UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549


                                   FORM 11-K

              [X]  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 1998

                                      OR

            [_]  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                       Commission file number:  1-13664


A.  Full title of the plan and the address of the plan, if different from that
of the issuer named below:

              THE PMI GROUP, INC. SAVINGS AND PROFIT-SHARING PLAN


B.  Name of issuer of the securities held pursuant to the Plan and the address
of its principal executive office:

                         The PMI Group, Inc.
                         601 Montgomery Street
                         San Francisco, CA  94111


                             REQUIRED INFORMATION


     1.   The financial statements of The PMI Group, Inc., Savings and
          Profit-Sharing Plan as of December 31, 1998 and 1997 and for the years
          then ended including: the statements of net assets available for
          benefits (modified cash basis), the related statements of changes in
          net assets available for benefits (modified cash basis), supplemental
          schedule (modified cash basis) of assets held for investment purposes
          as of December 31, 1998, and supplemental schedule (modified cash
          basis) of reportable transactions for the year ended December 31,
          1998, are contained in Exhibit 1 to this Annual Report.

     2.   Consent of Deloitte & Touche LLP, independent auditors, is contained
          in Exhibit 2 to this Annual Report.

                                   SIGNATURE

     The Plan.  Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.

                            THE PMI GROUP, INC., SAVINGS AND PROFIT-SHARING PLAN

Date:  June 30, 1999          By: /s/ Victor J. Bacigalupi
                                  Senior Vice President, General Counsel
                                  and Secretary