Radian posted Q2 net income from continuing operations of $118 million, or $0.87 per share, down from $154 million, or $1.11, a year earlier.
Revenue more than doubled year over year to $575 million, while net premiums earned more than doubled to $504 million; Specialty represented 53% of net premiums.
Pretax income from continuing operations fell to $151 million from $193 million, including $39 million tied to Inigo acquisition accounting and related costs.
Mortgage insurance and capital returns
Primary mortgage insurance in force rose 3% from a year earlier to a record $284 billion, while the default rate eased to 2.47% from 2.51% in Q1.
Radian repurchased $76 million of shares and paid $37 million in dividends; CEO Rick Thornberry cited momentum in its transformation into a multi-line specialty insurer.
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