Radian will discuss these items in its conference call today, Thursday, November 1, 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 800-398-9386 inside the U.S., or 612-332-0523 for international callers, using passcode 267306 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 267306.
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.
ABOUT RADIANRadian 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 Income|
|Exhibit B:||Condensed Consolidated Balance Sheets|
|Exhibit C:||Segment Information Quarter Ended September 30, 2012|
|Exhibit D:||Segment Information Quarter Ended September 30, 2011|
|Exhibit E:||Segment Information Nine Months Ended September 30, 2012|
|Exhibit F:||Segment Information Nine Months Ended September 30, 2011|
|Exhibit G:||Financial Guaranty Supplemental Information|
|Exhibit H:||Financial Guaranty Supplemental Information|
|Exhibit I:||Mortgage Insurance Supplemental Information|
|New Insurance Written|
|Exhibit J:||Mortgage Insurance Supplemental Information|
|Insurance in Force and Risk in Force by Product|
|Exhibit K:||Mortgage Insurance Supplemental Information|
|Risk in Force by FICO, LTV and Policy Year|
|Exhibit L:||Mortgage Insurance Supplemental Information|
|Primary, Pool and Other Risk in Force|
|Exhibit M:||Mortgage Insurance Supplemental Information|
|Claims, Reserves and Reserves per Default|
|Exhibit N:||Mortgage Insurance Supplemental Information|
|Exhibit O:||Mortgage Insurance Supplemental Information|
|Net Premiums Written and Earned, Captives, QSR and Persistency|
|Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Income Exhibit A|
|Quarter Ended September 30||Nine Months Ended September 30|
|(In thousands, except per-share data)||2012||2011||2012||2011|
|Net premiums written - insurance||$||209,277||$||178,287||$||468,887||$||513,814|
|Net premiums earned - insurance||$||190,963||$||179,655||$||545,107||$||571,612|
|Net investment income||25,635||38,763||91,225||124,826|
|Net gains on investments||84,659||81,640||178,537||163,311|
|Net impairment losses recognized in earnings||—||(20||)||—||(31||)|
|Change in fair value of derivative instruments||(41,056||)||126,008||(146,937||)||558,626|
|Net (losses) gains on other financial instruments||(740||)||80,602||(80,454||)||160,900|
|Gain on sale of affiliate||—||—||7,708||—|
|Provision for losses||176,352||249,598||653,374||940,537|
|Change in reserve for premium deficiency||966||(1,942||)||1,505||(6,427||)|
|Policy acquisition costs||12,927||11,449||51,778||39,967|
|Other operating expenses||50,429||45,240||140,776||137,413|
|Equity in net (loss) income of affiliates||—||—||(13||)||65|
|Pretax income (loss)||7,595||189,613||(287,346||)||424,670|
|Income tax (benefit) provision||(6,730||)||6,045||(13,180||)||981|
|Net income (loss)||$||14,325||$||183,568||$||(274,166||)||$||423,689|
|Diluted net income (loss) per share (1)||$||0.11||$||1.37||$||(2.07||)||$||3.16|
|(1) Weighted average shares outstanding (in thousands)|
|Weighted average common shares outstanding||132,521||132,364||132,530||132,366|
|Increase in weighted average shares-common stock equivalents-diluted basis||1,512||1,149||—||1,501|
|Weighted average shares outstanding||134,033||133,513||132,530||133,867|
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