— Primary mortgage insurance in force increases 4% year-over-year to $269.5 billion —
— Net income of $157 million, or $0.98 per diluted share —
— Return on equity of 15.0% —
— Book value per share grew 12% year-over-year to $26.69 —
— Company purchased 1.9 million shares or $50 million of Radian Group common stock during the three months ended September 30th —
— In October 2023, Radian Guaranty improved its capital position and enhanced its risk distribution program with the closing of the $353 million ILN and the $246 million excess-of-loss reinsurance agreements —
WAYNE, Pa.–(BUSINESS WIRE)–Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended September 30, 2023, of $157 million, or $0.98 per diluted share. This compares with net income for the quarter ended September 30, 2022, of $198 million, or $1.20 per diluted share.
|
Key Financial Highlights |
|
Quarter ended |
||||
|
($ in millions, except per-share amounts) |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
Total revenues (1) |
|
$314 |
|
$290 |
|
$296 |
|
Net income |
|
$157 |
|
$146 |
|
$198 |
|
Diluted net income per share |
|
$0.98 |
|
$0.91 |
|
$1.20 |
|
Consolidated pretax income |
|
$201 |
|
$183 |
|
$255 |
|
Adjusted pretax operating income (2) |
|
$210 |
|
$184 |
|
$273 |
|
Adjusted diluted net operating income per share (2) (3) |
|
$1.04 |
|
$0.91 |
|
$1.31 |
|
Return on equity (4) |
|
15.0% |
|
14.1% |
|
20.7% |
|
Adjusted net operating return on equity (2) (3) |
|
16.0% |
|
14.1% |
|
22.5% |
|
Primary mortgage insurance in force |
|
$269,511 |
|
$266,859 |
|
$259,121 |
|
New Insurance Written (NIW) – mortgage insurance |
|
$13,922 |
|
$16,946 |
|
$17,616 |
|
Net premiums earned – mortgage insurance (1) |
|
$237 |
|
$211 |
|
$235 |
|
New defaults |
|
11,156 |
|
9,775 |
|
9,601 |
|
Provision for losses – mortgage insurance |
|
($8) |
|
($22) |
|
($97) |
|
Book value per share |
|
$26.69 |
|
$26.51 |
|
$23.80 |
|
Accumulated other comprehensive income (loss) value per share (5) |
|
($3.35) |
|
($2.69) |
|
($3.20) |
|
PMIERs Available Assets (6) |
|
$5,758 |
|
$5,689 |
|
$5,358 |
|
PMIERs excess Available Assets (7) |
|
$1,670 |
|
$1,662 |
|
$1,628 |
|
Total Holding Company Liquidity (8) |
|
$1,279 |
|
$1,285 |
|
$848 |
|
Total investments |
|
$5,886 |
|
$5,896 |
|
$5,592 |
|
Percentage of primary loans in default (9) |
|
2.0% |
|
2.0% |
|
2.1% |
|
Mortgage insurance loss reserves |
|
$362 |
|
$374 |
|
$478 |
|
(1) |
|
Total revenue and net premiums earned during the second quarter of 2023 reflect an increase in ceded premiums incurred, primarily due to costs associated with the successful completion of tender offers by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. for the mortgage insurance-linked notes that supported their reinsurance agreement with Radian Guaranty. |
|
(2) |
|
Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G. |
|
(3) |
|
Calculated using the company’s statutory tax rate of 21%. |
|
(4) |
|
Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. |
|
(5) |
|
Included in book value per share for each period presented. |
|
(6) |
|
Represents Radian Guaranty’s Available Assets, calculated in accordance with the Private Mortgage Insurer Eligibility Requirements (PMIERs) financial requirements in effect for each date shown. |
|
(7) |
|
Represents Radian Guaranty’s excess or “cushion” of Available Assets over its Minimum Required Assets, calculated in accordance with the PMIERs financial requirements in effect for each date shown. |
|
(8) |
|
Represents Radian Group’s total liquidity, including available capacity under its $275 million unsecured revolving credit facility. |
|
(9) |
|
Represents the number of primary loans in default as a percentage of the total number of insured primary loans. |
Net income for the quarter ended September 30, 2023, was $157 million, or $0.98 per diluted share. This compares with net income for the quarter ended September 30, 2022, of $198 million, or $1.20 per diluted share.
