2003
----------------- ----------------- -------------------
Loans Reserve Loans Reserve Loans Reserve
in for in for in for
Default Losses Default Losses Default Losses
------- --------- ------- --------- --------- ---------
(Dollars in thousands)
Primary
insurance 37,111 $301,844 35,232 $302,099 36,171 $290,223
Pool insurance 16,890 32,905 16,804 32,645 15,929 33,939
------- --------- ------- --------- --------- ---------
Total 54,001 $334,749 52,036 $334,744 52,100 $324,162
======= ========= ======= ========= ========= =========
Reconciliation of Reserve for Losses
September June
30, 30, Reserve
2004 2004 Change
--------- --------- ---------
(Dollars in thousands)
Gross loss reserves:
Primary insurance $301,844 $302,099 $(255)
Pool insurance 32,905 32,645 260
--------- --------- ---------
Total gross loss reserves 334,749 334,744 5
Ceded loss reserves:
Primary insurance (2,634) (2,684) 50
Pool insurance (117) (117) -
--------- --------- ---------
Total ceded loss reserves (2,751) (2,801) 50
--------- --------- ---------
Net loss reserves $331,998 $331,943 $55
========= ========= =========
----------------------------------------------------------------------
U.S. MORTGAGE INSURANCE OPERATIONS STATISTICAL INFORMATION (3)
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Primary new insurance written
(in millions) $10,489 $17,513 $30,695 $45,429
Primary new risk written (in
millions) $2,782 $4,178 $7,938 $10,641
Pool insurance written (in
millions) (9) $958 $3,359 $7,411 $7,533
Pool risk written (in millions)
(9) $29 $75 $168 $230
Product mix as a % of new
insurance written:
97% LTV's 12% 11% 10% 10%
95% LTV's 30% 28% 31% 27%
90% LTV's 36% 38% 38% 39%
95% LTV's with greater than
or equal to 30% coverage 26% 21% 26% 20%
90% LTV's with greater than
or equal to 25% coverage 31% 29% 32% 29%
ARMs 29% 8% 22% 9%
Monthlies 98% 92% 98% 92%
Refinances 28% 45% 32% 48%
Bulk transactions 13% 10% 9% 13%
Premiums written (in
thousands):
Gross premiums written $187,859 $177,214 $569,446 $543,249
Ceded premiums, net of
assumed premiums (40,651) (32,893) (114,661) (94,597)
Refunded premiums (3,476) (6,052) (10,582) (16,457)
--------- --------- --------- ---------
Net premiums written 143,732 138,269 444,203 432,195
Change in unearned premiums 18,544 7,799 21,489 15,410
--------- --------- --------- ---------
Net premiums earned $162,276 $146,068 $465,692 $447,605
========= ========= ========= =========
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
U.S. MORTGAGE INSURANCE OPERATIONS STATISTICAL INFORMATION (4)
----------------------------------------------------------------------
September 30, June 30, September 30,
2004 2004 2003
------------- ------------- -------------
Primary insurance in force
(in millions) $104,782 $104,206 $104,574
Primary risk in force (in
millions) $25,259 $24,802 $24,472
Pool risk in force (in
millions) (9) $2,389 $2,535 $2,849
Risk-to-capital ratio (10) 8.6 to 1 8.6 to 1 9.8 to 1
Insured primary loans 805,859 807,822 829,064
Persistency 59.5% 52.8% 41.9%
Primary loans in default 37,111 35,232 36,171
Primary default rate 4.61% 4.36% 4.36%
Primary claims paid (year-
to-date in thousands) $145,434 $93,364 $127,506
Number of primary claims
paid (year-to-date) 6,354 4,029 5,363
Average primary claim size
