Radian Announces Second Quarter 2019 Financial Results

— GAAP net income of $167 million, or $0.78 per diluted share —

— Adjusted diluted net operating income per share increases 16% year-over-year to $0.80 —

— Writes $18.5 billion in new MI business, sets company record for quarterly flow MI; MI in force increases more than 9% year-over-year to $231 billion —

— Book value per share grows 23% year-over-year to $18.42 —

— Extends debt maturity profile while reducing overall interest costs —

— In July, company completed $250 million share repurchase program, purchasing a total of 11.3 million shares or 5.3% of shares outstanding —

PHILADELPHIA–(BUSINESS WIRE)–Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2019, of $166.7 million, or $0.78 per diluted share. This compares to net income for the quarter ended June 30, 2018, of $208.9 million, or $0.96 per diluted share, which included a tax benefit of approximately $74 million, or $0.34 per share, resulting from the impact of the company’s previously disclosed settlement with the IRS.

Key Financial Highlights (dollars in millions, except per-share data)

 

Quarter Ended June 30,

2019

Quarter Ended June 30,

2018

Percent Change

Net income (1)

$166.7

$208.9

(20)%

Diluted net income per share

$0.78

$0.96

(19)%

Consolidated pretax income

$209.5

$180.6

16%

Adjusted pretax operating income (2)

$215.8

$191.0

13%

Adjusted diluted net operating

income per share (2)

$0.80

$0.69

16%

Net premiums earned – mortgage insurance (3)

$296.3

$249.0

19%

MI New Insurance Written (NIW)

$18,539

$16,417

13%

MI primary insurance in force

$230,756

$210,741

9%

Book value per share

$18.42

$15.01

23%

Return on Equity (1)(4)

17.8%

26.7%

(33)%

Adjusted Net Operating Return on Equity (2)

18.2%

19.3%

(6)%

(1)

 

Net income for the second quarter of 2019 includes: (i) a $16.8 million pretax loss on extinguishment of debt and (ii) $12.5 million pretax net gain on investments and other financial instruments. Net income for the second quarter of 2018 includes: (i) the impact of a $73.6 million tax benefit, which includes both the impact of the previously disclosed settlement with the IRS as well as certain previously accrued state and local tax liabilities and (ii) $7.4 million pretax net loss on investments and other financial instruments.

(2)

 

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 a reconciliation of these measures to the comparable GAAP measures, see Exhibits F and G.

(3)

 

Net premiums earned – mortgage insurance includes a cumulative adjustment to unearned premiums recorded in the second quarter of 2019 related to an update to the amortization rates used to recognize revenue for single premium policies.

(4)

 

Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

Adjusted pretax operating income for the quarter ended June 30, 2019, was $215.8 million, compared to $191.0 million for the quarter ended June 30, 2018. Adjusted diluted net operating income per share for the quarter ended June 30, 2019, was $0.80, an increase of 16 percent compared to $0.69 for the quarter ended June 30, 2018.

Book value per share at June 30, 2019, was $18.42, an increase of 5 percent compared to $17.49 at March 31, 2019, and an increase of 23 percent compared to $15.01 at June 30, 2018.

“We reported another quarter of excellent financial results for Radian, including net income of $167 million, a 23% increase in book value to $18.42, and return on equity of 18%. We wrote record-breaking levels of new mortgage insurance business which grew our in-force portfolio more than 9% to $231 billion, and we increased Services segment revenues to $43 million,” said Radian’s Chief Executive Officer Rick Thornberry. “These results reflect the fundamental strength of our business model, the value of our customer relationships, and the dedication of our entire team.”

Thornberry added, “We also made progress against our capital strategy by repaying a significant portion of our near-term debt, extending our debt maturities, reducing overall interests costs, and returning value more quickly to shareholders through share repurchases. In July, we completed our $250 million share repurchase program, repurchasing a total of 11.3 million shares and reducing shares outstanding by 5.3% over the course of the program.”

SECOND QUARTER HIGHLIGHTS

  • Mortgage insurance NIW was $18.5 billion for the quarter, representing an increase of 70 percent compared to $10.9 billion in the first quarter of 2019 and an increase of 13 percent compared to $16.4 billion in the prior-year quarter.

