The PMI Group, Inc.

Supplemental Portfolio Information

As of June 30, 2008

Exhibit 99.2

*

*

*

2

The PMI Group, Inc.

Forward-Looking Statement

Cautionary

Statement:

Statements

in

this

presentation

that

are

not

historical

facts

or

that

relate

to

future

plans,

events

or

performance

are

"forward-looking"

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Forward-looking

statements

in

this

presentation

include

our

discussion

and

estimate

of

expected

benefits

from

our

captive

reinsurance

arrangements.

Forward-

looking

statements

are

subject

to

a

number

of

risks

and

uncertainties

including,

but

not

limited

to,

the

following

factors:

changes

in

economic

conditions,

economic

recession

or

slowdowns,

adverse

changes

in

consumer

confidence,

declining

housing

values,

higher

unemployment,

deteriorating

borrower

credit,

changes

in

interest

rates,

changes

in

housing

demand

or

mortgage

originations,

changes

in

credit

spreads,

credit

market

disruptions

including

further

deterioration

in

the

housing,

mortgage

and

related

credit

markets,

the

loss

of

a

key

customer,

increased

severity

or

frequency

of

losses

associated

with

our

mortgage

insurance

and

other

credit

enhancement

products,

losses

associated

with

the

aging

of

our

mortgage

insurance

portfolio,

ratings

actions

with

respect

to

our

or

our

subsidiaries’

credit

ratings

or

insurer

financial

strength

ratings

assigned

by

the

major

ratings

agencies,

heightened

competition

from

other

insurance

providers,

federal

and

state

governmental

or

quasi-governmental

entities,

and

from

alternative

products,

changes

in

the

charters

or

business

practices

of

Fannie

Mae

and

Freddie

Mac,

changes

in

political

and

regulatory

environments

and

the

application

of

consumer,

lending,

insurance

and

other

applicable

laws

and

regulations,

the

possibility

that

we

may

fail

to

estimate

accurately

the

likelihood,

magnitude

and

timing

of

losses

in

connection

with

establishing

loss

reserves

for

our

mortgage

insurance

or

financial

guaranty

businesses

or

to

estimate

accurately

the

fair

value

amounts

of

derivative

contracts

in

determining

gains

and

losses

on

these

contracts,

limitations

on

the

amount

of

dividends

that

The

PMI

Group

may

receive

from

its

insurance

subsidiaries,

or

a

combination

of

these

and

other

factors.

Other

risks

and

uncertainties

are

discussed

in

our

SEC

filings,

including

our

Annual

Report

Form

10-K

for

the

year

ended

December

31,

2007

(in

Item

1A)

and

Form

10-Q

for

the

quarter

ended

March

31,

2008.

We

undertake

no

obligation

to

update

forward-looking

statements.

3

The PMI Group, Inc.

Definition of Terms

2/28s

–

refers to loans with interest rates that are fixed for two years and reset to a new interest rate at the end of year two

for the remaining term of the loan. 

ARMs

–

refers to loans with adjustable interest rates.  We consider a loan an ARM if its interest rate may be adjusted prior

to the loan’s fifth anniversary. 

A Quality Loans

–

we define A quality to include loans with credit scores of 620 and greater. 

Alt-A Loans

–

we consider a loan Alt-A if it has a credit score of 620 or greater and the borrower requests and is given the

option of providing reduced documentation verifying income, assets, deposit information and/or employment.

Captive Reinsurance

–

refers to agreements in which a portion of risk insured by PMI is reinsured by a captive reinsurance

company affiliated with the mortgage originator or investor.  

Defaults

–

our

primary

mortgage

insurance

master

policy

defines

“default”

as

the

borrower’s

failure

to

pay

when

due

an

amount

equal

to

the

scheduled

monthly

mortgage

payment

under

the

terms

of

the

mortgage.

Generally,

the

master

policies

require

an

insured

to

notify

PMI

of

a

default

no

later

than

the

last

business

day

of

the

month

following

the

month

in

which

the

borrower

becomes

three

monthly

payments

in

default.

For

reporting

purposes

and

internal

tracking

purposes,

we

do

not

consider

a

loan

to

be

in

default

until

the

borrower

has

missed

to

consecutive

payments.

Depending

upon

its

scheduled

payment

date,

a

loan

delinquent

for

two

consecutive

monthly

payments

could

be

reported

to

PMI

between

the

31

st

and

the

60

th

day

after

a

missed

payment.

Flow

–

generally refers to mortgage insurance offered on a loan-by-loan basis to lenders. 

GSE Pool –

refers to a traditional pool product for mortgage loans sold by PMI’s customers to the GSEs.  This product was

available from 1997 to 2001.

Interest

Only

Loans

–

refers

to

loans

that

do

not

reduce

principal

during

the

initial

deferral

period

(usually

between

two

and

ten years) and therefore do not accumulate equity through loan amortization during the initial deferral period. 

Approximately 91% of our interest only loans have an initial deferral period of 5 years or greater.  The average initial

deferral period for loans insured in 2007 was 9 years.

Insurance in Force (IIF)

–

refers to the current principal balance of all outstanding mortgage loans with insurance coverage

as of a given date.

Less-than-A Quality Loans

–

we define less-than-A credit quality loans to include loans with credit scores of 619 or below.

The majority of our less-than-A-quality loans have credit scores above 575.

4

The PMI Group, Inc.

Definition of Terms

Modified Pool Insurance

–

modified pool insurance may be used in addition to primary mortgage insurance or may be

placed

on

loans

that

do

not

require

primary

insurance.

Coverage

of

modified

pool

products

varies.

Some

products

provide first loss protection by covering a percentage of the losses on individual loans held within the pool of insured

loans up to a stated aggregate loss limit (“stop loss limit”) for the entire pool.  Some modified pool products offer

mezzanine-level coverage by providing for claims payments only after a predetermined cumulative claims level, or

deductible, is reached.

New Insurance Written (NIW)

–

refers to the original principal balance of all loans that receive new primary mortgage

insurance coverage during a given period. 

New Risk Written (NRW)

–

refers to the aggregate dollar amount of each insured mortgage loan’s current principal balance

multiplied by the insurance coverage percentage specified in the

policy for all loans that receive new primary mortgage

insurance coverage during a given period.

Old Pool –

refers to a traditional pool product for mortgage loans sold by PMI’s customers to capital market participants.

Payment Option ARMs

–

generally refers to loans that provide the borrower an option every month to make a payment

consisting of principal and interest, interest only, or an amount established by the lender that may be less than the

interest owed.  

Primary

Insurance

–

refers

to

mortgage

insurance

placed

on

a

loan-by-loan

basis

through

our

“flow”

channel

and

mortgage

insurance issued for mortgage-backed securities and portfolio investors through our “structured transactions”

channel.  

Primary information does not include pool or modified pool information.

Primary Risk in Force

–

refers to the aggregate dollar amount of each insured mortgage loan’s current principal balance

multiplied

by

the

insurance

coverage

percentage

specified

in

the

policy

for

insurance

policies

issued

through

our

“flow”

and “structured transactions”

channels only.

Risk in Force (RIF) –

refers to the aggregate dollar amount of each insured mortgage loan’s current principal balance

multiplied by the insurance coverage percentage specified in the

policy.

Structured

–

generally refers to mortgage insurance offered by PMI that covers large portfolios of mortgage loans and is

provided to issuers of mortgage backed securities (“MBS”) and portfolio investors. 

Traditional Pool

–

covers the entire loss on a defaulted mortgage loan that exceeds the claim payment under any primary

insurance coverage, up to a stated aggregate loss limit, or stop

loss, for all of the loans in a pool.  PMI is not currently

offering traditional pool insurance to its customers.

5

The PMI Group, Inc.

