Industry News

Profits sink at real estate loan insurer

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Radian Group reported that its fourth-quarter net income dropped to $104.5 million, down 33 percent from fourth-quarter 2004 when its income was $156 million. The net income per share for the fourth quarter was $1.24, down 23 percent from $1.62 reported a year ago. The company had net income of $522.9 million for the entire year of 2005, compared with $518.7 million for 2004, a slight uptick of 0.8 percent. Net income per share for the year was $5.91, compared to $5.33 in 2004, an 11 percent jump. The company had fourth-quarter revenues of $298.6 million, down 21 percent from the $379.1 million the same time a year ago. "Radian has been successful in importing financial guaranty expertise into our mortgage business," said S.A. Ibrahim, CEO of Radian. "This expertise presents us with opportunities to provide unique and creative solutions to our customers in the acquisition, management and distribution of global credit risk. It also enables us to more effectively manage our own mortgag...