XML 86 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Segment Reporting Schedule of Segment Reporting Information by Segment (Details)
$ in Thousands
3 Months Ended 12 Months Ended 15 Months Ended 24 Months Ended 33 Months Ended 36 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2017
USD ($)
segment
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Mar. 31, 2013
Dec. 31, 2017
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2017
USD ($)
May 31, 2014
USD ($)
Segment Reporting Information [Line Items]                                  
Net gains (losses) on investments and other financial instruments                   $ 3,621   $ 35,693          
Number of Reportable Segments | segment                   2              
Net premiums earned—insurance   $ 245,175 $ 236,702 $ 229,096 $ 221,800 $ 233,585 $ 238,149 $ 229,085 $ 220,950 $ 932,773 $ 921,769 915,908          
Services revenue   39,703 39,571 37,802 38,027 49,905 45,877 40,263 32,849 155,103 168,894 157,216          
Net investment income   33,605 32,540 30,071 31,032 28,996 28,430 28,839 27,201 127,248 113,466 81,537          
Other Income                   2,886 3,572 2,899          
Provision for losses   35,178 35,841 17,222 46,913 54,287 55,785 49,725 42,991 135,154 202,788 198,585          
Policy acquisition costs   5,871 5,554 6,123 6,729 5,579 6,119 5,393 6,389 24,277 23,480 22,424          
Cost of services   23,349 27,240 25,635 28,375 33,812 29,447 27,365 23,550 104,599 114,174 93,715          
Other operating expenses   65,999 64,195 68,750 68,377 62,416 62,119 63,173 57,188 267,321 244,896 242,405          
Restructuring Charges   5,230 12,038 0 0         17,268 0 0          
Total Operating Expenses Allocated to Subsidiaries From Parent Company                   72,764 56,446 53,738          
Total Interest Expense Allocated to Subsidiaries From Parent Company                   44,686 52,092 35,300          
Total assets $ 5,900,881 5,900,881       5,863,174       5,900,881 5,863,174     $ 5,900,881   $ 5,900,881  
Net gains on investments and other financial instruments   (1,339) $ 2,480 $ 5,331 $ (2,851) (38,773) $ 7,711 $ 30,527 $ 31,286 3,621 30,751 35,693          
Mortgage Insurance Segment                                  
Segment Reporting Information [Line Items]                                  
Intangible Assets, Net (Excluding Goodwill) 145,700 145,700               145,700       145,700   145,700  
Net premiums written—insurance                   818,417 [1],[2] 733,834 [3] 968,505 [4]          
(Increase) decrease in unearned premiums                   114,356 [1] 187,935 (52,597)          
Net premiums earned—insurance                   932,773 921,769 915,908          
Services revenue                   0              
Net investment income                   127,248 113,466 81,537          
Other Income                   2,886 3,572 2,899          
Revenue Non GAAP Basis                   1,062,907 [5],[6] 1,038,807 [7],[8] 1,000,344 [9],[10]          
Provision for losses                   136,183 204,175 198,433          
Policy acquisition costs                   24,277 23,480 22,424          
Cost of services                   0 0 0          
Other operating expenses                   150,975 140,624 148,619          
Total Expenses Non-GAAP                   311,435 [6] 368,279 [8] 369,476 [10]          
Operating Income (Loss) Pretax Non GAAP Before Corporate Allocations                   751,472 670,528 630,868          
Total Operating Expenses Allocated to Subsidiaries From Parent Company                   55,441 45,178 46,418          
Total Interest Expense Allocated to Subsidiaries From Parent Company                   45,016 63,439 73,402          
Operating Income (Loss) Pre-Tax Non-GAAP [11]                   651,015 561,911 511,048          
Total assets 5,733,918 5,733,918       5,506,338       5,733,918 5,506,338 5,290,422   5,733,918 $ 5,290,422 5,733,918  
New Insurance Written                   53,905,000 50,530,000 41,411,000          
Revenue from Related Parties                   0 0 0          
Costs and Expenses, Related Party                   6,730 8,355 5,924          
Mortgage and Real Estate Services Segment [Member]                                  
Segment Reporting Information [Line Items]                                  
Net premiums written—insurance [1],[2]                   0              
(Increase) decrease in unearned premiums [1]                   0              
Net premiums earned—insurance                   0              
Services revenue                   161,833 177,249 163,140          
Net investment income                   0 0 0          
Other Income                   0 0 0          
Revenue Non GAAP Basis                   161,833 [5],[6] 177,249 [7],[8] 163,140 [9],[10]          
Provision for losses                   0              
Policy acquisition costs                   0              
Cost of services                   105,812 115,369 97,256          
Other operating expenses                   50,969 55,815 43,515          
Restructuring Charges [12]                   6,828              
Total Expenses Non-GAAP                   163,609 [6] 171,184 [8] 140,771 [10]          
Operating Income (Loss) Pretax Non GAAP Before Corporate Allocations                   (1,776) 6,065 22,369          
Total Operating Expenses Allocated to Subsidiaries From Parent Company                   14,319 8,533 4,823          