Adjusted pretax operating income for the quarter ended September 30, 2023, was $210 million, or $1.04 per diluted share. This compares with adjusted pretax operating income for the quarter ended September 30, 2022, of $273 million, or $1.31 per diluted share.
Book value per share at September 30, 2023, was $26.69, compared to $26.51 at June 30, 2023, and $23.80 at September 30, 2022. This represents a 12% growth in book value per share at September 30, 2023, as compared to September 30, 2022, and includes accumulated other comprehensive income (loss) of $(3.35) per share as of September 30, 2023, and $(3.20) per share as of September 30, 2022. Beginning in the first quarter of 2022, the change in accumulated other comprehensive income (loss) is primarily from net unrealized losses on investments as a result of an increase in market interest rates.
“We reported another quarter of excellent financial results for Radian, increasing book value per share by 12% year-over-year, generating net income of $157 million, and delivering return on equity of 15%. Our primary mortgage insurance in force, which is the main driver of future earnings for our company, grew 4% year-over-year to $270 billion, and, in October, we improved our capital position as well as enhanced our risk distribution program with the closing of two new reinsurance agreements,” said Radian’s Chief Executive Officer Rick Thornberry. “We continue to strategically manage capital and opportunistically repurchase shares, including $50 million of common stock purchased in the quarter. Our overall performance reflects the strength of our business model and our growing insured portfolio, as well as the depth of our customer relationships and dedication of our team.”
THIRD QUARTER HIGHLIGHTS
-
NIW was $13.9 billion in the third quarter of 2023, compared to $16.9 billion in the second quarter of 2023, and $17.6 billion in the third quarter of 2022.
- Purchase NIW decreased 18% in the third quarter of 2023 compared to the second quarter of 2023 and decreased 21% compared to the third quarter of 2022.
- Refinances accounted for 1% of total NIW in the third quarter of 2023, compared to 1% in the second quarter of 2023, and 2% in the third quarter of 2022.
-
Total primary mortgage insurance in force as of September 30, 2023, increased to $269.5 billion, an increase of 1% as compared to $266.9 billion as of June 30, 2023, and an increase of 4% compared to $259.1 billion as of September 30, 2022.
- The year-over-year change reflects a 7% increase in monthly premium policy insurance in force and a 12% decline in single premium policy insurance in force.
- Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended September 30, 2023, compared to 83% for the twelve months ended June 30, 2023, and 76% for the twelve months ended September 30, 2022.
- Annualized persistency for the three months ended September 30, 2023, was 84%, compared to 84% for the three months ended June 30, 2023, and 82% for the three months ended September 30, 2022.
-
Net mortgage insurance premiums earned were $237 million for the third quarter of 2023, compared to $211 million for the second quarter of 2023, and $235 million for the third quarter of 2022.
- The second quarter of 2023 reflected an increase in ceded premiums earned, primarily as a result of the successful completion of tender offers by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. during the second quarter of 2023 to purchase the mortgage insurance-linked notes that supported their reinsurance agreements with Radian Guaranty.
- Mortgage insurance in force portfolio premium yield was 38.0 basis points in the third quarter of 2023. This compares to 38.2 basis points in the second quarter of 2023, and 39.2 basis points in the third quarter of 2022.
- The impact of single premium policy cancellations before consideration of reinsurance represented 0.5 basis points of direct premium yield in the third quarter of 2023, 0.6 basis points in the second quarter of 2023, and 1.0 basis points in the third quarter of 2022.
- Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 35.3 basis points in the third quarter of 2023. This compares to 31.9 basis points in the second quarter of 2023, and 36.7 basis points in the third quarter of 2022. The second quarter of 2023 reflected an increase of 3.2 basis points in ceded premiums earned, as a result of the tender offers by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd.
- Details regarding premiums earned may be found in Exhibit D.
-
The mortgage insurance provision for losses was a benefit of $8 million in the third quarter of 2023, compared to benefits of $22 million and $97 million in the second quarter of 2023 and third quarter of 2022, respectively.
