— First quarter net income of $152 million, or $0.98 per diluted share —
— Return on equity of 13.8% and adjusted net operating return on equity of 14.5% —
— Default rate declines to 2.1% with highest quarterly cure rate in more than 20 years —
— Primary mortgage insurance in force growth of 4% year-over-year to an all-time high of $271 billion —
— Total revenue growth of 3% year-over-year to $319 million —
— Book value per share growth of 12% year-over-year to $29.30 —
— Completed $625 million senior notes offering and redemption of $525 million senior notes in the quarter —
WAYNE, Pa.–(BUSINESS WIRE)–Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended March 31, 2024, of $152 million, or $0.98 per diluted share. This compares with net income for the quarter ended March 31, 2023, of $158 million, or $0.98 per diluted share.
Adjusted pretax operating income for the quarter ended March 31, 2024, was $203 million, or $1.03 per diluted share. This compares with adjusted pretax operating income for the quarter ended March 31, 2023, of $200 million, or $0.98 per diluted share.
|
Key Financial Highlights |
|
Quarter ended |
||||
|
($ in millions, except per-share amounts) |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
Total revenues |
|
$319 |
|
$329 |
|
$310 |
|
Net income |
|
$152 |
|
$143 |
|
$158 |
|
Diluted net income per share |
|
$0.98 |
|
$0.91 |
|
$0.98 |
|
Consolidated pretax income |
|
$199 |
|
$180 |
|
$204 |
|
Adjusted pretax operating income (1) |
|
$203 |
|
$192 |
|
$200 |
|
Adjusted diluted net operating income per share (1) (2) |
|
$1.03 |
|
$0.96 |
|
$0.98 |
|
Return on equity (3) |
|
13.8% |
|
13.4% |
|
15.7% |
|
Adjusted net operating return on equity (1) (2) |
|
14.5% |
|
14.2% |
|
15.7% |
|
New Insurance Written (NIW) – mortgage insurance |
|
$11,534 |
|
$10,629 |
|
$11,261 |
|
Net premiums earned – mortgage insurance |
|
$234 |
|
$230 |
|
$231 |
|
New defaults |
|
11,756 |
|
12,452 |
|
10,624 |
|
Provision for losses – mortgage insurance |
|
($7) |
|
$5 |
|
($17) |
|
|
|
|
||||
|
|
As of |
|||||
|
($ in millions, except per-share amounts) |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
Book value per share |
|
$29.30 |
|
$28.71 |
|
$26.23 |
|
Accumulated other comprehensive income (loss) value per share (4) |
|
($2.39) |
|
($2.16) |
|
($2.47) |
|
PMIERs Available Assets (5) |
|
$5,989 |
|
$5,890 |
|
$5,651 |
|
PMIERs excess Available Assets (6) |
|
$2,282 |
|
$2,260 |
|
$1,740 |
|
Total Holding Company Liquidity (7) |
|
$1,369 |
|
$1,267 |
|
$1,231 |
|
Total investments |
|
$6,327 |
|
$6,086 |
|
$5,838 |
|
Primary mortgage insurance in force |
|
$270,986 |
|
$269,979 |
|
$261,450 |
|
Percentage of primary loans in default (8) |
|
2.1% |
|
2.2% |
|
2.1% |
|
Mortgage insurance loss reserves |
|
$357 |
|
$365 |
|
$400 |
|
(1) |
Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G. |
|
|
(2) |
Calculated using the Company’s federal statutory tax rate of 21%. |
|
|
(3) |
Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. |
|
|
(4) |
Included in book value per share for each period presented. |
|
|
(5) |
Represents Radian Guaranty’s Available Assets, calculated in accordance with the Private Mortgage Insurer Eligibility Requirements (PMIERs) financial requirements in effect for each date shown. |
|
|
(6) |
Represents Radian Guaranty’s excess or “cushion” of Available Assets over its Minimum Required Assets, calculated in accordance with the PMIERs financial requirements in effect for each date shown. |
|
|
(7) |
Represents Radian Group’s total liquidity, including available capacity under its $275 million unsecured revolving credit facility. |
|
|
(8) |
Represents the number of primary loans in default as a percentage of the total number of insured primary loans. |
Book value per share at March 31, 2024, was $29.30, compared to $28.71 at December 31, 2023, and $26.23 at March 31, 2023. This represents a 12% growth in book value per share at March 31, 2024, as compared to March 31, 2023, and includes accumulated other comprehensive income (loss) of $(2.39) per share as of March 31, 2024, and $(2.47) per share as of March 31, 2023. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.
