PHILADELPHIA, April 20 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN) today reported its results for the quarter ended March 31, 2005.
The key financial highlights of the quarter are shown in the following table:
Key Financial Highlights (dollars in millions, except per share data)
First Quarter:
Quarter Ended Quarter Ended Percent
March 31, 2005 March 31, 2004 Change
Net income $115.6 $120.0 (4%)
Diluted net income per share $1.24 $1.22 2%
Net premiums written $214.8 $181.4 18%
Net premiums earned $247.0 $243.4 2%
Revenues $306.6 $332.8 (8%)
Book value per share (as of 3/31) $39.89 $35.63 12%
Equity in net income of affiliates$51.3 $32.5 58%
"Our first quarter performance reflects a more challenging interest rate
and credit spread environment," said Radian's Chairman and CEO Frank P.
Filipps. "But the results reinforce our commitment to diversify our revenue
sources and income around core competencies, and to continue to grow our
business in a disciplined manner."
Radian will hold a conference call on Thursday, April 21, 2005, at 9:00
a.m. Eastern time to discuss the company's first quarter results. This call
will be broadcast live over the Internet at
http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives or at
http://www.radian.biz, under "News." A replay of the webcast will be available
at this site approximately two hours after the live broadcast ends for a
period of one year.
Statistical and financial information which is expected to be referred to
during the conference call will be available on Radian's website under
"Investor Information - Webcasts, Presentations and Transcripts" or by
clicking on
http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives.
Radian Group Inc. is a leading credit enhancement provider to the global
financial and capital markets, headquartered in Philadelphia. Radian's
subsidiaries provide products and services through three business lines:
financial guaranty, mortgage insurance and other financial services.
Additional information may be found at http://www.radian.biz.
Financial Results and Supplemental Information Contents
Exhibit A: Condensed Consolidated Statements of Income
Exhibit B: Condensed Consolidated Balance Sheets
Exhibit C: Segment Information Quarter Ended March 31, 2005
Exhibit D: Segment Information Quarter Ended March 31, 2004
Exhibit E: Financial Guaranty Insurance Supplemental Information -
Quarter Ended March 31, 2005
Exhibit F: Financial Guaranty Insurance Supplemental Information -
Quarter Ended March 31, 2005
Exhibit G: Mortgage Insurance Supplemental Information: New Insurance
Written, Risk Written and Captives
Exhibit H: Mortgage Insurance Supplemental Information: Insurance in
Force and Risk in Force
Exhibit I: Mortgage Insurance Supplemental Information: Risk in Force by
LTV and Policy Year
Exhibit J: Mortgage Insurance Supplemental Information: Claims and
Defaults
Exhibit K: Mortgage Insurance Supplemental Information: ALT A
Exhibit L: Financial Services Supplemental Information
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Income
Exhibit A
Quarter Ended
March 31
2005 2004
(In thousands, except per share amounts)
Revenues:
Net premiums written $214,840 $181,428
Net premiums earned $247,025 $243,420
Net investment income 50,862 49,705
Gains on sales of investments 11,526 26,676
Change in fair value of derivative
instruments (8,960) 4,647
Other income 6,108 8,400
Total revenues 306,561 332,848
Expenses:
Provision for losses 109,500 114,767
Policy acquisition costs 29,356 22,283
Other operating expenses 51,670 53,159
Interest expense 8,958 9,654
Total expenses 199,484 199,863
Equity in net income of affiliates 51,296 32,482
Pretax income 158,373 165,467
Provision for income taxes 42,761 45,457
Net income $115,612 $120,010
Diluted net income per share (1) $1.24 $1.22
(1) Net income per share reconciliation
Net income $115,612 $120,010
Interest expense on convertible
senior debentures (net of tax) 802 804
Net income available to common
stockholders $116,414 $120,814
Weighted average shares outstanding
(in thousands) (2) 94,258 98,888
(2) In conformity with the current period presentation, the prior period
presentation has been adjusted to reflect the inclusion of 3.8 million
shares underlying contingently convertible debt as required by newly
issued accounting rules. The impact on diluted net income per share of
including these shares in the calculation was a reduction of $0.04 per
share in each of the quarters ended March 31, 2005 and March 31, 2004.
Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit B
March 31 December 31 March 31
(In thousands except share and
per share data) 2005 2004 2004
Assets:
Cash and investments $5,245,701 $5,500,748 $5,198,066
Investments in affiliates 383,023 393,025 318,398
Deferred policy acquisition costs 199,943 211,928 201,091
Prepaid federal income taxes 481,049 460,149 358,340
Other assets 412,881 434,970 465,198
Total assets $6,722,597 $7,000,820 $6,541,093
Liabilities and stockholders'
equity:
Unearned premiums $735,768 $770,208 $656,309
Reserve for losses and loss
adjustment expenses 797,671 801,012 786,115
Long-term debt 717,038 717,640 717,461
Deferred federal income taxes 823,305 848,224 723,885
Other liabilities 202,223 174,681 272,406
Total liabilities 3,276,005 3,311,765 3,197,608
Common stock 97 97 96
Additional paid-in capital 819,644 1,106,191 1,187,150
Retained earnings 2,511,469 2,397,626 2,004,673
Accumulated other comprehensive
income 115,382 185,141 151,566
Total stockholders' equity 3,446,592 3,689,055 3,343,485
Total liabilities and
stockholders' equity $6,722,597 $7,000,820 $6,541,093
Book value per share $39.89 $39.98 $35.63
Treasury Stock Repurchases
(Year-to-Date for Periods Presented)
Total number of shares
repurchased 6,143,075 2,817,200 (1) 585,000
Average price paid per share $48.55 $45.38 $44.11
Total cost of repurchased
shares $298,229,529 $127,831,591 $25,806,445
Maximum Number of shares that
may yet be purchased under
the Plans or Programs 1,475,850
(1) Represents full year 2004
Radian Group Inc. and Subsidiaries
Segment Information
Quarter Ended March 31, 2005
Exhibit C
(Thousands of Mortgage Financial Financial
dollars) Insurance Services Guaranty Total
Revenues:
Net premiums written $200,237 $- $14,603 $214,840
Net premiums earned $192,465 $- $54,560 $247,025
Net investment income 28,793 10 22,059 50,862
Gain on sales of
investments 7,119 834 3,573 11,526
Change in fair value of
derivative instruments 3,186 (189) (11,957) (8,960)
Other income 4,592 1,200 316 6,108
Total revenues 236,155 1,855 68,551 306,561
Expenses:
Provision for losses 97,927 - 11,573 109,500
Policy acquisition
costs 14,678 - 14,678 29,356
Other operating
expenses 33,669 3,607 14,394 51,670
Interest expense 5,124 735 3,099 8,958
Total expenses 151,398 4,342 43,744 199,484
Equity in net income
of affiliates - 51,296 - 51,296
Pretax income 84,757 48,809 24,807 158,373
Provision for income
taxes 22,036 17,084 3,641 42,761
Net income $62,721 $31,725 $21,166 (1) $115,612 (1)
Assets $3,972,942 $395,446 $2,354,209 $6,722,597
Deferred policy
acquisition costs 70,873 - 129,070 199,943
Reserve for losses
and loss adjustment
expenses 571,128 - 226,543 797,671
Unearned premiums 149,258 - 586,510 735,768
Stockholders'
equity 1,900,760 298,956 1,246,876 3,446,592
(1) Reflects a $4.1 million net loss from 1st quarter 2005 recapture of
previously ceded business by one of the primary Financial Guaranty
insurers:
Net premiums earned $(4.6)
Policy acquisition costs (1.7)
Benefit for income taxes 2.2
Net loss $(4.1)
Radian Group Inc. and Subsidiaries
Segment Information
Quarter Ended March 31, 2004
Exhibit D
(Thousands of Mortgage Financial Financial
