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Radian Group Inc. (RDN-2.05%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net premiums earned of $239.1 million, a slight decrease from $240.3 million in the same quarter the previous year.
Net investment income increased to $78.4 million from $67.8 million, reflecting higher investment balances and yields.
Radian reported a provision for losses of $6.9 million, compared to a reversal of $8.1 million in the previous year, due to a reduction in favorable reserve development on prior period defaults.
Net income for the quarter was $151.9 million, down from $156.6 million in the previous year. Diluted net income per share was $0.99, compared to $0.98 in the previous year.
Radian's mortgage insurance IIF increased to $274.7 billion from $270.0 billion at the end of 2023, with a Persistency Rate of 84.4%.
Net claims paid were $3.4 million, a decrease from $4.7 million in the same quarter the previous year.
Radian Guaranty maintained a PMIERs Cushion of $2.1 billion, or 55%, over its Minimum Required Assets.
Radian Group's liquidity at the holding company level was $844 million, with total liquidity, including a revolving credit facility, of $1.1 billion.
Radian Group repurchased 1.5 million shares of its common stock during the quarter at an average price of $33.61 per share, with $618 million remaining under the current repurchase authorization.
The company declared and paid a quarterly dividend of $0.245 per share during the quarter.
Radian Group's debt-to-capital ratio improved to 18.5% from 24.4% at the end of 2023, following the redemption of its Senior Notes due 2024 and 2025 and the issuance of new Senior Notes due 2029.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Radian Group Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.