SEC Info - Radian Group Inc. - ‘10-Q’ for 6/30/22

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		Alternative Formats (Word, et al.) Accumulated Other Comprehensive Income (Loss) Borrowings and Financing Activities Capital Stock Cautionary Note Regarding Forward-Looking Statements-Safe Harbor Provisions Commitments and Contingencies Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Condensed Consolidated Statements of Operations (Unaudited) Controls and Procedures Critical Accounting Estimates Description of Business Exhibits Fair Value of Financial Instruments Financial Statements (Unaudited) Glossary Glossary of Abbreviations and Acronyms Goodwill and Other Acquired Intangible Assets, Net Income Taxes Investments Key Factors Affecting Our Results Legal Proceedings Liquidity and Capital Resources Losses and LAE Management's Discussion and Analysis of Financial Condition and Results of Operations Mortgage Insurance Portfolio Net Income Per Share Note 10 -- Income Taxes Note 11 -- Losses and LAE Note 12 -- Borrowings and Financing Activities Note 13 -- Commitments and Contingencies Note 14 -- Capital Stock Note 15 -- Accumulated Other Comprehensive Income (Loss) Note 16 -- Statutory Information Note 1 -- Description of Business Note 2 -- Significant Accounting Policies Note 3 -- Net Income Per Share Note 4 -- Segment Reporting Note 5 -- Fair Value of Financial Instruments Note 6 -- Investments Note 7 -- Goodwill and Other Acquired Intangible Assets, Net Note 8 -- Reinsurance Note 9 -- Other Assets Other Assets Overview Quantitative and Qualitative Disclosures About Market Risk Reinsurance Results of Operations-All Other Results of Operations-Consolidated Results of Operations-homegenius Results of Operations-Mortgage Risk Factors Segment Reporting Signatures Significant Accounting Policies Statutory Information Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Glossary of Abbreviations and Acronyms
"	Glossary
"	Cautionary Note Regarding Forward-Looking Statements-Safe Harbor Provisions
"	Financial Statements (Unaudited)
"	Condensed Consolidated Balance Sheets (Unaudited)
"	Condensed Consolidated Statements of Operations (Unaudited)
"	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
"	Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited)
"	Condensed Consolidated Statements of Cash Flows (Unaudited)
"	Note 1 -- Description of Business
"	Note 2 -- Significant Accounting Policies
"	Note 3 -- Net Income Per Share
"	Note 4 -- Segment Reporting
"	Note 5 -- Fair Value of Financial Instruments
"	Note 6 -- Investments
"	Note 7 -- Goodwill and Other Acquired Intangible Assets, Net
"	Note 8 -- Reinsurance
"	Note 9 -- Other Assets
"	Note 10 -- Income Taxes
"	Note 11 -- Losses and LAE
"	Note 12 -- Borrowings and Financing Activities
"	Note 13 -- Commitments and Contingencies
"	Note 14 -- Capital Stock
"	Note 15 -- Accumulated Other Comprehensive Income (Loss)
"	Note 16 -- Statutory Information
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Overview
"	Key Factors Affecting Our Results
"	Mortgage Insurance Portfolio
"	Results of Operations-Consolidated
"	Results of Operations-Mortgage
"	Results of Operations-homegenius
"	Results of Operations-All Other
"	Liquidity and Capital Resources
"	Critical Accounting Estimates
"	Quantitative and Qualitative Disclosures About Market Risk
"	Controls and Procedures
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________


i ☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended i June 30, 2022


i ☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

_______________________________

(Exact name of registrant as specified in its charter)

_______________________________

i Delaware

i 23-2691170

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

i 550 East Swedesford Road, i Suite 350, i Wayne, i PA i 19087

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
i Common Stock, $0.001 par value per share	i RDN	i New 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. i 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). i 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.

i Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

i ☐

Emerging growth company

i ☐

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 i ☐ 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: i 161,612,452 shares of common stock, $0.001 par value per share, outstanding on August 3, 2022.

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.


Term			Definition
2021 Form 10-K			Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022
2014 Master Policy			Radian Guaranty’s master insurance policy, setting forth the terms and conditions of our mortgage insurance coverage, which became effective October 1, 2014
2020 Master Policy			Radian Guaranty’s master insurance policy, setting forth the terms and conditions of our mortgage insurance coverage, which became effective March 1, 2020
2012 QSR Agreements			The 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 Agreement			Quota 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 Agreement			Quota 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 Agreement			Quota 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
ABS			Asset-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
ASU			Accounting Standards Update, issued by the FASB to communicate changes to GAAP
Available Assets			As 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 Denial			Our legal right, under certain conditions, to deny a claim
Claim Severity			The total claim amount paid divided by the original coverage amount
CLO			Collateralized loan obligations
CMBS			Commercial mortgage-backed securities
COVID-19			The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020
COVID-19 Amendment			Amendment 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 Period			Time period extending from March 1, 2020, to March 31, 2021
COVID-19 Defaulted Loans			All 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
Cures			Loans 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 Rate			The percentage of defaulted loans that are assumed to result in a claim
Demotech			Demotech, Inc.


Term			Definition
Disaster Related Capital Charge			Under 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 Program			The 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 Act			Securities Exchange Act of 1934, as amended
Extraordinary Distribution			A 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 Mae			Federal National Mortgage Association
FASB			Financial Accounting Standards Board
FEMA			Federal Emergency Management Agency, an agency of the U.S. Department of Homeland Security
FEMA Designated Area			Generally, 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
FHA			Federal Housing Administration
FHFA			Federal Housing Finance Agency
FHLB			Federal Home Loan Bank of Pittsburgh
FICO			Fair 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
Fitch			Fitch Ratings, Inc.
Foreclosure Stage Defaulted Loans			Loans in the stage of default in which a foreclosure sale has been scheduled or held
Freddie Mac			Federal Home Loan Mortgage Corporation
GAAP			Generally 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)
HARP			Home Affordable Refinance Program
homegenius			Radian’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
IBNR			Losses incurred but not reported
IIF			Insurance 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.)
LAE			Loss adjustment expenses, which include the cost of investigating and adjusting losses and paying claims
LIBOR			London Inter-bank Offered Rate


Term			Definition
LTV			Loan-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 Policies			Insurance policies where premiums are paid on a monthly installment basis
Moody’s			Moody’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 Requirement			Certain 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
NIW			New insurance written, representing the aggregate original principal amount of the mortgages underlying the Primary Mortgage Insurance
NOL			Net 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 Rate			The percentage of IIF that remains in force over a period of time
PMIERs			Private 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 Cushion			Under PMIERs, Radian Guaranty’s excess of Available Assets over Minimum Required Assets
Pool Mortgage Insurance			Insurance 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 Insurance			Insurance 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 Program			The 2012 QSR Agreements and the 2022 QSR Agreement, collectively
Radian			Radian Group Inc. together with its consolidated subsidiaries
Radian Group			Radian Group Inc., our insurance holding company
Radian Guaranty			Radian 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 Capital			Radian 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 Reinsurance			Radian 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 Insurance			Radian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer title insurance


