Radian Group Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenues for the third quarter reached $333.9 million, a slight increase from $312.5 million in the same period of 2023. For the nine months, total revenues rose to $974.4 million from $911.9 million year-over-year. This growth was primarily driven by an increase in net investment income, which rose to $78.4 million for the third quarter and $221.4 million for the nine months, up from $67.8 million and $189.6 million, respectively.

Net premiums earned for the third quarter were $239.1 million, slightly down from $240.3 million in 2023, while for the nine months, they increased to $712.7 million from $686.9 million. Services revenue also saw an uptick, reaching $12.2 million in the third quarter compared to $10.9 million in 2023. However, total expenses increased significantly to $138.5 million in the third quarter from $111.5 million in the prior year, contributing to a decrease in net income to $151.9 million from $156.6 million year-over-year. For the nine months, net income was $456.1 million, down from $460.4 million in 2023.

Radian's strategic developments included a reorganization of its operating segments, consolidating its Mortgage Insurance segment and discontinuing the aggregation of its Title, Real Estate Services, and Real Estate Technology businesses. The company also reported a significant increase in residential mortgage loans held for sale, which surged to $530 million from $33 million at the end of 2023. This increase reflects a strategic focus on expanding its mortgage-related offerings.

The company’s total stockholders’ equity rose to $4.7 billion as of September 30, 2024, compared to $4.4 billion at the end of 2023. Radian's liquidity position remained strong, with unrestricted cash and liquid investments totaling $844 million. The company also executed a share repurchase program, buying back 4.8 million shares for $149 million during the nine months ended September 30, 2024.

Market conditions remained generally favorable, with a projected total mortgage origination market of approximately $1.7 trillion for 2024, despite a decline in new insurance written (NIW) due to reduced penetration of private mortgage insurance. The company reported NIW of $13.5 billion for the third quarter, down from $13.9 billion in 2023, and $38.9 billion for the nine months, compared to $42.1 billion in the prior year.

About RADIAN GROUP INC

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