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Radian Reports Fourth Quarter And Full Year 2013 Financial Results

Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended December 31, 2013, of $36.4 million, or $0.19 per diluted share, which included $30.6 million of combined net gains from the change in fair value of derivatives and other financial instruments and net losses on investments. This compares to a net loss for the quarter ended December 31, 2012, of $177.3 million, or $1.34 per diluted share, which included $7.4 million of combined net gains from the change in fair value of derivatives and other financial instruments and net gains on investments.

The company has introduced non-GAAP financial measures as performance indicators to facilitate evaluation of its fundamental financial performance. Included in these measures is adjusted pretax operating income which, for the quarter ended December 31, 2013, was $9.1 million, consisting of $1.7 million from the mortgage insurance segment and $7.4 million from the financial guaranty segment. Adjusted diluted net operating income per share for the quarter ended December 31, 2013, was $0.03.

The net loss for the full year 2013 was $197.0 million, or $1.18 per diluted share, which included $186.2 million of combined net losses from the change in fair value of derivatives and other financial instruments and a net loss on investments. This compares to net losses for the full year 2012 of $451.5 million, or $3.41 per diluted share, which included $41.4 million of combined net losses from the change in fair value of derivatives and other financial instruments and net gains on investments. Book value per share at December 31, 2013, was $5.43.

“Radian’s performance in 2013 reflects the solid progress we have made against our top priorities. I am pleased to report that we achieved operating profitability in our mortgage insurance business, and we expect that the size and credit quality of our MI portfolio will fuel improved levels of operating profitability this year,” said Chief Executive Officer S.A. Ibrahim.

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