Radian Reports Third Quarter 2012 Financial Results

For Trend Information, refer to our Quarterly Financial Statistics on Radian’s (RDN) website.

Radian Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets Exhibit B
					September 30					December 31					September 30
(In thousands, except per-share data)					2012					2011					2011
Assets:
Cash and investments					$	5,291,795				$	5,846,168				$	5,936,586
Deferred policy acquisition costs					91,271					139,906					138,962
Deferred income taxes, net					15,975					15,975					19,244
Reinsurance recoverables					94,584					157,985					166,483
Derivative assets					14,857					17,212					20,315
Receivable for securities sold					52,438					18,702					504,584
Other assets					480,437					460,817					460,111
Total assets					$	6,041,357				$	6,656,765				$	7,246,285
Liabilities and stockholders’ equity:
Unearned premiums					$	614,455				$	637,372				$	628,400
Reserve for losses and loss adjustment expenses					3,119,597					3,310,902					3,260,556
Reserve for premium deficiency					5,149					3,644					4,309
Long-term debt					659,119					818,584					814,901
VIE debt					109,651					228,240					273,379
Derivative liabilities					267,323					126,006					188,921
Payable for securities purchased					45,583					46,368					532,451
Other liabilities					305,227					303,358					254,932
Total liabilities					5,126,104					5,474,474					5,957,849
Common stock					151					151					151
Additional paid-in capital					1,075,151					1,074,513					1,074,201
Retained (deficit) earnings					(177,939		)			96,227					218,095
Accumulated other comprehensive income (loss)					17,890					11,400					(4,011		)
Total common stockholders’ equity					915,253					1,182,291					1,288,436
Total liabilities and stockholders’ equity					$	6,041,357				$	6,656,765				$	7,246,285
Book value per share					$	6.85				$	8.88				$	9.67

Radian Group Inc. and Subsidiaries Segment Information Quarter Ended September 30, 2012 Exhibit C
					Mortgage					Financial
(In thousands)					Insurance					Guaranty					Total
Revenues:
Net premiums written - insurance					$	209,890				$	(613	)			$	209,277
Net premiums earned - insurance					$	178,685				$	12,278				$	190,963
Net investment income					14,758					10,877					25,635
Net gains on investments					43,379					41,280					84,659
Net impairment losses recognized in earnings					—					—					—
Change in fair value of derivative instruments					(1		)			(41,055		)			(41,056		)
Net (losses) gains on other financial instruments					(1,960		)			1,220					(740		)
Other income					1,280					48					1,328
Total revenues					236,141					24,648					260,789
Expenses:
Provision for losses					171,805					4,547					176,352
Change in reserve for premium deficiency					966					—					966
Policy acquisition costs					10,126					2,801					12,927
Other operating expenses					40,250					10,179					50,429
Interest expense					1,910					10,610					12,520
Total expenses					225,057					28,137					253,194
Equity in net loss of affiliates					—					—					—
Pretax income (loss)					11,084					(3,489		)			7,595
Income tax (benefit) provision					(20,316		)			13,586					(6,730		)
Net income (loss)					$	31,400				$	(17,075	)			$	14,325
Cash and investments					$	3,192,341				$	2,099,454				$	5,291,795
Deferred policy acquisition costs					39,148					52,123					91,271
Total assets					3,651,849					2,389,508					6,041,357
Unearned premiums					333,144					281,311					614,455
Reserve for losses and loss adjustment expenses					3,046,706					72,891					3,119,597
VIE debt					9,448					100,203					109,651
Derivative liabilities					—					267,323					267,323