Term			Definition
RBC States			Risk-based capital states, which are those states that currently impose a statutory or regulatory risk-based capital requirement
Rescission			Our 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
RIF			Risk 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-capital			Under certain state regulations, a maximum ratio of net RIF calculated relative to the level of statutory capital
RMBS			Residential mortgage-backed securities
RSU			Restricted stock unit
S&P			Standard & Poor’s Financial Services LLC
SaaS			Software-as-a-Service
SAP			Statutory 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
SEC			United States Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
Senior Notes due 2024			Our 4.500% unsecured senior notes due October 2024 ($450 million original principal amount)
Senior Notes due 2025			Our 6.625% unsecured senior notes due March 2025 ($525 million original principal amount)
Senior Notes due 2027			Our 4.875% unsecured senior notes due March 2027 ($450 million original principal amount)
Single Premium NIW / IIF			NIW or IIF, respectively, on Single Premium Policies
Single Premium Policy / Policies			Insurance 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 Program			The 2016 Single Premium QSR Agreement, the 2018 Single Premium QSR Agreement and the 2020 Single Premium QSR Agreement, collectively
SOFR			Secured Overnight Financing Rate
Statutory RBC Requirement			Risk-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 2027			The $100 million 0.0% intercompany surplus note issued by Radian Guaranty to Radian Group, due December 31, 2027
VIE			Variable interest entity

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;

■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.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Index to Condensed Consolidated Financial Statements

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 $ i 5,643,884 and $ i 5,367,729)

i 5,228,744

i 5,517,078

Trading securities—at fair value (amortized cost of $ i 188,570 and $ i 234,382)

i 189,441

i 256,546

Equity securities—at fair value (cost of $ i 156,648 and $ i 176,229)

i 146,574

i 184,245

Short-term investments—at fair value (includes $ i 67,107 and $ i 48,652 of reinvested cash collateral held under securities lending agreements)

i 336,306

i 551,508

Other invested assets—at fair value

i 5,082

i 4,165

Total investments

i 5,906,147

i 6,513,542

Cash

i 135,262

i 151,145

Restricted cash

i 561

i 1,475

Accrued investment income

i 35,774

i 32,812

Accounts and notes receivable

i 166,380

i 124,016

Reinsurance recoverables (includes $ i 17 and $ i 51 for paid losses)

i 39,876

i 67,896

Deferred policy acquisition costs

i 16,983

i 16,317

Property and equipment, net

i 74,874

i 75,086

Goodwill and other acquired intangible assets, net (Note 7)

i 17,895

i 19,593

Prepaid federal income taxes (Note 10)

i 466,123

i 354,123

Other assets (Note 9)

i 414,412

i 483,180

Total assets

i 7,274,287

i 7,839,185

Liabilities and Stockholders’ Equity

Liabilities

Unearned premiums

i 298,991

i 329,090

Reserve for losses and LAE (Note 11)

i 594,808

i 828,642

Senior notes (Note 12)

i 1,411,458

i 1,409,473

FHLB advances (Note 12)

i 184,284

i 150,983

Reinsurance funds withheld

i 223,649

i 228,078

Net deferred tax liability (Note 10)

i 324,866

i 337,509

Other liabilities

i 305,269

i 296,614

Total liabilities

i 3,343,325

i 3,580,389

Commitments and contingencies (Note 13)

Stockholders’ equity

Common stock: par value $ i i 0.001 / per share; i i 485,000 / shares authorized at June 30, 2022, and December 31, 2021; i 185,822 and i 194,408 shares issued at June 30, 2022, and December 31, 2021, respectively; i 166,388 and i 175,421 shares outstanding at June 30, 2022, and December 31, 2021, respectively

i 186

i 194

Treasury stock, at cost: i 19,434 and i 18,987 shares at June 30, 2022, and December 31, 2021, respectively

( i 930,284)

( i 920,798)

Additional paid-in capital

i 1,698,490

i 1,878,372

Retained earnings

i 3,491,675

i 3,180,935

Accumulated other comprehensive income (loss) (Note 15)

( i 329,105)

i 120,093

Total stockholders’ equity

i 3,930,962

i 4,258,796

Total liabilities and stockholders’ equity

i 7,274,287

i 7,839,185

See Notes to Unaudited Condensed Consolidated Financial Statements.

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)

2022

2021

2022

2021

Revenues

Net premiums earned (Note 8)

i 253,892

i 254,756

i 508,082

i 526,628

Services revenue (Note 4)

i 27,281

i 29,464

i 56,629

i 52,359

Net investment income

i 46,957

i 36,291

i 85,153

i 74,542

Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $( i 3,992), $ i 4,266, $( i 4,315) and $ i 4,084) (Note 6)

( i 41,869)

i 15,661

( i 71,326)

i 10,480

Other income

i 572

i 822

i 1,275

i 1,798

Total revenues

i 286,833

i 336,994

i 579,813

i 665,807

Expenses

Provision for losses

( i 113,922)

i 3,648

( i 197,676)

i 49,791

Policy acquisition costs

i 5,940

i 4,838

i 12,545

i 13,834

Cost of services

i 22,760

i 24,615

i 47,513

i 44,861

Other operating expenses

i 90,495

i 86,469

i 180,036

i 156,731

Interest expense

i 20,831

i 21,065

i 41,677

i 42,180

Amortization of other acquired intangible assets

i 849

i 863

i 1,698

i 1,725

Total expenses

i 26,953

i 141,498

i 85,793

i 309,122

Pretax income

i 259,880

i 195,496

i 494,020

i 356,685

Income tax provision

i 58,687

i 40,290

i 111,696

i 75,871

Net income

i 201,193

i 155,206

i 382,324

i 280,814

Net Income Per Share

Basic

i 1.16

i 0.80

i 2.18

i 1.45

Diluted

i 1.15

i 0.80

i 2.16

i 1.44

Weighted-average number of common shares outstanding—basic

i 173,705

i 193,436

i 175,491

i 193,692

Weighted-average number of common and common equivalent shares outstanding—diluted

i 175,419

i 194,638

i 177,349

i 194,986

See Notes to Unaudited Condensed Consolidated Financial Statements.

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)

2022

2021

2022

2021

Net income

i 201,193

i 155,206

i 382,324

i 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

( i 202,665)

i 64,477

( i 453,957)

( i 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

( i 3,113)

i 1,876

( i 4,675)

i 1,252

Net decrease (increase) in expected credit losses

i —

i 480

i —

i 725

Net unrealized gains (losses) on investments

( i 199,552)

i 62,121

( i 449,282)

( i 84,869)

Other adjustments to comprehensive income (loss), net

i —

i 84

i —

Other comprehensive income (loss), net of tax

( i 199,552)

i 62,121

( i 449,198)

( i 84,869)

Comprehensive income (loss)

i 1,641

i 217,327

( i 66,874)

i 195,945

See Notes to Unaudited Condensed Consolidated Financial Statements.

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)

2022

2021

2022

2021

Common Stock

Balance, beginning of period

i 193

i 210

i 194

i 210

Issuance of common stock under incentive and benefit plans

i 2

i 1

i 2

i 1

Shares repurchased under share repurchase program (Note 14)

( i 9)

( i 4)

( i 10)

( i 4)

Balance, end of period

i 186

i 207

i 186

i 207

Treasury Stock

Balance, beginning of period

( i 920,958)

( i 910,347)

( i 920,798)

( i 910,115)

Repurchases of common stock under incentive plans

( i 9,326)

( i 9,878)

( i 9,486)

( i 10,110)

Balance, end of period

( i 930,284)

( i 920,225)

( i 930,284)

( i 920,225)

Additional Paid-in Capital

Balance, beginning of period

i 1,871,763

i 2,242,950

i 1,878,372

i 2,245,897

Issuance of common stock under incentive and benefit plans

i 275

i 770

i 1,638

i 1,937

Share-based compensation

i 10,210

i 8,191

i 23,566

i 12,714

Shares repurchased under share repurchase program (Note 14)

( i 183,758)

( i 90,054)

( i 205,086)

( i 98,691)

