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10-Q Filing

RADIAN GROUP INC CIK: 890926 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0000890926-20-000030
Period End Date 20200331
Filing Date 20200506
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance rdn10q03312020_htm.xml
Balance Sheet 74 line items
Line Item Tag Value Unit Period
Fixed-maturities available for saleat amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $4.56B USD Point-in-time
Fixed-maturities available for saleat amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $4.55B USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $4,564,616 and $4,549,534) AvailableForSaleSecuritiesDebtSecurities $4.69B USD Point-in-time
Debt Securities, Trading, Amortized Cost TradingSecuritiesDebtAmortizedCost $297.50M USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $4,564,616 and $4,549,534) AvailableForSaleSecuritiesDebtSecurities $4.60B USD Point-in-time
Debt Securities, Trading, Amortized Cost TradingSecuritiesDebtAmortizedCost $270.55M USD Point-in-time
Available-for-sale Equity Securities, Amortized Cost Basis EquitySecuritiesFvNiCost $125.31M USD Point-in-time
Trading securitiesat fair value (amortized cost of $270,551 and $297,505) TradingSecuritiesDebt $287.27M USD Point-in-time
Available-for-sale Equity Securities, Amortized Cost Basis EquitySecuritiesFvNiCost $86.46M USD Point-in-time
Trading securitiesat fair value (amortized cost of $270,551 and $297,505) TradingSecuritiesDebt $317.15M USD Point-in-time
Equity securitiesat fair value (cost of $86,456 and $125,311) EquitySecuritiesFvNi $130.22M USD Point-in-time
Reinvested cash collateral held under securities lending agreements SecuritiesReceivedAsCollateral $14.81M USD Point-in-time
Equity securitiesat fair value (cost of $86,456 and $125,311) EquitySecuritiesFvNi $74.85M USD Point-in-time
Reinvested cash collateral held under securities lending agreements SecuritiesReceivedAsCollateral $25.56M USD Point-in-time
Short-term investmentsat fair value (includes $14,808 and $25,561 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $518.39M USD Point-in-time
Short-term investmentsat fair value (includes $14,808 and $25,561 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $638.76M USD Point-in-time
Other invested assetsat fair value OtherInvestments $4.13M 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 $4.07M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 485.00M shares Point-in-time
Total investments Investments $5.61B USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 485.00M shares Point-in-time
Total investments Investments $5.66B USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 208.36M shares Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 219.12M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $92.73M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $54.11M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $3.54M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 190.39M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $7.82M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 201.16M shares Point-in-time
Treasury Stock, Shares TreasuryStockShares 17.98M shares Point-in-time
Accounts and notes receivable AccountsAndNotesReceivableNet $93.63M USD Point-in-time
Accounts and notes receivable AccountsAndNotesReceivableNet $123.38M USD Point-in-time
Treasury Stock, Shares TreasuryStockShares 17.96M shares Point-in-time
Goodwill and other acquired intangible assets, net (Note 6) IntangibleAssetsNetIncludingGoodwill $28.19M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 6) IntangibleAssetsNetIncludingGoodwill $27.21M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $356.10M USD Point-in-time
Prepaid reinsurance premium PrepaidReinsurancePremiums $363.86M USD Point-in-time
Other assets (Note 8) OtherAssets $513.19M USD Point-in-time
Other assets (Note 8) OtherAssets $567.62M USD Point-in-time
Total assets Assets $6.81B USD Point-in-time
Total assets Assets $6.69B USD Point-in-time
Unearned premiums UnearnedPremiums $626.82M USD Point-in-time
Unearned premiums UnearnedPremiums $605.04M USD Point-in-time
Reserve for losses and loss adjustment expense (Note 10) LiabilityForClaimsAndClaimsAdjustmentExpense $418.20M USD Point-in-time
Reserve for losses and loss adjustment expense (Note 10) LiabilityForClaimsAndClaimsAdjustmentExpense $404.76M USD Point-in-time
Senior notes (Note 11) SeniorNotes $887.58M USD Point-in-time
Senior notes (Note 11) SeniorNotes $887.11M USD Point-in-time
FHLB advances (Note 11) AdvancesFromFederalHomeLoanBanks $173.76M USD Point-in-time
FHLB advances (Note 11) AdvancesFromFederalHomeLoanBanks $134.88M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $291.83M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $302.55M USD Point-in-time
Other liabilities OtherLiabilities $414.19M USD Point-in-time
Other liabilities OtherLiabilities $438.78M USD Point-in-time