Radian Group Inc. and Subsidiaries Segment Information Quarter Ended September 30, 2011 Exhibit D
					Mortgage					Financial
(In thousands)					Insurance					Guaranty					Total
Revenues:
Net premiums written - insurance					$	178,215				$	72				$	178,287
Net premiums earned - insurance					$	163,436				$	16,219				$	179,655
Net investment income					21,642					17,121					38,763
Net gains on investments					53,263					28,377					81,640
Net impairment losses recognized in earnings					(20		)			—					(20		)
Change in fair value of derivative instruments					200					125,808					126,008
Net gains on other financial instruments					2,486					78,116					80,602
Other income					1,357					47					1,404
Total revenues					242,364					265,688					508,052
Expenses:
Provision for losses					276,599					(27,001		)			249,598
Change in reserve for premium deficiency					(1,942		)			—					(1,942		)
Policy acquisition costs					7,834					3,615					11,449
Other operating expenses					36,082					9,158					45,240
Interest expense					2,015					12,079					14,094
Total expenses					320,588					(2,149		)			318,439
Equity in net income of affiliates					—					—					—
Pretax (loss) income					(78,224		)			267,837					189,613
Income tax (benefit) provision					(36,033		)			42,078					6,045
Net (loss) income					$	(42,191	)			$	225,759				$	183,568
Cash and investments					$	3,176,860				$	2,759,726				$	5,936,586
Deferred policy acquisition costs					47,863					91,099					138,962
Total assets					3,731,978					3,514,307					7,246,285
Unearned premiums					206,477					421,923					628,400
Reserve for losses and loss adjustment expenses					3,214,854					45,702					3,260,556
VIE debt					31,164					242,215					273,379
Derivative liabilities					—					188,921					188,921

Radian Group Inc. and Subsidiaries Segment Information Nine Months Ended September 30, 2012 Exhibit E
					Mortgage					Financial
(In thousands)					Insurance					Guaranty					Total
Revenues:
Net premiums written - insurance					$	589,261				$	(120,374	)			$	468,887
Net premiums earned - insurance					$	522,899				$	22,208				$	545,107
Net investment income					50,377					40,848					91,225
Net gains on investments					102,219					76,318					178,537
Net impairment losses recognized in earnings					—					—					—
Change in fair value of derivative instruments					(32		)			(146,905		)			(146,937		)
Net losses on other financial instruments					(2,627		)			(77,827		)			(80,454		)
Gain on sale of affiliate					—					7,708					7,708
Other income					3,928					235					4,163
Total revenues					676,764					(77,415		)			599,349
Expenses:
Provision for losses					614,612					38,762					653,374
Change in reserve for premium deficiency					1,505					—					1,505
Policy acquisition costs					26,662					25,116					51,778
Other operating expenses					107,787					32,989					140,776
Interest expense					5,355					33,894					39,249
Total expenses					755,921					130,761					886,682
Equity in net loss of affiliates					—					(13		)			(13		)
Pretax loss					(79,157		)			(208,189		)			(287,346		)
Income tax (benefit) provision					(42,324		)			29,144					(13,180		)
Net loss					$	(36,833	)			$	(237,333	)			$	(274,166	)

Radian Group Inc. and Subsidiaries Segment Information Nine Months Ended September 30, 2011 Exhibit F
					Mortgage					Financial
(In thousands)					Insurance					Guaranty					Total
Revenues:
Net premiums written - insurance					$	523,255				$	(9,441	)			$	513,814
Net premiums earned - insurance					$	513,895				$	57,717				$	571,612
Net investment income					73,328					51,498					124,826
Net gains on investments					98,450					64,861					163,311
Net impairment losses recognized in earnings					(31		)			—					(31		)
Change in fair value of derivative instruments					64					558,562					558,626
Net gains on other financial instruments					4,321					156,579					160,900
Other income					3,881					167					4,048
Total revenues					693,908					889,384					1,583,292
Expenses:
Provision for losses					960,564					(20,027		)			940,537
Change in reserve for premium deficiency					(6,427		)			—					(6,427		)
Policy acquisition costs					26,651					13,316					39,967
Other operating expenses					104,132					33,281					137,413
Interest expense					11,950					35,247					47,197
Total expenses					1,096,870					61,817					1,158,687
Equity in net income of affiliates					—					65					65
Pretax (loss) income					(402,962		)			827,632					424,670
Income tax (benefit) provision					(27,158		)			28,139					981
Net (loss) income					$	(375,804	)			$	799,493				$	423,689

