10-Q 1 rdn-20220630.htm 10-Q rdn-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________

FORM 10-Q
_____________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 1-11356
_______________________________
rdn-20220630_g1.jpg
Radian Group Inc.
(Exact name of registrant as specified in its charter)
_______________________________
Delaware23-2691170
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
550 East Swedesford Road, Suite 350, Wayne, PA 19087
(Address of principal executive offices) (Zip Code)
(215) 231-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareRDNNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 161,612,452 shares of common stock, $0.001 par value per share, outstanding on August 3, 2022.


Table of Contents




2

Glossary of Abbreviations and Acronyms
The following list defines various abbreviations and acronyms used throughout this report, including the Condensed Consolidated Financial Statements, the Notes to Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.
TermDefinition
2021 Form 10-KAnnual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022
2014 Master PolicyRadian Guaranty’s master insurance policy, setting forth the terms and conditions of our mortgage insurance coverage, which became effective October 1, 2014
2020 Master PolicyRadian Guaranty’s master insurance policy, setting forth the terms and conditions of our mortgage insurance coverage, which became effective March 1, 2020
2012 QSR AgreementsThe quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012, collectively
2022 QSR Agreement
Quota share reinsurance arrangement, the principal terms of which were agreed to in July 2022 but which remains subject to final documentation, with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW originated between January 1, 2022, and June 30, 2023
2016 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017
2018 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW beginning January 1, 2018
2020 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW beginning January 1, 2020
ABSAsset-backed securities
All Other
Radian’s non-reportable operating segments and other business activities, including: (i) income (losses) from assets held by Radian Group; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) certain investments in new business opportunities, including activities and investments associated with Radian Mortgage Capital, and other immaterial activities
ASUAccounting Standards Update, issued by the FASB to communicate changes to GAAP
Available AssetsAs defined in the PMIERs, assets primarily including the most liquid assets of a mortgage insurer, and reduced by, among other items, premiums received but not yet earned and reinsurance funds withheld
Claim DenialOur legal right, under certain conditions, to deny a claim
Claim SeverityThe total claim amount paid divided by the original coverage amount
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
COVID-19The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020
COVID-19 AmendmentAmendment to the PMIERs effective June 30, 2020, primarily to recognize the COVID-19 pandemic as a nationwide “FEMA Declared Major Disaster” and to set forth guidelines on the application of the Disaster Related Capital Charge to COVID-19 Defaulted Loans
COVID-19 Crisis PeriodTime period extending from March 1, 2020, to March 31, 2021
COVID-19 Defaulted LoansAll non-performing loans that either: (i) have an Initial Missed Payment occurring during the COVID-19 Crisis Period or (ii) are subject to a forbearance plan granted in response to a financial hardship related to COVID-19 (which is assumed under the COVID-19 Amendment to be the case for any loan that has an Initial Missed Payment occurring during the COVID-19 Crisis Period and is subject to a forbearance plan), the terms of which are materially consistent with the terms of forbearance plans offered by the GSEs
CuresLoans that were in default as of the beginning of a period and are no longer in default because payments were received such that the loan is no longer 60 or more days past due
Default to Claim RateThe percentage of defaulted loans that are assumed to result in a claim
DemotechDemotech, Inc.



