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10-Q Filing

RADIAN GROUP INC CIK: 890926 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0000890926-19-000028
Period End Date 20190331
Filing Date 20190508
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance rdn10q03312019_htm.xml
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Fixed-maturities available for saleat amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $3.88B USD Point-in-time
Fixed-maturities available for saleat amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $4.10B USD Point-in-time
Equity securitiesat cost AvailableForSaleEquitySecuritiesAmortizedCostBasis $125.15M USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost $3,875,919 and $4,098,962) AvailableForSaleSecuritiesDebtSecurities $4.02B USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost $3,875,919 and $4,098,962) AvailableForSaleSecuritiesDebtSecurities $3.90B USD Point-in-time
Equity securitiesat cost AvailableForSaleEquitySecuritiesAmortizedCostBasis $139.38M USD Point-in-time
Trading Securitiesat fair value TradingSecuritiesDebt $383.99M USD Point-in-time
Reinvested cash collateral held under securities lending agreements SecuritiesReceivedAsCollateral $11.70M USD Point-in-time
Reinvested cash collateral held under securities lending agreements SecuritiesReceivedAsCollateral $6.23M USD Point-in-time
Trading Securitiesat fair value TradingSecuritiesDebt $469.07M USD Point-in-time
Equity securitiesat fair value (cost of $125,153 and $139,377) EquitySecuritiesFvNi $125.03M USD Point-in-time
Equity securitiesat fair value (cost of $125,153 and $139,377) EquitySecuritiesFvNi $130.56M USD Point-in-time
Short-term investmentsat fair value (includes $6,233 and $11,699 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $528.40M USD Point-in-time
Short-term investmentsat fair value (includes $6,233 and $11,699 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $1.07B USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other invested assetsat fair value OtherInvestments $3.42M USD Point-in-time
Other invested assetsat fair value OtherInvestments $3.06M USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 485.00M shares Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 485.00M shares Point-in-time
Total investments Investments $5.48B USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 231.13M shares Point-in-time
Total investments Investments $5.15B USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 229.82M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $95.39M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 212.14M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $118.67M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 213.47M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $9.09M USD Point-in-time
Treasury Stock, Shares TreasuryStockShares 17.68M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $11.61M USD Point-in-time
Treasury Stock, Shares TreasuryStockShares 17.66M shares Point-in-time
Accounts and notes receivable AccountsAndNotesReceivableNet $89.24M USD Point-in-time
Accounts and notes receivable AccountsAndNotesReceivableNet $78.65M USD Point-in-time
Deferred income taxes, net (Note 9) DeferredTaxAssetsNet $131.64M USD Point-in-time
Deferred income taxes, net (Note 9) DeferredTaxAssetsNet $67.70M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 6) IntangibleAssetsNetIncludingGoodwill $56.81M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 6) IntangibleAssetsNetIncludingGoodwill $59.00M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $408.62M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $417.63M USD Point-in-time
Other assets (Note 8) OtherAssets $373.68M USD Point-in-time
Other assets (Note 8) OtherAssets $367.70M USD Point-in-time
Total assets Assets $6.60B USD Point-in-time
Total assets Assets $6.31B USD Point-in-time
Unearned premiums UnearnedPremiums $739.36M USD Point-in-time
Unearned premiums UnearnedPremiums $720.16M USD Point-in-time
Reserve for losses and loss adjustment expense (Note 10) LiabilityForClaimsAndClaimsAdjustmentExpense $388.78M USD Point-in-time
Reserve for losses and loss adjustment expense (Note 10) LiabilityForClaimsAndClaimsAdjustmentExpense $401.36M USD Point-in-time
Senior notes (Note 11) SeniorNotes $1.03B USD Point-in-time
Senior notes (Note 11) SeniorNotes $1.03B USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $321.21M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $329.87M USD Point-in-time
Other liabilities (Note 12) OtherLiabilities $419.47M USD Point-in-time
Other liabilities (Note 12) OtherLiabilities $333.66M USD Point-in-time
Total liabilities Liabilities $2.83B USD Point-in-time
Total liabilities Liabilities $2.89B USD Point-in-time
Commitments and contingencies (Note 13) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 13) CommitmentsAndContingencies - USD Point-in-time
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2019 and December 31, 2018; 229,817 and 231,132 shares issued at March 31, 2019 and December 31, 2018, respectively; 212,136 and 213,473 shares outstanding at March 31, 2019 and December 31, 2018, respectively CommonStockValue $231.00K USD Point-in-time
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2019 and December 31, 2018; 229,817 and 231,132 shares issued at March 31, 2019 and December 31, 2018, respectively; 212,136 and 213,473 shares outstanding at March 31, 2019 and December 31, 2018, respectively CommonStockValue $230.00K USD Point-in-time
