Industry News

Real estate loan insurer boosts profits by 181%

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Radian Group on Wednesday reported that its fourth-quarter net income skyrocketed to $156 million, or $1.62 per share, up 181 percent from fourth-quarter 2003 when its income was $55.5 million, or $.57 per share. The company reported that its annual income for 2004 was $518.7 million, up 34 percent from $385.9 million reported for 2003. The annual net income per share last year was $5.33, an increase of 35 percent from $3.95 in 2003. The company had fourth-quarter revenues of $379.1 million, up 9 percent from the $346.5 million the same time a year ago. Annual revenues for 2004 totaled approximately $1.4 billion, up 7 percent from approximately $1.3 billion in 2003. Philadelphia-based Radian is a credit enhancement provider to the global financial and capital markets. Radian's subsidiaries provide products and services through three business lines: financial guaranty, mortgage insurance and other financial services. Radian stock (NYSE: RDN) was trading at $50 a share this morning...