Contents of Presentation

PMI Australia Portfolio Characteristics

Part 6

Primary Portfolio Characteristics by Vintage

Part 3 

Focus on Particular Portfolio Segments

Part 2

Primary Portfolio Characteristics

Part 1

Captive Reinsurance Arrangements

Part 5

Modified Pool Portfolio

Part 4

Primary Portfolio

Characteristics

7

The PMI Group, Inc.

2.1%

0.4%

1.6%

3.4%

9.5%

9.4%

14.0%

17.9%

33.2%

8.4%

0%

10%

20%

30%

40%

50%

Prior to 2000

2000

2001

2002

2003

2004

2005

2006

2007

2008

$123.2 Billion Primary IIF

$30.6 Billion Primary RIF

U.S. Portfolio Age Distribution

Average

Rate  (1)

(1)

Average PMI fixed annual mortgage interest rate

2.2%

0.4%

1.6%

3.4%

9.2%

9.8%

14.3%

18.3%

33.2%

7.6%

0%

10%

20%

30%

40%

50%

Prior to 2000

2000

2001

2002

2003

2004

2005

2006

2007

2008

7.18%

7.11%

6.30%

6.15%

6.00%

6.86%

7.52%

8.48%

8.02%

Note: Due to rounding, the sum of percentages may not total 100%

6.39%

8

The PMI Group, Inc.

Primary Risk in Force by FICO Score

8.6%

7.8%

6.8%

5.9%

32.7%

33.8%

34.6%

34.7%

23.3%

23.4%

24.1%

30.5%

30.3%

30.7%

31.5%

32.7%

2.0%

3.3%

3.0%

2.5%

2.2%

2.1%

5.6%

5.9%

32.5%

33.1%

25.4%

24.6%

25.1%

33.5%

0%

25%

50%

75%

100%

2003

2004

2005

2006

2007

Jun-08

Less than 575

720 and above

680 -

719

620 -

679

575 -

619

U.S. Portfolio Credit Score Distribution

Excludes unreported FICO scores

9

The PMI Group, Inc.

LTVs

between 85.01% and 90%

Primary Risk in Force by Loan to Value

9.4%

9.2%

9.3%

7.1%

7.1%

35.7%

37.6%

36.4%

33.7%

31.0%

29.3%

7.4%

6.6%

5.3%

4.6%

3.9%

8.6%

11.9%

14.3%

24.0%

8.9%

37.9%

35.0%

37.4%

35.9%

37.0%

29.5%

3.8%

24.6%

17.6%

0%

25%

50%

75%

100%

2003

2004

2005

2006

2007

Jun-08

LTVs

above 97%

LTVs

between 95.01% and 97%

LTVs

between 90.01% and 95%

LTVs

of 85% and below

U.S. Portfolio Loan to Value Distribution

Note: Due to rounding, the sum of percentages may not total 100%

10

The PMI Group, Inc.

U.S. Portfolio Geographic Distribution

1

Top ten states as determined by primary RIF on June 30, 2008

2

Default rates as of June 30 for 2008 and as of December 31 for 2007 and 2006

10.8%

7.2%

8.4%

5.0%

3.8%

3.3%

3.7%

3.0%

4.7%

3.1%

Florida

10.8%

18.17%

10.56%

3.44%

California

8.4%

18.01%

10.92%

3.56%

Texas

7.2%

6.88%

6.03%

5.63%

Illinois

5.0%

10.80%

8.19%

5.58%

Georgia

4.7%

10.63%

9.50%

7.86%

% of RIF

June 2008

YE 2007

YE 2006

Ohio

3.8%

11.44%

10.83%

8.79%

New York

3.7%

8.19%

6.78%

5.40%

Pennsylvania

3.3%

8.41%

7.47%

6.00%

Washington

3.1%

5.35%

3.58%

2.76%

New Jersey

3.0%

10.59%

7.53%

4.62%

% of RIF

June 2008

YE 2007

YE 2006

Top Ten States –

Percent of Primary Risk in Force and Default Rates

Primary Default Rates

Primary Default Rates

1

1

2

2

11

The PMI Group, Inc.

U.S. Portfolio Primary NIW Characteristics

Flow and Structured Primary

NIW

New Insurance Written by LTV

New Risk Written by LTV

Note: Due to rounding, the sum of percentages may not total 100%

Flow Primary NIW

Structured Primary NIW

90.01 –

95%

85.01 –

90%

85 and below

Above 97%

95.01%-

97%

The increased percentage of above 97% LTV loans in 2007 is due

to the reduced availability of alternative mortgage products including

piggyback loans and increased activity by the GSEs.

With the exception of previous commitments, effective March 1,

2008, PMI discontinued insuring loans with LTV ratios above 97%.

90.01 –

95%

85.01 –

90%

85 and below

Above 97%

95.01%-

97%

36.3

28.2

23.3

37.6

10.3

4.9

7.7

8.9

8.6

$41.2

$35.9

$32.2

0.4

$10.7

$46.1

$0

$10

$20

$30

$40

$50

$60

2004

2005

2006

2007

1H 2008

17%

18%

15%

10%

38%

43%

42%

31%

30%

24%

21%

24%

12%

13%

18%

46%

22%

3%

2%

2%

3%

4%

19%

32%

10%

0%

25%

50%

75%

100%

2004

2005

2006

2007

1H 2008

11%

12%

10%

6%

35%

42%

41%

30%

34%

27%

24%

27%

15%

18%

10%

47%

28%

4%

2%

2%

2%

5%

24%

35%

12%

0%

25%

50%

75%

100%

2004

2005

2006

2007

1H 2008

12

The PMI Group, Inc.

U.S. Portfolio Primary NIW Characteristics

Refinances and Purchases as a %

of Primary NIW

Less-Than-A Quality Loans -

NIW

Alt-A Loans –

NIW

Note: Due to rounding, the sum of percentages may not total 100%

Refinances

Purchases

Less-Than-A Quality Loans              

-

Structured  Channel

Less-Than-A Quality Loans 

–

Flow Channel

Less-Than-A

Quality

Loans

as

a

percentage

of

Total

Primary

NIW

Alt-A Loans –

Flow Channel

Alt-A

Loans

as

a

%

of

Total

Primary

NIW

Alt-A Loan –

Structured  Channel

The

increase

in

less-than-A

quality

loans

as

a

percentage

of

total

primary

NIW

is

due

to

the

GSEs’

expansion

of

high-LTV,

lower

FICO

programs.

With

the

exception

of

previous

commitments,

effective

October

1,

2007,

PMI

discontinued

insuring

loans

with

LTVs

above

95%

and

FICO

scores

below

620.

57%

63%

64%

64%

68%

43%

37%

36%

36%

32%

0%

25%

50%

75%

100%

2004

2005

2006

2007

1H 2008

3,067

281

1,588

1,153

2,703

1,605

1,084

838

1,780

$4,483

$2,672

$1,991

$306

$4,672

11%

7%

6%

10%

3%

$0

$2,000

$4,000

$6,000

2004

2005

2006

2007

1H 2008

0%

5%

10%

15%

1,172

7,304

6,691

7,425

11,242

1,204

4,410

3,002

1,397

$12,639

$1,180

$11,101

$10,427

$8,508

11%

27%

34%

29%

21%

$0

$4,000

$8,000

$12,000

2004

2005

2006

2007

1H 2008

0%

5%

10%

15%

20%

25%

30%

35%

40%

The PMI Group, Inc.

Interest Only Loans -

NIW

Payment Option ARMs -

NIW

U.S. Portfolio  Primary NIW Characteristics

Payment  Option

ARMS  –

Flow

Channel

Total Payment Option ARMs as

a percentage of Total Primary

NIW

Interest Only 

–

Structured 

Channel

Interest Only 

–

Flow

Channel

Total Interest Only

Loans as a percentage

of Total Primary NIW

ARMs -

NIW

ARM amounts Primary

NIW –

Flow Channel

ARM amounts Primary

NIW –

Structured Channel

ARMs as a  percentage

of Total Primary NIW

Approximately 3% of Total Primary RIF is subject to rate

adjustment in 2008.  Approximately 1% is subject to

adjustment in 2009.

