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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Radian Group Inc | NYSE:RDN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.79 | 5 | 13:31:50 |
– Achieves full-year profitability and makes significant progress in eliminating legacy exposure –
– Reports fourth quarter net income of $428 million or $1.78 per diluted share –
– Results include reversal of DTA valuation allowance and loss on pending sale of FG business –
Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended December 31, 2014, of $428.3 million, or $1.78 per diluted share. This compares to net income for the quarter ended December 31, 2013, of $36.4 million, or $0.21 per diluted share.
“We made significant progress in 2014 with full year profitability and by reducing Radian’s overall risk profile,” said Chief Executive Officer S.A. Ibrahim. “By focusing on our core strengths in mortgage insurance and mortgage and real estate services, we are driving long-term value from our existing and growing portfolio while diversifying our future revenue sources.”
Results for the fourth quarter of 2014 include two significant items:
Net income for the full year 2014 was $959.5 million, or $4.16 per diluted share, which included a net loss after tax of $300.1 million from discontinued operations and an income tax benefit of $852.4 million from continuing operations, which was primarily driven by the reversal of the DTA valuation allowance. This compares to a net loss for the full year 2013 of $197.0 million, or $1.18 per diluted share, which included an after-tax loss of $55.1 million from discontinued operations and an income tax benefit of $31.5 million from continuing operations.
Adjusted pretax operating income for the quarter ended December 31, 2014, was $58.4 million, compared to an adjusted pretax operating loss for the quarter ended December 31, 2013, of $13.3 million. Adjusted pretax operating income for the twelve months ended December 31, 2014, was $342.4 million, compared to an adjusted pretax operating loss for the twelve months ended December 31, 2013, of $67.4 million.
Book value per share at December 31, 2014, was $10.98.
Ibrahim continued, “As we look to 2015 and beyond, we believe the combination of our mortgage insurance and mortgage and real estate services platforms will better enable us to sharpen our customer focus and provide a variety of services to meet their needs. This directly aligns with our strategy to serve the entire mortgage finance market and to be well positioned to compete in the next phase of the evolving housing finance market.”
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS
For the full-year 2014, total claims paid excluding the Freddie Mac agreement were $838.3 million, compared to $1.2 billion for the full-year 2013. The company currently expects mortgage insurance net claims paid for the full-year 2015 of approximately $600 – $700 million. This includes the approximately $250 million of claims expected to be paid related to the September 2014 BofA Settlement Agreement.
CAPITAL AND LIQUIDITY UPDATE
Radian Guaranty’s risk-to-capital ratio was 17.9:1 as of December 31, 2014, which included a contribution of $100 million of capital from Radian Group to Radian Guaranty to support continued growth in the company’s net risk in force. After the $100 million contribution, Radian Group maintains approximately $670 million of currently available liquidity.
CONFERENCE CALL
Radian will discuss fourth quarter and year-end 2014 financial results in its conference call today, Thursday, February 12, 2015 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 800.230.1074 inside the U.S., or 612.234.9960 for international callers, using passcode 351274 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: 800.475.6701 inside the U.S., or 320.365.3844 for international callers, passcode 351274.
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 MEASURE
Radian believes that adjusted pretax operating income (a non-GAAP measure) facilitates evaluation of the company’s fundamental financial performance and provides relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, this measure is not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as an alternative to a GAAP measure of performance. The measure described below has been established in order to increase transparency for the purpose of evaluating the company’s core operating trends and enable 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 GAAP measure. See press release Exhibit F or Radian’s website for a description of these items, as well as a reconciliation of adjusted pretax operating income (loss) to pretax income (loss) from continuing operations.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)
For trend information on all schedules, refer to Radian’s quarterly financial statistics at http://www.radian.biz/page?name=FinancialReportsCorporate.
Exhibit A: Condensed Consolidated Statements of Operations Exhibit B: Net Income (Loss) Per Share Exhibit C: Condensed Consolidated Balance Sheets Exhibit D: Discontinued Operations Exhibit E: Segment Information Three and Twelve Months Ended December 31, 2014 and Three and Twelve Months Ended December 31, 2013 Exhibit F: Definition of Consolidated Non-GAAP Financial Measure Exhibit G: Mortgage Insurance Supplemental Information New Insurance Written Exhibit H: Mortgage Insurance Supplemental Information Insurance in Force and Risk in Force by Product Exhibit I: Mortgage Insurance Supplemental Information Risk in Force by FICO, LTV and Policy Year Exhibit J: Mortgage Insurance Supplemental Information Pool and Other Risk in Force, Risk-to-Capital Exhibit K: Mortgage Insurance Supplemental Information Claims, Reserves and Reserve per Default Exhibit L: Mortgage Insurance Supplemental Information Default Statistics Exhibit M: Mortgage Insurance Supplemental Information Captives, QSR and Persistency Exhibit N: Mortgage and Real Estate Services Selected Financial Information
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (1)
Exhibit A
Three Months EndedDecember 31, Year EndedDecember 31,(In thousands, except per-share data)
2014 2013 2014 2013 Revenues: Net premiums earned - insurance $ 224,293 $ 200,356 $ 844,528 $ 781,420 Services revenue 34,450 — 76,693 — Net investment income 16,531 17,723 65,655 68,121 Net gains (losses) on investments 18,658 (2,631 ) 83,869 (98,945 ) Net losses on other financial instruments (675 ) (2,209 ) (3,880 ) (7,580 ) Other income 1,793 1,583 5,820 6,890 Total revenues 295,050 214,822 1,072,685 749,906 Expenses: Provision for losses 82,867 144,072 246,083 562,747 Policy acquisition costs 6,443 4,413 24,446 28,485 Direct cost of services 19,709 — 43,605 — Other operating expenses 85,800 64,060 252,283 257,402 Interest expense 24,200 19,747 90,464 74,618 Amortization and impairment of intangible assets 5,354 — 8,648 — Total expenses 224,373 232,292 665,529 923,252 Pretax income (loss) from continuing operations 70,677 (17,470 ) 407,156 (173,346 ) Income tax benefit (807,349 ) (1,422 ) (852,418 ) (31,495 ) Net income (loss) from continuing operations 878,026 (16,048 ) 1,259,574 (141,851 ) (Loss) income from discontinued operations, net of tax (2) (449,691 ) 52,417 (300,057 ) (55,134 ) Net income (loss) $ 428,335 $ 36,369 $ 959,517 $ (196,985 ) Diluted net income (loss) per share: Net income (loss) from continuing operations $ 3.63 $ (0.09 ) $ 5.44 $ (0.85 ) (Loss) income from discontinued operations, net of tax (1.85 ) 0.30 (1.28 ) (0.33 ) Net income (loss) $ 1.78 $ 0.21 $ 4.16 $ (1.18 )(1)
As a result of the December 22, 2014 Radian Asset Assurance Stock Purchase Agreement to sell 100% of the issued and outstanding shares of Radian Asset Assurance, Radian’s financial guaranty insurance subsidiary, we have reclassified the operating results related to the disposition as discontinued operations for all periods presented in our consolidated statements of operations.