3

TermDefinition
Disaster Related Capital ChargeUnder the PMIERs, multiplier of 0.30 applied to the required asset amount factor for each non-performing loan: (i) backed by a property located in a FEMA Designated Area and (ii) either subject to a certain forbearance plan or with an initial default date occurring within a certain timeframe
Eagle Re Issuer(s)A group of unaffiliated special purpose insurers (VIEs) domiciled in Bermuda, comprising Eagle Re 2018-1 Ltd., Eagle Re 2019-1 Ltd., Eagle Re 2020-1 Ltd., Eagle Re 2020-2 Ltd., Eagle Re 2021-1 Ltd. and/or Eagle Re 2021-2 Ltd., which provide reinsurance coverage under Radian Guaranty’s Excess-of-Loss Program
Excess-of-Loss ProgramThe credit risk protection obtained by Radian Guaranty in the form of excess-of-loss reinsurance, which indemnifies the ceding company against loss in excess of a specific agreed limit, up to a specified sum. The program includes reinsurance agreements with the Eagle Re Issuers in connection with various issuances of mortgage insurance-linked notes. The program also included a separate agreement with a third-party reinsurer, representing a pro rata share of the credit risk alongside the risk assumed by Eagle Re 2018-1 Ltd., an Eagle Re Issuer.
Exchange ActSecurities Exchange Act of 1934, as amended
Extraordinary DistributionA dividend or distribution of capital that is required to be approved by an insurance company’s primary regulator that is greater than would be permitted as an ordinary distribution (which does not require regulatory approval)
Fannie MaeFederal National Mortgage Association
FASBFinancial Accounting Standards Board
FEMAFederal Emergency Management Agency, an agency of the U.S. Department of Homeland Security
FEMA Designated AreaGenerally, an area that has been subject to a disaster, designated by FEMA as an individual assistance disaster area for the purpose of determining eligibility for various forms of federal assistance
FHAFederal Housing Administration
FHFAFederal Housing Finance Agency
FHLBFederal Home Loan Bank of Pittsburgh
FICOFair Isaac Corporation (“FICO”) credit scores, for Radian’s portfolio statistics, represent the borrower’s credit score at origination and, in circumstances where there are multiple borrowers, the lowest of the borrowers’ FICO scores is utilized
FitchFitch Ratings, Inc.
Foreclosure Stage Defaulted LoansLoans in the stage of default in which a foreclosure sale has been scheduled or held
Freddie MacFederal Home Loan Mortgage Corporation
GAAPGenerally accepted accounting principles in the U.S., as amended from time to time
Goldman Goldman Sachs Bank USA
GSE(s)Government-Sponsored Enterprises (Fannie Mae and Freddie Mac)
HARPHome Affordable Refinance Program
homegeniusRadian’s business segment that offers an array of title, real estate and technology products and services to consumers, mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents
IBNRLosses incurred but not reported
IIFInsurance in force, equal to the aggregate unpaid principal balances of the underlying loans
Initial Missed Payment
The first missed monthly payment, which would be reported to us as delinquent as of the last day of the month for which it was due. (For example, for a loan first reported to the approved insurer in May as having missed its payments due on April 1 and May 1, the Initial Missed Payment shall be deemed to have occurred on April 30.)
LAELoss adjustment expenses, which include the cost of investigating and adjusting losses and paying claims
LIBORLondon Inter-bank Offered Rate



4

TermDefinition
LTVLoan-to-value ratio, calculated as the ratio of the original loan amount to the original value of the property, expressed as a percentage
Minimum Required Asset(s)A risk-based minimum required asset amount, as defined in the PMIERs, calculated based on net RIF (RIF, net of credits permitted for reinsurance) and a variety of measures related to expected credit performance and other factors, including the impact of the Disaster Related Capital Charge
Monthly and Other Recurring Premiums (or Recurring Premium Policies)Insurance premiums or policies, respectively, where premiums are paid on a monthly or other installment basis, in contrast to Single Premium Policies
Monthly Premium PoliciesInsurance policies where premiums are paid on a monthly installment basis
Moody’sMoody’s Investors Service
Mortgage Radian’s mortgage insurance and risk services business segment, which provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as contract underwriting and other credit risk management solutions, to mortgage lending institutions and mortgage credit investors
MPP RequirementCertain states’ statutory or regulatory risk-based capital requirement that the mortgage insurer must maintain a minimum policyholder position, which is calculated based on both risk and surplus levels
NIWNew insurance written, representing the aggregate original principal amount of the mortgages underlying the Primary Mortgage Insurance
NOLNet operating loss; for tax purposes, accumulated during years a company reported more tax deductions than taxable income. NOLs may be carried back or carried forward a certain number of years, depending on various factors which can reduce a company’s tax liability.
Persistency RateThe percentage of IIF that remains in force over a period of time
PMIERsPrivate Mortgage Insurer Eligibility Requirements issued by the GSEs under oversight of the FHFA to set forth requirements an approved insurer must meet and maintain to provide mortgage guaranty insurance on loans acquired by the GSEs. The current PMIERs requirements, sometimes referred to as PMIERs 2.0, incorporate the most recent revisions to the PMIERs that became effective on March 31, 2019, as amended.
PMIERs CushionUnder PMIERs, Radian Guaranty’s excess of Available Assets over Minimum Required Assets
Pool Mortgage InsuranceInsurance that provides a lender or investor protection against default on a group or “pool” of mortgages, rather than on an individual mortgage loan basis, generally subject to an aggregate exposure limit, or “stop loss,” and/or deductible applied to the initial aggregate loan balance of the entire pool, pursuant to the terms of the applicable insurance agreement
Primary Mortgage InsuranceInsurance that provides a lender or investor protection against default on an individual mortgage loan basis, at a specified coverage percentage for each loan, pursuant to the terms of the applicable Master Policy
QSR ProgramThe 2012 QSR Agreements and the 2022 QSR Agreement, collectively
RadianRadian Group Inc. together with its consolidated subsidiaries
Radian GroupRadian Group Inc., our insurance holding company
Radian GuarantyRadian Guaranty Inc., a Pennsylvania domiciled insurance subsidiary of Radian Group and our approved insurer under the PMIERs, through which we provide mortgage insurance products and services
Radian Mortgage CapitalRadian Mortgage Capital LLC, a Delaware limited liability company, and an indirect wholly-owned subsidiary of Radian Group, is a mortgage conduit formed to aggregate and then distribute residential mortgage loans into the capital markets through private label securitizations or sell directly to mortgage investors
Radian ReinsuranceRadian Reinsurance Inc., a Pennsylvania domiciled insurance subsidiary of Radian Group, through which we provide mortgage credit risk insurance and reinsurance, including through participation in credit risk transactions issued by the GSEs
Radian Title InsuranceRadian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer title insurance