    • NIW for the quarter represented record volume written on a flow basis for the company.
    • Of the $18.5 billion in NIW in the second quarter of 2019, 83 percent was written with monthly and other recurring premiums, compared to 83 percent in the first quarter of 2019, and 76 percent a year ago.
    • Borrower-paid originations accounted for 97 percent of total NIW in the second quarter of 2019, compared to 95 percent in the first quarter of 2019, and 89 percent a year ago.
    • Purchase originations accounted for 90 percent of total NIW in the second quarter of 2019, compared to 92 percent in the first quarter of 2019, and 95 percent a year ago.
  • Total primary mortgage insurance in force as of June 30, 2019, grew to $230.8 billion, an increase of 3 percent compared to $223.7 billion as of March 31, 2019, and an increase of 9 percent compared to $210.7 billion as of June 30, 2018.

    • Radian’s mortgage insurance portfolio consists of 95 percent of new business written after 2008, including those loans that successfully completed the Home Affordable Refinance Program (HARP).
    • Persistency, which is the percentage of mortgage insurance that remains in force after a 12-month period, was 83.4 percent as of both June 30, 2019 and March 31, 2019, and 80.9 percent as of June 30, 2018.
    • Annualized persistency for the three months ended June 30, 2019, was 80.8 percent, compared to 85.4 percent for the three months ended March 31, 2019, and 82.3 percent for the three months ended June 30, 2018.
  • Net mortgage insurance premiums earned were $296.3 million for the quarter ended June 30, 2019, compared to $261.8 million for the quarter ended March 31, 2019, and $249.0 million for the quarter ended June 30, 2018.

    • Net mortgage insurance premiums earned for the second quarter of 2019 includes an increase of $32.9 million as a result of a cumulative adjustment to unearned premiums related to an update to the amortization rates used to recognize revenue for single premium policies.
    • Mortgage insurance in force premium yield was 55.9 basis points in the second quarter of 2019, or 47.9 basis points excluding the impact of the updates to single premium policy amortization rates described above. This compares to 48.6 basis points in the first quarter of 2019 and 48.4 basis points in the second quarter of 2018.
    • Total net mortgage insurance premium yield, which includes the impact of ceded premiums and accrued profit commission, was 52.2 basis points in the second quarter of 2019, or 46.4 basis points excluding the impact of the updates to single premium policy amortization rates described above. This compares to 47.0 basis points in the first quarter of 2019, and 48.0 basis points in the second quarter of 2018.
    • Additional details regarding premiums earned may be found in Exhibit D.
  • The mortgage insurance provision for losses was $47.2 million in the second quarter of 2019, compared to $20.8 million in the first quarter of 2019, and $19.4 million in the prior-year quarter.

    • The provision for losses for the second quarter of 2019 includes adverse reserve development on prior period defaults of $6.5 million. This adverse development was driven by an increase of $19.4 million in the company’s IBNR reserve estimate related to previously disclosed legal proceedings involving challenges from certain servicers regarding loss mitigation activities, partially offset by a reduction in certain default-to-claim rate assumptions due to favorable observed credit trends.
    • The number of primary delinquent loans was 19,643 as of June 30, 2019, a decrease of 2 percent compared to 20,122 as of March 31, 2019 and a decrease of 11 percent compared to 22,088 as of June 30, 2018.
    • The primary mortgage insurance delinquency rate decreased to 1.9 percent in the second quarter of 2019, compared to 2.0 percent in the first quarter of 2019, and 2.2 percent in the second quarter of 2018.
    • The loss ratio in the second quarter of 2019 was 15.9 percent, compared to 8.0 percent in the first quarter of 2019, and 7.8 percent in the second quarter of 2018.
    • Mortgage insurance loss reserves were $401.3 million as of June 30, 2019, compared to $385.4 million as of March 31, 2019, and $448.1 million as of June 30, 2018.
    • Total mortgage insurance claims paid were $32.4 million in the second quarter of 2019, compared to $34.6 million in the first quarter of 2019, and $56.5 million in the second quarter of 2018.  In addition, the company’s pending claim inventory declined 10 percent from June 30, 2018.
  • Total Services Segment revenues for the second quarter of 2019 were $43.0 million, compared to $36.0 million for the first quarter of 2019, and $40.5 million for the second quarter of 2018. Adjusted earnings before interest, income taxes, depreciation and amortization (Services adjusted EBITDA) for the quarter ended June 30, 2019 was income of $1.4 million, compared to a loss of $0.9 million for the quarter ended March 31, 2019, and income of $2.0 million for the quarter ended June 30, 2018. Additional details regarding the non-GAAP measure Services adjusted EBITDA may be found in Exhibits F and G.
  • Other operating expenses were $70.0 million in the second quarter of 2019, compared to $78.8 million in the first quarter of 2019, and $70.2 million in the second quarter of 2018. Other operating expenses for the second quarter of 2019 were reduced by $6.2 million due to the acceleration of earned ceding commission related to policies covered under the Single Premium QSR program, resulting from the update to single premium policy amortization factors described above.

