Radian Group Inc 2024年度报告

OUR CORE VALUES Deliver the Brand Promise Our People are the Difference We are a customer-centricenterprise striving to be the marketleading brand as defined by ourcustomers. We recognize that our people make thedifference in our franchise. Do What’s Right Innovate for the Future We will always do the right thing, withoutcompromise. We embrace innovativetechnologies to strategicallydifferentiate the delivery of ourproducts and services. Create Shareholder Value Partner to Win We build long-term shareholdervalue through sustainable growthand profitability. We recognize that we cannot reach ourgoals alone, so we will developintelligent strategic alliances with best-in-class partners. Radian Group Inc. is a mortgage and real estate company. We provide mortgage insurance and a comprehensivesuite of products and services across the residential real estate and mortgage finance industries. The company islisted on the New York Stock Exchange under the symbol RDN. Learn more about Radian at. This Annual Report to Stockholders contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Forward- lookingstatements may be identified by the use of words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,”“believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variationson these words. These forward-looking statements, which may include without limitation, projections regarding our future performance and financialcondition, are made on the basis of management’s current views and assumptions with respect to future events, and are subject to certain risks,uncertainties, and other factors that could cause actual results to differ materially from those anticipated. For more information regarding the factorsthat could cause actual results and the timing of events to differ materially from our forward-looking statements and the risks and uncertainties thatwe face, you should refer to “Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions” and the Risk Factors detailed inItem 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 that is part of this Annual Report to Stockholders. Chief Executive Officer's LETTER TO OUR STOCKHOLDERS: At Radian, we have always been driven by a deep sense ofpurpose -- to make homeownership affordable, responsibleand sustainable. As we look back on 2024, our results reflectthe economic value of our high-quality mortgage insuranceportfolio, the strength and quality of our investment portfolio,our strong capital and liquidity positions and our ongoingstrategic focus on managing expenses. This is a testamentto our unwavering commitment to delivering long-term valuefor our stockholders. According to U.S. Mortgage Insurers’ (USMI) 2024 NationalHomeownership Market Survey, nearly 8 in 10 Americans(78%) believe owning a home is very important not only forthe stability it provides, but also as an investment to buildgenerational wealth. Despite the increased importance ofhomeownership, a majority of adults believe it has becomeharder to buy a home in the last few years and cite the downpayment as the number one challenge. We are proud of the role we play in the housing market inhelping more mortgage-ready borrowers, includinghistorically underserved households, obtain access toaffordable mortgage credit, often for first-time homeownersand typically for homes that are below the median homeprice in the United States. This mission drives our team tosucceed each day -- and 2024 was no exception. 8.5M+ 48 2024 Financial and Operational Performance Net income and return on equity (ROE)($ in millions) The past year was one of continued financial strength andoperational excellence for Radian. We wrote $52 billion of new mortgage insurance businessand grew our primary insurance in force (IIF) to an all-timehigh of $275 billion. Our total revenues for 2024 reached$1.3 billion andnet income was $604 million as wedelivered a return on equity of 13.4%. We increased book value per share by 9% year overyear, and this book value growth is after returning $152million to our stockholders in the form of dividendsthroughout 2024.We also repurchased 7 million shares ofRadian Group common stock at a cost of $224 millionduring the year. Our capital position remains strong withholding company available liquidity of $885 million and underPMIERs, Radian Guaranty's excess available assets overminimum required assets remained stable in 2024, endingthe year at $2.2 billion. In January 2024, we kicked off the year by receiving anupgrade from S&P Global Ratings reflecting our strongfinancial performance and capital position. The financialstrength rating for Radian Guarant