Balance, end of period

i 1,698,490

i 2,161,857

i 1,698,490

i 2,161,857

Retained Earnings

Balance, beginning of period

i 3,326,119

i 2,785,744

i 3,180,935

i 2,684,636

Net income

i 201,193

i 155,206

i 382,324

i 280,814

Dividends and dividend equivalents declared

( i 35,637)

( i 27,812)

( i 71,584)

( i 52,312)

Balance, end of period

i 3,491,675

i 2,913,138

i 3,491,675

i 2,913,138

Accumulated Other Comprehensive Income (Loss)

Balance, beginning of period

( i 129,553)

i 116,735

i 120,093

i 263,725

Net unrealized gains (losses) on investments, net of tax

( i 199,552)

i 62,121

( i 449,282)

( i 84,869)

Other adjustments to other comprehensive income (loss)

i —

i 84

i —

Balance, end of period

( i 329,105)

i 178,856

( i 329,105)

i 178,856

Total Stockholders’ Equity

i 3,930,962

i 4,333,833

i 3,930,962

i 4,333,833

See Notes to Unaudited Condensed Consolidated Financial Statements.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended
June 30,

(In thousands)

2022

2021

Cash flows from operating activities

Net cash provided by (used in) operating activities

i 176,850

i 275,896

Cash flows from investing activities

Proceeds from sales of:

Fixed-maturities available for sale

i 193,967

i 329,072

Trading securities

i —

i 7,952

Equity securities

i 5,770

i 4,440

Proceeds from redemptions of:

Fixed-maturities available for sale

i 477,664

i 619,265

Trading securities

i 45,521

i 10,606

Purchases of:

Fixed-maturities available for sale

( i 906,025)

( i 944,618)

Equity securities

( i 9,112)

( i 61,235)

Sales, redemptions and (purchases) of:

Short-term investments, net

i 213,095

( i 41,925)

Other assets and other invested assets, net

( i 791)

i 5,043

Additions to property and equipment

( i 7,485)

( i 4,993)

Net cash provided by (used in) investing activities

i 12,604

( i 76,393)

Cash flows from financing activities

Dividends and dividend equivalents paid

( i 71,288)

( i 52,036)

Issuance of common stock

i 569

i 1,112

Repurchases of common stock

( i 186,908)

( i 98,695)

Credit facility commitment fees paid

( i 380)

( i 471)

Change in secured borrowings, net (with terms three months or less)

i 46,605

i 4,348

Proceeds from secured borrowings (with terms greater than three months)

i 13,151

i 32,000

Repayments of secured borrowings (with terms greater than three months)

( i 8,000)

( i 42,000)

Net cash provided by (used in) financing activities

( i 206,251)

( i 155,742)

Increase (decrease) in cash and restricted cash

( i 16,797)

i 43,761

Cash and restricted cash, beginning of period

i 152,620

i 94,146

Cash and restricted cash, end of period

i 135,823

i 137,907

See Notes to Unaudited Condensed Consolidated Financial Statements.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

1. i 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 i two reportable business segments—Mortgage and homegenius.

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 i 20% of the purchase price for their home or, in the case of refinancings, have less than i 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 $ i 254.2 billion and $ i 63.8 billion, respectively, as of June 30, 2022, compared to $ i 246.0 billion and $ i 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 $ i 372.4 million as of June 30, 2022, compared to $ i 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.

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.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

2. i 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.

i Certain prior period amounts have been reclassified to conform to current period presentation.

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


Table of Contents Glossary			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. i 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)

2022

2021

2022

2021

Net income—basic and diluted

i i 201,193 /

i i 155,206 /

i i 382,324 /

i i 280,814 /

Average common shares outstanding—basic

i 173,705

i 193,436

i 175,491

i 193,692

Dilutive effect of share-based compensation arrangements (1)

i 1,714

i 1,202

i 1,858

i 1,294

Adjusted average common shares outstanding—diluted

i 175,419

i 194,638

i 177,349

i 194,986

Net income per share

Basic

i 1.16

i 0.80

i 2.18

i 1.45

Diluted

i 1.15

i 0.80

i 2.16

i 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)

2022

2021

2022

2021

Shares of common stock equivalents

i 189

i —

4. i Segment Reporting

We have i 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 activities that include: (i) income (losses) from assets held by Radian Group, our holding company; (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.

We allocate corporate operating expenses to both reportable segments based on each segment’s forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each segment. In addition, we allocate all corporate interest expense to our Mortgage segment, due to the capital-intensive nature of our mortgage insurance business.

With the primary exception of goodwill and other acquired intangible assets, which all relate to our homegenius segment, and are reviewed as part of our annual goodwill impairment assessment, we do not manage assets by segment.

See Note 1 for additional details about our Mortgage and homegenius businesses.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Adjusted Pretax Operating Income (Loss)

Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s business segments and to allocate resources to the segments.

Adjusted pretax operating income (loss) is defined as pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for certain investments attributable to our reportable segments; (ii) gains (losses) on extinguishment of debt; (iii) amortization and impairment of goodwill and other acquired intangible assets; and (iv) impairment of other long-lived assets and other non-operating items, such as impairment of internal-use software, gains (losses) from the sale of lines of business and acquisition-related income and expenses. See Note 4 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for detailed information regarding items excluded from adjusted pretax operating income (loss), including the reasons for their treatment.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss).

The reconciliation of adjusted pretax operating income (loss) for our reportable segments to consolidated pretax income (loss) is as follows.

Reconciliation of adjusted pretax operating income (loss) by segment

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands)

2022

2021

2022

2021

Adjusted pretax operating income (loss)

Mortgage

i 316,520

i 194,043

i 594,361

i 369,752

homegenius

( i 17,690)

( i 9,198)

( i 31,196)

( i 19,651)

Total adjusted pretax operating income for reportable segments (1)

i 298,830

i 184,845

i 563,165

i 350,101

All Other adjusted pretax operating income

i 3,203

( i 126)

i 3,816

i 1,934

Net gains (losses) on investments and other financial instruments

( i 41,869)

i 15,661

( i 71,326)

i 10,480

Amortization of other acquired intangible assets

( i 849)

( i 863)

( i 1,698)

( i 1,725)

Impairment of other long-lived assets and other non-operating items

i 565

( i 4,021)

i 63

( i 4,105)

Consolidated pretax income

i 259,880

i 195,496

i 494,020

i 356,685

(1)Includes allocated corporate operating expenses and depreciation expense as follows.

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands)

2022

2021

2022

2021

Mortgage

Allocated corporate operating expenses (a)

i 33,237

i 32,638

i 69,446

i 60,214

Direct depreciation expense

i 2,241

i 2,460

i 4,569

i 5,102

homegenius

Allocated corporate operating expenses (b)

i 5,719

i 4,721

i 10,999

i 8,717

Direct depreciation expense

i 642

i 611

i 1,286

i 1,189

(a)Includes allocated depreciation expense of $ i 0.7 million and $ i 1.5 million for the three and six months ended June 30, 2022, respectively, and $ i 0.8 million and $ i 1.6 million for the three and six months ended June 30, 2021, respectively.

(b)Includes allocated depreciation expense of $ i 0.2 million and $ i 0.3 million for the three and six months ended June 30, 2022, respectively, and $ i 0.1 million and $ i 0.2 million for the three and six months ended June 30, 2021, respectively.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

The reconciliation of revenues for our reportable segments to consolidated revenues is as follows.