(year-to-date in thousands) $22.9 $23.2 $23.8
Percentage of NIW subject to
captive reinsurance
arrangements (year-to-date) 56.1% 56.2% 55.7%
Percentage of IIF subject to
captive reinsurance
arrangements (year-to-date) 53.1% 52.2% 48.6%
----------------------------------------------------------------------
CMG MORTGAGE INSURANCE COMPANY STATISTICAL INFORMATION
----------------------------------------------------------------------
September 30, June 30, September 30,
2004 2004 2003
------------- ------------- -------------
Primary new insurance
written (year-to-date in
millions) $4,074 $2,544 $5,575
Primary insurance in force
(in millions) $14,018 $13,358 $12,095
Primary risk in force (in
millions) $3,176 $2,991 $2,664
Insured primary loans 105,390 102,044 96,098
Persistency 70.3% 61.0% 47.8%
Primary loans in default 625 587 506
Primary default rate (year-
to-date) 0.59% 0.58% 0.53%
Primary claims paid (year-
to-date in thousands) $3,751 $2,665 $1,819
Number of primary claims
paid (year-to-date) 174 111 86
Average primary claims size
(year-to-date in thousands) $21.6 $24.0 $21.1
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
PMI AUSTRALIA STATISTICAL INFORMATION
----------------------------------------------------------------------
September 30, June 30, September 30,
2004 2004 2003
------------- ------------- -------------
Net premium written (year-
to-date in thousands) $112,801 $74,169 $83,870
Premium earned (year-to-date
in thousands) $81,937 $55,590 $58,704
Flow insurance written
(year-to-date in millions) $14,960 $10,268 $11,367
RMBS insurance written
(year-to-date in millions) 11,916 6,648 5,107
------------- ------------- -------------
New insurance written (year-
to-date in millions) $26,876 $16,916 $16,474
Insurance in force (in
millions) $102,527 $91,467 $74,547
Risk in force (in millions) $92,979 $82,764 $68,207
Policies in force 916,070 861,470 778,415
Loans in default 1,101 1,276 1,403
Delinquency rate 0.12% 0.15% 0.18%
Claims paid (year-to-date in
thousands) $634 $280 $2,260
Number claims paid (year-to-
date) 45 26 189
Claim severity (year-to-
date) 14.8% 16.1% 22.9%
----------------------------------------------------------------------
PMI EUROPE STATISTICAL INFORMATION
----------------------------------------------------------------------
September 30, June 30, September 30,
2004 2004 2003
------------- ------------- -------------
Net premium written (year-
to-date in thousands) $7,426 $5,167 $4,349
Premium earned (year-to-date
in thousands) $15,575 $10,399 $4,453
New credit default swap
written (year-to-date in
millions) $2,603 $2,603 $6,440
Insurance in force (in
millions) $32,950 $33,346 $12,777
Risk in force (in millions) $3,244 $3,251 $745
Claims paid (year-to-date in
thousands) $899 $651 $-
Number claims paid (year-to-
date) 66 51 -
THE PMI GROUP, INC. AND SUBSIDIARIES
APPENDIX A - U.S. MORTGAGE INSURANCE OPERATIONS SUPPLEMENTAL
STATISTICAL INFORMATION (4)
----------------------------------------------------------------------
9/30/2004 6/30/2004 3/31/2004 12/31/2003 9/30/2003
---------- ---------- ---------- ----------- ----------
Primary
insurance in
force (in
millions)
Flow $93,601 $92,968 $93,161 $93,279 $92,650
Bulk 11,181 11,238 11,143 11,962 11,924