(2)
The financial results of Radian Asset Assurance are not expected to have an impact on Radian’s consolidated income after December 31, 2014, because the purchase price of approximately $810 million is not subject to adjustment due to Radian Asset Assurance’s results of operations, changes in valuation or market conditions occurring between the date of the stock purchase agreement and the closing date.
For Trend Information, refer to our Quarterly Financial Statistics on Radian’s (RDN) website.
Radian Group Inc. and Subsidiaries
Net Income (Loss) Per Share
Exhibit B
The calculation of basic and diluted net income (loss) per share was as follows:
Three Months EndedDecember 31, Year Ended December 31,(In thousands, except per share amounts)
2014 2013 2014 2013 Net income (loss) from continuing operations: Net income (loss) from continuing operations - basic $ 878,026 $ (16,048 ) $ 1,259,574 $ (141,851 ) Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,641 — 14,372 — Net income (loss) from continuing operations - diluted $ 881,667 $ (16,048 ) $ 1,273,946 $ (141,851 ) Net income (loss): Net income (loss) from continuing operations - basic $ 878,026 $ (16,048 ) $ 1,259,574 $ (141,851 ) (Loss) income from discontinued operations, net of tax (449,691 ) 52,417 (300,057 ) (55,134 ) Net income (loss) - basic 428,335 36,369 959,517 (196,985 ) Adjustment for dilutive Convertible Senior Notes due 2019, net of tax (1) 3,641 — 14,372 — Net income (loss) - diluted $ 431,976 $ 36,369 $ 973,889 $ (196,985 ) Average common shares outstanding—basic 191,053 173,099 184,551 166,366 Dilutive effect of Convertible Senior Notes due 2017 10,590 — 8,465 — Dilutive effect of Convertible Senior Notes due 2019 37,736 — 37,736 — Dilutive effect of stock-based compensation arrangements (2) 3,422 — 3,150 — Adjusted average common shares outstanding—diluted 242,801 173,099 233,902 166,366Net income (loss) per share:
Basic: Net income (loss) from continuing operations $ 4.60 $ (0.09 ) $ 6.83 $ (0.85 ) (Loss) income from discontinued operations, net of tax (2.35 ) 0.30 (1.63 ) (0.33 ) Net income (loss) $ 2.24 $ 0.21 $ 5.20 $ (1.18 ) Diluted: Net income (loss) from continuing operations $ 3.63 $ (0.09 ) $ 5.44 $ (0.85 ) (Loss) income from discontinued operations, net of tax (1.85 ) 0.30 (1.28 ) (0.33 ) Net income (loss) $ 1.78 $ 0.21 $ 4.16 $ (1.18 )For all calculations, the determination of whether potential common shares are dilutive or anti-dilutive is based on net income (loss) from continuing operations.
(1)
As applicable, includes coupon interest, amortization of discount and fees, and other changes in income or loss that would result from the assumed conversion.
(2)
For the three months and year ended December 31, 2014, 541,720 shares of our common stock equivalents issued under our stock-based compensation arrangements were not included in the calculations of diluted net income per share as of such dates because they were anti-dilutive.
Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C
December 31,2014
December 31,2013
(In thousands, except per share data)
Assets: Investments $ 3,629,299 $ 3,361,678 Cash 30,465 22,880 Restricted cash 14,031 22,527 Accounts and notes receivable 85,792 46,440 Deferred income taxes, net 700,201 17,902 Goodwill and other intangible assets, net 288,240 2,300 Other assets 375,491 379,903 Assets held for sale 1,736,444 1,768,061 Total assets $ 6,859,963 $ 5,621,691 Liabilities and stockholders' equity: Unearned premiums $ 644,504 $ 567,072 Reserve for losses and loss adjustment expenses 1,560,032 2,164,353 Long-term debt 1,209,926 930,072 Other liabilities 326,743 377,930 Liabilities held for sale 947,008 642,619 Total liabilities 4,688,213 4,682,046 Equity component of currently redeemable convertible senior notes 74,690 — Common stock 209 191 Additional paid-in capital 1,638,552 1,454,297 Retained earnings (deficit) 406,814 (552,226 ) Accumulated other comprehensive income 51,485 37,383 Total common stockholders’ equity 2,097,060 939,645 Total liabilities and stockholders’ equity $ 6,859,963 $ 5,621,691 Shares outstanding, end of period 191,054 173,100 Book value per share $ 10.98 $ 5.43
Radian Group Inc. and Subsidiaries
Discontinued Operations
Exhibit D
The (loss) income from discontinued operations, net of tax consisted of the following components for the periods indicated:Three Months EndedDecember 31,
Year EndedDecember 31,
(In thousands)
20142013
20142013
Net premiums earned $ 10,494 $ 12,842 $ 37,194 $ 49,474 Net investment income 8,614 9,145 35,633 39,966 Net gains (losses) on investments 12,788 (4,198 ) 51,409 (50,775 ) Impairment losses on investments — (3 ) — (3 ) Change in fair value of derivative instruments 3,694 37,951 130,617 (32,406 ) Net gains on other financial instruments 927 1,058 3,903 2,845 Other income — (33 ) 88 (20 ) Total revenues 36,517 56,762 258,844 9,081 Provision for losses (1,458 ) (6,660 ) 2,853 2,486 Policy acquisition costs 1,274 2,092 6,340 13,178 Other operating expense 8,487 8,412 23,726 27,127 Total expenses 8,303 3,844 32,919 42,791 Equity in net (loss) income of affiliates — — (13 ) 1 Income (loss) from operations of businesses held for sale 28,214 52,918 225,912 (33,709 ) Loss on classification as held for sale (467,527 ) — (467,527 ) — Income tax provision 10,378 501 58,442 21,425 (Loss) income from discontinued operations, net of tax $ (449,691 ) $ 52,417 $ (300,057 ) $ (55,134 ) The assets and liabilities associated with the discontinued operations have been segregated in the consolidated balance sheets. The following table summarizes the major components of Radian Asset Assurance’s assets and liabilities held for sale on the consolidated balance sheets as of December 31, 2014 and 2013: December 31,(In thousands)
20142013
Fixed-maturity investments $ 224,552 $ 85,408 Equity securities 3,749 — Trading securities 689,887 884,696 Short-term investments 435,413 493,376 Other invested assets 108,206 106,000 Other assets 274,637 198,581 Total assets held for sale $ 1,736,444 $ 1,768,061 Unearned premiums $ 158,921 $ 201,798 Reserve for losses and loss adjustment expenses 31,558 21,069 VIE debt 85,016 91,800 Derivative liabilities 183,370 307,185 Other liabilities 488,143 20,767 Total liabilities held for sale $ 947,008 $ 642,619
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 1 of 6)
Summarized financial information concerning our operating segments and reconciliations to consolidated pretax income (loss) from continuing operations as of and for the periods indicated, is as follows: Three Months Ended December 31, 2014(In thousands)
MortgageInsurance
Mortgage andReal EstateServices (1)
Total Net premiums written - insurance $ 244,506 $ — $ 244,506 Increase in unearned premiums (20,213 ) — (20,213 ) Net premiums earned - insurance 224,293 — 224,293 Services revenue (2) — 34,466 34,466 Net investment income (3) 16,531 — 16,531 Other income (3) (4) 1,668 891 2,559 Total revenues 242,492 35,357 277,849 Provision for losses (5) 83,649 — 83,649 Estimated present value of net credit recoveries incurred (6) (16 ) — (16 ) Policy acquisition costs 6,443 — 6,443 Direct cost of services — 19,709 19,709 Other operating expenses (3) 76,320 9,100 85,420 Interest expense (3) 19,760 4,440 24,200 Total expenses 186,156 33,249 219,405 Adjusted pretax operating income $ 56,336 $ 2,108 $ 58,444 At December 31, 2014(In thousands)
MortgageInsurance
Mortgage andReal EstateServices (1)
Total Cash & Investments $ 3,649,582 $ 10,182 $ 3,659,764 Restricted cash 11,508 2,523 14,031 Goodwill — 191,931 191,931 Other intangible assets, net 137 96,172 96,309 Assets held for sale (7) — — 1,736,444 Total assets 4,786,641 336,878 6,859,963 Unearned premiums 644,504 — 644,504 Reserve for losses and loss adjustment expenses 1,560,032 — 1,560,032 Liabilities held for sale (7) — — 947,008(1)
Includes the acquisition of Clayton Holdings, effective June 30, 2014.
(2)
Includes a de minimis amount of intersegment revenues in the Mortgage and Real Estate Services segment.
(3)
Includes amounts that have been reallocated to the Mortgage Insurance segment that were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations. Please see Exhibit E page 5 for details on these reallocations.
(4)
Includes intersegment revenues of $0.8 million in the Mortgage and Real Estate Services segment.
(5)
Includes intersegment expenses of $0.8 million in the Mortgage Insurance segment.
(6)
Please see Exhibit F for the definition of this line item.
(7)
Assets and liabilities held for sale are not part of the Mortgage Insurance or Mortgage and Real Estate Services segments.
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 2 of 6)
Year Ended December 31, 2014(In thousands)
MortgageInsurance
Mortgage andReal EstateServices (1)
Total Net premiums written - insurance $ 925,181 $ — $ 925,181 Increase in unearned premiums (80,653 ) — (80,653 ) Net premiums earned - insurance 844,528 — 844,528 Services revenue (2) — 76,709 76,709 Net investment income (3) 65,655 — 65,655 Other income (3) (4) 5,321 1,265 6,586 Total revenues 915,504 77,974 993,478 Provision for losses (5) 246,865 — 246,865 Estimated present value of net credit losses incurred (6) 113 — 113 Policy acquisition costs 24,446 — 24,446 Direct cost of services — 43,605 43,605 Other operating expenses (3) 225,544 20,059 245,603 Interest expense (3) 81,600 8,864 90,464 Total expenses 578,568 72,528 651,096 Adjusted pretax operating income $ 336,936 $ 5,446 $ 342,382(1)
Includes the acquisition of Clayton Holdings, effective June 30, 2014.
