Radian reports record quarterly earnings.RADIAN GROUP Radian Group Inc. (NYSE: RDN) is a credit enhancement company, offering mortgage insurance, financial guaranty insurance for public finance, asset-backed and structured finance transactions, reinsurance and other financial services. INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ., PHILADELPHIA Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , REPORTED net income of $111.7 million for the second quarter of 2003, compared with $108.9 million in the second quarter of 2002. Net income per share was $1.18, compared with $1.12 in the second quarter of 2002. For the first six months of 2003, net income and net income per share were $216.4 million and $2.29 respectively, compared wire $212.9 million and $2.20 in 2002. Premiums written in the second quarter were $273.9 million, up 15 percent compared with $237.6 million in the second quarter of 2002. Mortgage insurance accounted for 69 percent of this total, while financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. business represented 31 percent. Premiums earned in the second quarter were $255.0 million, an increase of 21 percent compared with $211.0 million in 2002. Net investment income for the quarter was $47.0 million, up 6 percent from $44.5 million a year ago. For the first six months of 2003, premiums written increased 14 percent to $526.3 million, premiums earned increased 15 percent to $481.1 million and net investment income grew 7 per cent from the prior year, to $93.7 million. "Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. achieved record earnings in the second quarter," said Frank P. Filipps, Radian's chairman and chief executive. "Strong business volumes in both mortgage insurance and financial guaranty combined to produce a 15 percent increase in written premiums, and a 21 percent jump in premiums earned. Our strategy to extend and expand our business platform continues to deliver solid, consistent results." Financial guaranty net premiums written for the quarter were $83.7 million, compared with $73.3 million a year ago, which was led by significant new writings in the public finance reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and structured product areas. Net premiums earned were $65.3 million, compared with $43,2 million last year. Insured net debt service outstanding at June 30, 2003, was $114.7 billion, compared with $102.4 billion a year ago. New primary mortgage insurance written in the quarter was $18.1 billion, including $4.8 billion of structured and $13.3 billion of flow mortgage insurance. Primary mortgage insurance-in-force was $122.1 billion at June 30, 2003, compared with $111.4 billion a year ago. The delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate on primary loans was 4.04 percent, compared with 4.06 percent at December 31, 2002, and 3.50 percent a year ago. Net income per share for the second quarter included $0.13 per share from Radian's mortgage services businesses, primarily C-BASS C-BASS Credit-Based Asset Servicing and Securitization and Sherman Financial, compared with $0.15 per share for the same period last year. |
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