Private MIs See Further Erosion in Profitability During 4th Quarter, Despite Modest Revenue Gain Private mortgage insurers had a rough year in 2003 and industry analysts expect only gradual improvement in MI profitability in 2004. The seven private MIs reported a combined $2.42 billion in income for all of last year, a decline of 7 percent from the sector’s earnings in 2002, according to an Inside Mortgage Profitability analysis. Although not all firms report earnings