(2)
Includes a de minimis amount of intersegment revenues in the Mortgage and Real Estate Services segment.
(3)
Includes amounts that have been reallocated to the Mortgage Insurance segment that were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations. Please see Exhibit E page 5 for details on these reallocations.
(4)
Includes intersegment revenues of $0.8 million in the Mortgage and Real Estate Services segment.
(5)
Includes intersegment expenses of $0.8 million in the Mortgage Insurance segment.
(6)
Please see Exhibit F for the definition of this line item.
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 3 of 6)
Mortgage Insurance
Three Months Ended
Year Ended
(In thousands)
December 31, 2013
Net premiums written - insurance $ 231,754 $ 950,998 Increase in unearned premiums (31,398 ) (169,578 ) Net premiums earned - insurance 200,356 781,420 Net investment income (1) 17,723 68,121 Other income (1) 948 6,255 Total revenues 219,027 855,796 Provision for losses 144,072 562,747 Estimated present value of net credit losses (recoveries) incurred (2) 29 (21 ) Policy acquisition costs 4,413 28,485 Other operating expenses (1) 64,060 257,402 Interest expense (1) 19,747 74,618 Total expenses 232,321 923,231 Adjusted pretax operating loss $ (13,294 ) $ (67,435 )Mortgage Insurance
At December 31, 2013
Cash & Investments $ 3,384,558 Restricted cash 22,527 Total assets (3) 3,853,630 Unearned premiums 567,072 Reserve for losses and loss adjustment expenses 2,164,353(1)
Includes amounts that have been reallocated to the Mortgage Insurance segment that were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations. Please see Exhibit E page 6 for details on these reallocations.
(2)
Please see Exhibit F for the definition of this line item.
(3)
Does not include assets held for sale or liabilities held for sale of $1.8 billion and $0.6 billion, respectively, which are not a part of the Mortgage Insurance segment.
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 4 of 6)
Reconciliation of Adjusted Pretax Operating Income (Loss) to Consolidated Pretax Income (Loss)
from Continuing Operations
Three Months EndedDecember 31, Year Ended December 31,(In thousands)
2014 2013 2014 2013 Adjusted pretax operating income (loss): Mortgage Insurance (1) (2) $ 56,336 $ (13,294 ) $ 336,936 $ (67,435 ) Mortgage and Real Estate Services (3) (4) 2,108 — 5,446 — Total adjusted pretax operating income (loss) 58,444 (13,294 ) 342,382 (67,435 ) Change in fair value of derivative instruments — 635 — 635 Less: Estimated present value of net credit recoveries (losses) incurred (5) 16 (29 ) (113 ) 21 Change in fair value of derivative instruments expected to reverse over time (16 ) 664 113 614 Net gains (losses) on investments 18,658 (2,631 ) 83,869 (98,945 ) Net losses on other financial instruments (675 ) (2,209 ) (3,880 ) (7,580 ) Acquisition-related expenses (5) (380 ) — (6,680 ) — Amortization and impairment of intangible assets (5) (5,354 ) — (8,648 ) — Consolidated pretax income (loss) from continuing operations $ 70,677 $ (17,470 ) $ 407,156 $ (173,346 )(1)
Includes amounts that have been reallocated to the Mortgage Insurance segment that were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations. Please see Exhibit E pages 5 and 6 for details on these reallocations.
(2)
Includes intersegment expenses of $0.8 million for both the three months and year ended December 31, 2014.
(3)
Includes the acquisition of Clayton Holdings, effective June 30, 2014.
(4)
Includes intersegment revenues of $0.8 million for both the three months and year ended December 31, 2014.
(5)
Please see Exhibit F for the definition of this line item.
On a consolidated basis, “adjusted pretax operating income (loss)” is a measure not determined in accordance with GAAP. Total adjusted pretax operating income (loss) is not a measure of total profitability, and therefore should not be viewed as a substitute for GAAP pretax income (loss) from continuing operations. Our definition of adjusted pretax operating income (loss) may not be comparable to similarly-named measures reported by other companies. See Exhibit F for additional information on our consolidated non-GAAP financial measure.
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 5 of 6)
Impact of Reallocations to Mortgage Insurance Segment
Three Months Ended December 31, 2014(In thousands)
Original (1) Reallocations (2)CurrentlyReported (3)
Net premiums written - insurance $ 244,506 $ — $ 244,506 Increase in unearned premiums (20,213 ) — (20,213 ) Net premiums earned - insurance 224,293 — 224,293 Net investment income 15,641 890 16,531 Other income 1,619 49 1,668 Total revenues 241,553 939 242,492 Provision for losses 83,649 — 83,649 Estimated present value of net credit recoveries incurred (4) (16 ) — (16 ) Policy acquisition costs 6,443 — 6,443 Other operating expenses 73,061 3,259 76,320 Interest expense 8,619 11,141 19,760 Total expenses 171,756 14,400 186,156 Adjusted pretax operating income (loss) $ 69,797 $ (13,461 ) $ 56,336 Year Ended December 31, 2014(In thousands)
Original (1) Reallocations (2)CurrentlyReported (3)
Net premiums written - insurance $ 925,181 $ — $ 925,181 Increase in unearned premiums (80,653 ) — (80,653 ) Net premiums earned - insurance 844,528 — 844,528 Net investment income 60,837 4,818 65,655 Other income 5,058 263 5,321 Total revenues 910,423 5,081 915,504 Provision for losses 246,865 — 246,865 Estimated present value of net credit losses incurred (4) 113 — 113 Policy acquisition costs 24,446 — 24,446 Other operating expenses 212,098 13,446 225,544 Interest expense 28,332 53,268 81,600 Total expenses 511,854 66,714 578,568 Adjusted pretax operating income (loss) $ 398,569 $ (61,633 ) $ 336,936(1)
Represents segment results with corporate expense and income allocations calculated under prior allocation methodology, without giving effect to the reallocation of those corporate income and expenses that were previously allocated to the Financial Guaranty segment.