Radian Group Inc. and Subsidiaries Financial Guaranty Supplemental Information Exhibit G
					Quarter Ended September 30									Nine Months Ended September 30
(In thousands)					2012				2011					2012				2011
Net Premiums Earned:
Public finance direct					$	8,644			$	9,708				$	33,004			$	29,124
Public finance reinsurance					5,350				5,238					10,942				21,304
Structured direct					242				399					870				1,781
Structured reinsurance					(1,958		)		875					(342		)		2,639
Trade credit reinsurance					—				(1		)			(2		)		40
Net Premiums Earned - insurance					12,278				16,219					44,472				54,888
Impact of commutations and reinsurance					—				—					(22,264		)		2,829
Total Net Premiums Earned - insurance					$	12,278			$	16,219				$	22,208			$	57,717
Refundings included in earned premium					$	7,322			$	4,597				$	26,029			$	18,728
Net premiums earned - derivatives (1)					$	7,169			$	10,343				$	23,041			$	31,699
Claims paid					$	26,593		(2)	$	2,339				$	28,873			$	6,035

(1) Included in change in fair value of derivative instruments.

(2) Primarily represents the settlement of obligations related to our insured sovereign indebtedness to Greece.

The impact of the Assured Transaction for the Nine Months Ended September 30, 2012, was as follows:

(In millions)
Statement of Operations
Decrease in premiums written					$	(119.8	)
Decrease in premiums earned					$	(22.2	)
Increase in change in fair value of derivative instruments—gain					1.4
Gain on sale of affiliate					7.7
Increase in amortization of policy acquisition costs					(15.7		)
Decrease in pre-tax income					$	(28.8	)
Balance Sheet
Decrease in:
Cash					$	93.6
Deferred policy acquisition costs					26.2
Accounts and notes receivable					1.1
Derivative assets					0.6
Unearned premiums					71.6
Derivative liabilities					2.1
Increase in other assets					19.1

Radian Group Inc. and Subsidiaries Financial Guaranty Supplemental Information Exhibit H
					September 30					December 31					September 30
($ in thousands, except ratios)					2012					2011					2011
Statutory Information:
Capital and surplus					$	1,139,842				$	974,874				$	1,038,290
Contingency reserve					290,877					421,406					431,715
Qualified statutory capital					1,430,719					1,396,280					1,470,005
Unearned premium reserve					275,172					448,669					469,956
Loss and loss expense reserve					(50,089		)			161,287					13,026
Total statutory policyholders’ reserves					1,655,802					2,006,236					1,952,987
Present value of installment premiums					107,046					148,641					162,766
Total statutory claims paying resources					$	1,762,848				$	2,154,877				$	2,115,753
Net debt service outstanding					$	48,302,271				$	88,202,630				$	91,717,192
Capital leverage ratio (1)					34					63					62
Claims paying leverage ratio (2)					27					41					43
Net par outstanding by product:
Public finance direct					$	10,288,776				$	13,838,427				$	14,530,364
Public finance reinsurance					5,590,189					19,097,057					19,789,862
Structured direct					22,360,606					34,760,869					35,939,194
Structured reinsurance					800,936					1,492,859					1,630,317
Total (3)					$	39,040,507		(4)		$	69,189,212				$	71,889,737

(1)		The capital leverage ratio is derived by dividing net debt service outstanding by qualified statutory capital.
(2)		The claims paying leverage ratio is derived by dividing net debt service outstanding by total statutory claims paying
		resources.
(3)		Included in public finance net par outstanding is $0.9 billion, $1.4 billion and $1.6 billion at September 30, 2012,
		December 31, 2011, and September 30, 2011, respectively, for legally defeased bond issues where our financial guaranty policy has
		not been extinguished but cash or securities have been deposited in an escrow account for the benefit of bondholders.
(4)		Reductions in par caused by the following: $15.6 billion in connection with the Assured Transaction, $10.2 billion in connection
		with the CDO terminations, and $1.2 billion in connection with the Commutation Transactions.