CAPITAL AND LIQUIDITY UPDATE

The company remains focused on optimizing its capital position, enhancing its return on capital, and increasing its financial flexibility.

Radian Group

  • As of June 30, 2019, Radian Group maintained $879 million of available liquidity. Total liquidity, which includes the company’s $268 million unsecured revolving credit facility entered into in October 2017, was $1.1 billion as of June 30, 2019.
  • During the second quarter of 2019, the company repaid at maturity $159 million aggregate principal amount of its Senior Notes due 2019. Radian also issued $450 million aggregate principal amount of Senior Notes due 2027 and Radian completed tender offers resulting in the purchases of aggregate principal amounts of $207.2 million and $127.3 million of the company’s Senior Notes due 2020 and 2021, respectively. In July, the company redeemed the remaining $27 million aggregate principal amount of Senior Notes due 2020.
  • During the second quarter of 2019, Radian repurchased 7,470,332 shares, representing approximate value of $166 million of Radian Group common stock, including commissions. In July, the company completed its $250 million share repurchase program by repurchasing an additional 2,241,568 shares, or approximately $53 million of Radian Group common stock, including commissions. In total, Radian repurchased 11.3 million shares or 5.3% of shares that were outstanding at the beginning of the program.

Radian Guaranty

  • At June 30, 2019, Radian Guaranty’s Available Assets under the Private Mortgage Insurer Eligibility Requirements (PMIERs) totaled approximately $3.2 billion, resulting in an excess or “cushion” of approximately $660 million, or 26 percent over its Minimum Required Assets of approximately $2.6 billion.
  • As previously announced, in April 2019, Radian Guaranty closed its second mortgage insurance-linked note (ILN) transaction, in which the company obtained $562 million of credit risk protection from Eagle Re 2019-1 Ltd. (Eagle Re) through the issuance by Eagle Re of ILNs to eligible third-party capital markets investors in an unregistered private offering. Eagle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate of Radian Guaranty. Eagle Re has funded its reinsurance obligations by issuing four classes of ILNs which have a 10-year maturity with a 7-year call option. The ILNs are non-recourse to Radian Group or its subsidiaries and affiliates.

CONFERENCE CALL

Radian will discuss second quarter financial results in a conference call tomorrow, Thursday, August 1, 2019, at 10:00 a.m. Eastern time. The conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The call may also be accessed by dialing 844.767.5679 inside the U.S., or 409.207.6967 for international callers, using passcode 9040748 or by referencing Radian.

A replay of the webcast will be available on the Radian website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two and a half hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 866.207.1041 inside the U.S., or 402.970.0847 for international callers, passcode 4071333.

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 under Investors>Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income, adjusted diluted net operating income 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 is defined as earnings excluding the impact of certain items that are not viewed as part of the operating performance of the company’s primary activities, or not expected to result in an economic impact equal to the amount reflected in pretax income. Adjusted pretax operating income adjusts GAAP pretax income to remove the effects of: (i) net gains (losses) on investments and other financial instruments; (ii) loss on extinguishment of debt; (iii) amortization and impairment of goodwill and other acquired intangible assets; and (iv) impairment of other long-lived assets and other non-operating items, such as losses from the sale of lines of business and acquisition-related expenses. Adjusted diluted net operating income per share represents a diluted net income per share calculation using as its basis adjusted pretax operating income, net of taxes at the company’s statutory tax rate for the period. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income, 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.

In addition to the above non-GAAP measures for the consolidated company, the company also presents as supplemental information a non-GAAP measure for the Services segment, representing earnings before interest, income tax provision (benefit), depreciation and amortization (EBITDA). Services adjusted EBITDA is calculated by using the Services segment’s adjusted pretax operating income as described above, further adjusted to remove the impact of depreciation and corporate allocations for interest and operating expenses. In addition, the company also has presented a related non-GAAP measure, Services adjusted EBITDA margin, which is calculated by dividing Services adjusted EBITDA by GAAP total revenue for the Services segment. Services adjusted EBITDA and Services adjusted EBITDA margin are presented to facilitate comparisons with other services companies, since they are widely accepted measures of performance in the services industry and are used internally as supplemental measures to evaluate the performance of our Services segment.