---------- ---------- ---------- ----------- ----------
Total $104,782 $104,206 $104,304 $105,241 $104,574
Primary risk
in force (in
millions)
Flow $22,741 $22,342 $22,143 $22,047 $22,466
Bulk 2,518 2,460 2,402 2,621 2,690
---------- ---------- ---------- ----------- ----------
Total $25,259 $24,802 $24,545 $24,668 $25,156
Primary
policies in
force 805,859 807,822 816,624 827,225 829,064
Primary risk
in force -
credit score
distribution
Flow 619-575 6.4% 6.6% 6.8% 7.1% 7.3%
574 or
below 1.9% 2.0% 2.1% 2.2% 2.3%
Bulk 619-575 21.6% 21.0% 21.3% 21.6% 22.2%
574 or
below 12.7% 12.2% 12.7% 12.8% 12.8%
Total 619-575 7.9% 8.0% 8.3% 8.6% 8.9%
574 or
below 3.0% 3.0% 3.1% 3.3% 3.4%
Primary
average loan
size (in
thousands)
Flow $130.5 $129.3 $128.1 $127.4 $126.2
Bulk $127.1 $126.9 $124.9 $126.1 $125.8
Total $130.1 $129.0 $127.7 $127.2 $126.1
Loss severity
- primary
(quarterly)
Flow 77.4% 83.0% 82.1% 81.6% 78.4%
Bulk 78.8% 83.5% 82.1% 83.4% 83.0%
Total 77.8% 83.1% 82.1% 82.2% 80.0%
ALT-A primary
insurance in
force (in
millions)
With FICO
scores of 660
and above $9,421 $8,590 $7,623 $7,167 $6,570
With FICO
scores below
660 and above
619 1,836 1,648 1,330 1,233 1,242
---------- ---------- ---------- ----------- ----------
Total ALT-A
primary
insurance in
force $11,257 $10,238 $8,953 $8,400 $7,812
NEW INSURANCE WRITTEN AND INSURANCE IN FORCE ANALYSIS
----------------------------------------------------------------------
9/30/2004 6/30/2004 3/31/2004 12/31/2003 9/30/2003
---------- ---------- ---------- ----------- ----------
FICO greater than 700 and LTV greater than 80 (in millions)
Primary new
insurance
written
(year-to-
date) $12,788 $8,633 $3,826 $26,172 $20,317
Primary
insurance in
force $43,862 $43,640 $43,660 $43,800 $43,361
Total
portfolio (in
millions)
Primary new
insurance
written
(year-to-
date) $30,695 $20,205 $8,799 $57,301 $45,429
Primary
insurance in
force $104,782 $104,206 $104,304 $105,241 $104,574
FICO greater than 700 and LTV greater than 80 as a percentage of total
portfolio
Primary new
insurance
written
(year-to-
date) 41.7% 42.7% 43.5% 45.7% 44.7%
Primary
insurance in
force 41.9% 41.9% 41.9% 41.6% 41.5%
THE PMI GROUP, INC. AND SUBSIDIARIES
----------------------------------------------------------------------
APPENDIX B - PMI AUSTRALIA AND PMI EUROPE SUPPLEMENTAL FINANCIAL AND
STATISTICAL INFORMATION
----------------------------------------------------------------------
----------------------------------------------------------------------
PMI AUSTRALIA FINANCIAL AND STATISTICAL INFORMATION
----------------------------------------------------------------------
9/30/04 6/30/04 3/31/04 12/31/03
----------- ----------- --------- ---------
(Unaudited)
(Australian $ in thousands, unless
otherwise noted)
Income Statement Components -
Quarter Ended
Premiums earned $37,109 $37,308 $37,790 $36,766
Net investment income $13,098 $12,677 $12,139 $9,235
Total expenses $13,413 $12,799 $12,030 $12,160
Net income $24,725 $26,832 $26,518 $21,441
Net income (US$ in
thousands) $17,554 $19,219 $20,265 $15,511
Loss ratio (derived using
US$) 1.4% 0.7% 0.6% 1.7%
Expense ratio (derived
using US$) 23.7% 23.2% 25.1% 18.9%
Balance Sheet Components
Assets
Cash and investments, at
fair value $973,479 $924,330 $892,864 $853,920