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit I
					Quarter Ended																		Nine Months Ended
					September 30																		September 30
					2012									2011									2012									2011
($ in millions)					$					%				$					%				$					%				$					%
Primary new insurance written
Prime					$	10,594				100.0	%			$	4,104				99.9	%			$	25,384				99.9	%			$	8,967				99.9	%
Alt-A					1					—				—					—				2					—				—					—
A minus and below					3					—				3					0.1				12					0.1				6					0.1
Total Flow					$	10,598				100.0	%			$	4,107				100.0	%			$	25,398				100.0	%			$	8,973				100.0	%
Total primary new insurance written by FICO score
>=740					$	8,067				76.1	%			$	3,164				77.0	%			$	19,313				76.0	%			$	7,091				79.0	%
680-739					2,259					21.3				892					21.7				5,475					21.6				1,828					20.4
620-679					272					2.6				51					1.3				610					2.4				54					0.6
Total Flow					$	10,598				100.0	%			$	4,107				100.0	%			$	25,398				100.0	%			$	8,973				100.0	%
Percentage of primary new insurance written
Monthly premiums					66		%							56		%							66		%							61		%
Single premiums					34		%							44		%							34		%							39		%
Refinances					35		%							28		%							38		%							34		%
LTV
95.01% and above					1.3		%							2.2		%							1.4		%							1.7		%
90.01% to 95.00%					42.5		%							38.0		%							41.5		%							35.3		%
ARMS
Less than 5 years					<1%									<1		%							<1		%							<1		%
5 years and longer					1.7		%							6.0		%							2.2		%							5.9		%

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit J
					September 30										September 30
					2012										2011
($ in millions)					$					%					$					%
Primary insurance in force
Flow					$	123,438				91.4	%				$	111,493				89.5	%
Structured					11,622					8.6					13,143					10.5
Total Primary					$	135,060				100.0	%				$	124,636				100.0	%
Prime					$	117,509				87.0	%				$	104,185				83.6	%
Alt-A					10,883					8.1					12,775					10.2
A minus and below					6,668					4.9					7,676					6.2
Total Primary					$	135,060				100.0	%				$	124,636				100.0	%
Primary risk in force
Flow					$	30,480				92.3	%				$	27,473				90.7	%
Structured					2,540					7.7					2,825					9.3
Total Primary					$	33,020				100.0	%				$	30,298				100.0	%
Flow
Prime					$	27,372				89.8	%				$	23,813				86.7	%
Alt-A					1,928					6.3					2,275					8.3
A minus and below					1,180					3.9					1,385					5.0
Total Flow					$	30,480				100.0	%				$	27,473				100.0	%
Structured
Prime					$	1,482				58.3	%				$	1,651				58.4	%
Alt-A					571					22.5					641					22.7
A minus and below					487					19.2					533					18.9
Total Structured					$	2,540				100.0	%				$	2,825				100.0	%
Total
Prime					$	28,854				87.4	%				$	25,464				84.1	%
Alt-A					2,499					7.6					2,916					9.6
A minus and below					1,667					5.0					1,918					6.3
Total Primary					$	33,020				100.0	%				$	30,298				100.0	%

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit K
					September 30									September 30
					2012									2011
($ in millions)					$					%				$					%
Total primary risk in force by FICO score
Flow
>=740					$	15,141				49.7	%			$	11,566				42.1	%
680-739					9,449					31.0				9,213					33.5
620-679					5,022					16.5				5,671					20.7
<=619					868					2.8				1,023					3.7
Total Flow					$	30,480				100.0	%			$	27,473				100.0	%
Structured
>=740					$	674				26.5	%			$	752				26.6	%
680-739					736					29.0				822					29.1
620-679					678					26.7				756					26.8
<=619					452					17.8				495					17.5
Total Structured					$	2,540				100.0	%			$	2,825				100.0	%
Total
>=740					$	15,815				47.9	%			$	12,318				40.7	%
680-739					10,185					30.8				10,035					33.1
620-679					5,700					17.3				6,427					21.2
<=619					1,320					4.0				1,518					5.0
Total Primary					$	33,020				100.0	%			$	30,298				100.0	%
Total primary risk in force by LTV
85.00% and below					$	3,092				9.3	%			$	2,731				9.0	%
85.01% to 90.00%					12,679					38.4				11,717					38.7
90.01% to 95.00%					12,473					37.8				10,390					34.3
95.01% and above					4,776					14.5				5,460					18.0
Total					$	33,020				100.0	%			$	30,298				100.0	%
Total primary risk in force by policy year
2005 and prior					$	5,947				18.0	%			$	7,207				23.8	%
2006					2,827					8.6				3,276					10.8
2007					6,239					18.9				7,175					23.7
2008					4,715					14.3				5,376					17.7
2009					2,200					6.7				2,812					9.3
2010					1,887					5.7				2,354					7.8
2011					3,181					9.6				2,098					6.9
2012					6,024					18.2				—					—
Total					$	33,020				100.0	%			$	30,298				100.0	%
Primary risk in force on defaulted loans					$	4,417								$	5,210