“We had a strong start to the year with excellent first quarter operating results for Radian. We increased book value per share by 12% year-over-year and delivered return on equity of approximately 14%. These results demonstrate the embedded economic value of our high-quality mortgage insurance portfolio, which is the main driver of future earnings for our company and reached an all-time high of $271 billion during the quarter,” said Radian’s Chief Executive Officer Rick Thornberry. “We continue to strategically manage capital, paying our fifth consecutive quarterly dividend of $100 million from Radian Guaranty to Radian Group and returning capital to stockholders through dividends and share repurchases.”
FIRST QUARTER HIGHLIGHTS
-
NIW was $11.5 billion in the first quarter of 2024, compared to $10.6 billion in the fourth quarter of 2023, and $11.3 billion in the first quarter of 2023.
- Purchase NIW increased 6% in the first quarter of 2024 compared to the fourth quarter of 2023 and increased 2% compared to the first quarter of 2023.
- Refinances accounted for 3% of total NIW in the first quarter of 2024, compared to 1% in the fourth quarter of 2023, and 2% in the first quarter of 2023.
-
Total primary mortgage insurance in force of $271.0 billion as of March 31, 2024, increased as compared to $270.0 billion as of December 31, 2023, and increased 4% compared to $261.5 billion as of March 31, 2023.
- Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended March 31, 2024, compared to 84% for the twelve months ended December 31, 2023, and 82% for the twelve months ended March 31, 2023.
- Annualized persistency for the three months ended March 31, 2024, was 85%, compared to 86% for the three months ended December 31, 2023, and 84% for the three months ended March 31, 2023.
-
Net mortgage insurance premiums earned were $234 million for the first quarter of 2024, an increase compared to $230 million for the fourth quarter of 2023, and $231 million for the first quarter of 2023.
- Mortgage insurance in force portfolio premium yield was 38.2 basis points in the first quarter of 2024. This compares to 38.1 basis points in the fourth quarter of 2023, and 38.5 basis points in the first quarter of 2023.
- The impact of single premium policy cancellations before consideration of reinsurance represented 0.3 basis points of direct premium yield in the first quarter of 2024, 0.3 basis points in the fourth quarter of 2023, and 0.8 basis points in the first quarter of 2023.
- Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 34.6 basis points in the first quarter of 2024. This compares to 34.2 basis points in the fourth quarter of 2023, and 35.4 basis points in the first quarter of 2023.
- Details regarding premiums earned may be found in Exhibit D.
-
The mortgage insurance provision for losses was a benefit of $7 million in the first quarter of 2024, compared to a loss of $5 million in the fourth quarter of 2023 and a benefit of $17 million in the first quarter of 2023.
- Favorable reserve development on prior period defaults was $61 million in the first quarter of 2024, compared to $49 million in the fourth quarter of 2023 and $67 million in the first quarter of 2023.
- The number of primary delinquent loans was 20,850 as of March 31, 2024, compared to 22,021 as of December 31, 2023, and 20,748 as of March 31, 2023.
- The loss ratio in the first quarter of 2024 was (2.9)%, compared to 2.0% in the fourth quarter of 2023, and (7.3)% in the first quarter of 2023.
- Total mortgage insurance claims paid were $3 million in the first quarter of 2024, compared to $3 million in the fourth quarter of 2023, and $3 million in the first quarter of 2023.
- Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.
-
Other operating expenses were $83 million in the first quarter of 2024, compared to $95 million in the fourth quarter of 2023, and $83 million in the first quarter of 2023.
- Other operating expenses decreased in the first quarter of 2024 as compared to the fourth quarter of 2023, primarily due to $14 million of impairments of long-lived assets and other non-operating items recognized in the fourth quarter of 2023, related to lease-related assets and internal-use software.
- Additional details regarding other operating expenses may be found in Exhibit D.
CAPITAL AND LIQUIDITY UPDATE
Radian Group
- As of March 31, 2024, Radian Group maintained $1.1 billion of available liquidity. Total holding company liquidity, including the company’s $275 million unsecured revolving credit facility, was $1.4 billion as of March 31, 2024.
