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10-Q Filing

RADIAN GROUP INC CIK: 890926 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000890926-22-000024
Period End Date 20220331
Filing Date 20220506
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance rdn-20220331_htm.xml
Balance Sheet 84 line items
Line Item Tag Value Unit Period
Total fixed-maturities available for sale AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.56B USD Point-in-time
Total fixed-maturities available for sale AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.37B USD Point-in-time
Trading securities amortized cost TradingSecuritiesDebtAmortizedCost $208.91M USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $5,563,766 and $5,367,729) AvailableForSaleSecuritiesDebtSecurities $5.40B USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $5,563,766 and $5,367,729) AvailableForSaleSecuritiesDebtSecurities $5.52B USD Point-in-time
Trading securities amortized cost TradingSecuritiesDebtAmortizedCost $234.38M USD Point-in-time
Trading securitiesat fair value (amortized cost of $208,912 and $234,382) TradingSecuritiesDebt $256.55M USD Point-in-time
Equity securities, fair value cost EquitySecuritiesFvNiCost $182.16M USD Point-in-time
Equity securities, fair value cost EquitySecuritiesFvNiCost $176.23M USD Point-in-time
Trading securitiesat fair value (amortized cost of $208,912 and $234,382) TradingSecuritiesDebt $218.02M USD Point-in-time
Reinvested cash collateral held under securities lending agreements ReinvestedCashCollateralHeldUnderSecuritiesLendingAgreements $40.86M USD Point-in-time
Reinvested cash collateral held under securities lending agreements ReinvestedCashCollateralHeldUnderSecuritiesLendingAgreements $48.65M USD Point-in-time
Equity securitiesat fair value (cost of $182,158 and $176,229) EquitySecuritiesFvNi $184.25M USD Point-in-time
Equity securitiesat fair value (cost of $182,158 and $176,229) EquitySecuritiesFvNi $185.80M USD Point-in-time
Reinsurance recoverables, paid losses ReinsuranceRecoverablesPaidLosses $51.00K USD Point-in-time
Reinsurance recoverables, paid losses ReinsuranceRecoverablesPaidLosses $17.00K USD Point-in-time
Short-term investmentsat fair value (includes $40,856 and $48,652 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $551.51M USD Point-in-time
Short-term investmentsat fair value (includes $40,856 and $48,652 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $525.46M 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 $4.17M USD Point-in-time
Other invested assetsat fair value OtherInvestments $3.96M 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
Common stock, shares authorized CommonStockSharesAuthorized 485.00M shares Point-in-time
Total investments Investments $6.33B USD Point-in-time
Total investments Investments $6.51B USD Point-in-time
Common stock, shares, issued CommonStockSharesIssued 193.64M shares Point-in-time
Common stock, shares, issued CommonStockSharesIssued 194.41M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $151.15M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $131.85M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $1.65M USD Point-in-time
Common stock, shares, outstanding CommonStockSharesOutstanding 174.65M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $1.48M USD Point-in-time
Common stock, shares, outstanding CommonStockSharesOutstanding 175.42M shares Point-in-time
Treasury stock, shares TreasuryStockShares 18.99M shares Point-in-time
Treasury stock, shares TreasuryStockShares 18.99M shares Point-in-time
Accrued investment income AccruedInvestmentIncome $32.81M USD Point-in-time
Accrued investment income AccruedInvestmentIncome $35.53M USD Point-in-time
Accounts and notes receivable AccountsReceivableNet $124.02M USD Point-in-time
Accounts and notes receivable AccountsReceivableNet $142.58M USD Point-in-time
Reinsurance recoverables (includes $17 and $51 for paid losses) ReinsuranceRecoverables $67.90M USD Point-in-time
Reinsurance recoverables (includes $17 and $51 for paid losses) ReinsuranceRecoverables $55.02M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $16.32M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $16.38M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $75.28M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $75.09M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 7) IntangibleAssetsNetIncludingGoodwill $18.74M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 7) IntangibleAssetsNetIncludingGoodwill $19.59M USD Point-in-time
Other assets (Note 9) OtherAssets $803.76M USD Point-in-time
Other assets (Note 9) OtherAssets $837.30M USD Point-in-time
Total assets Assets $7.62B USD Point-in-time
Total assets Assets $7.84B USD Point-in-time
Unearned premiums UnearnedPremiums $312.01M USD Point-in-time
Unearned premiums UnearnedPremiums $329.09M USD Point-in-time
Reserve for losses and LAE (Note 11) LiabilityForClaimsAndClaimsAdjustmentExpense $727.25M USD Point-in-time
Reserve for losses and LAE (Note 11) LiabilityForClaimsAndClaimsAdjustmentExpense $828.64M USD Point-in-time
Senior notes (Note 12) SeniorNotes $1.41B USD Point-in-time
Senior notes (Note 12) SeniorNotes $1.41B USD Point-in-time
FHLB advances (Note 12) AdvancesFromFederalHomeLoanBanks $148.98M USD Point-in-time
FHLB advances (Note 12) AdvancesFromFederalHomeLoanBanks $150.98M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $228.08M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $225.36M USD Point-in-time
Net deferred tax liability (Note 10) DeferredIncomeTaxLiabilitiesNet $337.51M USD Point-in-time
Net deferred tax liability (Note 10) DeferredIncomeTaxLiabilitiesNet $324.00M USD Point-in-time
