Radian Group Inc
(NYSE:RDN)

Radian Group Inc., together with its subsidiaries, engages in the mortgage and real estate services business in the United States. Its Mortgage segment offers credit-related insurance coverage primarily through private mortgage insurance on residential first-lien mortgage loans, as well as other cre...

Website: http://www.radian.biz

Founded: 1977

Full Time Employees: 2,000

Sector: Financial Services

Industry: Insurance-Specialty

Mortgage Financial Services

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At a glance:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-09-30	2004-09-30	2004-03-31

revenues
net premiums earned	237,192,000	237,103,000	237,520,000	236,679,000	238,562,000	239,133,000	237,731,000	235,857,000	232,649,000	240,262,000	213,429,000	233,238,000	232,827,000	240,222,000	253,892,000	254,190,000	261,437,000	249,118,000	254,756,000	271,872,000	302,140,000	286,471,000	249,295,000
net investment income	62,683,000	63,399,000	72,769,000	68,574,000	71,310,000	78,396,000	73,766,000	69,221,000	66,202,000	68,825,000	64,182,000	59,221,000	59,091,000	51,414,000	46,957,000	38,196,000	37,407,000	35,960,000	36,291,000	38,251,000	38,115,000	36,255,000	38,723,000	40,944,000	41,432,000	42,756,000	43,761,000	43,847,000	42,051,000	38,995,000	37,473,000	33,956,000	33,605,000	32,540,000	30,071,000	31,032,000	28,996,000	28,430,000	28,839,000	27,201,000	22,833,000	22,091,000	19,285,000	17,328,000	-10,489,000	26,178,000	26,732,000	151,670,000	49,705,000
net gains on investments and other financial instruments	-1,159,000	1,285,000	-4,852,000	-723,000	-8,291,000	2,174,000	-4,487,000	490,000	13,447,000	-8,555,000	-236,000	5,585,000	6,845,000	-16,252,000	-41,869,000	-29,457,000	3,025,000	2,098,000	15,661,000	-5,181,000	17,376,000	17,652,000	47,276,000	-22,027,000	4,257,000	13,009,000	12,540,000	21,913,000	-11,705,000	-4,480,000	-7,404,000	-18,887,000	-1,339,000	2,480,000	5,331,000	-2,851,000	-38,773,000	7,711,000	30,527,000	31,286,000	-13,402,000	3,868,000	28,448,000	16,779,000
other income	1,796,000	1,399,000	1,458,000	1,040,000	2,497,000	1,522,000	872,000	1,262,000	1,305,000	2,109,000	1,241,000	1,592,000	520,000	659,000	572,000	703,000	805,000	809,000	822,000	976,000	790,000	913,000	1,072,000	822,000	818,000	879,000	194,000	1,604,000	1,031,000	1,174,000	1,016,000	807,000	768,000	760,000	612,000	746,000	-5,263,000	3,497,000	3,423,000	1,915,000	1,515,000	1,711,000	1,743,000	1,432,000	1,705,000	1,171,000	1,314,000	22,996,000	8,400,000
total revenues	300,512,000	303,186,000	318,004,000	318,114,000	315,861,000	333,857,000	321,147,000	319,418,000	326,022,000	313,533,000	290,413,000	310,620,000	314,724,000	296,189,000	286,833,000	292,980,000	338,367,000	325,758,000	336,994,000	328,813,000	369,861,000	375,234,000	364,441,000	329,081,000	388,024,000	380,338,000	394,964,000	363,629,000	331,473,000	330,686,000	319,257,000	291,590,000	317,912,000	312,053,000	302,912,000	288,754,000	274,449,000	320,883,000	330,168,000	312,952,000	274,882,000	297,292,000	330,416,000	290,663,000	72,723,000	309,251,000	244,578,000	984,915,000	334,007,000