Total liabilities Liabilities $2.76B USD Point-in-time
Total liabilities Liabilities $2.83B USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2020 and December 31, 2019; 208,364 and 219,123 shares issued at March 31, 2020 and December 31, 2019, respectively; 190,387 and 201,164 shares outstanding at March 31, 2020 and December 31, 2019, respectively CommonStockValue $208.00K USD Point-in-time
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2020 and December 31, 2019; 208,364 and 219,123 shares issued at March 31, 2020 and December 31, 2019, respectively; 190,387 and 201,164 shares outstanding at March 31, 2020 and December 31, 2019, respectively CommonStockValue $219.00K USD Point-in-time
Treasury stock, at cost: 17,977 and 17,959 shares at March 31, 2020 and December 31, 2019, respectively TreasuryStockValue $902.02M USD Point-in-time
Treasury stock, at cost: 17,977 and 17,959 shares at March 31, 2020 and December 31, 2019, respectively TreasuryStockValue $901.66M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.45B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.23B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.50B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.39B USD Point-in-time
Accumulated other comprehensive income (loss) (Note 14) AccumulatedOtherComprehensiveIncomeLossNetOfTax $29.80M USD Point-in-time
Accumulated other comprehensive income (loss) (Note 14) AccumulatedOtherComprehensiveIncomeLossNetOfTax $110.49M USD Point-in-time
Total stockholders equity StockholdersEquity $4.05B USD Point-in-time
Total stockholders equity StockholdersEquity $3.86B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $6.81B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $6.69B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Net premiums earnedinsurance (Note 7) PremiumsEarnedNet $263.51M USD 1 Quarter
Net premiums earnedinsurance (Note 7) PremiumsEarnedNet $277.42M USD 1 Quarter
Services revenue (Note 3) ServicesRevenueNet $32.75M USD 1 Quarter
Services revenue (Note 3) ServicesRevenueNet $31.93M USD 1 Quarter
Net investment income NetInvestmentIncome $43.85M USD 1 Quarter
Net investment income NetInvestmentIncome $40.94M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesonInvestmentsandOtherFinancialInstruments $-22.03M USD 1 Quarter
Net gains (losses) on investments and other financial instruments NetGainsLossesonInvestmentsandOtherFinancialInstruments $21.91M USD 1 Quarter
Other income OtherIncome $1.60M USD 1 Quarter
Other income OtherIncome $822.00K USD 1 Quarter
Total revenues Revenues $363.63M USD 1 Quarter
Total revenues Revenues $329.08M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $20.75M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $35.95M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $7.41M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $5.89M USD 1 Quarter
Cost of services CostofServicesRealEstate $24.16M USD 1 Quarter
Cost of services CostofServicesRealEstate $22.14M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $78.81M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $69.11M USD 1 Quarter
Interest expense InterestExpense $12.19M USD 1 Quarter
Interest expense InterestExpense $15.70M USD 1 Quarter
Amortization and impairment of other acquired intangible assets AmortizationOfIntangibleAssets $979.00K USD 1 Quarter
Amortization and impairment of other acquired intangible assets AmortizationOfIntangibleAssets $2.19M USD 1 Quarter
Total expenses OperatingExpenses $147.79M 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 $181.29M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $40.83M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $45.18M USD 1 Quarter
Net income NetIncomeLoss $170.96M USD 1 Quarter
Net income NetIncomeLoss $140.46M USD 1 Quarter
Basic net income (loss) per share EarningsPerShareBasic $0.70 USD 1 Quarter
Basic net income (loss) per share EarningsPerShareBasic $0.80 USD 1 Quarter
Diluted net income (loss) per share EarningsPerShareDiluted $0.70 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 200.16M 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 201.82M shares 1 Quarter
Cash Flow Statement 54 line items
Line Item Tag Value Unit Period
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $155.80M 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 $533.02M 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 $9.94M USD 1 Quarter
Proceeds from Sales of Trading Securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $70.08M USD 1 Quarter
Proceeds from Sales of Equity Securities ProceedsfromSaleofEquitySecurities $33.28M USD 1 Quarter
Proceeds from Sales of Equity Securities ProceedsfromSaleofEquitySecurities $59.34M USD 1 Quarter
Proceeds from Redemption of Fixed-Maturity Investments Available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $151.56M USD 1 Quarter
Proceeds from Redemption of Fixed-Maturity Investments Available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $79.92M USD 1 Quarter