Total Interest Expense Allocated to Subsidiaries From Parent Company                   17,745 17,693 17,700          
Operating Income (Loss) Pre-Tax Non-GAAP [11]                   (33,840) (20,161) (154)          
Total assets 166,963 [13] 166,963 [13]       356,836       166,963 [13] 356,836 351,678   166,963 [13] 351,678 166,963 [13]  
Revenue from Related Parties                   6,730 8,355 5,924          
Costs and Expenses, Related Party                   0 0 0          
Mortgage Insurance and Mortgage and Real Estate Services Segments [Member]                                  
Segment Reporting Information [Line Items]                                  
Net premiums written—insurance                   818,417 [1],[2] 733,834 [3] 968,505 [4]          
(Increase) decrease in unearned premiums                   114,356 [1] 187,935 (52,597)          
Net premiums earned—insurance                   932,773 921,769 915,908          
Services revenue                   161,833 177,249 163,140          
Net investment income                   127,248 113,466 81,537          
Other Income                   2,886 3,572 2,899          
Revenue Non GAAP Basis                   1,224,740 [5],[6] 1,216,056 [7],[8] 1,163,484 [9],[10]          
Provision for losses                   136,183 204,175 198,433          
Policy acquisition costs                   24,277 23,480 22,424          
Cost of services                   105,812 115,369 97,256          
Other operating expenses                   201,944 196,439 192,134          
Restructuring Charges [12]                   6,828              
Total Expenses Non-GAAP                   475,044 [6] 539,463 [8] 510,247 [10]          
Operating Income (Loss) Pretax Non GAAP Before Corporate Allocations                   749,696 676,593 653,237          
Total Operating Expenses Allocated to Subsidiaries From Parent Company                   69,760 53,711 51,241          
Total Interest Expense Allocated to Subsidiaries From Parent Company                   62,761 81,132 91,102          
Operating Income (Loss) Pre-Tax Non-GAAP                   617,175 541,750 510,894          
Total assets $ 5,900,881 $ 5,900,881       $ 5,863,174       $ 5,900,881 $ 5,863,174 $ 5,642,100   $ 5,900,881 $ 5,642,100 $ 5,900,881  
Senior Notes [Member] | Senior Notes Due 2019 [Member]                                  
Segment Reporting Information [Line Items]                                  
Debt Instrument, Face Amount                                 $ 300,000
Reinsurer Concentration Risk [Member] | Single Premium QSR Transaction [Member] | Radian Guaranty [Member]                                  
Segment Reporting Information [Line Items]                                  
Concentration Risk, Percentage 65.00%                       20.00% 35.00% 35.00% 35.00%  
Primary Risk In Force [Member] | CALIFORNIA | Geographic Concentration Risk [Member] | Mortgage Insurance Segment                                  
Segment Reporting Information [Line Items]                                  
Concentration Risk, Percentage                   12.40%              
[1] Effective December 31, 2017, we amended the 2016 Single Premium QSR Transaction to increase the amount of ceded risk for performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages, resulting in a reduction of $145.7 million in net premiums written.
[2] Net of ceded premiums written under the QSR Transactions and the 2016 Single Premium QSR Transaction. See Note 8 for additional information.
[3] Net of ceded premiums written under the QSR Transactions and the 2016 Single Premium QSR Transaction. See Note 8 for additional information.
[4] Net of ceded premiums written under the QSR Transactions. See Note 8 for additional information.
[5] Excludes net gains on investments and other financial instruments of $3.6 million, not included in adjusted pretax operating income.
[6] Includes inter-segment revenues and expenses as follows: December 31, 2017(In thousands)Mortgage Insurance ServicesInter-segment revenues included in Services segment$— $6,730Inter-segment expenses included in Mortgage Insurance segment6,730 —
[7] Excludes net gains on investments and other financial instruments of $30.8 million, not included in adjusted pretax operating income.
[8] Includes inter-segment revenues and expenses as follows: December 31, 2016(In thousands)Mortgage Insurance ServicesInter-segment revenues included in Services segment$— $8,355Inter-segment expenses included in Mortgage Insurance segment8,355 —
[9] Excludes net gains on investments and other financial instruments of $35.7 million, not included in adjusted pretax operating income.
[10] Includes inter-segment revenues and expenses as follows: December 31, 2015(In thousands)Mortgage Insurance ServicesInter-segment revenues included in Services segment$— $5,924Inter-segment expenses included in Mortgage Insurance segment5,924 —
[11] Includes inter-segment expenses and revenues as listed in the notes to the preceding tables.
[12] Primarily includes employee severance and related benefit costs. Does not include impairment of long-lived assets, which is not a component of adjusted pretax operating income.
[13] The decrease in total assets for the Services segment at December 31, 2017, as compared to December 31, 2016, is primarily due to the impairment of goodwill and other intangible assets. See Note 7 for further details.