Reconciliation of revenues by segment

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands)

2022

2021

2022

2021

Revenues

Mortgage

i 289,783

i 284,301

i 574,229

i 588,098

homegenius (1)

i 32,343

i 33,451

i 66,255

i 59,246

Total revenues for reportable segments

i 322,126

i 317,752

i 640,484

i 647,344

All Other revenues

i 6,661

i 3,643

i 10,822

i 8,104

Net gains (losses) on investments and other financial instruments

( i 41,869)

i 15,661

( i 71,326)

i 10,480

Elimination of inter-segment revenues

( i 85)

( i 62)

( i 167)

( i 121)

Total revenues

i 286,833

i 336,994

i 579,813

i 665,807

(1)Includes immaterial inter-segment revenues for the three and six months ended June 30, 2022 and 2021.

The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type.

Services revenue

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands)

2022

2021

2022

2021

homegenius

Title

i 4,895

i 9,399

i 11,298

i 17,456

Real estate

Valuation

i 9,032

i 7,478

i 17,001

i 11,400

Single family rental

i 8,227

i 5,622

i 15,457

i 9,071

REO asset management

i 739

i 587

i 1,552

i 1,167

Other real estate services

i 4

i 63

i 5

i 76

Technology

Asset management technology platform

i 1,274

i 1,520

i 2,606

i 3,026

Other technology services

i 1,004

i 1,019

i 2,052

i 1,983

Mortgage

i 2,106

i 3,732

i 6,658

i 8,083

All Other

i —

i 44

i —

i 97

Total services revenue

i 27,281

i 29,464

i 56,629

i 52,359

Revenue recognized related to services made available to customers and billed is reflected in accounts and notes receivable. Accounts and notes receivable include $ i 17.3 million and $ i 20.0 million as of June 30, 2022, and December 31, 2021, respectively, related to services revenue contracts. Revenue recognized related to services performed and not yet billed is recorded in unbilled receivables and reflected in other assets. See Note 2 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for information regarding our accounting policies and the services we offer.

5. i Fair Value of Financial Instruments

For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2021 Form 10-K.

i The following tables include a list of assets that are measured at fair value by hierarchy level as of June 30, 2022, and December 31, 2021.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Assets and liabilities carried at fair value by hierarchy level

June 30, 2022

(In thousands)

Level I

Level II

Level III

Total

Investments

Fixed-maturities available for sale

U.S. government and agency securities

i 153,098

i 27,406

i —

i 180,504

State and municipal obligations

i —

i 154,980

i —

i 154,980

Corporate bonds and notes

i —

i 2,757,786

i —

i 2,757,786

RMBS

i —

i 776,386

i —

i 776,386

CMBS

i —

i 618,603

i —

i 618,603

CLO

i —

i 502,814

i —

i 502,814

Other ABS

i —

i 180,022

i —

i 180,022

Foreign government and agency securities

i —

i 5,049

i —

i 5,049

Mortgage insurance-linked notes (1)

i —

i 52,600

i —

i 52,600

Total fixed-maturities available for sale

i 153,098

i 5,075,646

i —

i 5,228,744

Trading securities

State and municipal obligations

i —

i 80,661

i —

i 80,661

Corporate bonds and notes

i —

i 78,289

i —

i 78,289

RMBS

i —

i 7,941

i —

i 7,941

CMBS

i —

i 22,550

i —

i 22,550

Total trading securities

i —

i 189,441

i —

i 189,441

Equity securities

i 137,601

i 8,973

i —

i 146,574

Short-term investments

State and municipal obligations

i —

i 12,070

i —

i 12,070

Money market instruments

i 149,341

i —

i 149,341

Corporate bonds and notes

i —

i 105,571

i —

i 105,571

Other ABS

i —

i 325

i —

i 325

Other investments (2)

i —

i 68,999

i —

i 68,999

Total short-term investments

i 149,341

i 186,965

i —

i 336,306

Other invested assets (3)

i —

i 4,000

Total investments at fair value (3)

i 440,040

i 5,461,025

i 4,000

i 5,905,065

Other

Loaned securities (4)

Corporate bonds and notes

i —

i 15,376

i —

i 15,376

Equity securities

i 63,697

i —

i 63,697

Total assets at fair value (3)

i 503,737

i 5,476,401

i 4,000

i 5,984,138

Liabilities

Embedded derivatives (5)

i —

i 6,495

Total liabilities at fair value

i —

i 6,495

(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.

(2)Comprises short-term certificates of deposit and commercial paper.

(3)Does not include other invested assets of $ i 1.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.

(5)Embedded derivatives related to our Excess-of-Loss Program are classified as other liabilities in our condensed consolidated balance sheets. See Note 8 for more information.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Assets carried at fair value by hierarchy level

December 31, 2021

(In thousands)

Level I

Level II

Level III

Total

Investments

Fixed-maturities available for sale

U.S. government and agency securities

i 192,452

i 29,278

i —

i 221,730

State and municipal obligations

i —

i 177,257

i —

i 177,257

Corporate bonds and notes

i —

i 2,910,231

i —

i 2,910,231

RMBS

i —

i 705,117

i —

i 705,117

CMBS

i —

i 709,203

i —

i 709,203

CLO

i —

i 530,040

i —

i 530,040

Other ABS

i —

i 211,187

i —

i 211,187

Foreign government and agency securities

i —

i 5,296

i —

i 5,296

Mortgage insurance-linked notes (1)

i —

i 47,017

i —

i 47,017

Total fixed-maturities available for sale

i 192,452

i 5,324,626

i —

i 5,517,078

Trading securities

State and municipal obligations

i —

i 94,637

i —

i 94,637

Corporate bonds and notes

i —

i 119,186

i —

i 119,186

RMBS

i —

i 9,438

i —

i 9,438

CMBS

i —

i 33,285

i —

i 33,285

Total trading securities

i —

i 256,546

i —

i 256,546

Equity securities

i 176,828

i 7,417

i —

i 184,245

Short-term investments

U.S. government and agency securities

i 94,665

i —

i 94,665

State and municipal obligations

i —

i 12,270

i —

i 12,270

Money market instruments

i 274,535

i —

i 274,535

Corporate bonds and notes

i —

i 65,191

i —

i 65,191

CMBS

i —

i 3,023

i —

i 3,023

Other investments (2)

i —

i 101,824

i —

i 101,824

Total short-term investments

i 369,200

i 182,308

i —

i 551,508

Other invested assets (3)

i —

i 3,000

Total investments at fair value (3)

i 738,480

i 5,770,897

i 3,000

i 6,512,377

Other

Embedded derivatives (4)

i —

i 4,200

Loaned securities (5)

Corporate bonds and notes

i —

i 65,994

i —

i 65,994

Equity securities

i 38,002

i —

i 38,002

Total assets at fair value (3)

i 776,482

i 5,836,891

i 7,200

i 6,620,573

(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.

(2)Comprises short-term certificates of deposit and commercial paper.

(3)Does not include other invested assets of $ i 1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(4)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our condensed consolidated balance sheets. See Note 8 for more information.

(5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

There were i i i i i i no / / / / / transfers to or from Level III for the three and six months ended June 30, 2022, or the year ended December 31, 2021. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three and six months ended June 30, 2022, and the year ended December 31, 2021.

Other Fair Value Disclosure

The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated.

Financial liabilities not carried at fair value

June 30, 2022

December 31, 2021

(In thousands)

Carrying
Amount

Estimated
Fair Value

Carrying
Amount

Estimated
Fair Value

Senior notes

i 1,411,458

i 1,338,878

i 1,409,473

i 1,534,378

FHLB advances

i 184,284

i 184,352

i 150,983

i 152,117

The fair value of our senior notes is estimated based on quoted market prices. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about these borrowings.

