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10-Q Filing

RADIAN GROUP INC CIK: 890926 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000890926-23-000044
Period End Date 20230331
Filing Date 20230505
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance rdn-20230331_htm.xml
Balance Sheet 90 line items
Line Item Tag Value Unit Period
Fixed-maturities available for sale, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.66B USD Point-in-time
Fixed-maturities available for sale, amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $5.59B USD Point-in-time
Trading securities amortized cost TradingSecuritiesDebtAmortizedCost $112.64M USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $5,655,280 and $5,587,261) AvailableForSaleSecuritiesDebtSecurities $5.17B USD Point-in-time
Fixed-maturities available for saleat fair value (amortized cost of $5,655,280 and $5,587,261) AvailableForSaleSecuritiesDebtSecurities $5.02B USD Point-in-time
Trading securities amortized cost TradingSecuritiesDebtAmortizedCost $122.47M USD Point-in-time
Trading securitiesat fair value (amortized cost of $112,636 and $122,472) TradingSecuritiesDebt $108.31M USD Point-in-time
Equity securities, cost EquitySecuritiesFvNiCost $162.90M USD Point-in-time
Trading securitiesat fair value (amortized cost of $112,636 and $122,472) TradingSecuritiesDebt $115.67M USD Point-in-time
Equity securities, cost EquitySecuritiesFvNiCost $165.16M USD Point-in-time
Reinvested cash collateral held under securities lending agreements ReinvestedCashCollateralHeldUnderSecuritiesLendingAgreements $86.08M USD Point-in-time
Equity securitiesat fair value (cost of $165,165 and $162,899) EquitySecuritiesFvNi $155.87M USD Point-in-time
Equity securitiesat fair value (cost of $165,165 and $162,899) EquitySecuritiesFvNi $148.97M USD Point-in-time
Reinvested cash collateral held under securities lending agreements ReinvestedCashCollateralHeldUnderSecuritiesLendingAgreements $99.73M USD Point-in-time
Reinsurance recoverables, paid losses ReinsuranceRecoverablesPaidLosses $18.00K USD Point-in-time
Mortgage loans held for saleat fair value MortgageLoansOnRealEstateCommercialAndConsumerNet $18.84M USD Point-in-time
Mortgage loans held for saleat fair value MortgageLoansOnRealEstateCommercialAndConsumerNet $3.55M USD Point-in-time
Reinsurance recoverables, paid losses ReinsuranceRecoverablesPaidLosses $21.00K USD Point-in-time
Common stock, par or stated value per share (in usd per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par or stated value per share (in usd per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other invested assetsat fair value OtherInvestments $5.51M USD Point-in-time
Other invested assetsat fair value OtherInvestments $5.75M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 485.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 485.00M shares Point-in-time
Short-term investmentsat fair value (includes $86,077 and $99,735 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $402.09M USD Point-in-time
Short-term investmentsat fair value (includes $86,077 and $99,735 of reinvested cash collateral held under securities lending agreements) OtherShortTermInvestments $376.75M USD Point-in-time
Total investments Investments $5.84B USD Point-in-time
Total investments Investments $5.69B USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 176.03M shares Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 176.51M shares Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 156.55M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $50.17M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 175.42M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $56.18M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 157.06M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $577.00K USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 19.45M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $377.00K USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockShares 19.48M shares Point-in-time
Accrued investment income AccruedInvestmentIncome $42.57M USD Point-in-time
Accrued investment income AccruedInvestmentIncome $40.09M USD Point-in-time
Accounts and notes receivable AccountsReceivableNet $119.83M USD Point-in-time
Accounts and notes receivable AccountsReceivableNet $129.56M USD Point-in-time
Reinsurance recoverables (includes $21 and $18 for paid losses) ReinsuranceRecoverables $24.40M USD Point-in-time
Reinsurance recoverables (includes $21 and $18 for paid losses) ReinsuranceRecoverables $25.63M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $18.46M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $18.24M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $72.11M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $70.98M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 7) IntangibleAssetsNetIncludingGoodwill $13.91M USD Point-in-time
Goodwill and other acquired intangible assets, net (Note 7) IntangibleAssetsNetIncludingGoodwill $15.29M USD Point-in-time
Prepaid federal income taxes (Note 10) PrepaidTaxes $596.37M USD Point-in-time
Prepaid federal income taxes (Note 10) PrepaidTaxes $596.37M USD Point-in-time
Other assets (Note 9) OtherAssets $427.02M USD Point-in-time
Other assets (Note 9) OtherAssets $418.61M USD Point-in-time
Total assets Assets $7.06B USD Point-in-time
Total assets Assets $7.20B USD Point-in-time
Unearned premiums UnearnedPremiums $271.48M USD Point-in-time
Unearned premiums UnearnedPremiums $257.74M USD Point-in-time