Approximately 98% of interest only loans written in 2007

have an initial deferral period of 5 years or greater and

85% have an initial deferral period of 7 years or greater. 

For 2006 NIW, initial deferral periods of 5 and 7 years or

greater were 89% and 62%, respectively.

13

$6,992

$6,024

$3,802

$1,907

$3,262

$5,889

$4,081

$2,238

$4,145

$200

$7,883

$11,913

$10,254

2%

9%

24%

33%

25%

$0

$4,000

$8,000

$12,000

2004

2005

2006

2007

1H 2008

0%

5%

10%

15%

20%

25%

30%

35%

40%

777

3,235

8,296

3,507

2,386

1,025

2,329

$786

$9,321

$5,836

$5,621

7%

20%

18%

16%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

2005

2006

2007

1H 2008

0%

5%

10%

15%

20%

25%

2,617

1,252

2,799

0%

8%

8%

3%

$0

$1,000

$2,000

$3,000

2005

2006

2007

1H 2008

0%

5%

10%

Focus on Particular

Portfolio Segments

15

The PMI Group, Inc.

U.S. Portfolio Interest Rate Adjustments

Rate Adjustments                    

by Credit Quality

Rate Adjustments of         

Hybrid Loans and Other ARMs

Rate Adjustments in

Distressed Geographic

Regions

Other ARMs

3/27s

2/28s

Prime

Alt-A

Less than A Quality

Note: 2/28s resets in 2009 and 2010 are 0.01% and 0.00%, respectively

California

All Other

Florida

Auto States

Note: Auto states include Michigan, Ohio, Illinois and Indiana

0.08%

0.08%

0.08%

Note: Percentages are of total Primary RIF at June 30, 2008

2008

2009

2010

Total interest rate adjustments as a percentage of primary risk in force:

2.9%

1.1%

0.7%

1.18%

0.48%

0.36%

1.59%

0.43%

0.15%

0.12%

0.16%

0.18%

0%

1%

2%

3%

4%

2008

2009

2010

1.44%

0.44%

0.26%

0.61%

0.62%

0.43%

0.85%

0%

1%

2%

3%

4%

2008

2009

2010

1.18%

0.51%

0.40%

0.72%

0.11%

0.48%

0.20%

0.19%

0.34%

0%

1%

2%

3%

4%

2008

2009

2010

`

16

The PMI Group, Inc.

California

at June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of 

CA RIF

% of

Total RIF

% of 

CA RIF

% of

Total RIF

$2.6 Billion of Total Risk in Force

8.4% of PMI’s Primary Risk in Force

$303,779 Average Loan Size

Note: Due to rounding, the sum of percentages may not total 100%

FICO Scores²

720 and above 

34.3%

2.9%

680-719

31.1%

2.6%

620-679

31.3%

2.6%

575-619

2.4%

0.2%

Less than 575

0.6%

0.1%

Loan to Value

Above 97.00%

17.0%

1.4%

95.01% to 97.00%

1.8%

0.2%

90.01% to 95.00%

23.3%

2.0%

85.01% to 90.00%

44.8%

3.8%

85.00% and below

13.1%

1.1%

Oakland-Fremont-Hayward,

CA–

0.4%

San

Diego-Carlsbad-San

Marcos

–

0.6%

Sacramento--Arden-Arcade—Roseville

–

0.8%

Riverside-San

Bernardino-Ontario

–

1.8%

Los

Angeles-Long

Beach-Glendale

–

1.7%

MSA Distribution of Total Primary RIF

Loan Type

Fixed Rate

70.8%

6.0%

ARM

29.2%

2.5%

Property Type¹

Single Family

82.0%

6.9%

Condominium

13.8%

1.2%

Multi-Family and other

4.2%

0.4%

Occupancy

Primary Residence

91.5%

7.7%

Second Home

2.7%

0.2%

Non-owner occupied

5.8%

0.5%

Alt-A

41.6%

3.5%

17

The PMI Group, Inc.

Florida

at June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of 

FL RIF

% of

Total RIF

% of 

FL RIF

% of

Total RIF

$3.3 Billion of Total Risk in Force

10.8% of PMI’s Primary Risk in Force

$179,824 Average Loan Size

Note: Due to rounding, the sum of percentages may not total 100%

Map and MSA data have

not yet been updated

FICO Scores²

720 and above 

34.6%

3.7%

680-719

28.4%

3.1%

620-679

31.4%

3.4%

575-619

4.0%

0.4%

Less than 575

1.2%

0.1%

Loan to Value

Above 97.00%

21.6%

2.3%

95.01% to 97.00%

2.5%

0.3%

90.01% to 95.00%

30.3%

3.3%

85.01% to 90.00%

39.1%

4.2%

85.00% and below

6.5%

0.7%

MSA Distribution of Total Primary RIF

Jacksonville,

FL–

0.7%

Fort

Lauderdale-Deerfield

Beach,

FL–

1.2%

Miami-Miami

Beach-Kendall,

FL–

1.7%

Orlando-Kissimmee,

FL–

1.7%

Tampa-St.

Petersburg-Clearwater,

FL–

1.5%

Loan Type

Fixed Rate

83.3%

9.0%

ARM

16.7%

1.8%

Property Type¹

Single Family

71.4%

7.7%

Condominium

26.4%

2.9%

Multi-Family and other

2.2%

0.2%

Occupancy

Primary Residence

77.9%

8.4%

Second Home

12.4%

1.3%

Non-owner occupied

9.7%

1.0%

Alt-A

38.1%

4.1%

The PMI Group, Inc.

Loan Type

Fixed Rate

88.7%       11.9%

ARM

11.3%

1.5%

Property Type¹

Single Family

83.5%       11.2%

Condominium

12.1%

1.6%

Multi-Family and other

4.4%

0.6%

Occupancy

Primary Residence

92.0%       12.3%

Second Home

1.3%

0.2%

Non-owner occupied

6.6%

0.9%

Alt-A

14.7%

2.0%

Auto

States

(Michigan,

Ohio,

Illinois,

Indiana)

at

June

30,

2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of  Auto

States RIF

% of

Total RIF

% of  Auto

States RIF

% of

Total RIF

$4.1 Billion of Total Risk in Force

13.4% of PMI’s Primary Risk in Force

$132,845 Average Loan Size

MSA Distribution of Total Primary RIF

Note: Due to rounding, the sum of percentages may not total 100%

FICO Scores²

720 and above 

31.4%

4.2%

680-719

23.6%

3.2%

620-679

34.3%        4.6%

575-619

6.9%

0.9%

Less than 575

3.2%

0.4%

Loan to Value

Above  97.00%

22.2%

3.0%

95.01% to 97.00%

5.2%

0.7%

90.01% to 95.00%

30.6%

4.1%

85.01% to 90.00%

34.4%

4.6%

85.00% and below

7.6%

1.0%

Cleveland-Elyria-Mentor, OH -1.0%

Chicago

–

Naperville

–Joliet,

IL

-3.8%

Columbus, OH -0.8%

Indianapolis–Carmel, IN -0.7%

Warren-Troy-Farmington Hills, MI-0.9%

18

19

The PMI Group, Inc.