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit L
					September 30									September 30
					2012									2011
($ in millions)					$					%				$					%
Percentage of primary risk in force
Refinances					31		%							31		%
ARMS
Less than 5 years					4		%							5		%
5 years and longer					5		%							7		%
Pool risk in force
Prime					$	1,432				76.8	%			$	1,652				76.6	%
Alt-A					108					5.8				126					5.9
A minus and below					324					17.4				378					17.5
Total					$	1,864				100.0	%			$	2,156				100.0	%
Total pool risk in force by policy year
2005 and prior					$	1,684				90.3	%			$	1,877				87.1	%
2006					79					4.2				113					5.2
2007					89					4.8				134					6.2
2008					12					0.7				32					1.5
Total pool risk in force					$	1,864				100.0	%			$	2,156				100.0	%
Other risk in force
Second-lien
1st loss					$	85								$	107
2nd loss					23									31
NIMS					14									38
1st loss-Hong Kong primary mortgage insurance					45									72
Total other risk in force					$	167								$	248
Risk to capital ratio-Radian Guaranty only					20.1:1			(1)						21.4:1
(1) Preliminary

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit M
					Quarter Ended										Nine Months Ended
					September 30										September 30
($ in thousands)					2012					2011					2012					2011
Net claims paid
Prime					$	169,641				$	180,523				$	467,093				$	644,738
Alt-A					45,058					57,244					121,970					220,514
A minus and below					28,042					37,015					85,234					134,394
Total primary claims paid					242,741					274,782					674,297					999,646
Pool					26,546					52,771					71,846					145,470
Second-lien and other					3,111					2,342					8,043					8,961
Subtotal					272,398					329,895					754,186					1,154,077
Impact of first-lien terminations					—					—					—					38,198
Impact of captive terminations					—					—					(148		)			(1,166		)
Impact of second-lien terminations					—					—					—					16,550
Total					$	272,398				$	329,895				$	754,038				$	1,207,659
Average claim paid (1)
Prime					$	48.0				$	51.3				$	48.6				$	49.6
Alt-A					59.9					61.8					58.6					61.1
A minus and below					38.1					43.1					38.0					40.1
Total primary average claims paid					48.4					51.8					47.9					50.1
Pool					66.2					79.8					66.6					77.1
Second-lien and other					29.6					25.7					27.5					28.0
Total					$	49.3				$	54.4				$	48.8				$	52.1
Average primary claim paid (2) (3)					$	50.8				$	55.8				$	50.5				$	55.1
Average total claim paid (2) (3)					$	51.5				$	57.9				$	51.2				$	56.5
Loss ratio - GAAP basis					96.1		%			169.2		%			117.5		%			186.9		%
Expense ratio - GAAP basis					28.2		%			26.9		%			25.7		%			25.4		%
					124.3		%			196.1		%			143.2		%			212.3		%
Reserve for losses by category
Prime					$	1,693,579				$	1,655,992
Alt-A					570,055					622,568
A minus and below					355,018					368,034
Reinsurance recoverable (4)					89,801					160,233
Total primary reserves					2,708,453					2,806,827
Pool insurance					327,020					397,919
Total 1st lien reserves					3,035,473					3,204,746
Second lien					8,203					10,074
Other					3,030					34
Total reserves					$	3,046,706				$	3,214,854
1st lien reserve per default (5)
Primary reserve per primary default					$	28,561				$	25,346
Primary reserve per default excluding IBNR					26,100					24,436
Pool reserve per pool default (6)					17,538					15,325
Total 1st lien reserve per default					26,750					23,443

(1)		Calculated net of reinsurance recoveries and without giving effect to the impact of first-lien, second-lien and captive terminations.
(2)		Calculated without giving effect to the impact of terminations of captive reinsurance and first- and second-lien transactions.
(3)		Before reinsurance recoveries.
(4)		Represents ceded losses on captive transactions and Smart Home.
(5)		Calculated as total reserves divided by total defaults.
(6)		If calculated before giving effect to deductibles and stop losses in pool transactions, the pool reserve per default at September 30,
		2012 and 2011, would be $27,842 and $26,513, respectively.