Other liabilities OtherLiabilities $320.11M USD Point-in-time
Other liabilities OtherLiabilities $296.61M USD Point-in-time
Total liabilities Liabilities $3.58B USD Point-in-time
Total liabilities Liabilities $3.47B 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, 2022 and December 31, 2021; 193,642 and 194,408 shares issued at March 31, 2022 and December 31, 2021, respectively; 174,648 and 175,421 shares outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $194.00K USD Point-in-time
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2022 and December 31, 2021; 193,642 and 194,408 shares issued at March 31, 2022 and December 31, 2021, respectively; 174,648 and 175,421 shares outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $193.00K USD Point-in-time
Treasury stock, at cost: 18,994 and 18,987 shares at March 31, 2022 and December 31, 2021, respectively TreasuryStockValue $920.80M USD Point-in-time
Treasury stock, at cost: 18,994 and 18,987 shares at March 31, 2022 and December 31, 2021, respectively TreasuryStockValue $920.96M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.88B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.87B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.33B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.18B USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-129.55M USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $120.09M USD Point-in-time
Total stockholders equity StockholdersEquity $4.15B USD Point-in-time
Total stockholders equity StockholdersEquity $4.26B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $7.62B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $7.84B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Net realized gains (losses) on investments RealizedInvestmentGainsLosses $-182.00K USD 1 Quarter
Net realized gains (losses) on investments RealizedInvestmentGainsLosses $-323.00K USD 1 Quarter
Net premiums earned (Note 8) PremiumsEarnedNet $271.87M USD 1 Quarter
Net premiums earned (Note 8) PremiumsEarnedNet $254.19M USD 1 Quarter
Services revenue (Note 4) ServicesRevenueNet $29.35M USD 1 Quarter
Services revenue (Note 4) ServicesRevenueNet $22.89M USD 1 Quarter
Net investment income NetInvestmentIncome $38.25M USD 1 Quarter
Net investment income NetInvestmentIncome $38.20M USD 1 Quarter
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(323) and $(182)) NetGainsLossesonInvestmentsandOtherFinancialInstruments $-29.46M USD 1 Quarter
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(323) and $(182)) NetGainsLossesonInvestmentsandOtherFinancialInstruments $-5.18M USD 1 Quarter
Other income OtherIncome $703.00K USD 1 Quarter
Other income OtherIncome $976.00K USD 1 Quarter
Total revenues Revenues $292.98M USD 1 Quarter
Total revenues Revenues $328.81M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $-83.75M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $46.14M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $6.61M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $9.00M USD 1 Quarter
Cost of services CostOfServicesTitleInsurance $20.25M USD 1 Quarter
Cost of services CostOfServicesTitleInsurance $24.75M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $89.54M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $70.26M USD 1 Quarter
Interest expense InterestExpense $20.85M USD 1 Quarter
Interest expense InterestExpense $21.11M USD 1 Quarter
Amortization of other acquired intangible assets AmortizationOfIntangibleAssets $849.00K USD 1 Quarter
Amortization of other acquired intangible assets AmortizationOfIntangibleAssets $862.00K USD 1 Quarter
Total expenses OperatingExpenses $167.62M USD 1 Quarter
Total expenses OperatingExpenses $58.84M USD 1 Quarter
Pretax income IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $161.19M USD 1 Quarter
Pretax income IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $234.14M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $53.01M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $35.58M USD 1 Quarter
Net income NetIncomeLoss $125.61M USD 1 Quarter
Net income NetIncomeLoss $181.13M USD 1 Quarter
Basic net income per share (in usd per share) EarningsPerShareBasic $0.65 USD 1 Quarter
Basic net income per share (in usd per share) EarningsPerShareBasic $1.02 USD 1 Quarter
Diluted net income per share (in usd per share) EarningsPerShareDiluted $0.64 USD 1 Quarter
Diluted net income per share (in usd per share) EarningsPerShareDiluted $1.01 USD 1 Quarter
Weighted-average number of common shares outstandingbasic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 193.44M shares 1 Quarter
Weighted-average number of common shares outstandingbasic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 176.82M shares 1 Quarter
Weighted-average number of common and common equivalent shares outstandingdiluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 179.08M shares 1 Quarter
Weighted-average number of common and common equivalent shares outstandingdiluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 195.20M shares 1 Quarter
Cash Flow Statement 50 line items
Line Item Tag Value Unit Period
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $116.67M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $153.03M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $128.07M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $154.42M USD 1 Quarter
Trading securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $7.95M USD 1 Quarter
Trading securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment - USD 1 Quarter
Equity securities ProceedsFromSaleOfEquitySecuritiesFvNi $4.54M USD 1 Quarter