Loan Type

Fixed Rate

86.8%         2.6%

ARM

13.2%

0.4%

Property Type¹

Single Family

85.2%         2.5%

Condominium

11.5%

0.3%

Multi-Family and other

3.3%

0.1%

Occupancy

Primary Residence

83.3%         2.5%

Second Home

8.6%

0.3%

Non-owner occupied

8.1%

0.2%

Alt-A

28.3%

0.8%

Arizona

at

June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of            % of

AZ RIF

Total RIF

% of      

AZ RIF

% of

Total RIF

FICO Scores²

720 and above 

35.5%

1.0%

680-719

27.0%

0.8%

620-679

31.1%

0.9%

575-619

4.1%

0.1%

Less than 575

1.1%

0.0%

Loan to Value

Above  97.00%

29.6%

0.9%

95.01% to 97.00%

2.4%

0.1%

90.01% to 95.00%

25.5%

0.8%

85.01% to 90.00%

35.8%

1.1%

85.00% and below

6.8%

0.2%

$0.9 Billion of Total Risk in Force

3.0% of PMI’s Primary Risk in Force

$191,347 Average Loan Size

Note: Due to rounding, the sum of percentages may not total 100%

Lake Havasu City-Kingman, AZ-0.1%

Yuma, AZ –

0.1%

Prescott, AZ-0.1%

Tucson, AZ-0.4%%

Phoenix-Mesa, AZ –

2.2%

MSA Distribution of Total Primary RIF

20

The PMI Group, Inc.

Loan Type

Fixed Rate

78.8%         1.4%

ARM

21.2%

0.4%

Property Type¹

Single Family

79.6%         1.5%

Condominium

18.6%

0.3%

Multi-Family and other

1.8%

0.0%

Occupancy

Primary Residence

80.8%         1.5%

Second Home

12.7%

0.2%

Non-owner occupied

6.4%

0.1%

Alt-A

37.2%

0.7%

Nevada

at

June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of            % of

NV RIF

Total RIF

% of      

NV RIF

% of

Total RIF

FICO Scores²

720 and above 

37.5%

0.7%

680-719

28.9%

0.5%

620-679

29.6%

0.5%

575-619

2.9%

0.1%

Less than 575

0.5%

0.0%

Loan to Value

Above  97.00%

21.9%

0.4%

95.01% to 97.00%

1.5%

0.0%

90.01% to 95.00%

28.7%

0.5%

85.01% to 90.00%

40.9%

0.7%

85.00% and below

7.0%

0.1%

$0.6 Billion of Total Risk in Force

1.8% of PMI’s Primary Risk in Force

$238,899 Average Loan Size

Note: Due to rounding, the sum of percentages may not total 100%

Las Vegas-Paradise, NV-1.5%

Reno-Sparks, NV-0.2%

Carson city, NV-0.01%

MSA Distribution of Total Primary RIF

21

The PMI Group, Inc.

Notes

2/28 Hybrid ARMS

at June 30, 2008

1Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

FICO Scores²

720 and above 

12.5%

0.3%

680-719

22.5%

0.6%

620-679

51.5%        1.4%

575-619

8.5%

0.2%

Less than 575

5.0%

0.1%

Loan to Value

Above 97.00%

9.6%

0.3%

95.01% to 97.00%

0.1%

0.0%

90.01%  to 95.00%

21.9%

0.6%

85.01% to 90.00%

37.2%

1.0%

85.00% and below

31.2%

0.9%

% of 

2/28 RIF

% of

Total RIF

% of

Total RIF

% of 

2/28 RIF

$0.9 Billion of Total Risk in Force

2.8% of PMI’s Primary Risk in Force

$186,339 Average Loan Size

2/28 Hybrid ARMs that are subject to

reset in 2008 represent approximately

1% of Total Primary RIF.

2/28 hybrid ARMs monthly reported

notices of default peaked in August

2007. 

Property Type¹

Single Family

80.7%         2.3%

Condominium

7.0%

0.2%

Multi-Family and other

12.3%

0.3%

Occupancy

Primary Residence

75.5%         2.1%

Second Home

2.4%

0.1%

Non-owner occupied

22.1%

0.6%

Alt-A

45.6%

1.3%

Note: Due to rounding, the sum of percentages may not total 100%

0% -

1%

1.01% -

2%

2.01% -

5%

>10.00%

5.01% -

10%

State Distribution of 2/28 RIF

22

The PMI Group, Inc.

California

31.0%

0.9%

Florida

9.3%

0.3%

Michigan

5.5%

0.2%

Illinois

4.9%

0.1%

New York

4.3%

0.1%

Ohio

3.6%

0.1%

Texas

3.4%

0.1%

Arizona

3.4%

0.1%

Minnesota

2.4%

0.1%

Pennsylvania

2.4%

0.1%

2/28 Hybrid ARMS

at June 30, 2008

1

Top ten states as determined by Primary RIF on June 30, 2008

% Total    

2/28 RIF

% Total

RIF

Top States¹

MSA Distribution of CA Bulk 2/28 RIF

Santa Ana-Anaheim-Irvine –7.1%

San Diego-Carlsbad-San Marcos –7.1%

Sacramento--Arden-Arcade—Roseville –7.4%

Riverside-San Bernardino-Ontario –19.6%

Los Angeles-Long Beach-Glendale –21.4%

23

The PMI Group, Inc.

Greater Than 97% LTV at June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

FICO Scores²

720 and above 

27.8%

6.7%

680-719

23.0%

5.5%

620-679

36.7%        8.8%

575-619

8.5%

2.0%

Less than 575

2.8%

0.7%

% of 

>97 RIF

% of

Total RIF

% of 

>97 RIF

% of

Total RIF

Loan Type

Fixed Rate

94.7%       22.7%

ARM

5.3%

1.3%

Property Type¹

Single Family

85.4%       20.5%

Condominium

12.6%

3.0%

Multi-Family and other

2.0%

0.5%

Occupancy

Primary Residence

94.5%       22.6%

Second Home

1.3%

0.3%

Non-owner occupied

4.2%

1.0%

Alt-A

15.3%

3.7%

$7.3 Billion of Total Risk in Force

24.0% of PMI’s Primary Risk in Force

$151,566 Average Loan Size

With the exception of previous commitments, effective March 1, 2008,

PMI no longer insures loans with LTV ratios above 97%

Guideline Changes

Note: Due to rounding, the sum of percentages may not total 100%

State Distribution of > 97% LTV RIF

0.00% to 1.00%

1.00% to 2.00%

2.00% to 5.00%

5.00% to 10.00%

>10.00%

24

The PMI Group, Inc.

Top States

1

Florida

9.8%

2.3%

Texas

9.3%

2.2%

California

6.0%

1.4%

Georgia

5.4%

1.3%

Illinois

4.9%

1.2%

Virginia

3.7%

0.9%

Arizona

3.6%

0.9%

Washington

3.5%

0.8%

Maryland

3.4%

0.8%

North Carolina

3.0%

0.7%

Greater Than 97% LTV at June 30, 2008

1

Top ten states as determined by Primary RIF on June 30, 2008

% Total  

> 97% RIF

% Total

RIF

MSA Distribution of FL > 97% LTV RIF

Fort Lauderdale-Deerfield Beach, FL-10.5%

Tampa-St. Petersburg-Clearwater, FL-14.0%

Miami-Miami Beach-Kendall, FL-18.2%

Orlando-Kissimmee, FL-16.9%

Jacksonville, FL-8.7%

MSA Distribution of TX > 97% LTV RIF

Dallas –

Plano -Irving, TX-20.6%

Houston –

Sugar Land -

Baytown, TX-30.7%

Round Rock, TX-6.8%

San Antonio, TX-6.9%

Fort Worth –

Arlington, TX-10.8%

MSA Distribution of CA > 97% LTV RIF

Bakersfield, CA -5.5%

San Diego-Carlsbad-San Marcos –7.7%

Sacramento--Arden-Arcade—Roseville –10.2%

Riverside-San Bernardino-Ontario –

25.1%

Los Angeles-Long Beach-Glendale –16.5%

25

The PMI Group, Inc.