dollars) Insurance Services Guaranty Total
Revenues:
Net premiums written $205,669 $- $(24,241) $181,428
Net premiums earned $207,116 $- $36,304 $243,420
Net investment income 28,513 48 21,144 49,705
Gain/loss on sales
of investments 24,122 3,173 (619) 26,676
Change in fair value of
derivative instruments 4,426 49 172 4,647
Other income 5,486 2,874 40 8,400
Total revenues 269,663 6,144 57,041 332,848
Expenses:
Provision for losses 98,123 - 16,644 114,767
Policy acquisition
costs 17,142 - 5,141 22,283
Other operating
expenses 37,746 3,979 11,434 53,159
Interest expense 5,503 724 3,427 9,654
Total expenses 158,514 4,703 36,646 199,863
Equity in net income
of affiliates - 33,402 (920) 32,482
Pretax income 111,149 34,843 19,475 165,467
Provision for income
taxes 30,647 12,195 2,615 45,457
Net income $80,502 $22,648 $16,860 (1) $120,010 (1)
Assets $3,929,574 $304,921 $2,306,598 $6,541,093
Deferred policy
acquisition costs 79,092 - 121,999 201,091
Reserve for losses
and loss adjustment
expenses 521,102 - 265,013 786,115
Unearned premiums 92,228 - 564,081 656,309
Stockholders'
equity 1,905,233 250,212 1,188,040 3,343,485
(1) Reflects a $10.3 million net loss from 1st quarter 2004 recapture
of previously ceded business by one of the primary Financial Guaranty
insurers:
Net premiums earned $(24.9)
Policy acquisition costs 9.8
Change in fair value of
derivative instruments (0.8)
Benefit for income taxes 5.6
Net loss $(10.3)
Radian Group Inc.
Financial Guaranty Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit E
Quarter Ended
(Thousands of dollars, except ratios) March 31
2005 2004
Net Premiums Written:
Public finance direct 15,433 8,187
Public finance reinsurance 17,026 20,468
Structured direct 15,057 17,747
Structured reinsurance 8,510 8,812
Trade credit 13,319 16,962
69,345 72,176
Impact of recapture (1) (54,742) (96,417)
Net Premiums Written 14,603 (24,241)
Net Premiums Earned:
Public finance direct 8,963 5,799
Public finance reinsurance 8,513 11,202
Structured direct 18,219 18,446
Structured reinsurance 7,266 9,732
Trade credit 16,138 16,017
59,099 61,196
Impact of recapture (2) (4,539) (24,892)
Net Premiums Earned 54,560 36,304
Claims paid:
Trade credit 4,998 6,628
Financial guaranty 12,484 2,637
Conseco 7,969 7,405
Total 25,451 16,670
Impact of recapture (3) - 11,488
Claims paid 25,451 28,158
Incurred losses:
Trade credit 7,041 8,202
Financial guaranty 4,532 8,442
Total 11,573 16,644
Loss ratio - GAAP Basis 21.2% 45.8%
Expense ratio - GAAP Basis 53.3% 45.7%
74.5% 91.5%
Refundings included in earned premium 2,441 1,906
(1) Reflects the impact of the first quarter 2005 and 2004 recapture of
previously ceded business by one of the primary Financial Guaranty
insurers:
(Millions of dollars)
Public reinsurance 48.2 88.8
Structured reinsurance 6.5 7.6
(2) Reflects the impact of the first quarter 2005 and 2004 recapture of
previously ceded business by one of the primary Financial Guaranty
insurers:
(Millions of dollars)
Public reinsurance 3.9 23.4
Structured reinsurance 0.6 1.5
(3) Comprised of claims payments related to the first quarter 2004
recapture of previously ceded business
Radian Group Inc.