- Favorable reserve development on prior period defaults was $55 million in the third quarter of 2023, compared to $63 million in the second quarter of 2023 and $136 million in the third quarter of 2022.
- The number of primary delinquent loans was 20,406 as of September 30, 2023, compared to 19,880 as of June 30, 2023, and 21,077 as of September 30, 2022.
- The loss ratio in the third quarter of 2023 was (3.5)%, compared to (10.3)% in the second quarter of 2023, and (41.5)% in the third quarter of 2022.
- Total mortgage insurance claims paid were $5 million in the third quarter of 2023, compared to $3 million in the second quarter of 2023, and $5 million in the third quarter of 2022.
-
Radian’s homegenius segment offers an array of title, real estate and real estate technology products and services to consumers, mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents.
- Total homegenius segment revenues for the third quarter of 2023 were $15 million, compared to $15 million for the second quarter of 2023, and $25 million for the third quarter of 2022.
- Adjusted pretax operating loss, our primary segment measure of profitability for the homegenius segment, was $21 million for the third quarter of 2023, compared to $24 million for the second quarter of 2023, and $26 million for the third quarter of 2022.
-
Other operating expenses were $79 million in the third quarter of 2023, compared to $90 million in the second quarter of 2023, and $91 million in the third quarter of 2022.
- Other operating expenses decreased in the third quarter of 2023 as compared to expenses in the second quarter of 2023, primarily due to the timing of our annual share-based incentive grants and severance and related expenses recognized in the second quarter of 2023, as well as a decrease in other general operating expenses in the third quarter of 2023.
- Additional details regarding other operating expenses may be found in Exhibit D.
CAPITAL AND LIQUIDITY UPDATE
Radian Group
- As of September 30, 2023, Radian Group maintained $1.0 billion of available liquidity. Total holding company liquidity, including the company’s $275 million unsecured revolving credit facility, was $1.3 billion as of September 30, 2023.
- Radian Group paid a dividend on its common stock in the amount of $0.225 per share, totaling $35 million on September 6, 2023.
- During the third quarter of 2023, the company repurchased 1.9 million shares of Radian Group common stock at a total cost of $50 million, including commissions. As of September 30, 2023, purchase authority of up to $230 million remained available under the existing program.
Radian Guaranty
- In the third quarter of 2023, Radian Guaranty paid an ordinary dividend to Radian Group of $100 million, bringing the total ordinary dividends paid from Radian Guaranty to Radian Group during the year to $300 million. Based on current performance expectations, Radian Guaranty expects to pay another dividend of between $50 million to $100 million in the fourth quarter, bringing the expected full year 2023 total of ordinary dividends paid from Radian Guaranty to Radian Group to between $350 million to $400 million.
- At September 30, 2023, Radian Guaranty’s Available Assets under PMIERs totaled approximately $5.8 billion, resulting in PMIERs excess Available Assets of $1.7 billion.
RECENT EVENTS
- As previously announced, in October 2023, Radian Guaranty entered into a new fully collateralized mortgage insurance-linked-note (ILN) reinsurance transaction, in which the company obtained $353 million of credit-risk protection from Eagle Re 2023-1 Ltd. (Eagle Re) on $8.8 billion of eligible policies that were issued between April 1, 2022, and December 31, 2022, through the issuance by Eagle Re of $353 million of ILNs to capital markets investors in an unregistered private offering. Eagle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate of Radian Guaranty.
- Also in October 2023, Radian Guaranty entered into an excess-of-loss reinsurance agreement with a panel of third-party reinsurance providers. This reinsurance agreement provides for up to $246 million of aggregate excess-of-loss reinsurance coverage for the mortgage insurance losses on new defaults on an existing portfolio of eligible policies with RIF of $8.0 billion that were issued between October 1, 2021, and March 31, 2022. Radian Guaranty retains a portion of the aggregate losses up to a specified amount, as well as any losses in excess of the reinsurance coverage amount.
- Assuming these reinsurance arrangements were in place as of September 30, 2023, Radian Guaranty’s PMIERs excess Available Assets would have increased to approximately $2.2 billion.
CONFERENCE CALL
Radian will discuss third quarter 2023 financial results in a conference call tomorrow, Thursday, November 2, 2023, at 12:00 p.m. Eastern time. The conference call will be webcast live on the company’s website at https://radian.com/who-we-are/for-investors/webcasts or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.
