Radian Group, Inc. (RDN) Post Q2 Loss of $0.19/Sh

Radian Group, Inc. (NYSE: RDN) reported Q2 EPS of ($0.19), $0.14 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $200.44 million versus the consensus estimate of $201.92 million.

"We are pleased with our improved financial results in the quarter and the first half of the year,” said Chief Executive Officer S.A. Ibrahim. “Compared to the second quarter of last year, our new mortgage insurance business written grew 60% and we reduced our inventory of primary delinquent loans by 21%. The loss ratio for our mortgage insurance business was approximately 70% for the second consecutive quarter, and the mortgage insurance loss provision for the first half of 2013 reached its lowest level since the first half of 2007."

Ibrahim continued, "Also in the second quarter, we achieved an important milestone with our high quality, profitable new business written after 2008 now representing 53% of our primary risk in force, outweighing our legacy mortgage insurance book. This improved composition has helped our mortgage insurance business achieve profitability, absent the impact of fair value gains and losses, for the quarter and six months."

For earnings history and earnings-related data on Radian Group, Inc. (RDN) click here.

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