Available for Sale Securities

Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.

Available for sale securities

June 30, 2022

(In thousands)

Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair Value

Fixed-maturities available for sale

U.S. government and agency securities

i 198,819

i 35

( i 18,350)

i 180,504

State and municipal obligations

i 166,024

i 1,006

( i 12,050)

i 154,980

Corporate bonds and notes

i 3,042,032

i 1,838

( i 271,736)

i 2,772,134

RMBS

i 840,157

i 146

( i 63,917)

i 776,386

CMBS

i 649,521

i 89

( i 31,007)

i 618,603

CLO

i 520,479

i —

( i 17,665)

i 502,814

Other ABS

i 184,182

i 42

( i 4,202)

i 180,022

Foreign government and agency securities

i 5,113

i —

( i 64)

i 5,049

Mortgage insurance-linked notes (1)

i 53,685

i —

( i 1,085)

i 52,600

Total securities available for sale, including loaned securities

i 5,660,012

i 3,156

( i 420,076)

i 5,243,092

Less: loaned securities (2)

i 16,128

i 14,348

Total fixed-maturities available for sale

i 5,643,884

i 5,228,744

(1)Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.

(2)Included in other assets in our condensed consolidated balance sheets as further described below. See “—Securities Lending Agreements” below for a discussion of our securities lending agreements.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Available for sale securities

December 31, 2021

(In thousands)

Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair Value

Fixed-maturities available for sale

U.S. government and agency securities

i 221,407

i 1,719

( i 1,396)

i 221,730

State and municipal obligations

i 162,964

i 14,694

( i 401)

i 177,257

Corporate bonds and notes

i 2,867,063

i 133,665

( i 24,886)

i 2,975,842

RMBS

i 697,581

i 14,313

( i 6,777)

i 705,117

CMBS

i 690,827

i 21,444

( i 3,068)

i 709,203

CLO

i 529,906

i 1,032

( i 898)

i 530,040

Other ABS

i 210,657

i 1,142

( i 612)

i 211,187

Foreign government and agency securities

i 5,109

i 187

i —

i 5,296

Mortgage insurance-linked notes (1)

i 45,384

i 1,633

i —

i 47,017

Total securities available for sale, including loaned securities

i 5,430,898

i 189,829

( i 38,038)

i 5,582,689

Less: loaned securities (2)

i 63,169

i 65,611

Total fixed-maturities available for sale

i 5,367,729

i 5,517,078

(1)Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated. There was i i no / allowance as of June 30, 2022, or December 31, 2021.

Rollforward of allowance for credit losses on fixed-maturities available for sale

(In thousands)

Three Months Ended
June 30, 2021

Six Months Ended
June 30, 2021

Beginning balance

i 638

i 948

Net decreases in allowance on previously impaired securities

( i 608)

( i 918)

Reduction for securities sold

( i 30)

Ending balance

i —

Gross Unrealized Losses and Related Fair Value of Available for Sale Securities

i For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of June 30, 2022, and December 31, 2021, are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Unrealized losses on fixed-maturities available for sale by category and length of time

June 30, 2022

($ in thousands)

Less Than 12 Months

12 Months or Greater

Total

Description of Securities

# of
securities

Fair Value

Unrealized
Losses

# of
securities

Fair Value

Unrealized
Losses

# of
securities

Fair Value

Unrealized
Losses

U.S. government and agency securities

i 19

i 122,570

( i 17,028)

i 5

i 20,027

( i 1,322)

i 24

i 142,597

( i 18,350)

State and municipal obligations

i 51

i 103,028

( i 12,050)

i —

i 51

i 103,028

( i 12,050)

Corporate bonds and notes

i 532

i 2,308,451

( i 214,471)

i 71

i 198,415

( i 57,265)

i 603

i 2,506,866

( i 271,736)

RMBS

i 142

i 607,722

( i 43,891)

i 22

i 128,182

( i 20,026)

i 164

i 735,904

( i 63,917)

CMBS

i 144

i 558,045

( i 24,441)

i 17

i 43,123

( i 6,566)

i 161

i 601,168

( i 31,007)

CLO

i 136

i 413,093

( i 13,506)

i 22

i 89,722

( i 4,159)

i 158

i 502,815

( i 17,665)

Other ABS

i 74

i 161,012

( i 3,933)

i 4

i 4,806

( i 269)

i 78

i 165,818

( i 4,202)

Mortgage insurance linked-notes

i 3

i 52,600

( i 1,085)

i —

i 3

i 52,600

( i 1,085)

Foreign government and agency securities

i 1

i 5,049

( i 64)

i —

i 1

i 5,049

( i 64)

Total

i 1,102

i 4,331,570

( i 330,469)

i 141

i 484,275

( i 89,607)

i 1,243

i 4,815,845

( i 420,076)

December 31, 2021

($ in thousands)

Less Than 12 Months

12 Months or Greater

Total

Description of Securities

# of
securities

Fair Value

Unrealized
Losses

# of
securities

Fair Value

Unrealized
Losses

# of
securities

Fair Value

Unrealized
Losses

U.S. government and agency securities

i 14

i 101,602

( i 1,165)

i 2

i 6,937

( i 231)

i 16

i 108,539

( i 1,396)

State and municipal obligations

i 20

i 32,721

( i 401)

i —

i 20

i 32,721

( i 401)

Corporate bonds and notes

i 209

i 864,355

( i 16,799)

i 34

i 99,475

( i 8,087)

i 243

i 963,830

( i 24,886)

RMBS

i 57

i 365,476

( i 6,749)

i 3

i 1,543

( i 28)

i 60

i 367,019

( i 6,777)

CMBS

i 81

i 188,457

( i 2,053)

i 9

i 22,050

( i 1,015)

i 90

i 210,507

( i 3,068)

CLO

i 84

i 313,380

( i 675)

i 11

i 35,612

( i 223)

i 95

i 348,992

( i 898)

Other ABS

i 54

i 138,851

( i 603)

i 1

i 631

( i 9)

i 55

i 139,482

( i 612)

Total

i 519

i 2,004,842

( i 28,445)

i 60

i 166,248

( i 9,593)

i 579

i 2,171,090

( i 38,038)

See “—Net Gains (Losses) on Investments and Other Financial Instruments” below for additional details on our net gains (losses) on investments and other financial instruments, including the changes in the allowance for credit losses on fixed-maturities available for sale and other impairments due to our intent to sell securities in an unrealized loss position. During the three and six months ended June 30, 2022, we did not recognize any allowance for credit losses or other impairments related to fixed-maturities available for sale in an unrealized loss position. See Note 2 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for information regarding our accounting policy for impairments.


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Securities Lending Agreements

We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Although we report such securities at fair value within other assets in our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 6 includes these securities. See Note 5 for additional detail on the loaned securities, and see Note 6 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $ i 14.1 million and $ i 57.8 million as of June 30, 2022, and December 31, 2021, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.

Net Gains (Losses) on Investments and Other Financial Instruments

Net gains (losses) on investments and other financial instruments consisted of the following.