The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).
A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at https://radian.com/who-we-are/for-investors/webcasts.
In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.
NON-GAAP FINANCIAL MEASURES
Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity (non-GAAP measures) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, these measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.
Adjusted pretax operating income (loss) is defined as GAAP consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for certain investments and other financial instruments attributable to our reportable segments and All Other activities; (ii) amortization and impairment of goodwill and other acquired intangible assets; and (iii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income and expenses and gains (losses) on extinguishment of debt. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss) attributable to common stockholders, net of taxes computed using the company’s statutory tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s statutory tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.
See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable consolidated GAAP measures.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com and homegenius.com to learn more about how Radian and its pioneering homegenius platform are building a smarter future for mortgage and real estate services.
|
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited) |
||
|
Exhibit A: |
Condensed Consolidated Statements of Operations |
|
|
Exhibit B: |
Net Income Per Share |
|
|
Exhibit C: |
Condensed Consolidated Balance Sheets |
|
|
Exhibit D: |
Net Premiums Earned and Other Operating Expenses |
|
|
Exhibit E: |
Segment Information |
|
|
Exhibit F: |
Definition of Consolidated Non-GAAP Financial Measures |
|
|
Exhibit G: |
Consolidated Non-GAAP Financial Measure Reconciliations |
|
|
Exhibit H: |
Mortgage Supplemental Information – New Insurance Written |
|
|
Exhibit I: |
Mortgage Supplemental Information – Primary Insurance in Force and Risk in Force |
|
|
Radian Group Inc. and Subsidiaries |
||||||||||||||||||||
|
|
|
2023 |
|
2022 |
||||||||||||||||
|
(In thousands, except per-share amounts) |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net premiums earned |
|
$ |
240,262 |
|
|
$ |
213,429 |
|
|
$ |
233,238 |
|
|
$ |
232,827 |
|
|
$ |
240,222 |
|
|
Services revenue |
|
|
10,892 |
|
|
|
11,797 |
|
|
|
10,984 |
|
|
|
15,441 |
|
|
|
20,146 |
|
|
Net investment income |
|
|
68,825 |
|
|
|
64,182 |
|
|
|
59,221 |
|
|
|
59,091 |
|
|
|
51,414 |
|
|
Net gains (losses) on investments and other financial instruments |
|
|
(8,555 |
) |
|
|
(236 |
) |
|
|
5,585 |
|
|
|
6,845 |
|
|
|
(16,252 |
) |
|
Other income |
|
|
2,109 |
|
|
|
1,241 |
|
|
|
1,592 |
|
|
|
520 |
|
|
|
659 |
|
|
Total revenues |
|
|
313,533 |
|
|
|
290,413 |
|
|
|
310,620 |
|
|
|
314,724 |
|
|
|
296,189 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Provision for losses |