- During the first quarter of 2024, the company repurchased 1.8 million shares of Radian Group common stock at a total cost of $50 million, including commissions. As of March 31, 2024, purchase authority of up to $117 million remained available under the existing program.
- As previously announced, on February 14, 2024, Radian Group’s board of directors authorized a regular quarterly dividend on its common stock in the amount of $0.245 per share, an increase of 9% from the previous quarterly dividend. The dividend totaling $37 million was paid to stockholders on March 12, 2024.
-
During the first quarter of 2024, the Company initiated a series of transactions to increase its financial strength and reduce holding company leverage by year-end 2024:
- Issued $625 million aggregate principal amount of 6.200% senior unsecured notes due May 2029.
- Utilized a portion of the proceeds from the new debt issuance mentioned above to redeem all of its $525 million aggregate principal amount of 6.625% senior unsecured notes due March 2025.
- In addition, the Company intends to retire its $450 million aggregate principal amount of 4.500% senior unsecured notes due October 2024 at or prior to maturity without incurring any additional indebtedness, which is expected to reduce the holding company debt to capital ratio to below 20% by year-end 2024.
Radian Guaranty
- In the first quarter of 2024, Radian Guaranty paid an ordinary dividend to Radian Group of $100 million.
- At March 31, 2024, Radian Guaranty’s Available Assets under PMIERs totaled approximately $6.0 billion, resulting in PMIERs excess Available Assets of $2.3 billion.
RECENT EVENTS AND OTHER MATTERS
- As previously disclosed, on January 8, 2024, S&P Global Ratings (“S&P”) upgraded the insurance financial strength (IFS) rating of Radian Guaranty to A- from BBB+. In the same rating action, S&P also upgraded the senior unsecured debt rating of Radian Group Inc. to BBB- from BB+. The outlook for the ratings is stable.
- In the first quarter of 2024, the Company made a change to the way that it aggregates and reports its segment results. Whereas previously Radian had aggregated the results of its title, real estate services and real estate technology operating segments and reflected them as a separate reportable segment named homegenius, the results of these immaterial operating segments and the company’s mortgage conduit business (the other operating segment that does not meet the reportable segment materiality thresholds) are now reported in the All Other category, along with certain corporate and other activities. This change is reflected in the segment operating results for all periods presented.
CONFERENCE CALL
Radian will discuss first quarter 2024 financial results in a conference call tomorrow, Thursday, May 2, 2024, at 12:00 p.m. Eastern time. The conference call will be webcast live on the company’s website at https://radian.com/who-we-are/for-investors/webcasts or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.
The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).
A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at https://radian.com/who-we-are/for-investors/webcasts.
In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.
NON-GAAP FINANCIAL MEASURES
Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity (non-GAAP measures) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, these measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.
Adjusted pretax operating income (loss) is defined as GAAP consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for certain investments and other financial instruments attributable to our reportable segment or All Other activities; (ii) amortization and impairment of goodwill and other acquired intangible assets; and (iii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss) attributable to common stockholders, net of taxes computed using the company’s statutory tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s statutory tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable consolidated GAAP measures.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com and homegenius.com to learn more about how Radian and its pioneering homegenius platform are building a smarter future for mortgage and real estate services.