Net gains (losses) on investments and other financial instruments

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands)

2022

2021

2022

2021

Net realized gains (losses) on investments sold or redeemed

Fixed-maturities available for sale

Gross realized gains

i 713

i 9,597

i 2,143

i 13,714

Gross realized losses

( i 4,653)

( i 7,221)

( i 8,061)

( i 12,128)

Fixed-maturities available for sale, net

( i 3,940)

i 2,376

( i 5,918)

i 1,586

Trading securities

( i 106)

( i 112)

( i 106)

i 391

Equity securities

i —

( i 227)

i 1,655

( i 227)

Other investments

i 54

i 2,229

i 54

i 2,334

Net realized gains (losses) on investments sold or redeemed

( i 3,992)

i 4,266

( i 4,315)

i 4,084

Change in unrealized gains (losses) on investments sold or redeemed

( i 28)

( i 1,883)

( i 2,198)

( i 2,080)

Net decrease (increase) in expected credit losses

i —

i 608

i —

i 918

Net unrealized gains (losses) on investments still held

Trading securities

( i 8,221)

i 4,601

( i 21,138)

( i 3,448)

Equity securities

( i 20,707)

i 5,140

( i 25,014)

i 9,983

Other investments

( i 185)

i 178

( i 421)

i 1,062

Net unrealized gains (losses) on investments still held

( i 29,113)

i 9,919

( i 46,573)

i 7,597

Total net gains (losses) on investments

( i 33,133)

i 12,910

( i 53,086)

i 10,519

Net gains (losses) on other financial instruments

( i 8,736)

i 2,751

( i 18,240)

( i 39)

Net gains (losses) on investments and other financial instruments

( i 41,869)

i 15,661

( i 71,326)

i 10,480


Table of Contents Glossary			Radian Group Inc. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements

Contractual Maturities

The contractual maturities of fixed-maturities available for sale were as follows.

Contractual maturities of fixed-maturities available for sale

June 30, 2022

(In thousands)

Amortized Cost

Fair Value

Due in one year or less

i 151,491

i 150,543

Due after one year through five years (1)

i 1,298,176

i 1,249,795

Due after five years through 10 years (1)

i 1,112,921

i 1,001,606

Due after 10 years (1)

i 849,400

i 710,723

Asset-backed and mortgage-backed securities (2)

i 2,248,024

i 2,130,425

Total

i 5,660,012

i 5,243,092

Less: loaned securities

i 16,128

i 14,348

Total fixed-maturities available for sale

i 5,643,884

i 5,228,744

(1)Actual maturities may differ as a result of calls before scheduled maturity.

(2)Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date.

For the three and six months ended June 30, 2022, we did not transfer any securities to or from the available for sale or trading categories.

Our fixed-maturities available for sale include securities totaling $ i 13.5 million and $ i 14.3 million at June 30, 2022, and December 31, 2021, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale and trading securities also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

7. i Goodwill and Other Acquired Intangible Assets, Net


		Insurance in Force as of:
	Vintage written in: ($ in billions)	June 30, 2022			December 31, 2021			June 30, 2021
¢	2022	$36.9	14.5	%	$—	—	%	$—	—	%
¢	2021	82.0	32.3		87.4	35.5		41.0	17.3
¢	2020	65.5	25.7		74.3	30.2		86.9	36.6
¢	2019	20.0	7.8		24.0	9.8		32.3	13.6
¢	2018	10.1	4.0		12.4	5.0		16.7	7.1
¢	2017	9.3	3.7		11.5	4.7		15.2	6.4
¢	2009 - 2016	20.3	8.0		25.0	10.2		32.1	13.5
¢	2008 & Prior (2)	10.1	4.0		11.4	4.6		13.1	5.5
	Total	$254.2	100.0	%	$246.0	100.0	%	$237.3	100.0	%


NIW

	Three Months Ended June 30,						Six Months Ended June 30,
($ in millions)	2022			2021			2022			2021
NIW	$	18,935		$	21,662		$	37,551		$	41,761
Primary risk written	$	4,848		$	5,236		$	9,642		$	9,747
Average coverage percentage	25.6		%	24.2		%	25.7		%	23.3		%

NIW by loan purpose
Purchases	97.1		%	77.1		%	94.3		%	68.5		%
Refinances	2.9		%	22.9		%	5.7		%	31.5		%

Total borrower-paid NIW	99.2		%	99.1		%	99.2		%	99.2		%

NIW by premium type
Direct Monthly and Other Recurring Premiums	95.4		%	93.1		%	94.9		%	91.7		%
Direct single premiums (1)	4.6		%	6.9		%	5.1		%	8.3		%

NIW by FICO Score (2)
>=740	59.6		%	61.4		%	58.3		%	62.9		%
680-739	32.3		%	33.1		%	34.0		%	32.3		%
620-679	8.1		%	5.5		%	7.7		%	4.8		%


NIW by LTV
95.01% and above	17.7		%	10.9		%	16.2		%	9.5		%
90.01% to 95.00%	39.9		%	40.4		%	40.9		%	36.2		%
85.01% to 90.00%	26.7		%	27.6		%	28.1		%	29.4		%
85.00% and below	15.7		%	21.1		%	14.8		%	24.9		%



IIF and RIF

($ in millions)	June 30, 2022			December 31, 2021			June 30, 2021
Primary IIF	$	254,226		$	245,972		$	237,302
Primary RIF	$	63,770		$	60,913		$	58,040
Average coverage percentage	25.1		%	24.8		%	24.5		%

Persistency Rate (12 months ended)	71.7		%	64.3		%	57.7		%
Persistency Rate (quarterly, annualized) (1)	79.8		%	71.7		%	66.3		%

Total borrower-paid RIF	92.1		%	90.6		%	88.4		%

Primary RIF by premium type
Direct Monthly and Other Recurring Premiums	85.6		%	83.9		%	81.2		%
Direct single premiums (2)	14.4		%	16.1		%	18.8		%

Primary RIF by FICO score (3)
>=740	57.2		%	56.9		%	57.5		%
680-739	34.9		%	35.0		%	34.8		%
620-679	7.5		%	7.6		%	7.2		%
<=619	0.4		%	0.5		%	0.5		%

Primary RIF by LTV
95.01% and above	16.1		%	15.1		%	14.5		%
90.01% to 95.00%	48.7		%	48.9		%	48.5		%
85.01% to 90.00%	27.4		%	27.7		%	28.1		%
85.00% and below	7.8		%	8.3		%	8.9		%


PMIERs benefit from risk distribution

($ in thousands)	June 30, 2022			December 31, 2021			June 30, 2021
PMIERs impact - reduction in Minimum Required Assets
Excess-of-Loss Program	$	785,705		$	995,171		$	907,112
Single Premium QSR Program	268,847			314,183			355,115
QSR Program	10,226			12,541			16,545
Total PMIERs impact	$	1,064,778		$	1,321,895		$	1,278,772

Percentage of gross Minimum Required Assets	22.1		%	28.4		%	28.7		%


Reconciliation of diluted net income per share to adjusted diluted net operating income per share

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Diluted net income per share	$	1.15	$	0.80	$	2.16	$	1.44
Less per-share impact of reconciling income (expense) items
Net gains (losses) on investments and other financial instruments	(0.24)		0.08		(0.40)		0.05

Amortization of other acquired intangible assets	—		—		(0.01)		(0.01)
Impairment of other long-lived assets and other non-operating items	—		(0.02)		—		(0.02)
Income tax (provision) benefit on reconciling income (expense) items (1)	0.05		(0.01)		0.09		(0.01)
Difference between statutory and effective tax rates	(0.02)		—		(0.05)		—
Per-share impact of reconciling income (expense) items	(0.21)		0.05		(0.37)		0.01
Adjusted diluted net operating income per share (1)	$	1.36	$	0.75	$	2.53	$	1.43

Radian Group Inc. – ‘10-Q’ for 6/30/22

On: Friday, 8/5/22, at 4:15pm ET · For: 6/30/22 · Accession #: 890926-22-33 · File #: 1-11356