|
|
(8,135 |
) |
|
|
(21,632 |
) |
|
|
(16,929 |
) |
|
|
(43,599 |
) |
|
|
(96,964 |
) |
|
Policy acquisition costs |
|
|
6,920 |
|
|
|
5,218 |
|
|
|
6,293 |
|
|
|
5,931 |
|
|
|
5,442 |
|
|
Cost of services |
|
|
8,886 |
|
|
|
10,257 |
|
|
|
10,398 |
|
|
|
16,128 |
|
|
|
18,717 |
|
|
Other operating expenses |
|
|
79,206 |
|
|
|
89,885 |
|
|
|
83,269 |
|
|
|
109,785 |
|
|
|
91,327 |
|
|
Interest expense |
|
|
24,302 |
|
|
|
22,639 |
|
|
|
22,207 |
|
|
|
21,594 |
|
|
|
21,183 |
|
|
Amortization of other acquired intangible assets |
|
|
1,371 |
|
|
|
1,370 |
|
|
|
1,371 |
|
|
|
1,587 |
|
|
|
1,023 |
|
|
Total expenses |
|
|
112,550 |
|
|
|
107,737 |
|
|
|
106,609 |
|
|
|
111,426 |
|
|
|
40,728 |
|
|
Pretax income |
|
|
200,983 |
|
|
|
182,676 |
|
|
|
204,011 |
|
|
|
203,298 |
|
|
|
255,461 |
|
|
Income tax provision |
|
|
44,401 |
|
|
|
36,589 |
|
|
|
46,254 |
|
|
|
40,968 |
|
|
|
57,181 |
|
|
Net income |
|
$ |
156,582 |
|
|
$ |
146,087 |
|
|
$ |
157,757 |
|
|
$ |
162,330 |
|
|
$ |
198,280 |
|
|
Diluted net income per share |
|
$ |
0.98 |
|
|
$ |
0.91 |
|
|
$ |
0.98 |
|
|
$ |
1.01 |
|
|
$ |
1.20 |
|
|
Radian Group Inc. and Subsidiaries |
|||||||||||||||
|
The calculation of basic and diluted net income per share is as follows. |
|||||||||||||||
|
|
|
2023 |
|
2022 |
|||||||||||
|
(In thousands, except per-share amounts) |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|||||
|
Net income—basic and diluted |
|
$ |
156,582 |
|
$ |
146,087 |
|
$ |
157,757 |
|
$ |
162,330 |
|
$ |
198,280 |
|
Average common shares outstanding—basic |
|
|
158,461 |
|
|
159,010 |
|
|
158,304 |
|
|
158,357 |
|
|
162,506 |
|
Dilutive effect of share-based compensation arrangements (1) |
|
|
1,686 |
|
|
1,734 |
|
|
3,045 |
|
|
2,450 |
|
|
2,232 |
|
Adjusted average common shares outstanding—diluted |
|
|
160,147 |
|
|
160,744 |
|
|
161,349 |
|
|
160,807 |
|
|
164,738 |
|
Basic net income per share |
|
$ |
0.99 |
|
$ |
0.92 |
|
$ |
1.00 |
|
$ |
1.03 |
|
$ |
1.22 |
|
Diluted net income per share |
|
$ |
0.98 |
|
$ |
0.91 |
|
$ |
0.98 |
|
$ |
1.01 |
|
$ |
1.20 |
| (1) |
The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. |
|
|
|
|
2023 |
|
2022 |
||||||
|
(In thousands) |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Qtr 4 |
|
Qtr 3 |
|
Shares of common stock equivalents |
|
— |
|
112 |
|
25 |
|
— |
|
— |
|
Radian Group Inc. and Subsidiaries |
||||||||||||||||||||
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
|
(In thousands, except per-share amounts) |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Investments |
|
$ |
5,885,652 |
|
|
$ |
5,895,871 |
|
|
$ |
5,837,892 |
|
|
$ |
5,693,491 |
|
|
$ |
5,591,881 |
|
|
Cash |
|
|
55,489 |
|
|
|
61,142 |
|
|
|
50,167 |
|
|
|
56,183 |
|
|
|
54,701 |
|
|
Restricted cash |
|
|
1,305 |
|
|
|
1,317 |
|
|
|
577 |
|
|
|
377 |
|
|
|
1,107 |
|
|
Accrued investment income |
|
|
45,623 |
|
|
|
42,650 |
|
|
|
42,567 |
|
|
|
40,093 |
|
|
|
38,596 |
|
|
Accounts and notes receivable |
|
|
144,614 |
|
|
|
138,432 |
|
|
|
129,565 |
|
|
|
119,834 |
|
