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Schedule II - Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule II—Financial Information of Registrant | Schedule II—Financial Information of Registrant Condensed Balance Sheet Parent Company Only
(In thousands, except per-share amounts) |  | December 31, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |
Investments |  |  |  |  |  |
Fixed-maturities available for sale—at fair value (amortized cost of $634,133 and $653,575) |  | $ | 612,209 |  |  | $ | 623,957 |
Trading securities—at fair value (amortized cost of $3,987) |  |  | 4,838 |  |  |  | — |
Equity securities—at fair value (cost of $126,830 and $79,170) |  |  | 134,864 |  |  |  | 83,620 |
Other invested assets—at fair value |  |  | 4,850 |  |  |  | 6,222 |
Short-term investments—at fair value (includes $6,276 and $63,450 of reinvested cash collateral held under securities lending agreements) |  |  | 115,983 |  |  |  | 316,991 |
Total investments |  |  | 872,744 |  |  |  | 1,030,790 |
Cash |  |  | 5,782 |  |  |  | 2,200 |
Investment in subsidiaries, at equity in net assets (Note C) |  |  | 5,012,554 |  |  |  | 4,990,822 |
Other assets |  |  | 131,345 |  |  |  | 165,612 |
Total assets |  | $ | 6,022,425 |  |  | $ | 6,189,424 |
Liabilities and stockholders’ equity |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Senior notes |  | $ | 1,065,337 |  |  | $ | 1,417,781 |
Net deferred tax liability (Note A) |  |  | 245,692 |  |  |  | 226,141 |
Other liabilities |  |  | 87,538 |  |  |  | 147,697 |
Total liabilities |  |  | 1,398,567 |  |  |  | 1,791,619 |
Common stockholders’ equity |  |  |  |  |  |
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 168,350 and 147,569 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively) |  |  | 168 |  |  |  | 173 |
Treasury stock, at cost (2024: 20,782 shares; 2023: 20,068 shares) |  |  | (968,246 | ) |  |  | (945,870 | )
Additional paid-in capital |  |  | 1,246,826 |  |  |  | 1,430,594 |
Retained earnings |  |  | 4,695,348 |  |  |  | 4,243,759 |
Accumulated other comprehensive income (loss) |  |  | (350,238 | ) |  |  | (330,851 | )
Total common stockholders’ equity |  |  | 4,623,858 |  |  |  | 4,397,805 |
Total liabilities and stockholders’ equity |  | $ | 6,022,425 |  |  | $ | 6,189,424 |
Schedule II—Financial Information of Registrant Condensed Statements of Operations Parent Company Only
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 63,021 |  |  | $ | 55,370 |  |  | $ | 20,584 |
Net gains (losses) on investments and other financial instruments |  |  | 9,651 |  |  |  | (5,844 | ) |  |  | (4,322 | )
Other income |  |  | — |  |  |  | — |  |  |  | 78 |
Total revenues |  |  | 72,672 |  |  |  | 49,526 |  |  |  | 16,340 |
Expenses |  |  |  |  |  |  |  |  |
Other operating expenses |  |  | 8,825 |  |  |  | 5,025 |  |  |  | 2,043 |
Interest expense |  |  | 4,275 |  |  |  | — |  |  |  | — |
Total expenses (Note B) |  |  | 13,100 |  |  |  | 5,025 |  |  |  | 2,043 |
Pretax income |  |  | 59,572 |  |  |  | 44,501 |  |  |  | 14,297 |
Income tax provision |  |  | 17,602 |  |  |  | 12,479 |  |  |  | 8,148 |
Equity in net income of affiliates |  |  | 562,470 |  |  |  | 571,097 |  |  |  | 736,785 |
Net income |  |  | 604,440 |  |  |  | 603,119 |  |  |  | 742,934 |
Other comprehensive income (loss), net of tax |  |  | (19,320 | ) |  |  | 125,949 |  |  |  | (576,892 | )
Comprehensive income |  | $ | 585,120 |  |  | $ | 729,068 |  |  | $ | 166,042 |
Schedule II—Financial Information of Registrant Condensed Statements of Cash Flows Parent Company Only
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities (1) |  | $ | 246,885 |  |  | $ | 194,607 |  |  | $ | (71 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Proceeds from sales of: |  |  |  |  |  |  |  |  |
Available for sale securities |  |  | 18,423 |  |  |  | 129,650 |  |  |  | 56,934 |
Trading securities |  |  | — |  |  |  | — |  |  |  | 8,868 |
Equity securities |  |  | 38,375 |  |  |  | 60,755 |  |  |  | — |
Proceeds from redemptions of: |  |  |  |  |  |  |  |  |
Available for sale securities |  |  | 320,026 |  |  |  | 168,639 |  |  |  | 194,859 |
Trading securities |  |  | 23 |  |  |  | — |  |  |  | — |
Purchases of: |  |  |  |  |  |  |  |  |
Available for sale securities |  |  | (63,733 | ) |  |  | (84,313 | ) |  |  | (29,039 | )
Equity securities |  |  | (18,166 | ) |  |  | (3,690 | ) |  |  | (2,500 | )
Sales, redemptions and (purchases) of: |  |  |  |  |  |  |  |  |
Short-term investments, net |  |  | 339,819 |  |  |  | (135,657 | ) |  |  | 188,149 |
Other assets, net |  |  | (158 | ) |  |  | (10,664 | ) |  |  | (3,851 | )
Capital distributions from subsidiaries |  |  | 500 |  |  |  | 7,000 |  |  |  | 32,512 |
Capital contributions to subsidiaries |  |  | (84,000 | ) |  |  | (49,750 | ) |  |  | (8,000 | )
Net cash provided by (used in) investing activities |  |  | 551,109 |  |  |  | 81,970 |  |  |  | 437,932 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends and dividend equivalents paid |  |  | (151,961 | ) |  |  | (145,908 | ) |  |  | (135,437 | )
Issuance of common stock |  |  | 928 |  |  |  | 1,755 |  |  |  | 1,341 |
Repurchases of common stock |  |  | (225,059 | ) |  |  | (133,314 | ) |  |  | (400,195 | )
Issuance of senior notes |  |  | 616,745 |  |  |  | — |  |  |  | — |
Redemption of senior notes |  |  | (977,079 | ) |  |  | — |  |  |  | — |
Credit facility commitment fees paid |  |  | (812 | ) |  |  | (904 | ) |  |  | (814 | )
Proceeds (repayments) related to cash collateral for loaned securities, net |  |  | (57,174 | ) |  |  | 2,122 |  |  |  | 60,270 |