Financial Guaranty Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit F
(Thousands of dollars, except ratios)
March 31 December 31 March 31
2005 2004 2004
Capital and surplus 1,044,603 1,008,423 956,805
Contingency reserve 252,508 251,674 237,737
Qualified statutory capital 1,297,111 1,260,097 1,194,542
Unearned premium reserve 694,379 730,604 653,274
Loss and loss expense reserve 132,843 132,767 195,579
Total policyholders' reserves 2,124,333 2,123,468 2,043,395
Present value of installment premiums 239,181 252,000 328,600
Reinsurance and soft capital
facilities 150,000 245,000 245,000
Total claims paying resources 2,513,514 2,620,468 2,616,995
Net debt service outstanding 94,647,865 101,619,835 94,434,209
Capital leverage ratio (1) 73 81 79
Claims paying leverage ratio (2) 38 39 36
Reserve for losses and LAE
Specific 40,503 52,142 80,557
Conseco 72,374 80,343 103,595
Non-specific 113,666 108,895 80,860
Total 226,543 241,380 265,012
(1) Net debt service outstanding divided by qualified statutory capital
(2) Net debt service outstanding divided by total claims paying resources
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit G
Quarter Ended
March 31
2005 % 2004 %
Primary New Insurance Written
(in millions)
Flow 5,662 93.7% 8,842 91.5%
Structured 382 6.3% 824 8.5%
Total 6,044 100.0% 9,666 100.0%
Prime 4,283 70.9% 6,271 64.9%
Alt-A 1,143 18.9% 2,487 25.7%
A minus and below 618 10.2% 908 9.4%
Total 6,044 100.0% 9,666 100.0%
Total Primary New Insurance Written
by FICO Score (in millions)
<=619 443 7.3% 705 7.3%
620-679 1,950 32.3% 3,209 33.2%
680-739 2,144 35.5% 3,445 35.6%
>=740 1,507 24.9% 2,307 23.9%
Total 6,044 100.0% 9,666 100.0%
Percentage of primary new insurance
written
Monthlies 93% 94%
Refinances 37% 43%
95.01% LTV and above 14% 12%
ARMs 36% 34%
Primary risk written (in millions)
Flow 1,414 96.0% 2,313 89.5%
Structured 60 4.0% 272 10.5%
Total 1,474 100.0% 2,585 100.0%
Pool risk written (in millions) 56 86
Other risk written (in millions)
Seconds 10 52
NIMS and other 599 168
Total other risk written 609 220
Net Premiums Written (in thousands)
Primary and Pool Insurance 176,184 176,278
Seconds, NIMS and other 24,053 29,391
Net Premiums Written 200,237 205,669
Net Premiums Earned (in thousands)
Primary and Pool Insurance 169,021 177,443
Seconds, NIMS and other 23,444 29,673
Net Premiums Earned 192,465 207,116
Captives
Premiums ceded to captives
($ millions) $23.8 $19.2
% of total premiums 12.2% 9.8%
NIW subject to captives ($ millions) $2,286 $4,349
% of primary NIW 37.8% 45.0%
IIF subject to captives 33.7% 30.3%
RIF subject to captives 35.5% 32.2%
Persistency (twelve months ended
March 31) 58.4% 51.5%
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit H
March 31 December 31 March 31
2005 % 2004 % 2004 %
Primary insurance in
force (in millions)
Flow 87,308 79.3% 89,741 77.8% 91,403 77.4%
Structured 22,838 20.7% 25,574 22.2% 26,618 22.6%
Total 110,146 100.0% 115,315 100.0% 118,021 100.0%
Prime 77,048 70.0% 79,628 69.0% 81,168 68.8%
Alt-A 20,377 18.5% 22,092 19.2% 23,589 20.0%
A minus and below 12,721 11.5% 13,595 11.8% 13,264 11.2%
Total 110,146 100.0% 115,315 100.0% 118,021 100.0%
Primary risk in force
(in millions)
Flow 21,367 82.6% 21,991 81.4% 22,305 82.9%
Structured 4,496 17.4% 5,021 18.6% 4,601 17.1%
Total 25,863 100.0% 27,012 100.0% 26,906 100.0%
Prime 17,902 69.3% 18,422 68.2% 18,332 68.1%
Alt-A 4,745 18.3% 5,146 19.1% 5,340 19.9%
A minus and below 3,216 12.4% 3,444 12.7% 3,234 12.0%
Total 25,863 100.0% 27,012 100.0% 26,906 100.0%
Total Primary Risk in
Force by FICO Score
(in millions)
<=619 3,044 11.8% 3,296 12.2% 3,267 12.1%