Total assets $1,068,080 $1,013,102 $976,723 $935,904
Liabilities and Shareholders'
Equity
Loss reserves $13,692 $13,556 $13,537 $13,536
Unearned premiums $364,120 $346,748 $330,477 $321,441
Shareholders' equity $642,585 $607,781 $586,842 $556,329
9/30/03 6/30/03 3/31/03 12/31/02
--------- --------- --------- ---------
(Unaudited)
(Australian $ in thousands, unless
otherwise noted)
Income Statement Components -
Quarter Ended
Premiums earned $32,855 $30,811 $29,103 $39,509
Net investment income $12,309 $9,525 $8,396 $4,171
Total expenses $(216) $9,282 $8,141 $15,432
Net income $31,993 $21,412 $20,335 $19,665
Net income (US$ in thousands) $21,073 $13,746 $12,059 $10,960
Loss ratio (derived using US$) -33.2% -2.4% -5.4% 5.8%
Expense ratio (derived using
US$) 20.5% 22.7% 27.2% 39.2%
Balance Sheet Components
Assets
Cash and investments, at fair
value $816,143 $777,701 $737,605 $714,991
Total assets $891,787 $853,196 $813,073 $788,940
Liabilities and Shareholders'
Equity
Loss reserves $13,698 $25,450 $27,541 $30,886
Unearned premiums $297,042 $277,921 $265,419 $258,994
Shareholders' equity $539,141 $515,622 $488,032 $470,184
----------------------------------------------------------------------
PMI EUROPE FINANCIAL INFORMATION
----------------------------------------------------------------------
9/30/04 6/30/04 3/31/04 12/31/03
----------- ----------- ----------- -----------
(Unaudited)
(Euro EUR in thousands, unless
otherwise noted)
Income Statement
Components -
Quarter Ended
Premiums earned EUR 4,233 EUR 4,172 EUR 4,295 EUR 7,765
Net investment income EUR 2,294 EUR 1,642 EUR 2,198 EUR 1,181
Total expenses EUR 1,476 EUR 1,462 EUR 1,768 EUR 1,723
Net income EUR 3,942 EUR 3,535 EUR 3,781 EUR 5,955
Net income (US$ in
thousands) $4,822 $4,260 $4,726 $7,089
Loss ratio (derived
using US$) 7.4% 11.7% 12.9% 7.7%
Expense ratio (derived
using US$) 62.8% 48.1% 56.1% 2.6%
Balance Sheet
Components
Assets
Cash and investments,
at fair value EUR 164,558 EUR 161,129 EUR 162,621 EUR 154,369
Total assets EUR 175,731 EUR 172,402 EUR 170,600 EUR 160,891
Liabilities and
Shareholders' Equity
Loss reserves EUR 10,656 EUR 10,497 EUR 10,031 EUR 9,624
Unearned premiums EUR 29,363 EUR 31,748 EUR 33,903 EUR 36,029
Shareholders' equity EUR 117,142 EUR 111,691 EUR 109,386 EUR 100,524
9/30/03 6/30/03 3/31/03 12/31/02
----------- ----------- ----------- -----------
(Unaudited)
(Euro EUR in thousands, unless
otherwise noted)
Income Statement
Components -
Quarter Ended
Premiums earned EUR 1,283 EUR 1,867 EUR 792 EUR 831
Net investment income EUR 1,491 EUR 974 EUR 1,139 EUR 917
Total expenses EUR 1,144 EUR 1,376 EUR 814 EUR 499
Net income EUR 1,299 EUR 1,329 EUR 818 EUR 1,146
Net income (US$ in
thousands) $1,469 $1,533 $874 $1,121
Loss ratio (derived
using US$) 39.6% 46.4% 32.4% 32.5%
Expense ratio (derived
using US$) 70.9% 23.4% 71.2% 28.7%
Balance Sheet
Components
Assets
Cash and investments,
at fair value EUR 98,847 EUR 94,132 EUR 91,245 EUR 89,814
Total assets EUR 100,878 EUR 100,302 EUR 95,688 EUR 93,354
Liabilities and
Shareholders' Equity
Loss reserves EUR 2,109 EUR 1,956 EUR 1,021 EUR 480
Unearned premiums EUR 183 EUR 566 EUR 281 EUR 291
Shareholders' equity EUR 95,289 EUR 95,115 EUR 92,326 EUR 91,470
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