Alt-A

at June 30, 2008

1 Condominium includes Townhouses and Cooperatives

2 Excludes unreported FICO scores

% of 

Alt-A RIF

% of

Total RIF

% of

Total RIF

Loan Type

Fixed Rate

76.0%       16.6%

ARM

24.0%

5.2%

Property Type

1

Single Family

78.1%       17.1%

Condominium

14.9%

3.3%

Multi-Family and other

7.0%

1.5%

Occupancy

Primary Residence

79.6%       17.4%

Second Home

7.0%

1.5%

Non-owner occupied

13.4%

2.9%

$6.7 Billion of Total Risk in Force

21.9% of PMI’s Primary Risk in Force

$217,089 Average Loan Size

Guideline Changes

% of 

Alt-A RIF

Note: Due to rounding, the sum of percentages may not total 100%

State Distribution of Alt-A RIF

0.00% to 1.00%

1.00% to 2.00%

2.00% to 5.00%

5.00% to 10.00%

>10.00%

FICO Scores

2

720 and above 

37.4%

8.2%

680-719

35.6%

7.8%

620-679

26.9%

5.9%

575-619

0.0%

0.0%

Less than 575

0.0%

0.0%

Loan to Value

Above 97.00%

16.8%

3.7%

95.01% to 97.00%

0.2%

0.0%

90.01% to 95.00%

26.4%

5.8%

85.01% to 90.00%

47.3%      10.3%

85.00% and below

9.3%

2.0%

With the exception of previous

commitments, effective June 1, 2008,

PMI no longer insures Alt-A

26

The PMI Group, Inc.

Top States¹

Florida

18.9%

4.1%

California

16.0%

3.5%

Illinois

4.9%

1.1%

New York

4.8%

1.0%

Texas

4.4%

1.0%

New Jersey

4.2%

0.9%

Arizona

3.8%

0.8%

Maryland

3.2%

0.7%

Virginia

3.2%

0.7%

Nevada

3.1%

0.7%

Alt-A at June 30, 2008

1

Top ten states as determined by Primary RIF on June 30, 2008

% Total

Alt-A RIF

% Total

RIF

Tampa-St. Petersburg-Clearwater, FL-12.3%

MSA Distribution of FL Alt-A RIF

West Palm Beach-Boca Raton, FL-7.7%

Fort Lauderdale-Deerfield Beach, FL-11.5%

Miami-Miami Beach-Kendall, FL-15.2%

Orlando-Kissimmee, FL-18.9%

MSA Distribution of CA Alt-A RIF

Santa Ana-Anaheim-Irvine –5.7%

San Diego-Carlsbad-San Marcos –7.8%

Sacramento--Arden-Arcade—Roseville –8.5%

Riverside-San Bernardino-Ontario –22.9%

Los Angeles-Long Beach-Glendale –22.0%

Primary Portfolio Characteristics

by Vintage

28

The PMI Group, Inc.

$30.6 Billion Primary Risk in Force

and $2.8 Billion Pool Risk in Force*

Primary Flow

77%

Domestic

Mortgage

Insurance

Primary

Structured

14%

Domestic MI

57%

Modified   

Pool

8%

General Portfolio Categories

Primary Flow Insurance

$26.0 billion of risk in force 

Primary mortgage insurance offered to lenders

on a loan-by-loan basis

Primary Structured Insurance

$4.6 billion of risk in force 

Credit enhancement solutions offered across the

credit spectrum to agency and non-agency MBS

issuers as well as portfolio investors

Modified Pool Risk in Force

$2.3 billion of risk in force 

Insurance offered to agency and non-agency MBS

issuers and investors

Other Pool

$0.5 billion of risk in force 

Prior to 2002, PMI offered certain pool insurance

products, referred to principally as GSE or Old Pool,

to lenders, the GSEs and non-agency market

Other Pool

1%

* At June 30, 2008

29

The PMI Group, Inc.

$4,099

$855

$621

$4,241

$2,687

$3,317

$2,576

$6,693

$7,341

$1,727

$30,633

$10,252

$9,944

$7,787

$27,091

30.6%

12.1%

8.6%

18.2%

18.0%

21.7%

12.4%

19.3%

45.4%

20.2%

10.3%

4.7%

9.0%

13.1%

23.4%

Total

720 and

above

680 -

719

620 -

679

575 -

619

Less

than 575

Fixed

Rate

ARMs

2/28s

Interest

Only

LTV>97

Alt-A

Calif.

Florida

Auto

States

Risk Characteristics

Risk Characteristics: Total Primary Portfolio

Risk in Force (dollars in millions)

Default Rate (as measured by policies)

Credit Score

Total

Loan Type

Total Primary Portfolio:

PMI’s total primary book is primarily driven by the flow channel

Loans are primarily fixed rate and owner occupied with FICO scores greater than 620

Certain geographies and select products have exhibited heightened levels of defaults

Total Primary Risk in Force as of June 30, 2008

30

The PMI Group, Inc.

Loan Type

Credit Score¹

Primary Portfolio Characteristics

Primary RIF as of June 30, 2008

1

Excludes unreported FICO scores

2

At origination

Note: 

-

Interest rate adjustments as a percentage of Total Risk in Force are approximately 3% and 1% in 2008 and 2009, respectively. 

-

Categories are not mutually exclusive except for Credit Score and Loan Type

2/28s

All $ in Millions, except for Average Loan Size

Specific Portfolio Characteristics

Interest Only

LTV > 97%

Alt-A

California

Florida

Auto States

Avg Loan Size

Avg LTV²

Avg FICO

Total

Fixed RateFixed Rate

Less than 575

575 -

619

720 and above

ARM

620 -

679

680 -

719

Total

2/28s

Total Portfolio

$30,632.8

$620.6

$1,727.3

$9,943.6

$7,787.3

$10,251.6

$27,091.4

$2,686.5

$854.9

Default Rate

10.3%

30.6%

20.2%

13.1%

9.0%

4.7%

8.6%

23.4%

45.4%

2008 Vintage

$2,325.7

$10.6

$56.4

$556.5

$644.4

$1,055.7

$2,282.0

$43.7

$0.0

Default Rate

1.9%

23.4%

7.3%

2.8%

1.7%

0.8%

1.9%

2.6%

n/a

2007 Vintage

$10,163.8

$254.8

$641.4

$3,078.7

$2,682.4

$3,478.7

$9,435.5

$664.3

$64.0

Default Rate

11.0%

28.6%

18.6%

12.1%

10.1%

5.8%

10.4%

17.2%

26.3%

2006 Vintage

$5,618.5

$72.4

$238.3

$1,984.8

$1,471.8

$1,822.2

$4,398.8

$798.2

$421.5

Default Rate

15.2%

36.9%

24.7%

19.3%

14.8%

8.0%

11.4%

29.6%

48.6%

2005 Vintage

$4,370.3

$57.2

$195.3

$1,589.3

$1,121.2

$1,374.9

$3,365.2

$690.6

$314.5

Default Rate

12.3%

36.6%

24.0%

16.1%

11.2%

5.6%

8.3%

27.0%

45.0%

2004 Vintage and Prior

$8,154.5

$225.6

$595.9

$2,734.3

$1,867.5

$2,520.1

$7,609.9

$489.7

$54.9

Default Rate

8.5%

29.9%

20.0%

10.9%

6.0%

3.0%

7.6%

21.9%

44.6%

Total Portfolio

$4,240.7

$7,340.6

$6,693.4

$2,576.3

$3,317.0

$4,098.7

$157,509

93%

690

Default Rate

19.3%

12.4%

21.7%

18.0%

18.2%

12.1%

2008 Vintage

$177.1

$286.6

$255.6

$245.5

$174.2

$270.8

$202,671

91%

711

Default Rate

2.4%

3.7%

4.4%

3.3%

5.4%

2.1%

2007 Vintage

$2,287.0

$3,622.8

$2,970.9

$1,107.9

$1,125.2

$1,102.6

$192,978

94%

687

Default Rate

17.9%

13.4%

20.6%

17.5%

21.4%

11.0%

2006 Vintage

$1,076.8

$1,468.2

$1,900.4

$536.4

$825.7

$721.7

$176,064

93%

692

Default Rate

22.8%

13.4%

27.4%

35.2%

29.1%

16.3%

2005 Vintage

$601.8

$823.0

$975.8

$396.9

$589.9

$642.4

$159,336

92%

693

Default Rate

22.3%

12.9%

24.7%

27.9%

20.2%

13.8%

2004 Vintage and Prior

$98.0

$1,140.0

$590.7

$289.6

$602.0

$1,361.2

$114,308

92%

687

Default Rate

17.6%

10.4%

13.6%

6.1%

8.4%

11.9%

31

The PMI Group, Inc.