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)
|
Exhibit A: |
Condensed Consolidated Statements of Operations |
|
|
Exhibit B: |
Net Income Per Share |
|
|
Exhibit C: |
Condensed Consolidated Balance Sheets |
|
|
Exhibit D: |
Condensed Consolidated Statements of Operations Detail |
|
|
Exhibit E: |
Segment Information |
|
|
Exhibit F: |
Definition of Consolidated Non-GAAP Financial Measures |
|
|
Exhibit G: |
Consolidated Non-GAAP Financial Measure Reconciliations |
|
|
Exhibit H: |
Mortgage Insurance Supplemental Information – New Insurance Written |
|
|
Exhibit I: |
Mortgage Insurance Supplemental Information – Primary Insurance in Force and Risk in Force |
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations(1)
Exhibit A
|
|
|
2024 |
|
2023 |
|
||||||||||||||
|
(In thousands, except per-share amounts) |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net premiums earned |
|
$ |
235,857 |
|
|
$ |
232,649 |
|
$ |
240,262 |
|
|
$ |
213,429 |
|
|
$ |
233,238 |
|
|
Services revenue |
|
|
12,588 |
|
|
|
12,419 |
|
|
10,892 |
|
|
|
11,797 |
|
|
|
10,984 |
|
|
Net investment income |
|
|
69,221 |
|
|
|
68,824 |
|
|
67,805 |
|
|
|
63,348 |
|
|
|
58,453 |
|
|
Net gains (losses) on investments and other financial instruments |
|
|
490 |
|
|
|
13,447 |
|
|
(8,555 |
) |
|
|
(236 |
) |
|
|
5,585 |
|
|
Other income |
|
|
1,262 |
|
|
|
1,305 |
|
|
2,109 |
|
|
|
1,241 |
|
|
|
1,592 |
|
|
Total revenues |
|
|
319,418 |
|
|
|
328,644 |
|
|
312,513 |
|
|
|
289,579 |
|
|
|
309,852 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Provision for losses |
|
|
(7,034 |
) |
|
|
4,170 |
|
|
(8,135 |
) |
|
|
(21,632 |
) |
|
|
(16,929 |
) |
|
Policy acquisition costs |
|
|
6,794 |
|
|
|
6,147 |
|
|
6,920 |
|
|
|
5,218 |
|
|
|
6,293 |
|
|
Cost of services |
|
|
9,327 |
|
|
|
8,950 |
|
|
8,886 |
|
|
|
10,257 |
|
|
|
10,398 |
|
|
Other operating expenses |
|
|
82,636 |
|
|
|
95,218 |
|
|
79,206 |
|
|
|
89,885 |
|
|
|
83,269 |
|
|
Interest expense |
|
|
29,046 |
|
|
|
23,169 |
|
|
23,282 |
|
|
|
21,805 |
|
|
|
21,439 |
|
|
Impairment of goodwill |
|
|
— |
|
|
|
9,802 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of other acquired intangible assets |
|
|
— |
|
|
|
1,371 |
|
|
1,371 |
|
|
|
1,370 |
|
|
|
1,371 |
|
|
Total expenses |
|
|
120,769 |
|
|
|
148,827 |
|
|
111,530 |
|
|
|
106,903 |
|
|
|
105,841 |
|
|
Pretax income |
|
|
198,649 |
|
|
|
179,817 |
|
|
200,983 |
|
|
|
182,676 |
|
|
|
204,011 |
|
|
Income tax provision |
|
|
46,295 |
|
|
|
37,124 |
|
|
44,401 |
|
|
|
36,589 |
|
|
|
46,254 |
|
|
Net income |
|
$ |
152,354 |
|
|
$ |
142,693 |
|
$ |
156,582 |
|
|
$ |
146,087 |
|
|
$ |
157,757 |
|
|
Diluted net income per share |
|
$ |
0.98 |
|
|
$ |
0.91 |
|
$ |
0.98 |
|
|
$ |
0.91 |
|
|
$ |
0.98 |
|
| (1) See Exhibit D for additional details. | |||||||||||||||||||
Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B
The calculation of basic and diluted net income per share is as follows.
|
|
|
2024 |
|
2023 |
|||||||||||
|
(In thousands, except per-share amounts) |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||
|
Net income—basic and diluted |
|
$ |
152,354 |
|
$ |
142,693 |
|
$ |
156,582 |
|
$ |
146,087 |
|
$ |
157,757 |
|
Average common shares outstanding—basic |
|
|
153,817 |
|
|
155,318 |
|
|
158,461 |
|
|
159,010 |
|
|
158,304 |
|