Treasury stock, at cost: 17,681 and 17,660 shares at March 31, 2019 and December 31, 2018, respectively TreasuryStockValue $894.87M USD Point-in-time
Treasury stock, at cost: 17,681 and 17,660 shares at March 31, 2019 and December 31, 2018, respectively TreasuryStockValue $895.32M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.72B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.70B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.72B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.89B USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-60.92M USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $17.49M USD Point-in-time
Total stockholders equity StockholdersEquity $3.49B USD Point-in-time
Total stockholders equity StockholdersEquity $3.71B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $6.60B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $6.31B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Net premiums earnedinsurance PremiumsEarnedNet $263.51M USD 1 Quarter
Net premiums earnedinsurance PremiumsEarnedNet $242.55M USD 1 Quarter
Services revenue ServicesRevenueNet $32.75M USD 1 Quarter
Services revenue ServicesRevenueNet $33.16M USD 1 Quarter
Net investment income NetInvestmentIncome $43.85M USD 1 Quarter
Net investment income NetInvestmentIncome $33.96M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesonInvestmentsandOtherFinancialInstruments $21.91M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesonInvestmentsandOtherFinancialInstruments $-18.89M USD 1 Quarter
Other income OtherIncome $807.00K USD 1 Quarter
Other income OtherIncome $1.60M USD 1 Quarter
Total revenues Revenues $291.59M USD 1 Quarter
Total revenues Revenues $363.63M USD 1 Quarter
Provision for losses PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency $20.75M USD 1 Quarter
Provision for losses PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency $37.28M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $7.12M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $5.89M USD 1 Quarter
Cost of services CostOfGoodsAndServicesSold $24.16M USD 1 Quarter
Cost of services CostOfGoodsAndServicesSold $23.13M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $78.81M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $63.24M USD 1 Quarter
Restructuring and other exit costs (Note 1) RestructuringandOtherExitCosts $551.00K USD 1 Quarter
Restructuring and other exit costs (Note 1) RestructuringandOtherExitCosts - USD 1 Quarter
Interest expense InterestExpense $15.08M USD 1 Quarter
Interest expense InterestExpense $15.70M USD 1 Quarter
Amortization and impairment of other acquired intangible assets AmortizationandImpairmentofOtherIntangibleAssets $2.75M USD 1 Quarter
Amortization and impairment of other acquired intangible assets AmortizationandImpairmentofOtherIntangibleAssets $2.19M USD 1 Quarter
Total expenses OperatingExpenses $149.15M USD 1 Quarter
Total expenses OperatingExpenses $147.49M USD 1 Quarter
Consolidated pretax income (loss) IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $216.14M USD 1 Quarter
Consolidated pretax income (loss) IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $142.44M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $45.18M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $27.96M USD 1 Quarter
Net income NetIncomeLoss $114.49M USD 1 Quarter
Net income NetIncomeLoss $170.96M USD 1 Quarter
Basic net income (loss) per share EarningsPerShareBasic $0.80 USD 1 Quarter
Basic net income (loss) per share EarningsPerShareBasic $0.53 USD 1 Quarter
Diluted net income (loss) per share EarningsPerShareDiluted $0.52 USD 1 Quarter
Diluted net income (loss) per share EarningsPerShareDiluted $0.78 USD 1 Quarter
Weighted-average number of common shares outstandingbasic WeightedAverageNumberOfSharesOutstandingBasic 213.54M shares 1 Quarter
Weighted-average number of common shares outstandingbasic WeightedAverageNumberOfSharesOutstandingBasic 215.97M shares 1 Quarter
Weighted-average number of common and common equivalent shares outstandingdiluted WeightedAverageNumberOfDilutedSharesOutstanding 218.34M shares 1 Quarter
Weighted-average number of common and common equivalent shares outstandingdiluted WeightedAverageNumberOfDilutedSharesOutstanding 219.88M shares 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $118.45M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $217.78M USD 1 Quarter
Proceeds from Sales of Fixed-Maturity Investments Available-for-sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $224.60M USD 1 Quarter
Proceeds from Sales of Fixed-Maturity Investments Available-for-sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $435.71M USD 1 Quarter
Proceeds from Sales of Trading Securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $11.96M USD 1 Quarter
Proceeds from Sales of Trading Securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $70.08M USD 1 Quarter
Proceeds from Sales of Equity Securities ProceedsFromSaleOfSecuritiesOperatingActivities $55.80M USD 1 Quarter
Proceeds from Sales of Equity Securities ProceedsFromSaleOfSecuritiesOperatingActivities $33.28M USD 1 Quarter
Proceeds from Redemption of Fixed-Maturity Investments Available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $79.92M USD 1 Quarter
Proceeds from Redemption of Fixed-Maturity Investments Available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $94.36M USD 1 Quarter
Proceeds from Redemptions of Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $17.89M USD 1 Quarter
Proceeds from Redemptions of Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $23.29M USD 1 Quarter