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit N
		September 30			December 31			September 30
		2012			2011			2011
Default Statistics
Primary Insurance:
Flow
Prime
Number of insured loans		608,765			569,190			563,226
Number of loans in default		55,859			65,238			64,426
Percentage of loans in default		9.18	%		11.46	%		11.44	%
Alt-A
Number of insured loans		39,274			44,355			45,818
Number of loans in default		12,254			14,481			14,832
Percentage of loans in default		31.20	%		32.65	%		32.37	%
A minus and below
Number of insured loans		36,347			40,884			42,246
Number of loans in default		11,273			13,560			13,749
Percentage of loans in default		31.01	%		33.17	%		32.55	%
Total Flow
Number of insured loans		684,386			654,429			651,290
Number of loans in default		79,386			93,279			93,007
Percentage of loans in default		11.60	%		14.25	%		14.28	%
Structured
Prime
Number of insured loans		38,427			41,248			42,249
Number of loans in default		5,510			6,308			6,229
Percentage of loans in default		14.34	%		15.29	%		14.74	%
Alt-A
Number of insured loans		16,893			18,484			18,990
Number of loans in default		4,809			5,563			5,745
Percentage of loans in default		28.47	%		30.10	%		30.25	%
A minus and below
Number of insured loans		14,505			15,477			15,807
Number of loans in default		5,126			5,711			5,759
Percentage of loans in default		35.34	%		36.90	%		36.43	%
Total Structured
Number of insured loans		69,825			75,209			77,046
Number of loans in default		15,445			17,582			17,733
Percentage of loans in default		22.12	%		23.38	%		23.02	%
Total Primary Insurance
Prime
Number of insured loans		647,192			610,438			605,475
Number of loans in default		61,369			71,546			70,655
Percentage of loans in default		9.48	%		11.72	%		11.67	%
Alt-A
Number of insured loans		56,167			62,839			64,808
Number of loans in default		17,063			20,044			20,577
Percentage of loans in default		30.38	%		31.90	%		31.75	%
A minus and below
Number of insured loans		50,852			56,361			58,053
Number of loans in default		16,399			19,271			19,508
Percentage of loans in default		32.25	%		34.19	%		33.60	%
Total Primary
Number of insured loans		754,211			729,638			728,336
Number of loans in default		94,831			110,861			110,740
Percentage of loans in default		12.57	%		15.19	%		15.20	%
Pool insurance
Number of loans in default		18,646			21,685			25,966

Radian Group Inc. and Subsidiaries Mortgage Insurance Supplemental Information Exhibit O
					Quarter Ended										Nine Months Ended
					September 30										September 30
($ in thousands)					2012					2011					2012					2011
Net Premiums Written
Primary and Pool Insurance					$	209,445				$	177,642				$	587,762				$	521,455
Second-lien					452					565					1,445					1,777
International					(7		)			8					54					23
Total Net Premiums Written - Insurance					$	209,890				$	178,215				$	589,261				$	523,255
Net Premiums Earned
Primary and Pool Insurance					$	177,929				$	161,779				$	520,308				$	507,636
Second-lien					452					565					1,445					1,777
International					304					1,092					1,146					4,482
Total Net Premiums Earned - Insurance					$	178,685				$	163,436				$	522,899				$	513,895
1st Lien Captives
Premiums ceded to captives					$	5,327				$	7,068				$	18,045				$	21,921
% of total premiums					2.8		%			4.1		%			3.3		%			4.1		%
IIF included in captives (1)					7.1		%			9.5		%
RIF included in captives (1)					6.9		%			9.3		%
Quota Share Reinsurance ("QSR")
QSR ceded premiums written					$	16,378									$	41,855
% of premiums written					7.1		%								6.5		%
QSR ceded premiums earned					$	5,291									$	8,389
% of premiums earned					2.8		%								1.5		%
Ceding commissions					$	4,095									$	10,464
RIF included in QSR (2)					$	1,408,078
Persistency (twelve months ended September 30)					82.7		%			85.0		%

(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)		Included in primary risk in force.

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