$3,466

$0

$383

$3,308

$2,058

$2,866

$1,980

$5,284

$6,059

$1,322

$25,983

$8,975

$8,312

$6,787

$23,925

32.7%

10.2%

8.4%

17.8%

15.3%

20.2%

12.5%

18.2%

19.2%

9.3%

4.5%

8.4%

11.5%

23.9%

Total

720 and

above

680 -

719

620 -

679

575 -

619

Less

than 575

Fixed

Rate

ARMs

2/28s

Interest

Only

LTV>97

Alt-A

Calif.

Florida

Auto

States

Flow Risk in Force as of June 30, 2008

Risk Characteristics: Flow

Risk in Force (dollars in millions)

Default Rate (as measured by policies)

Credit Score

Total

Loan Type

Risk Characteristics

Primary Flow Portfolio:

PMI’s primary flow book represents 85% of primary insurance and is primarily owner occupied, fixed

rate loans with FICO scores greater than 620

Approximately 94% of flow risk in force is within conforming loan limits

Approximately 58% of flow risk in force is in captive reinsurance agreements

32

The PMI Group, Inc.

Flow Portfolio Characteristics

Flow RIF as of June 30, 2008

All $ in Millions, except for Average Loan Size

1

Excludes unreported FICO scores

2

At origination

Note:  Categories are not mutually exclusive except for Credit Score and Loan Type

Interest Only

LTV > 97%

Alt-A

California

Florida

Auto States

Avg Loan Size

Avg LTV2

Avg FICO

620 -

679

680 -

719

Fixed Rate

Credit Score¹

Loan Type

Less than 575

575 -

619

720 and above

ARM

620 -

679

680 -

719

Total

2/28s

Total Portfolio

$3,308.4

$6,059.4

$5,283.9

$1,979.7

$2,866.1

$3,465.9

$156,995

93%

694

Default Rate

18.2%

12.5%

20.2%

15.3%

17.8%

10.2%

2008 Vintage

$176.0

$264.8

$254.8

$244.4

$172.4

$265.5

$202,856

91%

711

Default Rate

2.4%

3.9%

4.4%

3.3%

5.4%

2.1%

2007 Vintage

$2,028.1

$3,105.7

$2,641.2

$979.8

$957.3

$929.7

$195,763

94%

689

Default Rate

18.5%

14.3%

21.0%

18.2%

23.5%

11.0%

2006 Vintage

$649.1

$1,096.6

$1,189.8

$285.3

$652.0

$503.6

$175,443

93%

696

Default Rate

21.9%

12.9%

25.9%

29.5%

27.7%

10.8%

2005 Vintage

$369.2

$725.0

$703.2

$222.1

$542.8

$518.0

$156,781

92%

697

Default Rate

17.7%

11.3%

21.8%

23.4%

19.2%

10.5%

2004 Vintage and Prior

$86.0

$867.3

$494.9

$248.1

$541.6

$1,249.1

$115,078

92%

692

Default Rate

16.0%

10.2%

12.7%

5.5%

8.2%

10.9%

Total Portfolio

$25,982.9

$383.4

$1,321.9

$8,311.5

$6,786.5

$8,975.4

$23,925.3

$2,057.7

$0.0

Default Rate

9.3%

32.7%

19.2%

11.5%

8.4%

4.5%

8.4%

23.9%

n/a

2008 Vintage

$2,273.4

$9.6

$53.4

$541.0

$631.0

$1,036.3

$2,235.2

$38.2

$0.0

Default Rate

1.9%

25.9%

7.6%

2.9%

1.7%

0.8%

1.9%

3.2%

n/a

2007 Vintage

$8,575.3

$187.1

$521.6

$2,665.9

$2,321.5

$2,851.5

$8,152.9

$422.4

$0.0

Default Rate

11.5%

35.6%

20.1%

12.4%

10.8%

6.3%

11.1%

22.6%

n/a

2006 Vintage

$4,123.2

$30.3

$158.7

$1,351.8

$1,119.1

$1,434.4

$3,486.8

$636.4

$0.0

Default Rate

12.2%

37.8%

21.1%

14.5%

12.6%

7.2%

10.2%

30.8%

n/a

2005 Vintage

$3,663.4

$25.4

$136.6

$1,255.4

$959.9

$1,253.7

$3,117.7

$545.7

$0.0

Default Rate

9.9%

34.6%

20.3%

12.8%

9.5%

5.0%

8.0%

26.2%

n/a

2004 Vintage and Prior

$7,347.6

$131.0

$451.6

$2,497.4

$1,755.0

$2,399.5

$6,932.7

$415.0

$0.0

Default Rate

7.9%

28.8%

18.7%

10.5%

5.9%

3.0%

7.4%

18.1%

n/a

33

The PMI Group, Inc.

Risk Characteristics: Structured Transactions

$237

$932

$1,281

$855

$633

$3,166

$451

$597

$1,410

$406

$4,650

$1,276

$1,632

$1,001

$629

45.4%

27.9%

22.3%

21.7%

10.3%

20.3%

28.8%

26.5%

12.1%

23.3%

22.7%

16.3%

6.3%

13.6%

21.3%

Total

720 and

above

680 -

719

620 -

679

575 -

619

Less

than 575

Fixed

Rate

ARMs

2/28s

Interest

Only

LTV>97

Alt-A

Calif.

Florida

Auto

States

`

Risk in Force (dollars in millions)

Default Rate (as measured by policies)

Credit Score

Total

Loan Type

Risk Characteristics

Primary Structured Portfolio:

PMI’s primary structured book represents approximately 15% of total primary insurance

Highest defaults are reported in the 2/28 hybrid ARMs product, in which:

Approximately 83% of 2/28 hybrid ARM risk in force has passed the interest rate reset date

Monthly reporting of notices of default began to decline in August 2007

Structured Transactions Risk in Force as of June 30, 2008

34

The PMI Group, Inc.

Structured Portfolio Characteristics

Structured RIF as of June 30, 2008

All $ in Millions, except for Average Loan Size

1

Excludes unreported FICO scores

2

At origination

Note:

-

Approximately 3% of Total Primary RIF is subject to a rate adjustment in 2008.  2/28 Hybrid ARMs that are subject to a rate reset in 2008 represent approximately 1% of Total Primary RIF.

-

2/28 hybrid ARMs monthly reported notices of default peaked in late 2007. 