Dilutive effect of share-based compensation arrangements (1) |
|
|
2,154 |
|
|
1,909 |
|
|
1,686 |
|
|
1,734 |
|
|
3,045 |
|
Adjusted average common shares outstanding—diluted |
|
|
155,971 |
|
|
157,227 |
|
|
160,147 |
|
|
160,744 |
|
|
161,349 |
|
Basic net income per share |
|
$ |
0.99 |
|
$ |
0.92 |
|
$ |
0.99 |
|
$ |
0.92 |
|
$ |
1.00 |
|
Diluted net income per share |
|
$ |
0.98 |
|
$ |
0.91 |
|
$ |
0.98 |
|
$ |
0.91 |
|
$ |
0.98 |
| (1) |
The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. |
|
|
|
2024 |
|
2023 |
|||||||
|
(In thousands) |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
|
Shares of common stock equivalents |
|
— |
|
— |
|
— |
|
112 |
|
25 |
|
Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
||||||||||
|
(In thousands, except per-share amounts) |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Investments |
|
$ |
6,327,114 |
|
|
$ |
6,085,654 |
|
|
$ |
5,885,652 |
|
|
$ |
5,895,871 |
|
|
$ |
5,837,892 |
|
|
Cash |
|
|
26,993 |
|
|
|
18,999 |
|
|
|
55,489 |
|
|
|
61,142 |
|
|
|
50,167 |
|
|
Restricted cash |
|
|
1,832 |
|
|
|
1,066 |
|
|
|
1,305 |
|
|
|
1,317 |
|
|
|
577 |
|
|
Accrued investment income |
|
|
46,334 |
|
|
|
45,783 |
|
|
|
45,623 |
|
|
|
42,650 |
|
|
|
42,567 |
|
|
Accounts and notes receivable |
|
|
130,095 |
|
|
|
123,857 |
|
|
|
144,614 |
|
|
|
138,432 |
|
|
|
129,565 |
|
|
Reinsurance recoverable |
|
|
28,151 |
|
|
|
25,909 |
|
|
|
24,148 |
|
|
|
22,979 |
|
|
|
24,396 |
|
|
Deferred policy acquisition costs |
|
|
18,561 |
|
|
|
18,718 |
|
|
|
18,817 |
|
|
|
19,272 |
|
|
|
18,236 |
|
|
Property and equipment, net |
|
|
60,521 |
|
|
|
63,822 |
|
|
|
74,558 |
|
|
|
73,885 |
|
|
|
72,111 |
|
|
Goodwill and other acquired intangible assets, net |
|
|
— |
|
|
|
— |
|
|
|
11,173 |
|
|
|
12,543 |
|
|
|
13,914 |
|
|
Prepaid federal income taxes |
|
|
750,320 |
|
|
|
750,320 |
|
|
|
696,820 |
|
|
|
663,320 |
|
|
|
596,368 |
|
|
Other assets |
|
|
369,944 |
|
|
|
459,805 |
|
|
|
420,483 |
|
|
|
375,132 |
|
|
|
418,609 |
|
|
Total assets |
|
$ |
7,759,865 |
|
|
$ |
7,593,933 |
|
|
$ |
7,378,682 |
|
|
$ |
7,306,543 |
|
|
$ |
7,204,402 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unearned premiums |
|
$ |
215,124 |
|
|
$ |
225,396 |
|
|
$ |
236,400 |
|
|
$ |
246,666 |
|
|
$ |
257,735 |
|
|
Reserve for losses and loss adjustment expense |
|
|
361,833 |
|
|
|
370,148 |
|
|
|
367,568 |
|
|
|
379,434 |
|
|
|
405,651 |
|
|
Senior notes |
|
|
1,512,860 |
|
|
|
1,417,781 |
|
|
|
1,416,687 |
|
|
|
1,415,610 |
|
|
|
1,414,549 |
|
|
Secured borrowings |
|
|
207,601 |
|
|
|
119,476 |
|
|
|
241,753 |
|
|
|
178,762 |
|
|
|
121,642 |
|
|
Reinsurance funds withheld |
|
|
133,460 |
|
|
|
130,564 |
|
|
|
156,114 |
|
|
|
154,354 |
|
|
|
153,099 |
|
|
Net deferred tax liability |
|
|
626,353 |
|
|
|
589,564 |
|
|
|
497,560 |
|
|
|
479,754 |
|
|
|
455,517 |
|
|
Other liabilities |
|
|
262,902 |
|
|
|
343,199 |
|
|
|
309,701 |
|
|
|
281,127 |
|
|
|
289,731 |
|
|
Total liabilities |
|
|
3,320,133 |
|
|
|
3,196,128 |
|
|
|
3,225,783 |
|
|
|
3,135,707 |
|
|
|
3,097,924 |
|
|
Common stock |
|
|
171 |
|
|
|
173 |
|
|
|
175 |
|
|
|
177 |
|
|
|
176 |
|
|
Treasury stock |
|
|
(946,202 |
) |
|
|
(945,870 |
) |
|
|
(945,504 |
) |
|
|
(945,032 |
) |
|
|
(931,313 |
) |
|
Additional paid-in capital |
|
|
1,390,436 |
|
|
|
1,430,594 |