Previous ‘10-Q’: ‘10-Q’ on 5/6/22 for 3/31/22 · Next: ‘10-Q’ on 11/4/22 for 9/30/22 · Latest: ‘10-Q’ on 11/3/23 for 9/30/23 · 3 References:

Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

2 Subsequent Filings that Reference this Filing

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			Page
Quarterly Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)			10
Condensed Consolidated Statements of Operations (Unaudited)			11
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)			12
Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)			13
Condensed Consolidated Statements of Cash Flows (Unaudited)			14

Notes to Unaudited Condensed Consolidated Financial Statements
Note 1 - Description of Business			15
Note 2 - Significant Accounting Policies			16
Note 3 - Net Income Per Share			17
Note 4 - Segment Reporting			17
Note 5 - Fair Value of Financial Instruments			19
Note 6 - Investments			22
Note 7 - Goodwill and Other Acquired Intangible Assets, Net			26
Note 8 - Reinsurance			26
Note 9 - Other Assets			31
Note 10 - Income Taxes			31
Note 11 - Losses and LAE			32
Note 12 - Borrowings and Financing Activities			33
Note 13 - Commitments and Contingencies			34
Note 14 - Capital Stock			35
Note 15 - Accumulated Other Comprehensive Income (Loss)			37
Note 16 - Statutory Information			38


Item			Page
Overview			39
Key Factors Affecting Our Results			41
Mortgage Insurance Portfolio			42
Results of Operations—Consolidated			45
Results of Operations—Mortgage			50
Results of Operations—homegenius			55
Results of Operations—All Other			58
Liquidity and Capital Resources			58
Critical Accounting Estimates			63


Table of Contents Glossary Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


Summary results of operations - Consolidated

	Three Months Ended June 30,						Change Favorable (Unfavorable)			Six Months Ended June 30,						Change Favorable (Unfavorable)
($ in thousands, except per-share amounts)	2022			2021			2022 vs. 2021			2022			2021			2022 vs. 2021
Revenues
Net premiums earned	$	253,892		$	254,756		$	(864)		$	508,082		$	526,628		$	(18,546)
Services revenue	27,281			29,464			(2,183)			56,629			52,359			4,270
Net investment income	46,957			36,291			10,666			85,153			74,542			10,611
Net gains (losses) on investments and other financial instruments	(41,869)			15,661			(57,530)			(71,326)			10,480			(81,806)
Other income	572			822			(250)			1,275			1,798			(523)
Total revenues	286,833			336,994			(50,161)			579,813			665,807			(85,994)

Expenses
Provision for losses	(113,922)			3,648			117,570			(197,676)			49,791			247,467
Policy acquisition costs	5,940			4,838			(1,102)			12,545			13,834			1,289
Cost of services	22,760			24,615			1,855			47,513			44,861			(2,652)
Other operating expenses	90,495			86,469			(4,026)			180,036			156,731			(23,305)

Interest expense	20,831			21,065			234			41,677			42,180			503


Amortization of other acquired intangible assets	849			863			14			1,698			1,725			27
Total expenses	26,953			141,498			114,545			85,793			309,122			223,329

Pretax income	259,880			195,496			64,384			494,020			356,685			137,335
Income tax provision	58,687			40,290			(18,397)			111,696			75,871			(35,825)
Net income	$	201,193		$	155,206		$	45,987		$	382,324		$	280,814		$	101,510

Diluted net income per share	$	1.15		$	0.80		$	0.35		$	2.16		$	1.44		$	0.72
Return on equity	19.9		%	14.5		%	5.4		%	18.7		%	14.1		%	4.6		%

Non-GAAP Financial Measures (1)
Adjusted pretax operating income	$	302,033		$	184,719		$	117,314		$	566,981		$	352,035		$	214,946
Adjusted diluted net operating income per share	$	1.36		$	0.75		$	0.61		$	2.53		$	1.43		$	1.10
Adjusted net operating return on equity	23.6		%	13.6		%	10.0		%	21.9		%	14.0		%	7.9		%



Reconciliation of consolidated pretax income to consolidated adjusted pretax operating income

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Consolidated pretax income	$	259,880	$	195,496	$	494,020	$	356,685
Less income (expense) items
Net gains (losses) on investments and other financial instruments	(41,869)		15,661		(71,326)		10,480
Amortization of other acquired intangible assets	(849)		(863)		(1,698)		(1,725)
Impairment of other long-lived assets and other non-operating items	565		(4,021)		63		(4,105)
Total adjusted pretax operating income (1)	$	302,033	$	184,719	$	566,981	$	352,035


Reconciliation of return on equity to adjusted net operating return on equity

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Return on equity (1)	19.9	%	14.5	%	18.7	%	13.0	%
Less impact of reconciling income (expense) items (2)
Net gains (losses) on investments and other financial instruments	(4.1)		1.5		(3.5)		0.5

Amortization of other acquired intangible assets	(0.1)		(0.1)		(0.1)		(0.1)
Impairment of other long-lived assets and other non-operating items	0.1		(0.4)		—		(0.2)
Income tax (provision) benefit on reconciling income (expense) items (3)	0.9		(0.2)		0.7		—
Difference between statutory and effective tax rates	(0.5)		0.1		(0.3)		(0.1)
Impact of reconciling income (expense) items	(3.7)		0.9		(3.2)		0.1
Adjusted net operating return on equity (3)	23.6	%	13.6	%	21.9	%	12.9	%


Summary results of operations - Mortgage

	Three Months Ended June 30,				Change Favorable (Unfavorable)		Six Months Ended June 30,				Change Favorable (Unfavorable)
(In thousands)	2022		2021		2022 vs. 2021		2022		2021		2022 vs. 2021
Revenues
Net premiums written	$	248,645	$	231,027	$	17,618	$	497,005	$	477,901	$	19,104
(Increase) decrease in unearned premiums	(1,736)		16,059		(17,795)		(4,922)		33,849		(38,771)
Net premiums earned	246,909		247,086		(177)		492,083		511,750		(19,667)
Services revenue	2,105		3,732		(1,627)		6,657		8,083		(1,426)
Net investment income	40,197		32,842		7,355		74,214		66,855		7,359
Other income	572		641		(69)		1,275		1,410		(135)
Total revenues	289,783		284,301		5,482		574,229		588,098		(13,869)

Expenses
Provision for losses	(114,179)		3,334		117,513		(198,372)		49,203		247,575
Policy acquisition costs	5,940		4,838		(1,102)		12,545		13,834		1,289
Cost of services	1,960		3,161		1,201		5,343		6,353		1,010
Other operating expenses	58,711		57,860		(851)		118,675		106,776		(11,899)
Interest expense	20,831		21,065		234		41,677		42,180		503
Total expenses	(26,737)		90,258		116,995		(20,132)		218,346		238,478

Adjusted pretax operating income (1)	$	316,520	$	194,043	$	122,477	$	594,361	$	369,752	$	224,609


Ceded premiums earned

	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2022			2021			2022			2021
Single Premium QSR Program	$	(8,297)	(1)	$	12,473		$	(12,028)	(1)	$	31,942
Excess-of-Loss Program	19,292			15,601			36,880			27,755
QSR Program	360			1,018			851			2,337
Other	105			106			210			213
Total ceded premiums earned (2)	$	11,460		$	29,198		$	25,913		$	62,247

Percentage of total direct and assumed premiums earned	4.3		%	10.3		%	4.8		%	10.5		%


