Private MIs Post Further Decline in Profits Despite 2nd Quarter Surge in Premiums The U.S. private mortgage insurance industry continued to put up dreary profit figures during the second quarter of 2003, despite solid gains in new insurance volume. According to data compiled by Inside Mortgage Profitability, the seven private MIs in the business reported a combined $777.8 million in pre-tax income for the second quarter of 2003. That was down 1.4 percent from the