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Radian Group sees higher operating income YOY in Q1

Radian Group Inc.reported on April 27 first-quarter net income of $66.2 million, or 29 cents pershare, down from $92.3 million, or 39 cents per share, in the year-ago period.

Adjusted pretax operating income for the most recent quarterwas $130.2 million, up from $123.9 million in the prior-year quarter.

Adjusted net operating income per share for the quarter was 37cents, compared to 35 cents in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe first quarter was 37 cents.

Total revenues stood at $313.0 million in the first quarter,up from $290.7 million in the year-ago quarter.

New mortgage insurance written was $8.1 billion in the firstquarter, compared with $9.4 billion in the prior-year quarter.

The mortgage insurance provision for losses was $43.3 millionin the first quarter, compared with $45.9 million in the prior-year period.

As of Dec. 31, 2015, RadianGuaranty Inc.'s risk-to-capital ratio was 12.5-to-1.

Radian Guaranty is compliant with the private mortgage insurereligibility requirements and does not expect to require any additional capital contributionsin order to remain compliant, according to the news release. The financial requirementsof the PMIERs require a mortgage insurer's available assets to equal or exceed itsminimum required assets. As of March 31, Radian Guaranty's available assets exceededits minimum required assets by approximately $500 million, due primarily to thesignificant positive impact of a single premium quota share reinsurance and organicgrowth, the company said.