(2)
Adjustments to segment allocations resulting from the reallocation of certain corporate income and expenses to the Mortgage Insurance segment. These allocations were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations.
(3)
Represents segment results including the reallocation of certain corporate income and expenses that were previously allocated to the Financial Guaranty segment.
(4)
Please see Exhibit F for the definition of this line item.
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 6 of 6)
Impact of Reallocations to Mortgage Insurance Segment
Three Months Ended December 31, 2013
(In thousands)
Original (1)
Reallocations (2)
CurrentlyReported (3)
Net premiums written - insurance $ 231,754 $ — $ 231,754 Increase in unearned premiums (31,398 ) — (31,398 ) Net premiums earned - insurance 200,356 — 200,356 Net investment income 16,379 1,344 17,723 Other income 903 45 948 Total revenues 217,638 1,389 219,027 Provision for losses 144,072 — 144,072 Estimated present value of net credit losses incurred (4) 29 — 29 Policy acquisition costs 4,413 — 4,413 Other operating expenses 60,294 3,766 64,060 Interest expense 7,175 12,572 19,747 Total expenses 215,983 16,338 232,321 Adjusted pretax operating income (loss) $ 1,655 $ (14,949 ) $ (13,294 )Year Ended December 31, 2013
(In thousands)
Original (1)
Reallocations (2)
CurrentlyReported (3)
Net premiums written - insurance $ 950,998 $ — $ 950,998 Increase in unearned premiums (169,578 ) — (169,578 ) Net premiums earned - insurance 781,420 — 781,420 Net investment income 61,615 6,506 68,121 Other income 6,024 231 6,255 Total revenues 849,059 6,737 855,796 Provision for losses 562,747 — 562,747 Estimated present value of net credit recoveries incurred (4) (21 ) — (21 ) Policy acquisition costs 28,485 — 28,485 Other operating expenses 236,959 20,443 257,402 Interest expense 17,995 56,623 74,618 Total expenses 846,165 77,066 923,231 Adjusted pretax operating income (loss) $ 2,894 $ (70,329 ) $ (67,435 )(1)
Represents segment results with corporate expense and income allocations calculated under prior allocation methodology, without giving effect to the reallocation of those corporate income and expenses that were previously allocated to the Financial Guaranty segment.
(2)
Adjustments to segment allocations resulting from the reallocation of certain corporate income and expenses to the Mortgage Insurance segment. These allocations were previously allocated to the Financial Guaranty segment, but were not reclassified to discontinued operations.
(3)
Represents segment results including the reallocation of certain corporate income and expenses that were previously allocated to the Financial Guaranty segment.
(4)
Please see Exhibit F for the definition of this line item.
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measure
Exhibit F (page 1 of 2)
Use of Non-GAAP Financial Measure
In addition to the traditional GAAP financial measures, we have presented a non-GAAP financial measure for the consolidated company, “adjusted pretax operating income (loss),” among our key performance indicators to evaluate our fundamental financial performance. This non-GAAP financial measure aligns with the way the Company’s business performance is evaluated by both management and the board of directors. This measure has been established in order to increase transparency for the purposes of evaluating our core operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis “adjusted pretax operating income (loss)” is a non-GAAP financial measure, we believe this measure aids in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (the Company’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of the Company’s business segments and to allocate resources to the segments. Management’s use of this measure as its primary measure to evaluate segment performance began with the quarter ended March 31, 2014. Accordingly, for comparison purposes, we also present the applicable measures from the corresponding periods of 2013 on a basis consistent with the current year presentation. Adjusted pretax operating income (loss) adjusts GAAP pretax income (loss) to remove the effects of net gains (losses) on investments and other financial instruments, acquisition-related expenses, amortization and impairment of intangible assets and net impairment losses recognized in earnings. It also excludes gains and losses related to changes in fair value estimates on insured credit derivatives and instead includes the impact of changes in the present value of insurance claims and recoveries on insured credit derivatives, based on our ongoing insurance loss monitoring. Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (1) not viewed as part of the operating performance of our primary activities; or (2) not expected to result in an economic impact equal to the GAAP measure. These adjustments, along with the reasons for their treatment, are described below. (1)Change in fair value of derivative instruments. Gains and losses related to changes in the fair value of insured credit derivatives are subject to significant fluctuation based on changes in interest rates, credit spreads, credit ratings and other market, asset-class and transaction-specific conditions and factors that may be unrelated or only indirectly related to our obligation to pay future claims. With the exception of the estimated present value of net credit (losses) recoveries incurred discussed in item 2 below, we believe these gains and losses will reverse over time and consequently these changes are not expected to result in economic gains or losses. Therefore, these gains and losses are excluded from our calculation of adjusted pretax operating income (loss).