620-679 8,438 32.7% 8,850 32.8% 8,735 32.5%
680-739 8,758 33.8% 9,101 33.7% 8,913 33.1%
>=740 5,623 21.7% 5,765 21.3% 5,991 22.3%
Total 25,863 100.0% 27,012 100.0% 26,906 100.0%
Percentage of primary
risk in force
Monthlies 91% 92%
Refinances 37% 37%
95.01% LTV and above 13% 13%
ARMs 30% 31%
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit I
(In millions, except ratios)
March 31 December 31 March 31
2005 % 2004 % 2004 %
Total Primary Risk in
Force by LTV
95.01% and above 3,416 13.2% 3,429 12.7% 3,239 12.0%
90.01% to 95.00% 9,408 36.4% 9,822 36.4% 10,119 37.6%
85.01% to 90.00% 9,872 38.2% 10,290 38.1% 9,942 37.0%
85.00% and below 3,167 12.2% 3,471 12.8% 3,606 13.4%
Total 25,863 100.0% 27,012 100.0% 26,906 100.0%
Total Primary Risk in
Force by Policy Year
2001 and prior 3,688 14.3% 4,202 15.6% 6,614 24.6%
2002 3,012 11.7% 3,410 12.6% 5,467 20.3%
2003 8,103 31.3% 9,046 33.5% 12,291 45.7%
2004 9,627 37.2% 10,354 38.3% 2,534 9.4%
2005 1,433 5.5% - - - -
Total 25,863 100.0% 27,012 100.0% 26,906 100.0%
Pool risk in force 2,383 2,384 2,430
GSE Pool risk in force 1,398 1,658 1,423
Other risk in force
Seconds 659 673 731
NIMS and other 1,085 532 475
Total other risk in force 1,744 1,205 1,206
Risk to capital ratio-STAT
Basis 9.9:1 10.0:1 10.9:1
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit J
Quarter Ended
March 31
2005 2004
Direct claims paid (in thousands)
Prime 31,871 32,059
Alt-A 22,332 20,525
A Minus and below 20,884 22,634
Seconds 10,607 13,399
Total 85,694 88,617
Average claim paid (in thousands)
Prime 24.5 24.5
Alt-A 37.0 42.6
A Minus and below 26.4 27.7
Seconds 25.3 30.1
Total 27.5 29.0
Loss ratio - GAAP Basis 50.9% 47.4%
Expense ratio - GAAP Basis 25.1% 26.5%
76.0% 73.9%
March 31 December 31 March 31
2005 2004 2004
Default Statistics
Primary insurance:
Prime
Number of insured loans 591,972 610,480 629,719
Number of loans in default 17,750 19,434 19,240
Percentage of loans in default 3.00% 3.18% 3.06%
Alt A
Number of insured loans 119,008 128,010 137,247
Number of loans in default 7,826 8,339 7,880
Percentage of loans in default 6.58% 6.51% 5.74%
A Minus and below
Number of insured loans 98,906 104,672 103,545
Number of loans in default 12,491 12,678 11,757
Percentage of loans in default 12.63% 12.11% 11.35%
Total
Number of insured loans 809,886 843,162 870,511
Number of loans in default 38,067 40,451 38,877
Percentage of loans in default 4.70% 4.80% 4.47%
Pool insurance:
Number of insured loans 589,934 583,568 565,264
Number of loans in default 6,249 6,749 5,739
Percentage of loans in default 1.06% 1.16% 1.02%
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter Ended and as of March 31, 2005
ALT-A
Exhibit K
Quarter Ended
(In millions, except ratios) March 31
2005 % 2004 %
Primary New Insurance Written by FICO
Score
<=619 6 0.5% 20 0.8%
620-659 143 12.5% 464 18.7%
660-679 199 17.4% 444 17.8%
680-739 520 45.5% 1,122 45.1%
>=740 275 24.1% 437 17.6%
Total Alt A 1,143 100.0% 2,487 100.0%
Primary Risk in Force by FICO Score
<=619 62 1.3% 94 1.7%
620-659 982 20.7% 1,280 24.0%
660-679 849 17.9% 904 16.9%
680-739 2,004 42.2% 2,152 40.3%
>=740 848 17.9% 910 17.1%
Total Alt A 4,745 100.0% 5,340 100.0%
Primary Risk in Force by LTV
95.01% and above 324 6.8% 512 9.6%
90.01% to 95.00% 1,683 35.5% 1,876 35.1%
85.01% to 90.00% 2,051 43.2% 2,132 39.9%
85.00% and below 687 14.5% 820 15.4%
Total Alt A 4,745 100.0% 5,340 100.0%
Primary Risk in Force by Policy Year
2001 and prior 296 6.2% 640 12.0%
2002 551 11.6% 1,209 22.6%
2003 1,500 31.6% 2,785 52.2%
2004 2,134 45.0% 706 13.2%
2005 264 5.6% - -
Total Alt A 4,745 100.0% 5,340 100.0%
Radian Group Inc.