Purchases of Fixed-Maturity Investments Available-for-sale PaymentsToAcquireAvailableForSaleSecurities $482.26M USD 1 Quarter
Purchases of Fixed-Maturity Investments Available-for-sale PaymentsToAcquireAvailableForSaleSecurities $275.53M USD 1 Quarter
Purchases of Equity Securities PaymentsToAcquireInvestments $19.77M USD 1 Quarter
Purchases of Equity Securities PaymentsToAcquireInvestments $19.99M USD 1 Quarter
Sales, Redemptions and (Purchases) of Short-term Investments, Net PaymentsForProceedsFromShortTermInvestments $17.22M USD 1 Quarter
Sales, Redemptions and (Purchases) of Short-term Investments, Net PaymentsForProceedsFromShortTermInvestments $526.01M USD 1 Quarter
Sales, Redemptions and (Purchases) of Other assets and other invested assets, net ProceedsFromSaleOfOtherAssetsInvestingActivities $349.00K USD 1 Quarter
Sales, Redemptions and (Purchases) of Other assets and other invested assets, net ProceedsFromSaleOfOtherAssetsInvestingActivities $92.00K USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $6.66M USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $4.70M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $261.00K USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-185.34M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-119.74M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $540.00K USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $534.00K USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $663.00K USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $363.00K USD 1 Quarter
Purchase of common shares PaymentsForRepurchaseOfCommonStock $10.00M USD 1 Quarter
Purchase of common shares PaymentsForRepurchaseOfCommonStock $31.77M USD 1 Quarter
Credit facility commitment fees paid LineofCreditFacilityPaymentofCommitmentFees $234.00K USD 1 Quarter
Credit facility commitment fees paid LineofCreditFacilityPaymentofCommitmentFees $185.00K USD 1 Quarter
Change in secured borrowings, net (with terms less than 3 months) IncreaseDecreaseInSecuritiesLendingPayable $38.72M USD 1 Quarter
Change in secured borrowings, net (with terms less than 3 months) IncreaseDecreaseInSecuritiesLendingPayable $21.53M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than 3 months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $6.55M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than 3 months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $6.00M USD 1 Quarter
Payments of secured borrowings (with terms greater than 3 months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths - USD 1 Quarter
Payments of secured borrowings (with terms greater than 3 months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $7.00M USD 1 Quarter
Repayment of other borrowings RepaymentsOfLongTermCapitalLeaseObligations $50.00K USD 1 Quarter
Repayment of other borrowings RepaymentsOfLongTermCapitalLeaseObligations $38.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-11.68M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $35.15M USD 1 Quarter
Effect of exchange rate changes on cash and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations - USD 1 Quarter
Effect of exchange rate changes on cash and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-1.00K USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $33.86M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $20.75M USD 1 Quarter
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $130.10M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $127.75M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $107.00M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.24M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $130.10M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $127.75M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $107.00M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.24M USD Point-in-time
Stockholders Equity 8 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $3.49B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.71B USD Point-in-time
Net income NetIncomeLoss $114.49M USD 1 Quarter
Net income NetIncomeLoss $170.96M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-57.51M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $78.41M USD 1 Quarter
Balance, end of period StockholdersEquity $3.49B USD Point-in-time
Balance, end of period StockholdersEquity $3.71B USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $114.49M USD 1 Quarter
Net income NetIncomeLoss $170.96M USD 1 Quarter
Unrealized holding gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-60.64M USD 1 Quarter
Unrealized holding gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $78.02M USD 1 Quarter
Less: Reclassification adjustment for net gains (losses) included in net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $-3.13M USD 1 Quarter
Less: Reclassification adjustment for net gains (losses) included in net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $-391.00K USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-57.51M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $78.41M USD 1 Quarter
Unrealized foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax - USD 1 Quarter
Unrealized foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $3.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-57.51M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $78.41M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $56.98M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $249.37M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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