Rollforward of primary loans in default

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Beginning default inventory	25,510	50,106	29,061	55,537
New defaults	8,009	8,145	17,402	19,996
Cures	(11,552)	(17,681)	(24,341)	(34,818)
Claims paid	(86)	(98)	(211)	(241)
Rescissions and Claim Denials (1)	(20)	(8)	(50)	(10)
Ending default inventory	21,861	40,464	21,861	40,464


Primary loans in default - additional information

	June 30, 2022
	Total			Foreclosure Stage Defaulted Loans	Cure % During the 2nd Quarter		Reserve for Losses		% of Reserve
($ in thousands)	#	%		#	%		$		%
Missed payments
Three payments or less	6,769	31.0	%	20	42.4	%	$	62,685	11.1	%
Four to eleven payments	6,842	31.3		142	31.5		134,303		23.9
Twelve payments or more	7,943	36.3		737	29.9		348,846		62.0
Pending claims	307	1.4		N/A	25.1		16,602		3.0
Total	21,861	100.0	%	899			562,436		100.0	%
LAE							14,147
IBNR							2,424
Total primary reserve							$	579,007


Summary results of operations - homegenius

	Three Months Ended June 30,				Change Favorable (Unfavorable)		Six Months Ended June 30,				Change Favorable (Unfavorable)
(In thousands)	2022		2021		2022 vs. 2021		2022		2021		2022 vs. 2021
Revenues
Net premiums earned	$	6,983	$	7,670	$	(687)	$	15,999	$	14,878	$	1,121
Services revenue	25,261		25,750		(489)		50,139		44,300		5,839
Net investment income	99		31		68		117		68		49


Total revenues	32,343		33,451		(1,108)		66,255		59,246		7,009

Expenses
Provision for losses	309		335		26		790		631		(159)
Cost of services	20,800		21,433		633		42,170		38,461		(3,709)
Other operating expenses	28,924		20,881		(8,043)		54,491		39,805		(14,686)
Total expenses	50,033		42,649		(7,384)		97,451		78,897		(18,554)

Adjusted pretax operating income (loss) (1)	$	(17,690)	$	(9,198)	$	(8,492)	$	(31,196)	$	(19,651)	$	(11,545)


Summary results of operations - All Other

	Three Months Ended June 30,				Change Favorable (Unfavorable)		Six Months Ended June 30,				Change Favorable (Unfavorable)
(In thousands)	2022		2021		2022 vs. 2021		2022		2021		2022 vs. 2021
Revenues
Services revenue	$	—	$	44	$	(44)	$	—	$	97	$	(97)
Net investment income	6,661		3,418		3,243		10,822		7,619		3,203
Other income	—		181		(181)		—		388		(388)
Total revenues	6,661		3,643		3,018		10,822		8,104		2,718

Expenses
Cost of services	—		19		19		—		47		47
Other operating expenses	3,458		3,750		292		7,006		6,123		(883)
Total expenses	3,458		3,769		311		7,006		6,170		(836)

Adjusted pretax operating income (loss) (1)	$	3,203	$	(126)	$	3,329	$	3,816	$	1,934	$	1,882


Summary cash flows - Consolidated

	Six Months Ended June 30,
(In thousands)	2022		2021
Net cash provided by (used in):
Operating activities	$	176,850	$	275,896
Investing activities	12,604		(76,393)
Financing activities	(206,251)		(155,742)

Increase (decrease) in cash and restricted cash	$	(16,797)	$	43,761


Capital structure

(In thousands, except per-share amounts and ratios)	June 30, 2022			December 31, 2021
Debt
Senior Notes due 2024	$	450,000		$	450,000
Senior Notes due 2025	525,000			525,000
Senior Notes due 2027	450,000			450,000
Deferred debt costs on senior notes	(13,542)			(15,527)
Revolving credit facility	—			—
Total	1,411,458			1,409,473
Stockholders’ equity	3,930,962			4,258,796
Total capitalization	$	5,342,420		$	5,668,269
Debt-to-capital ratio	26.4		%	24.9		%

Shares outstanding	166,388			175,421
Book value per share	$	23.63		$	24.28


Share repurchase program

($ in thousands, except per-share amounts)	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
Period
4/1/2022 to 4/30/2022	1,796,465	$	21.89	1,795,187	$	339,405
5/1/2022 to 5/31/2022	1,795,269	21.29		1,368,396	310,245
6/1/2022 to 6/30/2022	5,917,549	19.51		5,911,213	195,004
Total	9,509,283			9,074,796


Exhibit Number						Exhibit

+*10.1						Form of Executive Officer 2022 Performance-Based Restricted Stock Unit Grant Agreement (book value) under the Radian Group Inc. Equity Compensation Plan
+*10.2						2022 Performance-Based Restricted Stock Unit Grant Agreement (book value) under the Radian Group Inc. Equity Compensation Plan between the Registrant and Richard G. Thornberry
+*10.3						2022 Time-Based Restricted Stock Unit Grant Agreement (book value) under the Radian Group Inc. Equity Compensation Plan between the Registrant and Richard G. Thornberry
+*10.4						Form of Executive Officer 2022 Time-Based Restricted Stock Unit Grant Agreement under the Radian Group Inc. Equity Compensation Plan
10.5						Master Repurchase Agreement, dated July 15, 2022, among Goldman Sachs Bank USA, a national banking institution, Radian Liberty Funding LLC, a Delaware limited liability company, and Radian Mortgage Capital LLC, a Delaware limited liability company (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K (file no. 1-11356) dated July 15, 2022, and filed on July 18, 2022)
10.6						Guaranty and Security Agreement dated as of July 15, 2022, made by Radian Mortgage Capital LLC, a Delaware limited liability company, in favor of Goldman Sachs Bank USA, a national banking institution (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K (file no. 1-11356) dated July 15, 2022, and filed on July 18, 2022)
10.7						Guaranty Agreement dated as of July 15, 2022, made by Radian Group Inc., a Delaware corporation, in favor of Goldman Sachs Bank USA, a national banking institution (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K (file no. 1-11356) dated July 15, 2022, and filed on July 18, 2022)
*31						Rule 13a - 14(a) Certifications
**32						Section 1350 Certifications
*101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
*101.SCH						Inline XBRL Taxonomy Extension Schema Document
*101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
*101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
*104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101.INS)


		Radian Group Inc.

Date:	August 5, 2022	/s/ *J. F*RANKLIN HALL
		J. Franklin Hall
		Senior Executive Vice President, Chief Financial Officer

Date:	August 5, 2022	/s/ ROBERT J. QUIGLEY
		Robert J. Quigley
		Executive Vice President, Controller and Chief Accounting Officer

This ‘10-Q’ Filing	Date	Other Filings

	6/30/33
	12/31/31
	12/31/29
	12/31/27
	7/1/26
	1/1/24
	12/15/23
	6/30/23
	12/31/22
	12/15/22
Filed on:	8/5/22
	8/3/22
	7/29/22
	7/21/22
	7/15/22	8-K
	7/1/22
For Period end:	6/30/22
	4/27/22
	3/15/22
	2/25/22	10-K
	2/11/22
	2/9/22	SC 13G/A
	1/1/22
	12/31/21	10-K, 5
	6/30/21	10-Q
	5/21/21	4
	3/31/21	10-Q
	6/30/20	10-Q
	6/25/20	8-K
	3/1/20
	1/1/20
	3/31/19	10-Q
	1/1/18
	12/31/17	10-K
	1/1/16
	10/1/14
		List all Filings

Radian Group Inc. – ‘10-Q’ for 6/30/22

On: Friday, 8/5/22, at 4:15pm ET · For: 6/30/22 · Accession #: 890926-22-33 · File #: 1-11356

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