5

TermDefinition
RBC StatesRisk-based capital states, which are those states that currently impose a statutory or regulatory risk-based capital requirement
RescissionOur legal right, under certain conditions, to unilaterally rescind coverage on our mortgage insurance policies if we determine that a loan did not qualify for insurance
RIFRisk in force; for Primary Mortgage Insurance, RIF is equal to the underlying loan unpaid principal balance multiplied by the insurance coverage percentage, whereas for Pool Mortgage Insurance, it represents the remaining exposure under the agreements
Risk-to-capitalUnder certain state regulations, a maximum ratio of net RIF calculated relative to the level of statutory capital
RMBSResidential mortgage-backed securities
RSURestricted stock unit
S&PStandard & Poor’s Financial Services LLC
SaaSSoftware-as-a-Service
SAPStatutory accounting principles and practices, including those required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries
SECUnited States Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior Notes due 2024Our 4.500% unsecured senior notes due October 2024 ($450 million original principal amount)
Senior Notes due 2025Our 6.625% unsecured senior notes due March 2025 ($525 million original principal amount)
Senior Notes due 2027Our 4.875% unsecured senior notes due March 2027 ($450 million original principal amount)
Single Premium NIW / IIFNIW or IIF, respectively, on Single Premium Policies
Single Premium Policy / PoliciesInsurance policies where premiums are paid in a single payment, which includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically shortly after the loans have been originated)
Single Premium QSR ProgramThe 2016 Single Premium QSR Agreement, the 2018 Single Premium QSR Agreement and the 2020 Single Premium QSR Agreement, collectively
SOFRSecured Overnight Financing Rate
Statutory RBC RequirementRisk-based capital requirement imposed by the RBC States, requiring a minimum surplus level and, in certain states, a minimum ratio of statutory capital relative to the level of risk
Surplus Note due 2027The $100 million 0.0% intercompany surplus note issued by Radian Guaranty to Radian Group, due December 31, 2027
VIEVariable interest entity



