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Radian Reports Third Quarter 2012 Financial Results

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 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 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
Default Statistics
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
 
Revenues:
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
Other income 1,328   1,404   4,163   4,048  
Total revenues 260,789   508,052   599,349   1,583,292  
 
Expenses:
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
Interest expense 12,520   14,094   39,249   47,197  
Total expenses 253,194   318,439   886,682   1,158,687  
 
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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