Radian Group Inc. (NYSE:RDN) Q3 2023 Results Conference Call November 2, 2023 12:00 PM ET

Company Participants

John Damian - Senior Vice President of Corporate Development and Investor Relations

Rick Thornberry - CEO and Director

Sumita Pandit - CFO and Senior EVP

Derek Brummer - President of Mortgage

Conference Call Participants

Bose George - KBW

Mihir Bhatia - Bank of America

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Radian's Third Quarter 2023 Conference Call.

[Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to John Damian, Senior Vice President, Investor Relations and Corporate Development. Please go ahead.

John Damian

Thank you, and welcome to Radian's Third Quarter 2023 Conference Call. Our press release, which contains Radian's financial results for the quarter, was issued yesterday evening and is posted to the Investors section of our website at www.radian.com. This press release includes certain non-GAAP measures that may be discussed during today's call, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity.

A complete description of all of our non-GAAP measures may be found in press release Exhibit F, and reconciliations of these measures to the most comparable GAAP measures may be found in press release Exhibit G. These exhibits are on the Investors section of our website.

Today, you will hear from Rick Thornberry, Radian's Chief Executive Officer; and Sumita Pandit, Chief Financial Officer. Also on hand for the Q&A portion of the call is Derek Brummer, President of Radian Mortgage.

Before we begin, I would like to remind you that comments made during this call will include forward-looking statements. These statements are based on current expectations, estimates, projections and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially.

For discussion of these risks, please review the cautionary statements regarding forward-looking statements included in our earnings release and the risk factors including in our 2022 Form 10-K and subsequent reports filed with the SEC. These are also available on our website.

Now I'd like to turn the call over to Rick.

Rick Thornberry

Good afternoon, and thank you all for joining us today. I am pleased to report another excellent quarter for Radian. GAAP revenues grew year-over-year to $314 million. We generated net income of $157 million or $0.98 per diluted share. Our annualized return on equity was 15%, and adjusted net operating ROE was 16% in the third quarter. Book value per share increased 12% year-over-year to $26.69.