6

Cautionary Note Regarding Forward-Looking Statements
—Safe Harbor Provisions
All statements in this report that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:
■the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio and our business prospects, including as a result of inflationary pressures from a rising interest rate environment and the potential for a recession and higher unemployment rates, as well as other macroeconomic stresses such as those that may arise from the ongoing effects of the COVID-19 pandemic and government control responses to the pandemic as well as the ongoing Russia-Ukraine conflict;
■changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;
■Radian Guaranty’s ability to remain eligible under the PMIERs and other applicable requirements imposed by the FHFA and by the GSEs to insure loans purchased by the GSEs;
■our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy existing and future regulatory requirements;
■changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs, which may include changes in furtherance of housing policy objectives such as the accessibility and affordability of homeownership for low- and moderate-income borrowers and underrepresented communities, or changes in the requirements for Radian Guaranty to remain an approved insurer to the GSEs, such as changes in the PMIERs or the GSEs’ interpretation and application of the PMIERs;
■the effects of the Enterprise Capital Framework, which establishes a new regulatory capital framework for the GSEs, and which, as finalized, increases the capital requirements for the GSEs, and among other things, could impact the GSEs’ operations and pricing as well as the size of the insurable mortgage market, and which may form the basis for future changes to the PMIERs;
■changes in the current housing finance system in the United States, including the roles of the FHA, the GSEs and private mortgage insurers in this system;
■our ability to successfully execute and implement our capital plans, including our risk distribution strategy through the capital markets and traditional reinsurance markets, and to maintain sufficient holding company liquidity to meet our liquidity needs;
■our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE and/or regulatory approvals and licenses, are subject to complex compliance requirements that we may be unable to satisfy, or may expose us to new risks including those that could impact our capital and liquidity positions;
■uncertainty from the discontinuance of LIBOR and transition to one or more alternative benchmarks that could cause interest rate volatility and, among other things, impact our investment portfolio, cost of debt and cost of reinsurance through mortgage insurance-linked notes transactions;
■risks related to the quality of third-party mortgage underwriting and mortgage servicing;
■a decrease in the Persistency Rates of our mortgage insurance on Monthly Premium Policies;
■competition in the private mortgage insurance industry generally, and more specifically: price competition in our mortgage insurance business, including the increasing prevalence of formulaic, granular risk-based pricing methodologies that are less transparent than historical rate-card-based pricing practices; and competition from the FHA and the U.S. Department of Veterans Affairs as well as from other forms of credit enhancement, such as GSE-sponsored alternatives to traditional mortgage insurance;



7

■legislative and regulatory activity (or inactivity), including the adoption of (or failure to adopt) new laws and regulations, or changes in existing laws and regulations, or the way they are interpreted or applied;
■legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;
■the amount and timing of potential payments or adjustments associated with federal or other tax examinations;
■the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves for our mortgage insurance business or to accurately calculate and/or project our Available Assets and Minimum Required Assets under the PMIERs, which will be impacted by, among other things, the size and mix of our IIF, the level of defaults in our portfolio, the reported status of defaults in our portfolio, including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period granted in response to a financial hardship related to COVID-19, the level of cash flow generated by our insurance operations and our risk distribution strategies;
■volatility in our financial results caused by changes in the fair value of our assets and liabilities, including with respect to our use of derivatives and within our investment portfolio;
■changes in GAAP or SAP rules and guidance, or their interpretation;
■risks associated with investments to grow our existing businesses, or to pursue new lines of business or new products and services, including our ability and related costs to develop, launch and implement new and innovative technologies and digital products and services, whether these products and services will receive broad customer acceptance or will disrupt existing customer relations, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, and risks associated with our increased use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets;
■the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third party risks, including due to malware, unauthorized access, cyber-attack, natural disasters or other similar events;
■our ability to attract and retain key employees; and
■legal and other limitations on amounts we may receive from our subsidiaries, including dividends or ordinary course distributions under our internal tax- and expense-sharing arrangements.
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in this report and “Item 1A. Risk Factors” in our 2021 Form 10-K, and to subsequent reports and registration statements filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.



8

PART I—FINANCIAL INFORMATION
Item 1.    Financial Statements (Unaudited)
Index to Condensed Consolidated Financial Statements
Page
Quarterly Financial Statements
Notes to Unaudited Condensed Consolidated Financial Statements