Financial Services Supplemental Information
For the Quarter Ended and as of March 31, 2005
Exhibit L
Quarter Ended
(Thousands of dollars, except ratios) March 31
2005 2004
Investment in Affiliates-Selected
Information
C-BASS
Balance, beginning of period 290,073 226,710
Net income for period 28,117 20,876
Dividends received 8,500 12,500
Balance, end of period 309,690 235,086
Sherman
Balance, beginning of period 101,492 65,979
Net income for period 23,179 12,525
Dividends received 51,875 29,050
Other comprehensive income 1,153 (1,237)
Warrant repurchase (2,075) -
Balance, end of period 71,874 48,217
Portfolio Information:
C-BASS
Servicing portfolio 32,931,000 18,037,000
Total assets (in thousands) 3,617,911 2,551,331
Servicing income 59,794 35,614
Net interest income 41,252 36,952
Total revenues 147,300 104,729
Sherman
Total assets 740,604 480,791
Net revenues 148,625 98,975
All statements in this press release that address operating performance,
events or developments that we expect or anticipate may occur in the future
are "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and
the U.S. Private Securities Litigation Reform Act of 1995. These statements
are made on the basis of management's current views and assumptions with
respect to future events. The forward-looking statements, as well as Radian's
prospects as a whole, are subject to risks and uncertainties including the
following: changes in general financial and political conditions, such as
extended national or regional economic recessions (or expansions), changes in
housing values, changes or volatility in interest rates, or other political
instability; changes in investor perception of the strength of private
mortgage insurers or financial guaranty providers, and risks faced by the
businesses, municipalities or pools of assets covered by Radian's insurance;
the loss of significant customers with whom Radian has a concentration of its
insurance in force; rising delinquencies in mortgage loans insured by Radian
resulting from increased consolidation of mortgage lenders and servicers;
increased severity or frequency of losses associated with certain Radian
products that are riskier than traditional mortgage insurance and municipal
guaranty insurance policies; material changes in persistency rates of Radian's
mortgage insurance policies; downgrades of the insurance financial-strength
ratings assigned by the major ratings agencies to Radian's operating
subsidiaries; intense competition from others and from alternative products to
private mortgage insurance and financial guaranty insurance; changes in the
business practices of Fannie Mae and Freddie Mac; the application of existing
federal or state consumer lending and insurance laws and regulations, or
unfavorable changes in these laws and regulations or the way they are
interpreted or applied, including the possibility of private lawsuits or
investigations by state insurance departments and state attorneys general
alleging that services offered by the mortgage insurance industry, such as
captive reinsurance, pool insurance and contract underwriting, are violative
of the Real Estate Settlement Procedures Act and/or similar state regulations
(particularly in light of public reports that some state insurance departments
may review or investigate captive reinsurance arrangements used in the
mortgage insurance industry); legislative and regulatory changes affecting
demand for private mortgage insurance and financial guaranty insurance;
changes in claims against mortgage insurance products resulting from the aging
of Radian's mortgage insurance policies; changes in Radian's ability to
maintain sufficient reinsurance capacity in an increasingly concentrated
reinsurance market; vulnerability to the performance of Radian's strategic
investments; and the loss of executive officers or other key personnel.
Investors are also directed to other risks discussed in documents filed by
Radian with the SEC, including the factors detailed in our annual report on
Form 10-K for the year ended December 31, 2004 in the section immediately
preceding Part I of the report. Radian does not intend to and disclaims any
duty or obligation to update or revise any forward-looking statements made in
this press release to reflect new information, future events or for any other
reason.
SOURCE Radian Group Inc.
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Related links:
http://www.radian.biz
CONTACT:
For investors: Mona Zeehandelaar,
+1-215-231-1674, email: mona.zeehandelaar@radian.biz; or For the
media: David Cheung, +1-215-231-1362, email:
david.cheung@radian.biz, both of Radian Group
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