yoy	-4.86%	-9.19%	-0.98%	-0.41%	-3.12%	6.48%	10.58%	2.83%	3.59%	5.86%	1.25%	6.02%	-6.99%	-9.08%	-14.88%	-10.90%	-8.52%	-13.19%	-7.53%	-0.08%	-4.68%	-1.34%	-7.73%	-9.50%	17.06%	15.01%	23.71%	24.71%	4.27%	5.97%	5.40%	0.98%	15.84%	-2.75%	-8.26%	-7.73%	-0.16%	7.94%	-0.08%	7.67%	277.98%	-3.87%	35.10%	-70.49%	-78.23%
qoq	-0.88%	-4.66%	-0.03%	0.71%	-5.39%	3.96%	0.54%	-2.03%	3.98%	7.96%	-6.51%	-1.30%	6.26%	3.26%	-2.10%	-13.41%	3.87%	-3.33%	2.49%	-11.10%	-1.43%	2.96%	10.75%	-15.19%	2.02%	-3.70%	8.62%	9.70%	0.24%	3.58%	9.49%	-8.28%	1.88%	3.02%	4.90%	5.21%	-14.47%	-2.81%	5.50%	13.85%	-7.54%	-10.02%	13.68%	299.69%	-76.48%	26.44%	-75.17%	194.88%
expenses
provision for losses	21,588,000	17,886,000	12,097,000	15,167,000	-624,000	6,889,000	-1,745,000	-7,034,000	4,170,000	-8,135,000	-21,632,000	-16,929,000	-43,599,000	-96,964,000	-113,922,000	-83,754,000	-46,219,000	17,305,000	3,648,000	46,143,000	56,664,000	88,084,000	304,418,000	35,951,000	34,619,000	29,231,000	47,427,000	20,754,000	27,140,000	20,881,000	19,337,000	37,283,000	35,178,000	35,841,000	17,222,000	46,913,000	37,125,250	55,785,000	49,725,000	42,991,000	35,445,000	64,192,000
policy acquisition costs	4,280,000	7,166,000	7,205,000	6,388,000	7,276,000	6,724,000	6,522,000	6,794,000	6,147,000	6,920,000	5,218,000	6,293,000	5,931,000	5,442,000	5,940,000	6,605,000	7,271,000	7,924,000	4,838,000	8,996,000	7,395,000	10,166,000	6,015,000	7,413,000	6,783,000	6,435,000	6,203,000	5,893,000	6,485,000	5,667,000	5,996,000	7,117,000	5,871,000	5,554,000	6,123,000	6,729,000	5,579,000	6,119,000	5,393,000	6,389,000	4,831,000	2,880,000	6,963,000	7,750,000	1,377,000	6,034,000	7,958,000	89,558,000	22,283,000
other operating expenses	56,417,000	62,256,000	89,397,000	76,849,000	87,703,000	85,919,000	91,648,000	82,636,000	95,218,000	79,206,000	89,885,000	83,269,000	109,785,000	91,327,000	90,495,000	89,541,000	80,476,000	86,479,000	86,469,000	70,262,000	81,641,000	69,377,000	60,582,000	69,110,000	80,894,000	76,384,000	70,046,000	78,805,000	77,266,000	70,125,000	70,184,000	63,243,000	65,999,000	64,195,000	68,750,000	68,377,000	55,365,000	64,862,000	65,680,000	58,989,000	59,570,000	65,082,000	67,731,000	54,576,000	70,561,000	56,262,000	70,974,000	153,242,000	53,159,000
interest expense	17,189,000	17,184,000	25,874,000	22,499,000	22,513,000	29,391,000	27,064,000	29,046,000	20,547,000	24,302,000	22,639,000	22,207,000	21,594,000	21,183,000	20,831,000	20,846,000	21,137,000	21,027,000	21,065,000	21,115,000	21,169,000	21,088,000	16,699,000	12,194,000	12,160,000	13,492,000	14,961,000	15,697,000	15,584,000	15,535,000	15,291,000	15,080,000	14,929,000	15,715,000	16,179,000	15,938,000	17,269,000	19,783,000	22,546,000	21,534,000	20,996,000	21,220,000	24,501,000	24,385,000	24,200,000	23,989,000	19,570,000	26,014,000	9,654,000