9

Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per-share amounts)June 30,
2022		December 31,
2021
Assets
Investments (Notes 5 and 6)
Fixed-maturities available for sale—at fair value (amortized cost of $5,643,884 and $5,367,729)
$5,228,744 $5,517,078 
Trading securities—at fair value (amortized cost of $188,570 and $234,382)
189,441 256,546 
Equity securities—at fair value (cost of $156,648 and $176,229)
146,574 184,245 
Short-term investments—at fair value (includes $67,107 and $48,652 of reinvested cash collateral held under securities lending agreements)
336,306 551,508 
Other invested assets—at fair value5,082 4,165 
Total investments 5,906,147 6,513,542 
Cash135,262 151,145 
Restricted cash561 1,475 
Accrued investment income35,774 32,812 
Accounts and notes receivable166,380 124,016 
Reinsurance recoverables (includes $17 and $51 for paid losses)
39,876 67,896 
Deferred policy acquisition costs16,983 16,317 
Property and equipment, net74,874 75,086 
Goodwill and other acquired intangible assets, net (Note 7)
17,895 19,593 
Prepaid federal income taxes (Note 10)
466,123 354,123 
Other assets (Note 9)
414,412 483,180 
Total assets$7,274,287 $7,839,185 
Liabilities and Stockholders’ Equity
Liabilities
Unearned premiums$298,991 $329,090 
Reserve for losses and LAE (Note 11)
594,808 828,642 
Senior notes (Note 12)
1,411,458 1,409,473 
FHLB advances (Note 12)
184,284 150,983 
Reinsurance funds withheld223,649 228,078 
Net deferred tax liability (Note 10)
324,866 337,509 
Other liabilities305,269 296,614 
Total liabilities3,343,325 3,580,389 
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock: par value $0.001 per share; 485,000 shares authorized at June 30, 2022, and December 31, 2021; 185,822 and 194,408 shares issued at June 30, 2022, and December 31, 2021, respectively; 166,388 and 175,421 shares outstanding at June 30, 2022, and December 31, 2021, respectively
186 194 
Treasury stock, at cost: 19,434 and 18,987 shares at June 30, 2022, and December 31, 2021, respectively
(930,284)(920,798)
Additional paid-in capital1,698,490 1,878,372 
Retained earnings3,491,675 3,180,935 
Accumulated other comprehensive income (loss) (Note 15)
(329,105)120,093 
Total stockholders’ equity3,930,962 4,258,796 
Total liabilities and stockholders’ equity$7,274,287 $7,839,185 
See Notes to Unaudited Condensed Consolidated Financial Statements.

10
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands, except per-share amounts)2022202120222021
Revenues
Net premiums earned (Note 8)
$253,892 $254,756 $508,082 $526,628 
Services revenue (Note 4)
27,281 29,464 56,629 52,359 
Net investment income46,957 36,291 85,153 74,542 
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(3,992), $4,266, $(4,315) and $4,084) (Note 6)
(41,869)15,661 (71,326)10,480 
Other income572 822 1,275 1,798 
Total revenues286,833 336,994 579,813 665,807 
 
Expenses
Provision for losses(113,922)3,648 (197,676)49,791 
Policy acquisition costs5,940 4,838 12,545 13,834 
Cost of services22,760 24,615 47,513 44,861 
Other operating expenses90,495 86,469 180,036 156,731 
Interest expense20,831 21,065 41,677 42,180 
Amortization of other acquired intangible assets849 863 1,698 1,725 
Total expenses26,953 141,498 85,793 309,122 
Pretax income259,880 195,496 494,020 356,685 
Income tax provision58,687 40,290 111,696 75,871 
Net income$201,193 $155,206 $382,324 $280,814 
 
Net Income Per Share
Basic$1.16 $0.80 $2.18 $1.45 
Diluted$1.15 $0.80 $2.16 $1.44 
Weighted-average number of common shares outstanding—basic173,705 193,436 175,491 193,692 
Weighted-average number of common and common equivalent shares outstanding—diluted175,419 194,638 177,349 194,986 
See Notes to Unaudited Condensed Consolidated Financial Statements.

11
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2022202120222021
Net income$201,193 $155,206 $382,324 $280,814 
Other comprehensive income (loss), net of tax (Note 15)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized(202,665)64,477 (453,957)(82,892)
Less: Reclassification adjustment for net gains (losses) on investments included in net income
Net realized gains (losses) on disposals and non-credit related impairment losses(3,113)1,876 (4,675)1,252 
Net decrease (increase) in expected credit losses— 480 — 725 
Net unrealized gains (losses) on investments(199,552)62,121 (449,282)(84,869)
Other adjustments to comprehensive income (loss), net— — 84 — 
Other comprehensive income (loss), net of tax(199,552)62,121 (449,198)(84,869)
Comprehensive income (loss)$1,641 $217,327 $(66,874)$195,945 
See Notes to Unaudited Condensed Consolidated Financial Statements.

