Radian Group (RDN) posted second-quarter net income of $50 million, or $0.22 per diluted share, a drop compared to last year’s second quarter net income of $174.8 million, or $0.78 per diluted share.
However, Radian’s CEO S.A. Ibrahim, still commented on the results saying, "Radian delivered strong financial results in the second quarter, driven by positive trends and solid performance for our two business segments.”
“We also took actions in the quarter to simplify and strengthen Radian’s capital structure in a way that will reduce our overall cost of capital, improve the maturity profile of our debt and focus on long-term growth,” he added.
Adjusted pretax operating income for the quarter was $147.3 million, compared to adjusted pretax operating income last year of $74.1 million. Adjusted diluted net operating income per share for the quarter ended June 30, 2015, was $0.4, which beat analyst expectations by $0.05.
New mortgage insurance written was $11.8 billion for the quarter, compared to $9.4 billion in the first quarter of 2015 and $9.3 billion in the prior year quarter.
Additionally, total primary mortgage insurance in force was $172.7 billion, compared to $172.1 billion as of March 31, 2015, and $165 billion as of June 30, 2014.
The mortgage insurance provision for losses was $31.6 million in the second quarter of 2015, compared to $45.9 million in the first quarter of 2015, and $64.6 million in the prior-year period.
Furthermore, the total number of primary delinquent loans decreased by 7% in the second quarter from the first quarter of 2015, and by 23% from the second quarter of 2014.
The primary mortgage insurance delinquency rate decreased to 4.3% in the second quarter of 2015, compared to 4.6% in the first quarter of 2015 and 5.8% in the second quarter of 2014.
