Q2 2024 Radian Group Inc Earnings Call Transcript
Key Points
- Radian Group Inc (RDN) reported a 12% year-over-year increase in book value per share to $29.66.
- The company generated $321 million in revenue for the quarter, with a net income of $152 million.
- Primary mortgage insurance in-force grew to $273 billion, with $13.9 billion of new high-quality insurance written in the second quarter.
- Radian Guaranty paid a $200 million ordinary dividend to Radian Group Inc (RDN), doubling the amount paid in each of the previous five quarters.
- The company maintained a strong PMIERs cushion of $2.2 billion and increased holding company liquidity to $1.2 billion.
- Operating expenses increased to $92 million in the second quarter, up from $83 million in the first quarter.
- The company experienced a net benefit of only $2 million in its mortgage insurance provision for losses, indicating minimal net positive impact.
- Unrealized net loss on investments was $377 million at quarter-end, impacting stockholders' equity.
- The persistency rate of existing insurance-in-force remained high at 84%, which could limit new business opportunities.
- The company faces potential challenges from a slowing U.S. consumer market and slight increases in unemployment.
Good day and thank you for standing by, and welcome to the Second Quarter 2024 Radian Group earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During the session, you will need to press star one one on your telephone. You will then hear an automated message. Advising your hand is raised. To withdraw your question, please press star one one. Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Kopel, Head of Investor Relations and Capital Management. Please go ahead.
Thank you, and welcome to Radian's Second Quarter 2024 conference call. Our press release, which contains Radian's financial results for the quarter, was issued yesterday evening and is posted to the Investor section of our website at Radian.com. This press release includes certain non-GAAP measures that may be discussed during today's call, including adjusted
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