total expenses	99,474,000	104,492,000	142,991,000	129,674,000	126,735,000	138,465,000	133,024,000	120,769,000	146,205,000	112,550,000	107,737,000	106,609,000	111,426,000	40,728,000	26,953,000	58,840,000	91,861,000	164,117,000	141,498,000	167,624,000	190,694,000	214,029,000	406,665,000	147,788,000	182,385,000	162,665,000	185,419,000	147,493,000	154,988,000	145,998,000	138,686,000	149,148,000	153,185,000	209,239,000	338,386,000	174,084,000	176,653,000	193,942,000	173,621,000	210,550,000	170,172,000	181,607,000	250,432,000	153,213,000	199,757,000	156,001,000	253,351,000	614,266,000	199,863,000
pretax income from continuing operations	201,038,000	198,694,000																																			97,796,000	126,941,000	156,547,000	102,402,000	104,710,000	115,685,000	79,984,000	137,450,000
income tax provision	42,236,000	45,892,000	33,217,000	43,882,000	40,835,000	43,500,000	36,220,000	46,295,000	37,124,000	44,401,000	36,589,000	46,254,000	40,968,000	57,181,000	58,687,000	53,009,000	53,061,000	35,229,000	40,290,000	35,581,000	31,154,000	26,102,000	-12,273,000	40,832,000	44,455,000	44,235,000	42,815,000	45,179,000	36,706,000	41,891,000	-28,378,000	27,956,000	157,911,000	37,672,000	-8,132,000	38,198,000	34,681,500	44,138,000	58,435,000	36,153,000	31,527,000	45,594,000
net income from continuing operations	158,802,000	152,802,000																																			61,089,000	82,803,000	98,112,000	66,249,000	74,528,000	70,091,000	45,193,000	91,727,000
income from discontinued operations, net of tax	-3,959,000	-11,359,000																																									4,855,000	530,000
net income	154,843,000	141,443,000	141,796,000	144,558,000	148,291,000	151,892,000	151,903,000	152,354,000	142,693,000	156,582,000	146,087,000	157,757,000	162,330,000	198,280,000	201,193,000	181,131,000	193,445,000	126,412,000	155,206,000	125,608,000	148,013,000	135,103,000	-29,951,000	140,461,000	161,184,000	173,438,000	166,730,000	170,957,000	139,779,000	142,797,000	208,949,000	114,486,000	6,816,000	65,142,000	-27,342,000	76,472,000	61,089,000	82,803,000	98,112,000	66,249,000	74,528,000	70,091,000	50,048,000	92,257,000	428,335,000	153,590,000	-12,682,000	362,684,000	120,010,000
yoy	4.42%	-6.88%	-6.65%	-5.12%	3.92%	-3.00%	3.98%	-3.42%	-12.10%	-21.03%	-27.39%	-12.90%	-16.08%	56.85%	29.63%	44.20%	30.69%	-6.43%	-618.20%	-10.57%	-8.17%	-22.10%	-117.96%	-17.84%	15.31%	21.46%	-20.21%	49.33%	1950.75%	119.21%	-864.21%	49.71%	-88.84%	-21.33%	-127.87%	15.43%	-18.03%	18.14%	96.04%	-28.19%	-82.60%	-54.36%	-494.64%	-74.56%	256.92%
qoq	9.47%	-0.25%	-1.91%	-2.52%	-2.37%	-0.01%	-0.30%	6.77%	-8.87%	7.18%	-7.40%	-2.82%	-18.13%	-1.45%	11.08%	-6.37%	53.03%	-18.55%	23.56%	-15.14%	9.56%	-551.08%	-121.32%	-12.86%	-7.07%	4.02%	-2.47%	22.31%	-2.11%	-31.66%	82.51%	1579.67%	-89.54%	-338.25%	-135.75%	25.18%	-26.22%	-15.60%	48.10%	-11.11%	6.33%	40.05%	-45.75%	-78.46%	178.88%	-1311.09%	-103.50%	202.21%
