RADIAN GROUP INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Results of Operations—All Other
The following table summarizes our results of operations for our All Other activities for the periods indicated.
| Summary results of operations - All Other | |||||
|---|---|---|---|---|---|
| $ Change | |||||
| Years Ended December 31, · Favorable (Unfavorable) | |||||
| (In thousands) | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 |
| Revenues | |||||
| Services revenue | $— | $— | $154 | $— | $(154) |
| Net investment income | 61,322 | 23,708 | 14,622 | 37,614 | 9,086 |
| Net gains (losses) on investments and other financial instruments | 814 | 47 | — | 767 | 47 |
| Other income | 27 | 78 | 734 | (51) | (656) |
| Total revenues | 62,163 | 23,833 | 15,510 | 38,330 | 8,323 |
| Expenses | |||||
| Cost of services | — | — | 64 | — | 64 |
| Other operating expenses | 15,783 | 14,847 | 11,919 | (936) | (2,928) |
| Interest expense | 3,507 | 14 | — | (3,493) | (14) |
| Total expenses | 19,290 | 14,861 | 11,983 | (4,429) | (2,878) |
| Adjusted pretax operating income (1) | $42,873 | $8,972 | $3,527 | $33,901 | $5,445 |
(1)Our senior management uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of our business segments. See Note 4 of Notes to Consolidated Financial Statements.
Our All Other results include income from investments held at Radian Group, which have benefited from rising interest rates over the past year as well as from rising balances resulting from distributions by Radian Guaranty.
Table of ContentsGlossaryPart II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
All Other also includes the financial results of Radian Mortgage Capital. In light of current market conditions, we have been measured in our approach with our mortgage conduit. Radian Mortgage Capital purchased $221 million and $4 million of mortgage loans during 2023 and 2022, respectively, and, to date, has executed the distribution of loans through whole loan sales. As of December 31, 2023, Radian Mortgage Capital had $33 million of mortgage loans held for sale. See Note 7 of Notes to Consolidated Financial Statements for additional information on our mortgage loans held for sale.
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