Proceeds from Redemptions of Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $23.29M USD 1 Quarter
Proceeds from Redemptions of Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $16.43M USD 1 Quarter
Purchases of Fixed-Maturity Investments Available for sale PaymentsToAcquireAvailableForSaleSecurities $275.53M USD 1 Quarter
Purchases of Fixed-Maturity Investments Available for sale PaymentsToAcquireAvailableForSaleSecurities $619.02M USD 1 Quarter
Purchases of Equity Securities PaymentsToAcquireInvestments $19.77M USD 1 Quarter
Purchases of Equity Securities PaymentsToAcquireInvestments $60.31M USD 1 Quarter
Sales, Redemptions and (Purchases) of Short-term Investments, Net PaymentsForProceedsFromShortTermInvestments $72.22M 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 $2.35M USD 1 Quarter
Proceeds from sale of a subsidiary, net of cash sold NetCashReceivedTransferredInSaleOfSubsidiaries $15.87M USD 1 Quarter
Proceeds from sale of a subsidiary, net of cash sold NetCashReceivedTransferredInSaleOfSubsidiaries - USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $6.66M USD 1 Quarter
Purchases of property and equipment, net PaymentsToAcquirePropertyPlantAndEquipment $4.95M 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 $31.99M USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $534.00K USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $25.14M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $1.45M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $363.00K USD 1 Quarter
Repurchases of common shares PaymentsForRepurchaseOfCommonStock $31.77M USD 1 Quarter
Repurchases of common shares PaymentsForRepurchaseOfCommonStock $226.31M USD 1 Quarter
Credit facility commitment fees paid LineofCreditFacilityPaymentofCommitmentFees $237.00K USD 1 Quarter
Credit facility commitment fees paid LineofCreditFacilityPaymentofCommitmentFees $234.00K USD 1 Quarter
Change in secured borrowings, net (with terms 3 months or less) IncreaseDecreaseInSecuritiesLendingPayable $-2.85M USD 1 Quarter
Change in secured borrowings, net (with terms 3 months or less) IncreaseDecreaseInSecuritiesLendingPayable $21.53M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than 3 months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $6.00M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than 3 months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $59.99M USD 1 Quarter
Payments of secured borrowings (with terms greater than 3 months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $7.00M USD 1 Quarter
Payments of secured borrowings (with terms greater than 3 months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $29.01M USD 1 Quarter
Repayments of other borrowings RepaymentsOfLongTermCapitalLeaseObligations $39.00K USD 1 Quarter
Repayments 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 $-222.14M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $20.75M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-34.35M USD 1 Quarter
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $107.00M 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 $61.92M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.27M 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 $127.75M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $61.92M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.27M USD Point-in-time
Stockholders Equity 8 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.05B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.86B USD Point-in-time
Net income NetIncomeLoss $170.96M USD 1 Quarter
Net income NetIncomeLoss $140.46M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $78.41M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-80.69M USD 1 Quarter
Balance, end of period StockholdersEquity $4.05B USD Point-in-time
Balance, end of period StockholdersEquity $3.86B USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $170.96M USD 1 Quarter
Net income NetIncomeLoss $140.46M USD 1 Quarter
Unrealized holding gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $78.02M USD 1 Quarter
Unrealized holding gains (losses) arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-72.29M USD 1 Quarter
Less: Reclassification adjustment for net gains (losses) included in net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $-391.00K USD 1 Quarter
Less: Reclassification adjustment for net gains (losses) included in net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $8.39M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $78.41M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-80.69M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $78.41M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-80.69M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $249.37M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $59.77M USD 1 Quarter

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

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