RADIAN GROUP INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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Results of Operations—All Other
The following table summarizes our All Other results of operations for the periods indicated.
| Summary results of operations - All Other | ||||||
|---|---|---|---|---|---|---|
| Three Months EndedSeptember 30, · ChangeFavorable(Unfavorable) · Nine Months EndedSeptember 30, · ChangeFavorable(Unfavorable) | ||||||
| (In thousands) | 2024 | 2023 | 2024 vs. 2023 | 2024 | 2023 | 2024 vs. 2023 |
| Revenues | ||||||
| Net premiums earned | $3,989 | $3,461 | $528 | $8,760 | $7,946 | $814 |
| Services revenue | 12,001 | 10,723 | 1,278 | 37,558 | 33,083 | 4,475 |
| Net investment income | 28,160 | 17,852 | 10,308 | 71,471 | 45,590 | 25,881 |
| Net gains (losses) on investments and other financial instruments | (4,611) | 283 | (4,894) | (4,277) | 458 | (4,735) |
| Income (loss) on consolidated VIEs | 465 | — | 465 | 465 | — | 465 |
| Other income | (399) | 9 | (408) | (244) | 13 | (257) |
| Total revenues | 39,605 | 32,328 | 7,277 | 113,733 | 87,090 | 26,643 |
| Expenses | ||||||
| Provision for losses | 543 | 122 | (421) | 419 | 48 | (371) |
| Cost of services | 9,416 | 8,714 | (702) | 27,969 | 28,985 | 1,016 |
| Other operating expenses | 27,021 | 30,657 | 3,636 | 89,288 | 93,305 | 4,017 |
| Interest expense | 7,500 | 1,609 | (5,891) | 14,045 | 2,086 | (11,959) |
| Total expenses | 44,480 | 41,102 | (3,378) | 131,721 | 124,424 | (7,297) |
| Adjusted pretax operating income (loss) (1) | $(4,875) | $(8,774) | $3,899 | $(17,988) | $(37,334) | $19,346 |
(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 Unaudited Condensed 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.
All Other also includes the financial results of our other immaterial operating segments, comprising our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. In particular, Radian Mortgage Capital contributed to the increase in net investment income, net losses on investments and interest expense during the three and nine months ended September 30, 2024.
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