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 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, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

For historical trend information, refer to Radian’s quarterly financial statistics at http://www.radian.biz/page?name=FinancialReportsCorporate.

Exhibit A:

Condensed Consolidated Statements of Operations Trend Schedule

Exhibit B:

Net Income Per Share Trend Schedule

Exhibit C:

Condensed Consolidated Balance Sheets

Exhibit D:

Net Premiums Earned – Insurance

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

Exhibit J: 

Mortgage Insurance Supplemental Information

 

Claims and Reserves

Exhibit K: 

Mortgage Insurance Supplemental Information

 

Default Statistics

Exhibit L:

Mortgage Insurance Supplemental Information

 

Reinsurance Programs

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Trend Schedule

Exhibit A

 

 

2019

 

2018

(In thousands, except per-share amounts)

Qtr 2

 

Qtr 1

 

Qtr 4

 

Qtr 3

 

Qtr 2

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Net premiums earned – insurance

$

299,166

 

 

$

263,512

 

 

$

261,682

 

 

$

258,431

 

 

$

251,344

 

Services revenue

39,303

 

 

32,753

 

 

38,414

 

 

36,566

 

 

36,828

 

Net investment income

43,761

 

 

43,847

 

 

42,051

 

 

38,995

 

 

37,473

 

Net gains (losses) on investments and other financial instruments

12,540

 

 

21,913

 

 

(11,705

)

 

(4,480

)

 

(7,404

)

Other income

194

 

 

1,604

 

 

1,031

 

 

1,174

 

 

1,016

 

Total revenues

394,964

 

 

363,629

 

 

331,473

 

 

330,686

 

 

319,257

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Provision for losses

47,427

 

 

20,754

 

 

27,140

 

 

20,881

 

 

19,337

 

Policy acquisition costs

6,203

 

 

5,893

 

 

6,485

 

 

5,667

 

 

5,996

 

Cost of services

27,845

 

 

24,157

 

 

24,939

 

 

25,854

 

 

24,205

 

Other operating expenses

70,046

 

 

78,805

 

 

77,266

 

 

70,125

 

 

70,184

 

Restructuring and other exit costs

 

 

 

 

113

 

 

4,464

 

 

925

 

Interest expense

14,961

 

 

15,697

 

 

15,584

 

 

15,535

 

 

15,291

 

Loss on extinguishment of debt

16,798

 

 

 

 

 

 

 

 

 

Amortization and impairment of other acquired intangible assets

2,139

 

 

2,187

 

 

3,461

 

 

3,472

 

 

2,748

 

Total expenses

185,419

 

 

147,493

 

 

154,988

 

 

145,998

 

 

138,686

 

 

 

 

 

 

 

 

 

 

 

Pretax income

209,545

 

 

216,136

 

 

176,485

 

 

184,688

 

 

180,571

 

Income tax provision (benefit)

42,815

 

 

45,179

 

 

36,706

 

 

41,891

 

 

(28,378

)

Net income

$

166,730

 

 

$

170,957

 

 

$

139,779

 

 

$

142,797

 

 

$

208,949

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

$

0.78

 

 

$

0.78

 

 

$

0.64

 

 

$

0.66

 

 

$

0.96

 

 

Radian Group Inc. and Subsidiaries

Net Income Per Share Trend Schedule

Exhibit B

 

The calculation of basic and diluted net income per share was as follows:

 

 

2019

 

2018

(In thousands, except per-share amounts)

Qtr 2

 

Qtr 1

 

Qtr 4

 

Qtr 3

 

Qtr 2

Net income —basic and diluted

$

166,730

 

$

170,957

 

$

139,779

 

$

142,797

 

$

208,949

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding—basic

 

208,097

 

 

213,537

 

 

213,435

 

 

213,309

 

 

213,976

Dilutive effect of share-based compensation arrangements (1)

 

5,506

 

 

4,806

 

 

4,448

 

 

4,593

 

 

3,854

Adjusted average common shares outstanding—diluted

 

213,603

 

 

218,343

 

 

217,883

 

 

217,902

 

 

217,830

 

 

 

 

 

 

 

 

 

 

Basic net income per share

$

0.80

 

$

0.80

 

$

0.65

 

$

0.67

 

$

0.98

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

$

0.78

 

$

0.78

 

$

0.64

 

$

0.66

 

$

0.96

(1)

The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income per share because they were anti-dilutive:

 

2019

 

2018

(In thousands)

Qtr 2

 

