The PMI Group, Inc. (the "Company") is filing this Current Report on Form 8-K to update the historical financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2007 for discontinued operations. The financial statements contained herein shall supersede the Company's financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2007. The discontinued operations relate to the sale of PMI Mortgage Insurance Ltd and its holding company, PMI Mortgage Insurance Australia (Holdings) Pty Limited (collectively "PMI Australia"), the sale of PMI Mortgage Insurance Asia Ltd. ("PMI Asia") and the completion of run-off activities of PMI Guaranty Co. ("PMI Guaranty"), all of which have been previously disclosed. In compliance with Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company classified the operations and assets and liabilities of PMI Australia, PMI Asia and PMI Guaranty as discontinued operations for all periods presented in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2008. Under the requirements of the Securities and Exchange Commission (the "SEC"), the same classification as discontinued operations is required for previously issued annual financial statements for each of the three years presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, if those financial statements are incorporated by reference in subsequent filings with the SEC made under the Securities Act of 1933, as amended, even though those financial statements relate to periods prior to such classification. Accordingly, Exhibit 99.1 contains the Company's reclassified audited consolidated financial statements for the years ended December 31, 2007, 2006 and 2005.

(d) Exhibits

Exhibit Number       Description
23.1                 Consent of Independent Registered Public Accounting Firm

99.1                 The PMI Group, Inc. and Subsidiaries Consolidated Financial
                     Statements for the Years Ended December 31, 2007, 2006 and
                     2005 and as of December 31, 2007 and 2006