12
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2022202120222021
Common Stock
Balance, beginning of period$193 $210 $194 $210 
Issuance of common stock under incentive and benefit plans2 1 2 1 
Shares repurchased under share repurchase program (Note 14)
(9)(4)(10)(4)
Balance, end of period186 207 186 207 
 
Treasury Stock
Balance, beginning of period(920,958)(910,347)(920,798)(910,115)
Repurchases of common stock under incentive plans(9,326)(9,878)(9,486)(10,110)
Balance, end of period(930,284)(920,225)(930,284)(920,225)
 
Additional Paid-in Capital
Balance, beginning of period1,871,763 2,242,950 1,878,372 2,245,897 
Issuance of common stock under incentive and benefit plans275 770 1,638 1,937 
Share-based compensation10,210 8,191 23,566 12,714 
Shares repurchased under share repurchase program (Note 14)
(183,758)(90,054)(205,086)(98,691)
Balance, end of period1,698,490 2,161,857 1,698,490 2,161,857 
 
Retained Earnings
Balance, beginning of period3,326,119 2,785,744 3,180,935 2,684,636 
Net income 201,193 155,206 382,324 280,814 
Dividends and dividend equivalents declared(35,637)(27,812)(71,584)(52,312)
Balance, end of period3,491,675 2,913,138 3,491,675 2,913,138 
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period(129,553)116,735 120,093 263,725 
Net unrealized gains (losses) on investments, net of tax(199,552)62,121 (449,282)(84,869)
Other adjustments to other comprehensive income (loss)— — 84 — 
Balance, end of period(329,105)178,856 (329,105)178,856 
Total Stockholders’ Equity $3,930,962 $4,333,833 $3,930,962 $4,333,833 
See Notes to Unaudited Condensed Consolidated Financial Statements.

13
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(In thousands)20222021
Cash flows from operating activities
Net cash provided by (used in) operating activities$176,850 $275,896 
Cash flows from investing activities
Proceeds from sales of:
Fixed-maturities available for sale193,967 329,072 
Trading securities— 7,952 
Equity securities 5,770 4,440 
Proceeds from redemptions of:
Fixed-maturities available for sale477,664 619,265 
Trading securities45,521 10,606 
Purchases of:
Fixed-maturities available for sale(906,025)(944,618)
Equity securities (9,112)(61,235)
Sales, redemptions and (purchases) of:
Short-term investments, net213,095 (41,925)
Other assets and other invested assets, net(791)5,043 
Additions to property and equipment(7,485)(4,993)
Net cash provided by (used in) investing activities12,604 (76,393)
Cash flows from financing activities
Dividends and dividend equivalents paid(71,288)(52,036)
Issuance of common stock569 1,112 
Repurchases of common stock(186,908)(98,695)
Credit facility commitment fees paid(380)(471)
Change in secured borrowings, net (with terms three months or less)46,605 4,348 
Proceeds from secured borrowings (with terms greater than three months)13,151 32,000 
Repayments of secured borrowings (with terms greater than three months)(8,000)(42,000)
Net cash provided by (used in) financing activities(206,251)(155,742)
Increase (decrease) in cash and restricted cash(16,797)43,761 
Cash and restricted cash, beginning of period152,620 94,146 
Cash and restricted cash, end of period$135,823 $137,907 
See Notes to Unaudited Condensed Consolidated Financial Statements.