Net cash provided by (used in) financing activities |  |  | (794,412 | ) |  |  | (276,249 | ) |  |  | (474,835 | )
Increase (decrease) in cash and restricted cash |  |  | 3,582 |  |  |  | 328 |  |  |  | (36,974 | )
Cash and restricted cash, beginning of period |  |  | 2,200 |  |  |  | 1,872 |  |  |  | 38,846 |
Cash and restricted cash, end of period |  | $ | 5,782 |  |  | $ | 2,200 |  |  | $ | 1,872 |
(1) Includes cash distributions received from subsidiaries of $243 million, $191 million and $50 million in 2024, 2023 and 2022, respectively. Excludes non-cash distributions received from subsidiaries of $432 million, $218 million and $888 million in 2024, 2023 and 2022, respectively. Schedule II—Financial Information of Registrant Supplemental Notes Parent Company Only Note A The Radian Group Inc. (the “Parent Company,” “we” or “our”) financial statements represent the stand-alone financial statements of the Parent Company. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein, except that the Parent Company uses the equity-method of accounting for its majority-owned subsidiaries. These financial statements should be read in conjunction with our consolidated financial statements and the accompanying notes thereto. See Notes 12 and 14 of Notes to Consolidated Financial Statements for additional information on the Parent Company’s debt obligations and capital stock. The Parent Company has entered into the following guarantees on behalf of our subsidiaries: ▪ Beginning in 2022, Radian Group entered into certain Parent Guarantees to support its mortgage conduit business. See Note 12 of Notes to Consolidated Financial Statements for additional information. ▪ To allow our mortgage insurance customers to comply with applicable securities regulations for issuers of ABS (including mortgage-backed securities), Radian Group has guaranteed two structured transactions for Radian Guaranty with $40 million of aggregate remaining credit exposure as of December 31, 2024. ▪ Radian Group and Radian Mortgage Assurance are parties to a guaranty agreement, which provides that Radian Group will make sufficient funds available to Radian Mortgage Assurance to ensure that Radian Mortgage Assurance has a minimum of $5 million of statutory policyholders’ surplus every calendar quarter. Radian Mortgage Assurance had $9 million of statutory policyholders’ surplus and no RIF exposure as of December 31, 2024. As of December 31, 2024, Radian Group recorded a net deferred tax liability of $246 million. This balance includes liabilities related to certain of our subsidiaries, which have incurred federal NOLs that could not be carried-back and utilized on a separate company tax return basis. As a result, we are not currently obligated under our tax-sharing agreement to reimburse these subsidiaries for their separate company federal NOL carryforward. However, if in a future period one of these subsidiaries utilizes its share of federal NOL carryforwards on a separate entity basis, prior to the NOL expiring, then Radian Group may be obligated to fund such subsidiary’s share of our consolidated tax liability to the Internal Revenue Service. A portion of these NOLs will begin to expire in 2027. Note B The Parent Company provides certain services to its subsidiaries. The Parent Company allocates to its subsidiaries expenses it incurs in the capacity of supporting those subsidiaries, including operating expenses, which are allocated based on the forecasted annual percentage of total revenue, which approximates the estimated percentage of time spent on certain subsidiaries, and interest expense, which is allocated based on relative capital. These expenses are presented net of allocations in the Condensed Statements of Operations. Substantially all operating expenses and interest expense have been allocated to the subsidiaries for 2024, 2023 and 2022. Amounts allocated to the subsidiaries for expenses are based on actual cost, without any mark-up. The Parent Company considers these charges to be fair and reasonable. The subsidiaries generally reimburse the Parent Company for these costs in a timely manner, which has the impact of temporarily improving the cash flows of the Parent Company, if accrued expenses are reimbursed prior to actual payment. The following table shows the components of our Parent Company expenses that have been allocated to our subsidiaries for the periods indicated.
Total allocated expenses |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Allocated operating expenses |  | $ | 169,255 |  |  | $ | 163,858 |  |  | $ | 163,000 |
Allocated interest expense |  |  | 81,301 |  |  |  | 82,734 |  |  |  | 82,568 |
Total allocated expenses |  | $ | 250,556 |  |  | $ | 246,592 |  |  | $ | 245,568 |
Note C During 2024 and 2023, certain non-insurance subsidiaries had not generated sufficient cash flow to reimburse the Parent Company for their share of direct and allocated operating expenses, and therefore the Parent Company effectively contributed a total of $76 million and $110 million, respectively, to these subsidiaries to reflect the impairment of the intercompany receivables representing unreimbursed direct and allocated costs. See Note 16 of Notes to Consolidated Financial Statements for additional information related to capital transactions between the Parent Company and its consolidated insurance subsidiaries, including $675 million in ordinary dividends paid during 2024 from Radian Guaranty to Radian Group.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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