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Radian's new mortgage insurance written grows 53% YOY in Q4'16

Radian Group Inc. reported fourth-quarter 2016 net income of $61.1 million, or 27 cents per share, down from $74.5 million, or 32 cents per share, in the year-ago quarter.

Adjusted pretax operating income for the most recent quarter was $140.2 million, versus $124.1 million in the year-ago quarter. Adjusted net operating income per share was 41 cents, versus 34 cents in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 40 cents.

Revenues for the fourth quarter of 2016 were $274.4 million, compared to $274.9 million in the year-ago quarter. Net investment income increased year over year to $29.0 million from $22.8 million.

New mortgage insurance written was $13.88 billion for the fourth quarter of 2016, up 53% from $9.10 billion for the prior-year quarter.

The mortgage insurance provision for losses was $54.7 million in the fourth quarter of 2016, compared to $56.8 million in the fourth quarter of 2015.

For full year 2016, the company reported net income of $308.3 million, or $1.37 per share, compared to $286.9 million, or $1.22 per share, in 2015. Adjusted net operating income per share was $1.56, versus $1.40 in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $1.55.

Radian Group's book value per share at Dec. 31, 2016, was $13.39, up 11% from $12.07 at Dec. 31, 2015.

As of Dec. 31, 2016, Radian Guaranty Inc.'s risk-to-capital ratio was 13.5-to-1, compared to 14.3-to-1 as of Dec. 31, 2015.