Equity securities ProceedsFromSaleOfEquitySecuritiesFvNi $1.84M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfMarketableSecurities $223.94M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfMarketableSecurities $295.71M USD 1 Quarter
Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $25.55M USD 1 Quarter
Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $8.96M USD 1 Quarter
Fixed-maturities available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $481.05M USD 1 Quarter
Fixed-maturities available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $514.58M USD 1 Quarter
Equity securities PaymentsToAcquireEquitySecuritiesFvNi $5.38M USD 1 Quarter
Equity securities PaymentsToAcquireEquitySecuritiesFvNi $38.11M USD 1 Quarter
Short-term investments, net PaymentsForProceedsFromShortTermInvestments $-70.15M USD 1 Quarter
Short-term investments, net PaymentsForProceedsFromShortTermInvestments $32.31M USD 1 Quarter
Other assets and other invested assets, net PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Other assets and other invested assets, net PaymentsForProceedsFromOtherInvestingActivities $-2.72M USD 1 Quarter
Purchases of property and equipment PaymentsForProceedsFromProductiveAssets $2.07M USD 1 Quarter
Purchases of property and equipment PaymentsForProceedsFromProductiveAssets $4.08M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-71.80M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-81.94M USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $35.35M USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $24.09M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $331.00K USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $340.00K USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $18.99M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $8.64M USD 1 Quarter
Credit facility commitment fees paid ProceedsFromPaymentsForOtherFinancingActivities $-234.00K USD 1 Quarter
Credit facility commitment fees paid ProceedsFromPaymentsForOtherFinancingActivities $-189.00K USD 1 Quarter
Change in secured borrowings, net (with terms three months or less) IncreaseDecreaseInSecuritiesLendingPayable $16.15M USD 1 Quarter
Change in secured borrowings, net (with terms three months or less) IncreaseDecreaseInSecuritiesLendingPayable $-7.80M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than three months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $3.00M USD 1 Quarter
Proceeds from secured borrowings (with terms greater than three months) ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths $3.00M USD 1 Quarter
Repayments of secured borrowings (with terms greater than three months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $5.00M USD 1 Quarter
Repayments of secured borrowings (with terms greater than three months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $28.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-64.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-41.47M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-19.12M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $29.62M USD 1 Quarter
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $152.62M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $133.50M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $123.76M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.15M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $152.62M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $133.50M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $123.76M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.15M USD Point-in-time
Stockholders Equity 8 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.15B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.26B USD Point-in-time
Net income NetIncomeLoss $125.61M USD 1 Quarter
Net income NetIncomeLoss $181.13M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-146.99M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-249.73M USD 1 Quarter
Balance, end of period StockholdersEquity $4.15B USD Point-in-time
Balance, end of period StockholdersEquity $4.26B USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $125.61M USD 1 Quarter
Net income NetIncomeLoss $181.13M USD 1 Quarter
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-251.29M USD 1 Quarter
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-147.37M USD 1 Quarter
Net realized gains (losses) on disposals and non-credit related impairment losses OtherComprehensiveIncomeLossReclassificationAdjustmentForNonCreditRelatedImpairmentsNetOfTax $-624.00K USD 1 Quarter
Net realized gains (losses) on disposals and non-credit related impairment losses OtherComprehensiveIncomeLossReclassificationAdjustmentForNonCreditRelatedImpairmentsNetOfTax $-1.56M USD 1 Quarter
Net decrease (increase) in expected credit losses OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax $245.00K USD 1 Quarter
Net decrease (increase) in expected credit losses OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax - USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-146.99M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-249.73M USD 1 Quarter
Other adjustments to comprehensive income (loss), net OtherAdjustmentsToOtherComprehensiveIncomeNetOfTax $84.00K USD 1 Quarter
Other adjustments to comprehensive income (loss), net OtherAdjustmentsToOtherComprehensiveIncomeNetOfTax - USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-249.65M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-146.99M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-21.38M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-68.52M USD 1 Quarter

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

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