(2)Estimated present value of net credit (losses) recoveries incurred. The change in present value of insurance claims we expect to pay or recover on insured credit derivatives represents the amount of the change in credit derivatives from item 1 above, that we expect to result in an economic loss or recovery based on our ongoing loss monitoring analytics. Therefore, this item is expected to have an economic impact and is included in our calculation of adjusted pretax operating income (loss). Also included in this item is the change in expected economic loss or recovery associated with our consolidated VIEs.
(3)Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized investment gains and losses arise primarily from changes in the market value of our investments that are classified as trading. These valuation adjustments may not necessarily result in economic gains or losses. We do not view them to be indicative of our fundamental operating activities. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses. Therefore, these items are excluded from our calculation of adjusted pretax operating income (loss).
(4)Acquisition-related expenses. Acquisition-related expenses represent the costs incurred to effect an acquisition of a business (i.e., a business combination). Because we pursue acquisitions on a limited and selective basis and not in the ordinary course of our business, we do not view acquisition-related expenses as a consequence of a primary business activity. Therefore, we do not consider these expenses to be part of our operating performance and they are excluded from our calculation of adjusted pretax operating income (loss).
(5)Amortization and impairment of intangible assets. Amortization of intangible assets represents the periodic expense required to amortize the cost of intangible assets over their estimated useful lives. Intangible assets with an indefinite useful life are also periodically reviewed for potential impairment and impairment adjustments are made whenever appropriate. These charges are not viewed as part of the operating performance of our primary activities and therefore are excluded from our calculation of adjusted pretax operating income (loss).
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measure
Exhibit F (page 2 of 2)
(6)
Net impairment losses recognized in earnings. The recognition of net impairment losses on investments can vary significantly in both size and timing, depending on market credit cycles. We do not view these impairment losses to be indicative of our fundamental operating activities. Therefore, whenever these losses occur, we exclude them from our calculation of adjusted pretax operating income (loss).
See Exhibit E, page 4, for the reconciliation of our non-GAAP financial measure for the consolidated company, adjusted pretax operating income (loss), to the most comparable GAAP measure, pretax income (loss) from continuing operations.
Total adjusted pretax operating income (loss) is not a measure of total profitability, and therefore should not be viewed as a substitute for GAAP pretax income (loss) from continuing operations. Our definition of adjusted pretax operating income (loss) may not be comparable to similarly-named measures reported by other companies.
Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit G
Three Months EndedDecember 31,
Year EndedDecember 31,
2014 2013 2014 2013($ in millions)
$ % $ % $ % $ %Primary new insurance written
Prime $ 10,008 100.0 % $ 9,252 100.0 % $ 37,346 100.0 % $ 47,251 100.0 % Alt -A and A minus and below 1 — — — 3 — 4 — Total Primary $ 10,009 100.0 % $ 9,252 100.0 % $ 37,349 100.0 % $ 47,255 100.0 %Total primary new insurance written by FICO score
>=740 $ 6,029 60.2 % $ 6,082 65.7 % $ 23,043 61.7 % $ 33,466 70.8 % 680-739 3,266 32.6 2,675 28.9 11,737 31.4 11,971 25.3 620-679 714 7.2 495 5.4 2,569 6.9 1,818 3.9 Total Primary $ 10,009 100.0 % $ 9,252 100.0 % $ 37,349 100.0 % $ 47,255 100.0 %Percentage of primary new insurance written
Monthly premiums 69 % 70 % 72 % 68 % Single premiums 31 % 30 % 28 % 32 % Refinances 22 % 17 % 17 % 30 % Loan to value (“LTV”) 95.01% and above 0.5 % 3.4 % 0.4 % 2.6 % 90.01% to 95.00% 51.7 % 48.7 % 52.9 % 45.4 % 85.01% to 90.00% 33.2 % 36.0 % 33.8 % 37.3 % 85.00% and below 14.6 % 11.9 % 12.9 % 14.7 %Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit H December 31, December 31, 2014 2013
($ in millions)
$ % $ %Primary insurance in force (“IIF”) (1)
Flow $ 162,302 94.5 % $ 151,383 93.9 % Structured 9,508 5.5 9,857 6.1 Total Primary $ 171,810 100.0 % $ 161,240 100.0 % Prime $ 159,647 92.9 % $ 147,072 91.2 % Alt-A 7,412 4.3 8,634 5.4 A minus and below 4,751 2.8 5,534 3.4 Total Primary $ 171,810 100.0 % $ 161,240 100.0 %Primary risk in force (“RIF”) (1)
Flow $ 41,071 95.0 % $ 37,792 94.4 % Structured 2,168 5.0 2,225 5.6 Total Primary $ 43,239 100.0 % $ 40,017 100.0 % Flow Prime $ 38,977 94.9 % $ 35,294 93.4 % Alt-A 1,295 3.2 1,541 4.1 A minus and below 799 1.9 957 2.5 Total Flow $ 41,071 100.0 % $ 37,792 100.0 % Structured Prime $ 1,349 62.2 % $ 1,319 59.3 % Alt-A 425 19.6 476 21.4 A minus and below 394 18.2 430 19.3 Total Structured $ 2,168 100.0 % $ 2,225 100.0 % Total Prime $ 40,326 93.3 % $ 36,613 91.5 % Alt-A 1,720 4.0 2,017 5.0 A minus and below 1,193 2.7 1,387 3.5 Total Primary $ 43,239 100.0 % $ 40,017 100.0 %
(1) Includes amounts related to the Freddie Mac Agreement.
Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit I December 31, 2014 December 31, 2013
($ in millions)
$ % $ %Total primary RIF by FICO score
Flow >=740 $ 23,855 58.1 % $ 21,525 57.0 % 680-739 12,199 29.7 11,019 29.2 620-679 4,446 10.8 4,555 12.0 <=619 571 1.4 693 1.8 Total Flow $ 41,071 100.0 % $ 37,792 100.0 % Structured >=740 $ 656 30.3 % $ 602 27.0 % 680-739 618 28.5 640 28.8 620-679 527 24.3 585 26.3 <=619 367 16.9 398 17.9 Total Structured $ 2,168 100.0 % $ 2,225 100.0 % Total >=740 $ 24,511 56.7 % $ 22,127 55.3 % 680-739 12,817 29.6 11,659 29.1 620-679 4,973 11.6 5,140 12.9 <=619 938 2.1 1,091 2.7 Total Primary $ 43,239 100.0 % $ 40,017 100.0 %Total primary RIF by LTV
95.01% and above $ 3,547 8.2 % $ 4,171 10.4 % 90.01% to 95.00% 20,521 47.5 17,239 43.1 85.01% to 90.00% 15,307 35.4 14,750 36.9 85.00% and below 3,864 8.9 3,857 9.6 Total $ 43,239 100.0 % $ 40,017 100.0 %Total primary RIF by policy year
2005 and prior
$ 3,540 8.2 % $ 4,461 11.1 %2006
2,001 4.6 2,326 5.82007
4,592 10.6 5,247 13.12008
3,394 7.9 3,950 9.92009
1,081 2.5 1,448 3.62010
925 2.1 1,206 3.02011
1,809 4.2 2,263 5.72012
6,534 15.1 7,710 19.32013
10,265 23.8 11,406 28.52014
9,098 21.0 — — Total $ 43,239 100.0 % $ 40,017 100.0 % Primary RIF on defaulted loans (1) $ 2,089 $ 2,786(1) Excludes risk related to loans subject to the Freddie Mac Agreement.
Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit J December 31, 2014 December 31, 2013
($ in millions)
$ % $ %Pool RIF
Prime $ 1,134 78.5 % $ 1,252 78.1 % Alt-A 56 3.9 74 4.6 A minus and below 255 17.6 278 17.3 Total $ 1,445 100.0 % $ 1,604 100.0 %Total pool RIF by policy year
2005 and prior
$ 1,373 95.0 % $ 1,503 93.7 %2006
9 0.6 31 1.92007
62 4.3 68 4.22008
1 0.1 2 0.2 Total pool RIF $ 1,445 100.0 % $ 1,604 100.0 %Other RIF
Second-lien 1st loss $ 44 $ 56 2nd loss 13 17 NIMS 5 5 1st loss-Hong Kong primary mortgage insurance 11 19 Total other RIF $ 73 $ 97 Risk to capital ratio - Radian Guaranty only 17.9 :1 (1) 19.5 :1 Risk to capital ratio - Mortgage Insurance combined 20.3 :1 (1) 24.0 :1 Three Months Ended Year Ended December 31, December 31, 20142013
20142013
Loss ratio (2) 36.9 % 71.9 % 29.1 % 72.0 % Expense ratio - NPE basis (2) 36.9 % 34.2 % 29.6 % 36.6 % Expense ratio - NPW basis (3) 33.8 % 29.5 % 27.0 % 30.1 %(1)
Preliminary.
(2)
Calculated on a GAAP basis using net premiums earned (“NPE”). For the three months ended December 31, 2014 and 2013, the expense ratio includes 1.5% and 1.9%, respectively, and for the years ended December 31, 2014 and 2013, the expense ratio includes 1.6% and 2.6%, respectively, of expenses that were previously allocated to the Financial Guaranty segment, because these corporate items were not reclassified to discontinued operations. These expenses have been reallocated to the Mortgage Insurance segment.
(3)
Calculated on a GAAP basis using net premiums written (“NPW”). For the three months ended December 31, 2014 and 2013, includes 1.3% and 1.6%, respectively, and for the years ended December 31, 2014 and 2013, includes 1.5% and 2.1%, respectively, of expenses that were previously allocated to the Financial Guaranty segment, because these corporate items were not reclassified to discontinued operations. These expenses have been reallocated to the Mortgage Insurance segment.
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information Exhibit K Three Months Ended Year Ended December 31, December 31,($ in thousands)
2014 2013 2014 2013 Net claims paid Prime $ 74,342 $ 192,014 $ 532,835 $ 770,500 Alt-A 21,909 42,222 132,350 183,846 A minus and below 12,600 26,286 92,219 111,828 Total primary claims paid 108,851 260,522 757,404 1,066,174 Pool 8,086 22,451 64,191 115,192 Second-lien and other 283 417 2,011 2,995 Subtotal 117,220 283,390 823,606 1,184,361 Impact of Freddie Mac Agreement — — — 254,667 Impact of captive terminations — — 1,156 — Impact of settlements — — 13,500 — Total $ 117,220 $ 283,390 $ 838,262 $ 1,439,028 Average claim paid (1) Prime $ 48.7 $ 47.7 $ 46.3 $ 47.4 Alt-A 58.7 56.4 56.2 56.3 A minus and below 39.3 37.8 38.1 37.0 Total primary average claims paid 49.0 47.6 46.5 47.3 Pool 46.5 54.2 56.9 65.6 Second-lien and other 7.6 13.0 15.6 15.9 Total $ 48.2 $ 47.9 $ 47.0 $ 48.4 Average primary claim paid (2) $ 50.4 $ 50.0 $ 47.9 $ 49.6 Average total claim paid (2) $ 49.4 $ 50.1 $ 48.2 $ 50.5 Reserve for losses by category Prime $ 700,174 $ 937,307 Alt-A 292,293 384,841 A minus and below 179,103 215,545 IBNR and other 223,114 347,698 LAE 56,164 51,245 Reinsurance recoverable (3) 26,665 38,363 Total primary reserves 1,477,513 1,974,999 Pool insurance 75,785 169,682 IBNR and other 1,775 8,938 LAE 3,542 5,439 Total pool reserves 81,102 184,059 Total 1st lien reserves 1,558,615 2,159,058 Second lien and other 1,417 5,295 Total reserves $ 1,560,032 $ 2,164,353 1st lien reserve per default (4) Primary reserve per primary default excluding IBNR and other$27,683
$26,717
Pool reserve per pool default excluding IBNR and other 9,556 14,690(1)
Net of reinsurance recoveries and without giving effect to the impact of the Freddie Mac Agreement, captive terminations and settlements.