Qtr 1

 

Qtr 4

 

Qtr 3

 

Qtr 2

Shares of common stock equivalents

168

 

169

 

337

 

338

 

484

 

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

 

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(In thousands, except per-share amounts)

2019

 

2019

 

2018

 

2018

 

2018

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Investments

$

5,513,319

 

 

$

5,475,770

 

 

$

5,153,029

 

 

$

5,028,235

 

 

$

4,873,919

 

Cash

74,111

 

 

118,668

 

 

95,393

 

 

104,413

 

 

95,573

 

Restricted cash

5,007

 

 

9,086

 

 

11,609

 

 

9,925

 

 

9,152

 

Accounts and notes receivable

122,104

 

 

89,237

 

 

78,652

 

 

108,003

 

 

94,848

 

Deferred income taxes, net

6,872

 

 

67,697

 

 

131,643

 

 

134,201

 

 

171,293

 

Goodwill and other acquired intangible assets, net

54,672

 

 

56,811

 

 

58,998

 

 

55,707

 

 

59,179

 

Prepaid reinsurance premium

385,805

 

 

408,622

 

 

417,628

 

 

413,728

 

 

405,447

 

Other assets

430,236

 

 

373,678

 

 

367,700

 

 

415,272

 

 

430,077

 

Total assets

$

6,592,126

 

 

$

6,599,569

 

 

$

6,314,652

 

 

$

6,269,484

 

 

$

6,139,488

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity:

 

 

 

 

 

 

 

 

 

Unearned premiums

$

666,354

 

 

$

720,159

 

 

$

739,357

 

 

$

747,921

 

 

$

741,296

 

Reserve for losses and loss adjustment expense

405,278

 

 

388,784

 

 

401,361

 

 

412,460

 

 

451,542

 

Senior notes

982,890

 

 

1,031,197

 

 

1,030,348

 

 

1,029,511

 

 

1,028,687

 

FHLB advances

106,382

 

 

108,532

 

 

82,532

 

 

71,430

 

 

115,308

 

Reinsurance funds withheld

339,641

 

 

329,868

 

 

321,212

 

 

352,952

 

 

331,776

 

Other liabilities

308,337

 

 

310,938

 

 

251,127

 

 

307,932

 

 

269,743

 

Total liabilities

2,808,882

 

 

2,889,478

 

 

2,825,937

 

 

2,922,206

 

 

2,938,352

 

 

 

 

 

 

 

 

 

 

 

Common stock

223

 

 

230

 

 

231

 

 

231

 

 

231

 

Treasury stock

(901,419

)

 

(895,321

)

 

(894,870

)

 

(894,635

)

 

(894,610

)

Additional paid-in capital

2,539,803

 

 

2,697,724

 

 

2,724,733

 

 

2,720,626

 

 

2,715,426

 

Retained earnings

2,056,175

 

 

1,889,964

 

 

1,719,541

 

 

1,580,296

 

 

1,438,032

 

Accumulated other comprehensive income (loss)

88,462

 

 

17,494

 

 

(60,920

)

 

(59,240

)

 

(57,943

)

Total stockholders’ equity

3,783,244

 

 

3,710,091

 

 

3,488,715

 

 

3,347,278

 

 

3,201,136

 

Total liabilities and stockholders’ equity

$

6,592,126

 

 

$

6,599,569

 

 

$

6,314,652

 

 

$

6,269,484

 

 

$

6,139,488

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

205,399

 

 

212,136

 

 

213,473

 

 

213,333

 

 

213,232

 

 

 

 

 

 

 

 

 

 

 

Book value per share

$

18.42

 

 

$

17.49

 

 

$

16.34

 

 

$

15.69

 

 

$

15.01

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (See Exhibit G)

$

18.15

 

 

$

17.22

 

 

$

16.06

 

 

$

15.43

 

 

$

14.73

 

 

 

 

 

 

 

 

 

 

 

Debt to capital ratio (1)

20.6

%

 

21.7

%

 

22.8

%

 

23.5

%

 

24.3

%

Risk to capital ratio-Radian Guaranty only

14.6:1

13.4:1

 

13.9:1

 

12.4:1

 

12.5:1

Risk to capital ratio-Mortgage Insurance combined

13.3:1

12.4:1

 

12.8:1

 

11.7:1

 

11.8:1

 

(1) Calculated as senior notes divided by senior notes and stockholders’ equity.

Contacts

Emily RileyPhone: 215.231.1035

email: emily.riley@radian.com

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