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Radian posts higher adjusted pretax operating income YOY in Q2

Radian Group Inc. reported second-quarter net income of $166.7 million, or 78 cents per share, compared to $208.9 million, or 96 cents per share, in the year-ago quarter.

Net income for the recent quarter included a $16.8 million pretax loss on extinguishment of debt and $12.5 million pretax net gain on investments and other financial instruments. Net income for the second quarter of 2018 includes the impact of a $73.6 million tax benefit and $7.4 million pretax net loss on investments and other financial instruments.

Adjusted second-quarter pretax operating income increased year over year to $215.8 million from $191.0 million. Adjusted net operating income per share was 80 cents, up from 69 cents in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 72 cents.

Second-quarter total revenue increased to $395.0 million from $319.3 million.

Total primary new insurance written in the second quarter rose to $18.54 billion from $16.42 billion in the prior-year quarter. The mortgage insurance provision for losses was $47.2 million in the second quarter, compared to $19.4 million in the second quarter of 2018.