Reserve for losses and LAE (Note 11) LiabilityForClaimsAndClaimsAdjustmentExpense $426.84M USD Point-in-time
Reserve for losses and LAE (Note 11) LiabilityForClaimsAndClaimsAdjustmentExpense $405.65M 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
Other borrowings (Note 12) OtherBorrowings $155.82M USD Point-in-time
Other borrowings (Note 12) OtherBorrowings $121.64M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $153.10M USD Point-in-time
Reinsurance funds withheld FundsHeldUnderReinsuranceAgreementsLiability $152.07M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $455.52M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $391.08M USD Point-in-time
Other liabilities OtherLiabilities $289.73M USD Point-in-time
Other liabilities OtherLiabilities $333.60M USD Point-in-time
Total liabilities Liabilities $3.14B USD Point-in-time
Total liabilities Liabilities $3.10B 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 ($0.001 par value; 485,000 shares authorized; 2023: 176,032 and 156,547 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively) CommonStockValueOutstanding $176.00K USD Point-in-time
Common stock ($0.001 par value; 485,000 shares authorized; 2023: 176,032 and 156,547 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively) CommonStockValueOutstanding $176.00K USD Point-in-time
Treasury stock, at cost (2023: 19,485 shares; 2022: 19,453 shares) TreasuryStockValue $930.64M USD Point-in-time
Treasury stock, at cost (2023: 19,485 shares; 2022: 19,453 shares) TreasuryStockValue $931.31M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.52B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.52B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.79B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.91B USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-386.63M USD Point-in-time
Accumulated other comprehensive income (loss) (Note 15) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-456.80M USD Point-in-time
Total stockholders equity StockholdersEquity $4.15B USD Point-in-time
Total stockholders equity StockholdersEquity $3.92B USD Point-in-time
Total stockholders equity StockholdersEquity $4.11B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $7.20B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $7.06B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Net realized gains (losses) on investments sold or redeemed RealizedInvestmentGainsLosses $-5.50M USD 1 Quarter
Net realized gains (losses) on investments sold or redeemed RealizedInvestmentGainsLosses $-323.00K USD 1 Quarter
Net premiums earned (Note 8) PremiumsEarnedNet $254.19M USD 1 Quarter
Net premiums earned (Note 8) PremiumsEarnedNet $233.24M USD 1 Quarter
Services revenue (Note 4) ServicesRevenueNet $29.35M USD 1 Quarter
Services revenue (Note 4) ServicesRevenueNet $10.98M USD 1 Quarter
Net investment income NetInvestmentIncome $38.20M USD 1 Quarter
Net investment income NetInvestmentIncome $59.22M USD 1 Quarter
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(5,505) and $(323)) (Note 6) NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $-29.46M USD 1 Quarter
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(5,505) and $(323)) (Note 6) NetGainsLossesOnInvestmentsAndOtherFinancialInstruments $5.58M USD 1 Quarter
Other income OtherIncome $703.00K USD 1 Quarter
Other income OtherIncome $1.59M USD 1 Quarter
Total revenues Revenues $310.62M USD 1 Quarter
Total revenues Revenues $292.98M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $-16.93M USD 1 Quarter
Provision for losses PolicyholderBenefitsAndClaimsIncurredNet $-83.75M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $6.61M USD 1 Quarter
Policy acquisition costs DeferredPolicyAcquisitionCostAmortizationExpense $6.29M USD 1 Quarter
Cost of services CostOfServicesTitleInsurance $24.75M USD 1 Quarter
Cost of services CostOfServicesTitleInsurance $10.40M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $83.27M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $89.54M USD 1 Quarter
Interest expense InterestExpense $22.21M USD 1 Quarter
Interest expense InterestExpense $20.85M USD 1 Quarter
Amortization of other acquired intangible assets AmortizationOfIntangibleAssets $1.37M USD 1 Quarter
Amortization of other acquired intangible assets AmortizationOfIntangibleAssets $849.00K USD 1 Quarter
Total expenses OperatingExpenses $106.61M USD 1 Quarter
Total expenses OperatingExpenses $58.84M USD 1 Quarter
Pretax income IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $234.14M USD 1 Quarter
Pretax income IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $204.01M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $53.01M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $46.25M USD 1 Quarter
Net income NetIncomeLoss $181.13M USD 1 Quarter
Net income NetIncomeLoss $157.76M USD 1 Quarter
Basic net income per share (in usd per share) EarningsPerShareBasic $1.02 USD 1 Quarter
Basic net income per share (in usd per share) EarningsPerShareBasic $1.00 USD 1 Quarter
Diluted net income per share (in usd per share) EarningsPerShareDiluted $1.01 USD 1 Quarter
Diluted net income per share (in usd per share) EarningsPerShareDiluted $0.98 USD 1 Quarter
Weighted-average number of common shares outstandingbasic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 158.30M 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 161.35M shares 1 Quarter
Cash Flow Statement 50 line items
Line Item Tag Value Unit Period