(2)
Before reinsurance recoveries and without giving effect to the impact of the Freddie Mac Agreement, captive terminations and settlements.
(3)
Primarily represents ceded losses on captive transactions and quota share reinsurance transactions.
(4)
If calculated before giving effect to deductibles and stop losses in pool transactions, this would be $15,881 and $24,640 at December 31, 2014 and 2013, respectively.
Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit L
December 31,2014
December 31,2013
Default Statistics
Primary Insurance:Prime
Number of insured loans 790,056 741,554 Number of loans in default 28,246 37,932 Percentage of loans in default 3.58 % 5.12 %Alt-A
Number of insured loans 38,553 44,905 Number of loans in default 8,136 11,209 Percentage of loans in default 21.10 % 24.96 %A minus and below
Number of insured loans 35,367 40,930 Number of loans in default 8,937 11,768 Percentage of loans in default 25.27 % 28.75 % Total Primary Number of insured loans (1) 873,077 839,249 Number of loans in default (2) 45,319 60,909 Percentage of loans in default 5.19 % 7.26 % Pool insurance Number of loans in default 8,297 11,921(1)
Includes 9,101 and 11,860 insured loans subject to the Freddie Mac Agreement at December 31, 2014 and 2013, respectively.
(2)
Excludes 4,467 and 7,221 loans subject to the Freddie Mac Agreement that are in default at December 31, 2014 and 2013, respectively, as we no longer have claims exposure on these loans.
Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit M Three Months Ended Year Ended December 31, December 31,
($ in thousands)
2014 2013 2014 20131st Lien Captives
Premiums ceded to captives $ 3,078 $ 3,801 $ 12,996 $ 17,901 % of total premiums 1.3 % 1.8 % 1.4 % 2.1 % IIF included in captives (1) 2.8 % 4.0 % RIF included in captives (1) 2.7 % 3.8 %Initial Quota Share Reinsurance (“QSR”) Transaction
QSR ceded premiums written $ (4,801 ) (2) $ 5,474 $ 10,217 $ 23,047 % of premiums written (1.9 )% (2) 2.2 % 1.0 % 2.2 % QSR ceded premiums earned $ (2,869 ) (2) $ 7,035 $ 17,319 $ 29,746 % of premiums earned (1.2 )% (2) 3.2 % 1.9 % 3.5 % Ceding commissions $ 1,108 $ 1,369 $ 4,862 $ 5,762 RIF included in QSR (3) $ 1,105,545 $ 1,329,544Second QSR Transaction
QSR ceded premiums written $ 9,303 $ 7,972 $ 33,750 $ 40,225 % of premiums written 3.7 % 3.2 % 3.4 % 3.9 % QSR ceded premiums earned $ 8,339 $ 6,137 $ 29,820 $ 18,356 % of premiums earned 3.6 % 2.8 % 3.3 % 2.2 % Ceding commissions $ 3,256 $ 2,790 $ 11,813 $ 14,079 RIF included in QSR (3) $ 1,615,554 $ 1,298,631 Persistency (twelve months ended December 31) 83.4 % 81.1 %(1)
Radian reinsures the middle layer risk positions, while retaining a significant portion of the total risk comprising the first loss and most remote risk positions.
(2)
Reflects the receivable for profit commission under a new Initial QSR Transaction agreement.
(3)
Included in primary RIF.
Radian Group Inc. and Subsidiaries
Mortgage and Real Estate Services Selected Financial Information
Exhibit N
The following table shows additional information for the Mortgage and Real Estate Services segment for the three months and year ended December 31, 2014: Three Months Ended Year Ended December 31, 2014 December 31, 2014(In thousands)
Services revenue: Loan Review and Due Diligence $ 11,189 $ 27,860 Component services 7,672 17,462 REO Management 5,670 12,284 Surveillance 6,876 13,276 EuroRisk 3,059 5,827 Total 34,466 76,709 Direct cost of services 19,709 43,605 Gross profit on services $ 14,757 $ 33,104 The selected unaudited financial information presented below represents unaudited quarterly historical information for the businesses of Clayton Holdings LLC (“Clayton”) for periods prior to our acquisition on June 30, 2014. Financial information for periods after the acquisition is included in the table above and in Exhibit E as part of our Mortgage and Real Estate Services segment. 2012 2013 2014(In thousands)
Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Services revenue $ 32,514 $ 31,524 $ 37,041 $ 39,115 $ 32,718 $ 25,593 $ 28,043 $ 36,347 Direct cost of services 18,951 19,251 20,173 22,028 18,015 14,957 15,469 19,956 Gross profit on services $ 13,563 $ 12,273 $ 16,868 $ 17,087 $ 14,703 $ 10,636 $ 12,574 $ 16,391
FORWARD-LOOKING STATEMENTS
All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the United States (“U.S.”) Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including:
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2013 and in our subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.
Radian Group Inc.Emily Riley, 215-231-1035emily.riley@radian.biz
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