PMI Group Quarterly Profit Slips 8 Pct.

NU Online News Service, Jan. 27, 2:07 p.m. EST?The PMI Group Inc.'s 2003 fourth-quarter net income dropped about 8.4 percent on a year-over-year basis, to $77.2 million from $84.3 million reported one year ago, hurt by an increase in claims paid by its U.S. mortgage insurance operations, management said.[@@]

The Walnut Creek, Calif.-based insurer's yearly net profit also fell–down 14 percent to $296.4 million from $346.2 million in income reported in 2002.

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