|
|
174,041 |
|
|
Reinsurance recoverable |
|
|
24,148 |
|
|
|
22,979 |
|
|
|
24,396 |
|
|
|
25,633 |
|
|
|
30,569 |
|
|
Deferred policy acquisition costs |
|
|
18,817 |
|
|
|
19,272 |
|
|
|
18,236 |
|
|
|
18,460 |
|
|
|
17,920 |
|
|
Property and equipment, net |
|
|
74,558 |
|
|
|
73,885 |
|
|
|
72,111 |
|
|
|
70,981 |
|
|
|
75,740 |
|
|
Goodwill and other acquired intangible assets, net |
|
|
11,173 |
|
|
|
12,543 |
|
|
|
13,914 |
|
|
|
15,285 |
|
|
|
16,873 |
|
|
Prepaid federal income taxes |
|
|
696,820 |
|
|
|
663,320 |
|
|
|
596,368 |
|
|
|
596,368 |
|
|
|
526,123 |
|
|
Other assets |
|
|
420,483 |
|
|
|
375,132 |
|
|
|
418,609 |
|
|
|
427,024 |
|
|
|
458,292 |
|
|
Total assets |
|
$ |
7,378,682 |
|
|
$ |
7,306,543 |
|
|
$ |
7,204,402 |
|
|
$ |
7,063,729 |
|
|
$ |
6,985,843 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unearned premiums |
|
$ |
236,400 |
|
|
$ |
246,666 |
|
|
$ |
257,735 |
|
|
$ |
271,479 |
|
|
$ |
285,290 |
|
|
Reserve for losses and loss adjustment expense |
|
|
367,568 |
|
|
|
379,434 |
|
|
|
405,651 |
|
|
|
426,843 |
|
|
|
483,664 |
|
|
Senior notes |
|
|
1,416,687 |
|
|
|
1,415,610 |
|
|
|
1,414,549 |
|
|
|
1,413,504 |
|
|
|
1,412,473 |
|
|
Secured borrowings |
|
|
241,753 |
|
|
|
178,762 |
|
|
|
121,642 |
|
|
|
155,822 |
|
|
|
153,550 |
|
|
Reinsurance funds withheld |
|
|
156,114 |
|
|
|
154,354 |
|
|
|
153,099 |
|
|
|
152,067 |
|
|
|
218,777 |
|
|
Net deferred tax liability |
|
|
497,560 |
|
|
|
479,754 |
|
|
|
455,517 |
|
|
|
391,083 |
|
|
|
335,374 |
|
|
Other liabilities |
|
|
309,701 |
|
|
|
281,127 |
|
|
|
289,731 |
|
|
|
333,604 |
|
|
|
358,665 |
|
|
Total liabilities |
|
|
3,225,783 |
|
|
|
3,135,707 |
|
|
|
3,097,924 |
|
|
|
3,144,402 |
|
|
|
3,247,793 |
|
|
Common stock |
|
|
175 |
|
|
|
177 |
|
|
|
176 |
|
|
|
176 |
|
|
|
176 |
|
|
Treasury stock |
|
|
(945,504 |
) |
|
|
(945,032 |
) |
|
|
(931,313 |
) |
|
|
(930,643 |
) |
|
|
(930,396 |
) |
|
Additional paid-in capital |
|
|
1,482,712 |
|
|
|
1,522,895 |
|
|
|
1,515,852 |
|
|
|
1,519,641 |
|
|
|
1,513,615 |
|
|
Retained earnings |
|
|
4,136,598 |
|
|
|
4,016,482 |
|
|
|
3,908,396 |
|
|
|
3,786,952 |
|
|
|
3,656,870 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(521,082 |
) |
|
|
(423,686 |
) |
|
|
(386,633 |
) |
|
|
(456,799 |
) |
|
|
(502,215 |
) |
|
Total stockholders’ equity |
|
|
4,152,899 |
|
|
|
4,170,836 |
|
|
|
4,106,478 |
|
|
|
3,919,327 |
|
|
|
3,738,050 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
7,378,682 |
|
|
$ |
7,306,543 |
|
|
$ |
7,204,402 |
|
|
$ |
7,063,729 |
|
|
$ |
6,985,843 |
|
|
Shares outstanding |
|
|
155,582 |
|
|
|
157,350 |
|
|
|
156,547 |
|
|
|
157,056 |
|
|
|
157,058 |
|
|
Book value per share |
|
$ |
26.69 |
|
|
$ |
26.51 |
|
|
$ |
26.23 |
|
|
$ |
24.95 |
|
|
$ |
23.80 |
|
|
Holding company debt-to-capital ratio (1) |
|
25.4 |
% |
|
25.3 |
% |
|
25.6 |
% |
|
26.5 |
% |
|
27.4 |
% |
|||||
Contacts
For Investors
John Damian – Phone: 215.231.1383
email: [email protected]
For Media
Rashi Iyer – Phone: 215.231.1167
email: [email protected]
