EXHIBIT 12.1

THE PMI GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2003			2002			2001			2000			1999
	(Dollars in thousands, except for ratios)
Earnings
Income from continuing operations before income taxes (1)	$	393,122		$	450,162		$	432,272		$	364,348		$	277,556
Less: Equity in earnings from unconsolidated subsidiaries		(4,597	)		(44,225	)		(18,788	)		(11,880	)		(7,061	)
Add: Equity earnings from unconsolidated subsidiaries with greater than 50% ownership		(31,096	)		23,371			—			—			—
Add: Distributed earnings of subsidiaries with less than 50% ownership		157			5,798			—			—			—
Fixed charges		40,414			30,598			27,172			22,426			19,774
Total earnings	$	398,000		$	465,705		$	440,657		$	374,894		$	290,269
Fixed charges
Interest expense	$	20,815		$	17,654		$	15,218		$	10,361			8,705
Interest expense of unconsolidated subsidiaries with greater than 50% ownership		12,389			5,493			—			—			—
Distributions on manditorily redeemable preferred securities		3,676			4,030			7,604			8,309			8,309
Interest component of rent expense (2)		3,534			3,422			4,351			3,756			2,760
Total fixed charges	$	40,414		$	30,599		$	27,172		$	22,426		$	19,774
Ratio of earnings to fixed charges		9.85			15.22			16.22			16.72			14.68

(1) In October 2003, the Company announced that it had reached a definitive agreement to sell APTIC. Following the announcement, the Company began reporting APTIC's results as discontinued operations in the Consolidated Statements of Operations. The calculation of of the ratio of earnings to fixed charges excludes discontinued operations. Prior periods have been restated to conform to the 2003 presentation.

(2) Represents an estimated interest factor.

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