Industry News

Radian suffers ‘difficult’ fourth quarter

Net income plummets to $55.5 million on shutdown of RadianExpress.com

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Radian Group Inc. reported net income of $55.5 million for the fourth quarter of 2003, compared to $107.8 million in the fourth quarter of 2002. Net income per share was $0.58 in the fourth quarter of 2003, compared to $1.14 in the fourth quarter of 2002. For the year, net income and net income per share were $385.9 million and $4.08 respectively, compared to $427.2 million and $4.41 in 2002. As previously announced, Radian's fourth quarter results reflect a $0.09 per share charge for the cessation of operations of its RadianExpress.com Inc. subsidiary and a $0.66 per share charge for an increase in loss reserves in anticipation of claims from a manufactured housing transaction originated and serviced by Conseco Finance Corp. The quarter also contained net after tax gains of $0.13 per share. Premiums written in the fourth quarter were $298.7 million, up 16 percent compared to $258.1 million in the fourth quarter of 2002. Mortgage insurance accounted for 64 percent of the premi...