-

Categories are not mutually exclusive except for Credit Score and Loan Type

Avg FICO

Interest Only

LTV > 97%

Alt-A

California

Florida

Auto States

Avg Loan Size

Avg LTV2

Avg FICO

Credit Score¹

Fixed Rate

Loan Type

Less than 575

575 -

619

720 and above

ARM

620 -

679

680 -

719

Total

2/28s

Total Portfolio

$4,649.9

$237.2

$405.4

$1,632.1

$1,000.8

$1,276.2

$3,166.1

$628.8

$854.9

Default Rate

16.3%

27.9%

22.7%

21.3%

13.6%

6.3%

10.3%

22.3%

45.4%

2008 Vintage

$52.3

$1.0

$3.0

$15.5

$13.4

$19.4

$46.8

$5.5

$0.0

Default Rate

1.2%

9.8%

4.4%

1.3%

0.7%

0.2%

1.3%

0.0%

n/a

2007 Vintage

$1,588.5

$67.7

$119.8

$412.8

$360.9

$627.2

$1,282.6

$241.9

$64.0

Default Rate

8.9%

17.2%

14.8%

11.0%

6.6%

3.5%

7.0%

13.9%

26.3%

2006 Vintage

$1,495.3

$42.1

$79.6

$633.0

$352.7

$387.8

$912.0

$161.8

$421.5

Default Rate

24.5%

36.2%

32.1%

31.3%

22.7%

11.2%

16.4%

26.4%

48.6%

2005 Vintage

$706.9

$31.8

$58.7

$333.9

$161.3

$121.2

$247.5

$144.9

$314.5

Default Rate

27.2%

38.5%

34.5%

32.2%

23.8%

12.0%

12.6%

30.3%

45.0%

2004 Vintage and Prior

$806.9

$94.6

$144.3

$236.9

$112.5

$120.6

$677.2

$74.7

$54.9

Default Rate

13.6%

31.4%

23.8%

14.8%

7.0%

3.1%

9.6%

38.4%

44.6%

Total Portfolio

$932.3

$1,281.2

$1,409.5

$596.6

$450.9

$632.8

$160,296

92%

669

Default Rate

23.3%

12.1%

26.5%

28.8%

20.3%

21.7%

2008 Vintage

$1.1

$21.8

$0.8

$1.1

$1.8

$5.3

$197,446

93%

693

Default Rate

0.0%

1.9%

0.0%

0.0%

6.0%

1.9%

2007 Vintage

$258.9

$517.1

$329.7

$128.1

$167.9

$172.9

$181,525

94%

676

Default Rate

13.8%

9.5%

18.0%

13.1%

12.2%

10.8%

2006 Vintage

$427.7

$371.6

$710.6

$251.1

$173.7

$218.1

$177,977

91%

679

Default Rate

24.5%

15.5%

29.6%

43.2%

34.4%

29.3%

2005 Vintage

$232.6

$98.0

$272.6

$174.8

$47.1

$124.4

$175,167

89%

667

Default Rate

32.5%

27.8%

33.8%

35.8%

31.4%

27.7%

2004 Vintage and Prior

$12.0

$272.7

$95.8

$41.5

$60.4

$112.1

$108,404

91%

648

Default Rate

27.1%

11.0%

17.8%

10.1%

10.4%

21.2%

35

The PMI Group, Inc.

Modified Pool Portfolio Characteristics

All $ in Millions

Modified Pool:

Data shown in this exhibit is an aggregation of unique pools into book years

Risk reduction features of modified pool, which may include deductibles and stop loss limits, mitigate

risk of loss from loans insured

Modified Pool with Deductibles

Modified Pool without Deductibles

All $ in Millions

2004 and Prior 

2005 

2006 

2007 

2008

Original Insured Balance

$35,500

$13,234

$18,913

$9,056

$0

Insurance in Force

$8,308

$7,247

$14,136

$8,116

$0

Original Stop Loss Amount

$1,315

$367

$640

$273

$0

Original Deductible Amount

$266

$78

$136

$81

$0

Original Risk in Force

$1,049

$289

$504

$192

$0

Losses Applicable to Deductible

$90

$14

$12

$1

$0

PMI's Claims Paid to Date

$0

$0

$0

$0

$0

Deductible Balance

$176

$64

$124

$80

$0

2004 and Prior 

2005 

2006 

2007

2008

Original Insured Balance

$16,375

$2,577

$8,442

$0

$0

Insurance in Force

$2,566

$1,511

$4,990

$0

$0

Original Stop Loss Amount

$483

$54

$317

$0

$0

PMI's Claims Paid to Date

$34

$4

$5

$0

$0

Stop Loss Balance

(Remaining RIF)

$450

$49

$312

$0

$0

36

The PMI Group, Inc.

Modified Pool Portfolio Characteristics

Modified Pool IIF as of June 30, 2008

1

Excludes unreported FICO scores  ²

Excludes Balloon, Buy Down, and Other  ³

At origination

Note:  Categories are not mutually exclusive except for Credit Score and Loan Type

All $ in Millions, except for Average Loan Size

Specific Portfolio Characteristics

Specific Portfolio Characteristics

Credit Score1

Loan Type2

Credit Score1

Loan Type2

Total

Total

Fixed Rate

ARM

2/28s

Fixed Rate

ARM

2/28s

Deductible

Non Deductible

Less than 575

575 -

619

620 -

679

680 -

719

720 and above

Less than 575

575 -

619

620 -

679

680 -

719

720 and above

Interest Only

LTV > 97%

Alt-A

California

Florida

Auto States

Avg Loan Size

Avg LTV3

Avg FICO

Interest Only

LTV > 97%

Alt-A

California

Florida

Auto States

Avg Loan Size

Avg LTV3

Avg FICO

Total Portfolio

$37,807

$570

$1,299

$11,973

$11,361

$12,593

$35,328

$2,304

$3

2008 Vintage

$0

$0

$0

$0

$0

$0

$0

$0

$0

2007 Vintage

$8,116

$144

$329

$2,843

$2,739

$2,060

$7,620

$494

$0

2006 Vintage

$14,136

$72

$161

$5,368

$4,763

$3,772

$13,947

$188

$2

2005 Vintage

$7,247

$7

$58

$1,763

$2,298

$3,120

$5,883

$1,362

$1

2004 Vintage and Prior

$8,308

$347

$751

$1,999

$1,561

$3,641

$7,878

$260

$0

Total Portfolio

$9,067

$398

$906

$3,358

$2,156

$2,028

$5,620

$3,362

$26

2008 Vintage

$0

$0

$0

$0

$0

$0

$0

$0

$0

2007 Vintage

$0

$0

$0

$0

$0

$0

$0

$0

$0

2006 Vintage

$4,990

$387

$858

$2,186

$1,003

$555

$1,849

$3,115

$26

2005 Vintage

$1,511

$0

$6

$310

$450

$727

$1,487

$24

$0

2004 Vintage and Prior

$2,566

$11

$42

$862

$703

$746

$2,284

$223

$0

Total Portfolio

$1,234

$1,857

$3,363

$1,410

$797

$1,016

$152,856

86

673

2008 Vintage

$0

$0

$0

$0

$0

$0

n/a

n/a

n/a

2007 Vintage

$0

$0

$0

$0

$0

$0

n/a

n/a

n/a

2006 Vintage

$360

$1,784

$402

$565

$490

$788

$157,544

93

651

2005 Vintage

$703

$1

$1,075

$322

$116

$64

$197,957

76

718

2004 Vintage and Prior

$171

$72

$1,887

$523

$191

$164

$128,232

78

694

Total Portfolio

$12,271

$921

$23,978

$6,262

$3,906

$3,856

$170,694

78

694

2008 Vintage

$0

$0

$0

$0

$0

$0

n/a

n/a

n/a

2007 Vintage

$3,471

$753

$5,361

$1,563

$792

$748

$204,451

82

686

2006 Vintage

$5,282

$56

$10,260

$2,320

$1,671

$1,326

$188,915

79

693

2005 Vintage

$2,723

$41

$5,030

$1,312

$919

$678

$176,263

79

709

2004 Vintage and Prior

$795

$71

$3,327

$1,067

$524

$1,104

$126,165

75

691

Captive Reinsurance

38

The PMI Group, Inc.

$310

$550

$34

2007

2008

2009

Captive reinsurers are wholly-owned, bankruptcy remote subsidiaries of originators that provide mezzanine level reinsurance

for loans for which PMI has provided primary mortgage insurance coverage.

PMI is the named beneficiary on captive trust balances totaling approximately $788 million as of June 30, 2008.

At June 30, 2008, approximately 62.4% of flow risk in force was covered by captive reinsurance agreements, including:

Captive trust balances will continue to grow with new insurance written in the flow channel.  Future ceded premiums can be

used to meet capital adequacy for existing book years.   