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $116.78M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $116.67M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $110.88M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $128.07M USD 1 Quarter
Trading securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment - USD 1 Quarter
Trading securities ProceedsFromSaleOfTradingSecuritiesHeldforinvestment $9.12M USD 1 Quarter
Equity securities ProceedsFromSaleOfEquitySecuritiesFvNi $2.08M USD 1 Quarter
Equity securities ProceedsFromSaleOfEquitySecuritiesFvNi $4.54M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfMarketableSecurities $223.94M USD 1 Quarter
Fixed-maturities available for sale ProceedsFromSaleAndMaturityOfMarketableSecurities $110.97M USD 1 Quarter
Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $211.00K USD 1 Quarter
Trading securities ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment $25.55M USD 1 Quarter
Fixed-maturities available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $514.58M USD 1 Quarter
Fixed-maturities available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $300.47M USD 1 Quarter
Equity securities PaymentsToAcquireEquitySecuritiesFvNi $1.57M USD 1 Quarter
Equity securities PaymentsToAcquireEquitySecuritiesFvNi $5.38M USD 1 Quarter
Short-term investments, net PaymentsForProceedsFromShortTermInvestments $-43.19M USD 1 Quarter
Short-term investments, net PaymentsForProceedsFromShortTermInvestments $-70.15M USD 1 Quarter
Other assets and other invested assets, net PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Other assets and other invested assets, net PaymentsForProceedsFromOtherInvestingActivities $165.00K USD 1 Quarter
Additions to property and equipment PaymentsForProceedsFromProductiveAssets $4.08M USD 1 Quarter
Additions to property and equipment PaymentsForProceedsFromProductiveAssets $4.79M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-30.54M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-71.80M USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $35.69M USD 1 Quarter
Dividends and dividend equivalents paid PaymentsOfDividendsCommonStock $35.35M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $331.00K USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $983.00K USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $15.01M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $18.99M USD 1 Quarter
Credit facility commitment fees paid ProceedsFromPaymentsForOtherFinancingActivities $-189.00K USD 1 Quarter
Credit facility commitment fees paid ProceedsFromPaymentsForOtherFinancingActivities $-193.00K USD 1 Quarter
Change in secured borrowings, net (with terms three months or less) IncreaseDecreaseInSecuritiesLendingPayable $-52.12M 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 $10.57M 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 $599.00K USD 1 Quarter
Repayments of secured borrowings (with terms greater than three months) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $5.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-92.05M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-64.00M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-19.12M USD 1 Quarter
Increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-5.82M 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 $56.56M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $50.74M USD Point-in-time
Cash and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $133.50M 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 $56.56M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $50.74M USD Point-in-time
Cash and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $133.50M USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.15B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.92B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.11B USD Point-in-time
Net income NetIncomeLoss $181.13M USD 1 Quarter
Net income NetIncomeLoss $157.76M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $69.99M USD 1 Quarter
Net unrealized gains (losses) on investments, net of tax OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-249.73M USD 1 Quarter
Balance, end of period StockholdersEquity $4.15B USD Point-in-time
Balance, end of period StockholdersEquity $3.92B USD Point-in-time
Balance, end of period StockholdersEquity $4.11B USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $181.13M USD 1 Quarter
Net income NetIncomeLoss $157.76M 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 $65.85M 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
Net realized gains (losses) on disposals and non-credit related impairment losses OtherComprehensiveIncomeLossReclassificationAdjustmentForNonCreditRelatedImpairmentsNetOfTax $-4.13M USD 1 Quarter
Net realized gains (losses) on disposals and non-credit related impairment losses OtherComprehensiveIncomeLossReclassificationAdjustmentForNonCreditRelatedImpairmentsNetOfTax $-1.56M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $69.99M USD 1 Quarter
Net unrealized gains (losses) on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-249.73M USD 1 Quarter
Other adjustments to comprehensive income (loss), net OtherAdjustmentsToOtherComprehensiveIncomeNetOfTax $179.00K USD 1 Quarter
Other adjustments to comprehensive income (loss), net OtherAdjustmentsToOtherComprehensiveIncomeNetOfTax $84.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $70.17M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-249.65M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $227.92M 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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