RADIAN GROUP INC

Listed Company

RDNCIK 0000890926NYSELarge AcceleratedSurety InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.20B

Net Income

$582.64M

Total Assets

$8.12B

Equity

$4.78B

Shares Out

136.27M

Op. Cash Flow

$119.86M

Business

Radian Group Inc is a mortgage and real estate services company that provides credit-related mortgage insurance and an array of mortgage and real estate solutions. It offers primary private mortgage insurance and other credit risk management solutions, contract underwriting, a mortgage conduit for loan purchases and securitizations, national title and settlement services, real estate asset management and proprietary real estate technology platforms. The company reports one Mortgage Insurance segment and an All Other category comprising Mortgage Conduit, Title, Real Estate Services and Real Estate Technology. It operates across the United States, including the District of Columbia and Guam, and distributes products through mortgage originators, the GSEs, investors, servicers and the capital markets.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned (Note 8)	942	939	909	981	1,037
Net investment income (Note 7)	249	265	252	196	148
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(3,890), $(7,821) and $(10,735)) (Note 7)	−24,000	−4	9	−81	16
Other income	6	7	6	2	3
Total revenues	1,197	1,206	1,177	1,191	1,330
Provision for losses	67	−2	−42	−338	21
Policy acquisition costs	25	27	25	24	29
Other operating expenses	246	248	245	381	324
Interest expense (Note 12)	68	88	86	84	84
Total expenses	406	361	313	238	565
Pretax income from continuing operations	791	846	864	953	765
Income tax provision	173	185	188	210	164
Net income from continuing operations	618	660	676	743	601
Income (loss) from discontinued operations, net of tax	−36	−56	−73	—	—
Net income	583	604	603	743	601
Net income from continuing operations, Basic	4.43	4.33	4.27	—	—
Income (loss) from discontinued operations, net of tax, Basic	−0.25	−0.37	−0.46	—	—
Basic net income per share	4.18	3.96	3.81	4.42	3.19
Net income from continuing operations, Diluted	4.39	4.28	4.22	—	—
Income (loss) from discontinued operations, net of tax, Diluted	−0.25	−0.36	−0.45	—	—
Diluted net income per share	4.14	3.92	3.77	4.35	3.16
Weighted average number of common shares outstanding-basic (in shares)	139	152	158	168	188
Weighted average number of common and common equivalent shares outstanding-diluted (in shares)	141	154	160	171	190

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed-maturities available for sale-at fair value (amortized cost of $4,550,954 and $5,498,422)	4,272	5,062	5,188	5,018	5,517
Trading securities-at fair value (amortized cost of $70,050 and $89,479)	66	83	106	116	257
Equity securities-at fair value (cost of $45,619 and $144,579)	37	138	89	149	184
Other long-term invested assets-at fair value	10	8	9	—	—
Short-term investments-at fair value (includes $62,212 and $125,723 of reinvested cash collateral held under securities lending agreements)	1,603	411	661	402	552
Total investments	5,987	5,702	6,086	5,693	6,514
Cash	25	19	19	56	151
Restricted cash	10,000	30,000	1	377,000	1
Accrued investment income	40	44	46	40	33
Accounts and notes receivable	120	121	124	120	124
Reinsurance recoverables (includes $1,788 and $415 for paid losses)	49	35	26	26	68
Deferred policy acquisition costs	19	18	19	18	16
Property and equipment, net	17	23	64	71	75
Prepaid federal income taxes (Note 10)	1,100	921	750	596	354
Other assets	334	359	460	427	483
Assets held for sale (Note 3)	474	1,447	—	—	—
Total assets	8,122	8,690	7,594	7,064	7,839
Reserve for losses and LAE (Note 11)	400	354	370	427	829
Unearned premiums	159	188	225	271	329
Senior notes (Note 12)	1,068	1,065	1,418	1,414	1,409
Other borrowings (Note 12)	41	46	119	156	151
Net deferred tax liability (Note 10)	942	772	590	391	338
Other liabilities (Note 9)	366	399	474	334	297
Liabilities held for sale (Note 3)	364	1,240	—	—	—
Total liabilities	3,341	4,066	3,196	3,144	3,580
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock ($0.001 par value; 485,000 shares authorized; 2025: 156,913 and 135,498 shares issued and outstanding, respectively; 2024: 168,350 and 147,569 shares issued and outstanding, respectively)	157,000	168,000	173,000	—	—
Treasury stock, at cost (2025: 21,415 shares; 2024: 20,782 shares)	−990	−968	−946	−931	—
Additional paid-in capital	861	1,247	1,431	1,520	1,878
Retained earnings	5,132	4,695	4,244	3,787	3,181
Accumulated other comprehensive income (loss) (Note 15)	−222	−350	−331	−457	120
Total stockholders equity	4,782	4,624	4,398	3,919	4,259
Total liabilities and stockholders equity	8,122	8,690	7,594	7,064	7,839

