Radian Group (RDN) Q4 2024 earnings summary

Executive summary

• Full-year 2024 net income was $604 million ($3.92 per diluted share), nearly flat versus $603 million in 2023, with Q4 net income of $148 million ($0.98 per share).

• Book value per share increased 9% year-over-year to $31.33 at December 31, 2024.

• Returned $376 million to shareholders in 2024 via $224 million in share repurchases and $152 million in dividends, including a 9% increase in quarterly dividend.

• Primary mortgage insurance in force reached a record $275.1 billion at year-end 2024.

• Maintained strong capital and liquidity positions, supporting ongoing business growth and shareholder returns.

Financial highlights

• Full-year 2024 total revenues were $1.3 billion, up 4% year-over-year; Q4 revenues were $316 million.

• Adjusted diluted net operating income per share was $1.09 for Q4 and $4.11 for the year.

• Net premiums earned grew to $939 million for 2024; Q4 net premiums earned were $235 million.

• Net investment income for 2024 was $293 million, up from $258 million in 2023.

• Adjusted pretax operating income for 2024 was $803 million, up from $786 million in 2023.

Outlook and guidance

• Expect to achieve targeted reduction in run-rate operating expenses in 2025, with $20–$25 million in savings versus 2023.

• High persistency rates and stable new insurance written are expected to support continued growth in insurance in force.

• Scheduled contingency reserve releases projected to drive ordinary dividend capacity for Radian Guaranty in coming years.

• Positive outlook for the housing market and mortgage insurance business, with a slightly larger private MI market expected in 2025.

• CEO expressed optimism for 2025, citing strong capital, liquidity, and focus on expense management.