14
Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
1. Description of Business
We are a diversified mortgage and real estate business, providing both credit-related mortgage insurance coverage and an array of other mortgage, risk, title, real estate and technology products and services. We have two reportable business segments—Mortgage and homegenius.
Mortgage
Our Mortgage segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as contract underwriting and other credit risk management solutions, to mortgage lending institutions and mortgage credit investors. We provide our mortgage insurance products and services mainly through our wholly-owned subsidiary, Radian Guaranty.
Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and investors, as well as other beneficiaries, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to homebuyers who make down payments of less than 20% of the purchase price for their home or, in the case of refinancings, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, most of which are currently sold to the GSEs.
Our total direct primary mortgage IIF and RIF were $254.2 billion and $63.8 billion, respectively, as of June 30, 2022, compared to $246.0 billion and $60.9 billion, respectively, as of December 31, 2021. In addition to providing private mortgage insurance, we have participated in credit risk transfer programs developed by the GSEs as part of their initiative to distribute mortgage credit risk and increase the role of private capital in the mortgage market. Our additional RIF under credit risk transfer transactions, resulting from our participation in these programs with the GSEs, totaled $372.4 million as of June 30, 2022, compared to $417.7 million as of December 31, 2021.
The GSEs and state insurance regulators impose various capital and financial requirements on our mortgage insurance subsidiaries. These include Risk-to-capital, other risk-based capital measures and surplus requirements, as well as the PMIERs financial requirements. Failure to comply with these capital and financial requirements may limit the amount of insurance that our mortgage insurance subsidiaries write, or may prohibit them from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion with respect to our mortgage insurance subsidiaries and all aspects of their business. See Note 16 for additional information on PMIERs and other regulatory information.
homegenius
Our homegenius segment is primarily a fee-for-service business that offers an array of products and services to market participants across the real estate value chain. Our homegenius products and services include title, real estate and technology products and services offered primarily to consumers, mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents. These products and services help lenders, investors, consumers and real estate agents evaluate, manage, monitor, acquire and sell properties, and include SaaS solutions and platforms, as well as managed services, such as real estate owned asset management, single family rental services and real estate valuation services. In addition, we provide title insurance and non-insurance title, closing and settlement services to mortgage lenders, GSEs and mortgage investors, as well as directly to consumers for residential mortgage loans.
See Note 4 for additional information about our reportable segments and All Other business activities.
Risks and Uncertainties
In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates, including as a result of macroeconomic stresses such as inflation, slower economic growth and higher levels of unemployment.
The inflationary trends in the current economic environment have been exacerbated by strong consumer demand and pervasive supply chain disruptions, including as a result of the effects of the COVID-19 pandemic and related government responses, as well as the Russia-Ukraine conflict. Recent actions taken by the U.S. Federal Reserve to increase interest rates in response to these inflationary pressures led to a sharp and significant increase in mortgage interest rates during the first half of 2022. The U.S. Federal Reserve raised rates further in July 2022 and has signaled that it expects to continue to increase rates throughout the year. While we expect these interest rate increases to continue to negatively impact certain aspects of our results, including through lower NIW, lower homegenius revenues and lower investment fair values, we also expect to benefit from the rate increases due to higher Persistency Rates that will favorably impact our IIF, as well as through the recognition of higher net investment income.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
2. Significant Accounting Policies
Basis of Presentation
Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group Inc. and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.
We refer to Radian Group Inc. together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. We generally refer to Radian Group Inc. alone, without its consolidated subsidiaries, as “Radian Group.” Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report.
The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP.
To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2021 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period.
Certain prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.
Other Significant Accounting Policies
See Note 2 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for information regarding other significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2021 Form 10-K.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance—Targeted Improvements to the Accounting for Long-Duration Contracts. The new standard: (i) requires that assumptions used to measure the liability for future policy benefits be reviewed at least annually; (ii) defines and simplifies the measurement of market risk benefits; (iii) simplifies the amortization of deferred acquisition costs; and (iv) enhances the required disclosures about long-duration contracts. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We continue to evaluate the impact the new accounting guidance will have on our financial statements and disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This new guidance provides optional expedients and exceptions for applying GAAP requirements to investments, derivatives, or other transactions affected by reference rate reform such as those that impact the assessment of contract modifications. The amendments in this update are optional and may be elected from the date of issuance through December 31, 2022, as reference rate reform activities occur. We continue to evaluate the impact the discontinuance of LIBOR and the new accounting guidance will have on our financial statements and disclosures.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, this
16

Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
update introduces new disclosure requirements for equity securities subject to contractual sale restrictions measured at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact the new accounting guidance will have on our financial statements and disclosures.
3. Net Income Per Share
Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.
The calculation of basic and diluted net income per share is as follows.
Net income per share
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands, except per-share amounts)2022202120222021
Net income—basic and diluted$201,193 $155,206 $382,324 $280,814 
Average common shares outstanding—basic 173,705 193,436 175,491 193,692 
Dilutive effect of share-based compensation arrangements (1)
1,714 1,202 1,858 1,294 
Adjusted average common shares outstanding—diluted175,419 194,638 177,349 194,986 
Net income per share
Basic$1.16 $0.80 $2.18 $1.45 
Diluted$1.15 $0.80 $2.16 $1.44 
(1)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because they would be anti-dilutive.
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2022202120222021
Shares of common stock equivalents189 — — — 
4. Segment Reporting
We have two strategic business units that we manage separately—Mortgage and homegenius. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting solutions provided to mortgage lending institutions and mortgage credit investors. Our homegenius segment offers an array of title, real estate and technology products and services to consumers, mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents.
In addition, we report as All Other activitie