Based on current expectations of defaults, PMI forecasts approximately the following reductions to total incurred losses as a

result of captive reinsurance agreements in 2008 and 2009:

Expected Benefit from Captive Reinsurance Agreements

PMI’s Captive Reinsurance Agreements

(Dollars in Millions)

Flow  Risk in Force Covered by Captives

~ 56% of LTVs

>97%*

~ 66% of less-than-A quality

~ 47% of Alt-A

~ 66% of prime

*

Captive coverage for LTVs

greater than 97% may overlap with other listed categories

39

The PMI Group, Inc.

PMI’s Captive Reinsurance Agreements

PMI Mortgage Insurance Co.

Captive Reinsurance Agreements Analysis

(Dollars in Millions)

Note:

For

the

combined

captive

trust

arrangements,

the

weighted

average

entry

point

is

4.10%

and

the

weighted

average

exit

point

is

12.15%.

$3,368

$273.0

1,159

130.4

249

55.4

187

49.9

$4,963

$508.8

$5.4

$0.3

$769

$19.4

496

21.8

1,371

72.9

324

26.4

$2,959

$140.6

$9.4

$0.0

$380

$6.0

542

18.5

1,442

57.6

720

42.3

$3,083

$124.4

$16.8

$0.0

$4,086

$53.1

559

13.4

132

3.1

3

0.2

$4,780

$69.8

$0.4

$0.0

$32.1

$0.3

$703.0

Ever to

Losses

Date Incurred

RIF

Current

Cumulative

Cumulative

Benefit

Incurred Loss

Paid  Loss

Captive

Captive

Benefit

December 31, 2007

Progression

Original

to Attachment

RIF

Point

2004 Book Year

$16,006

0 - 50%

$1,973

$227.6

$2,266

$224.1

6,427

50 - 75%

1,125

158.1

1,697

187.9

4,134

75-99%

1,065

117.1

525

70.1

1,742

Attached

187

62.5

173

50.2

$28,308

$4,350

$565.3

$8.5

$0.6

$4,662

$532.3

$6.6

$0.3

2005 Book Year

$116

0 - 50%

$75

$1.8

$362

$9.1

479

50 - 75%

290

11.0

527

25.7

944

75-99%

542

34.6

289

17.7

3,203

Attached

1,761

200.8

1,643

136.8

$4,742

$2,668

$248.2

$82.0

$0.0

$2,821

$189.3

$31.3

$0.0

2006 Book Year

$70

0 - 50%

$53

$0.5

$57

$0.4

1

50 - 75%

1

0.0

347

10.3

367

75-99%

277

12.6

473

24.0

3,209

Attached

2,434

248.1

2,027

143.8

$3,646

$2,765

$261.2

$115.9

$0.0

$2,903

$178.5

$48.2

$0.0

2007 Book Year

$110

0 - 50%

$99

$1.1

$455

$6.1

235

50 - 75%

220

5.9

2,797

80.5

267

75-99%

240

8.4

855

29.9

4,966

Attached

4,605

285.1

1,213

51.1

$5,579

$5,163

$300.5

$97.6

$0.0

$5,320

$167.5

$16.5

$0.0

Cumulative Captive Benefit

$304.1

$0.8

$102.7

$0.3

Total Captive Trust Balances

$787.8

$747.0

Paid Loss

Ever to

Cumulative

Cumulative

Cumulative

Benefit

Captive

Benefit

Current

RIF

Date Incurred

Losses

March 31, 2008

June 30, 2008

Current

Date Incurred

Captive

Paid Loss

Ever to

Captive

Incurred Loss

Captive

Cumulative

Incurred Loss

RIF

Losses

Benefit

Benefit

Note: Due to rounding, the totals may not equal the sum of each category

PMI Australia

Portfolio Characteristics

41

The PMI Group, Inc.

Australian Portfolio

Geographic Distribution

Risk in Force by State¹

New South Wales

33.0%

Queensland

23.0%

Victoria

18.3%

Western Australia

12.3%

South Australia

7.2%

New Zealand

2.9%

Australian Capital Territory (ACT)

1.8%

Tasmania

0.9%

Northern Territory

0.6%

Australian Population by State²

New South Wales

6,927,000

32.7%

Victoria

5,246,100

24.8%

Queensland

4,228,300

20.0%

Western Australia

2,130,800

10.0%

South Australia

1,591,900

7.5%

Australian Capital

Territory (ACT)

340,800

1.6%

Tasmania

495,800

2.3%

Northern Territory

217,600

1.0%

21,180,600

100.0%

1

Risk in force as of June 30, 2008

2

Source: Australian Bureau of Statistics, December 2007 (Does not add due to rounding)

Western

Australia

South

Australia

Northern

Territory

Queensland

New South

Wales

Victoria

Tasmania

ACT

42

The PMI Group, Inc.

6.5%

$169.8 Billion Primary RIF

22.2%

$16,930

$4,052

$6,196

$6,718

$11,540

$20,259

$35,955

$37,622

$10,967

$19,562

$0

$10,000

$20,000

$30,000

$40,000

$50,000

Prior to 2000

2000

2001

2002

2003

2004

2005

2006

2007

2008

Percent

of Total

21.2%

11.5%

11.9%

6.8%

4.0%

3.6%

2.4%

10.0%

Australian Portfolio

Age Distribution

U.S. Dollars in Millions

43

The PMI Group, Inc.

Australian Portfolio Characteristics

LTVs as a % of RIF

Property Type as a % of RIF

Occupancy Status as a % of RIF

Loan Amount as a % of RIF

65.7%

65.8%

67.7%

66.8%

19.0%

18.5%

16.2%

15.7%

17.6%

64.5%

16.5%

15.0%

15.3%

16.3%

14.8%

0.5%

0.7%

0.9%

1.2%

1.5%

0%

25%

50%

75%

100%

2004

2005

2006

2007

Jun-08

81.0%

81.5%

83.2%

83.5%

83.4%

19.0%

18.5%

16.8%

16.5%

16.6%

0%

25%

50%

75%

100%

2004

2005

2006

2007

Jun-08

24.9%

24.7%

18.3%

12.4%

9.5%

53.2%

53.4%

53.6%

47.8%

42.4%

21.9%

28.1%

39.8%

48.1%

21.9%

0%

25%

50%

75%

100%

2004

2005

2006

2007

Jun-08

Condominium,

townhouse, cooperative

Non-Owner Occupied

Owner Occupied

Over $100,000 and up to $250,000

$100,000 or less

Over $250,000

LTVs between

90.01% and 95%

LTVs of 85%

and below

LTVs

above 95%

LTVs between

85.01% and 90%

Note:  Due to rounding, the sum of percentages may not total 100%

The increase in loan size in Australia reflects the combination of higher property prices for newer policies and

lower loan sizes on terminating policies.

90.9%

89.6%

90.2%

89.7%

7.9%

8.9%

8.4%

8.8%

1.4%

1.3%

1.5%

1.3%

0%

25%

50%

75%

100%

2004

2005

2006

2007

Jun-08

Multi-family

dwelling and other

Single-Family

Detached

89.2%

9.3%

1.5%

44

The PMI Group, Inc.

Australian Portfolio Characteristics

Low Documentation Loans as a % of RIF

Average Primary Loan Size

IIF and RIF

Flow and RMBS RIF

$0

$25

$50

$75

$100

$125

$150

$175

$200

2004

2005

2006

2007

Jun-08

5.0%

7.8%

7.9%

8.6%

9.0%

0%

2%

4%

6%

8%

10%

2004

2005

2006

2007

Jun-08

$122.7

$122.2

$141.0

$166.9

$185.8

$0

$25

$50

$75

$100

$125

$150

$175

2004

2005

2006

2007

Jun-08

Insurance in Force

Risk in Force

$0

$25

$50

$75

$100

$125

$150

$175

Note:  Due to rounding, the sum of percentages may not total 100%

Flow

RMBS

68.9

71.2

81.5

96.0

37.6

54.0

65.4

$103.1

$108.8

34.2

$135.5

$161.4

2004

2005

2006

2007

Jun-08

105.2

64.6

$169.8