|
|
|
1,482,712 |
|
|
|
1,522,895 |
|
|
|
1,515,852 |
|
|
Retained earnings |
|
|
4,357,823 |
|
|
|
4,243,759 |
|
|
|
4,136,598 |
|
|
|
4,016,482 |
|
|
|
3,908,396 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(362,496 |
) |
|
|
(330,851 |
) |
|
|
(521,082 |
) |
|
|
(423,686 |
) |
|
|
(386,633 |
) |
|
Total stockholders’ equity |
|
|
4,439,732 |
|
|
|
4,397,805 |
|
|
|
4,152,899 |
|
|
|
4,170,836 |
|
|
|
4,106,478 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
7,759,865 |
|
|
$ |
7,593,933 |
|
|
$ |
7,378,682 |
|
|
$ |
7,306,543 |
|
|
$ |
7,204,402 |
|
|
Shares outstanding |
|
|
151,509 |
|
|
|
153,179 |
|
|
|
155,582 |
|
|
|
157,350 |
|
|
|
156,547 |
|
|
Book value per share |
|
$ |
29.30 |
|
|
$ |
28.71 |
|
|
$ |
26.69 |
|
|
$ |
26.51 |
|
|
$ |
26.23 |
|
|
Holding company debt-to-capital ratio (1) |
|
|
25.4 |
% |
|
|
24.4 |
% |
|
|
25.4 |
% |
|
|
25.3 |
% |
|
|
25.6 |
% |
|
(1) |
Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to secured borrowings. |
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 1 of 3)
|
Net Premiums Earned |
||||||||||||||||||||
|
|
|
2024 |
|
2023 |
|
|||||||||||||||
|
(In thousands) |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
||||||||||
|
Premiums earned |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Direct – Mortgage insurance |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Premiums earned, excluding revenue from cancellations |
|
$ |
258,593 |
|
|
$ |
256,632 |
|
|
$ |
254,903 |
|
|
$ |
252,537 |
|
|
$ |
251,166 |
|
|
Single Premium Policy cancellations |
|
|
2,114 |
|
|
|
2,058 |
|
|
|
3,304 |
|
|
|
3,980 |
|
|
|
5,361 |
|
|
Total direct – Mortgage insurance |
|
|
260,707 |
|
|
|
258,690 |
|
|
|
258,207 |
|
|
|
256,517 |
|
|
|
256,527 |
|
|
Ceded – Mortgage insurance |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Premiums earned, excluding revenue from cancellations |
|
|
(38,997 |
) |
|
|
(40,065 |
) |
|
|
(32,363 |
) |
|
|
(57,916 |
) |
(1) |
|
(35,526 |
) |
|
Single Premium Policy cancellations (2) |
|
|
(112 |
) |
|
|
(444 |
) |
|
|
(873 |
) |
|
|
(1,114 |
) |
|
|
(1,472 |
) |
|
Profit commission – other (3) |
|
|
12,401 |
|
|
|
12,199 |
|
|
|
11,830 |
|
|
|
13,245 |
|
|
|
11,921 |
|
|
Total ceded premiums – Mortgage insurance |
|
|
(26,708 |
) |
|
|
(28,310 |
) |
|
|
(21,406 |
) |
|
|
(45,785 |
) |
|
|
(25,077 |
) |
|
Net premiums earned – Mortgage insurance |
|
|
233,999 |
|
|
|
230,380 |
|
|
|
236,801 |
|
|
|
210,732 |
|
|
|
231,450 |
|
|
Net premiums earned – Title insurance |
|
|
1,858 |
|
|
|
2,269 |
|
|
|
3,461 |
|
|
|
2,697 |
|
|
|
1,788 |
|
|
Net premiums earned |
|
$ |
235,857 |
|
|
$ |
232,649 |
|
|
$ |
240,262 |
|
|
$ |
213,429 |
|
|
$ |
233,238 |
|
| (1) |
Includes the result of the tender offers by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes that supported their reinsurance agreements with Radian Guaranty. As a result, Radian Guaranty incurred additional ceded premiums earned during the second quarter of 2023 of $21 million. |
|
| (2) |
Includes the impact of related profit commissions. |
|
| (3) |
The amounts represent the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations. |
Contacts
For Investors
John Damian – Phone: 215.231.1383
email: [email protected]
For Media
Rashi Iyer – Phone: 215.231.1167
email: [email protected]