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Less: Income (loss) from discontinued operations, net of tax	−36	−56	−73	—	—
Net income from continuing operations	618	660	676	—	—
Loss on extinguishment of debt	513,000	4	0	0	—
Depreciation, other amortization, and other impairments, net	46	62	58	72	72
Deferred income tax provision	139	166	173	207	162
Accrued investment income	4	711,000	−5	−7	1
Accounts and notes receivable	793,000	−2	−11	4	−3
Reinsurance recoverable	−14	−9	−359,000	42	5
Deferred policy acquisition costs	−1	972,000	−258,000	−2	2
Prepaid federal income tax	−135	−171	−154	−242	−143
Other assets	36	28	39	66	65
Unearned premiums	−29	−37	−46	−58	−120
Reserve for losses and LAE	46	−10	−56	−402	−20
Reinsurance funds withheld	2	−9	−22	−76	−50
Other liabilities	8	−33	−28	−40	−3
Net cash provided by (used in) operating activities, continuing operations	720	655	613	—	—
Net cash provided by (used in) operating activities, discontinued operations	−600	−1,319	−83	—	—
Net cash provided by (used in) operating activities	120	−664	529	388	557
Available for sale securities	976	512	332	399	735
Trading securities	8	0	9	9	8
Equity securities	114	46	68	8	37
Available for sale securities	853	895	485	790	1,226
Trading securities	11	17	2	102	17
Available for sale securities	−766	−1,341	−928	−1,415	−1,980
Equity securities	−32	−23	−8	−25	−106
Short-term investments, net	−1,247	175	−182	151	68
Other assets and other invested assets, net	−9	1	−45,000	−7	6
Additions to property and equipment	−4	−2	−9	−18	−13
Net cash provided by (used in) investing activities, continuing operations	−95	279	−230	—	—
Net cash provided by (used in) investing activities, discontinued operations	222	49	−70	—	—
Net cash provided by (used in) investing activities	127	328	−301	−5	−2
Dividends and dividend equivalents paid	−146	−152	−146	−135	−103
Issuance of common stock	1	928,000	2	1	1
Repurchases of common stock, including excise taxes paid	−432	−225	−133	−400	−399
Issuance of senior notes	0	617	0	0	0
Redemption of senior notes	0	−977	0	0	—
Proceeds (repayments) of FHLB advances, net (with terms three months or less)	592,000	−24	−11	—	—
Proceeds from FHLB advances (with terms greater than three months	45	7	6	—	—
Repayments of FHLB advances (with terms greater than three months)	−50	−32	−53	—	—
Proceeds from credit facility borrowings	50	0	0	—	—
Repayments of credit facility borrowings	−50	0	0	—	—
Credit facility commitment fees paid	−4	−812,000	−904,000	−814,000	−3
Proceeds (repayments) related to cash collateral for loaned securities, net	−64	−24	50	51	—
Net cash provided by (used in) financing activities, continuing operations	−649	−810	−287	—	—
Net cash provided by (used in) financing activities, discontinued operations	406	1,168	22	—	—
Net cash provided by (used in) financing activities	−243	357	−265	−479	−497
Increase (decrease) in cash and restricted cash	4	21	−36	−96	58
Income taxes paid (refunded), continuing operations (Note 10)	137	173	154	—	—
Income taxes paid (refunded), discontinued operations (Note 10)	0	−61,000	37,000	—	—
Interest paid, continuing operations	64	89	83	79	79
Interest paid, discontinued operations	27	19	3	—	—
Transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment, discontinued operations	768	779	0	0	—
Retention of mortgage servicing and other related rights from residential mortgage loan sales, discontinued operations	7	3	41,000	0	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, continuing operations	0	0	1	—	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, discontinued operations	1	1	0	—	—

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