net income margin %	51.53%	46.65%	44.59%	45.44%	46.95%	45.50%	47.30%	47.70%	43.77%	49.94%	50.30%	50.79%	51.58%	66.94%	70.14%	61.82%	57.17%	38.81%	46.06%	38.20%	40.02%	36.00%	-8.22%	42.68%	41.54%	45.60%	42.21%	47.01%	42.17%	43.18%	65.45%	39.26%	2.14%	20.88%	-9.03%	26.48%	22.26%	25.80%	29.72%	21.17%	27.11%	23.58%	15.15%	31.74%	589.00%	49.67%	-5.19%	36.82%	35.93%
net income per share																																																3.84	1.26
basic			1.03	0.99	0.98	1	0.99	0.99	0.91	0.99	0.92	1	1.03	1.22	1.16	1.02	1.06	0.68	0.8	0.65	0.76	0.7	-0.15	0.7	0.77	0.85	0.8	0.8	0.66	0.67	0.98	0.53	0.133	0.3	-0.13	0.36
basic net income per share	1.13	1.04																																											0.728	0.8	-0.07
diluted
diluted net income per share	1.11	1.03																																											0.593	0.67	-0.07
weighted-average number of common shares outstanding—basic	139,445	137,003	137,376	145,618	152,465	151,846	153,110	153,817	158,140	158,461	159,010	158,304	167,930	162,506	173,705	176,816	188,370	186,741	193,436	193,439	195,443	193,176	193,299	200,161	208,773	203,107	208,097	213,537	214,267	213,309	213,976	215,967	215,321	215,279	215,152	214,925	211,789	214,387	214,274	203,706	199,910	207,938	193,112	191,224	184,551	191,050	171,830
weighted-average number of common and common equivalent shares outstanding—diluted	140,811	137,926	138,360	147,727	154,191	153,073	154,399	155,971	160,133	160,147	160,744	161,349	170,664	164,738	175,419	179,079	190,263	188,042	194,638	195,203	196,642	194,156	193,299	201,819	210,340	208,691	213,603	218,343	218,553	217,902	217,830	219,883	220,406	219,391	215,152	221,497	229,258	225,968	226,203	239,707	246,332	250,795	246,650	243,048	233,902	238,067	171,830
services revenue			10,924,000	12,116,000	12,250,000	12,167,000	13,265,000	12,588,000	12,419,000	10,892,000	11,797,000	10,984,000	15,441,000	20,146,000	27,281,000	29,348,000	35,693,000	37,773,000	29,464,000	22,895,000	11,440,000	33,943,000	28,075,000	31,927,000	40,031,000	42,509,000	39,303,000	32,753,000	38,414,000	36,566,000	36,828,000	33,164,000	39,703,000	39,571,000	37,802,000	38,027,000	55,904,000	43,096,000	38,294,000	31,600,000	37,493,000	42,189,000	43,503,000	30,529,000	34,450,000	42,243,000
income on consolidated vies			185,000	428,000	-467,000	465,000
cost of services			8,418,000	8,771,000	9,867,000	9,542,000	9,535,000	9,327,000	8,950,000	8,886,000	10,257,000	10,398,000	16,128,000	18,717,000	22,760,000	24,753,000	28,333,000	30,520,000	24,615,000	20,246,000	21,600,000	24,353,000	17,972,000	22,141,000	27,278,000	29,044,000	27,845,000	24,157,000	24,939,000	25,854,000	24,205,000	23,126,000	23,349,000	27,240,000	25,635,000	28,375,000
pretax income			175,013,000	188,440,000	189,126,000	195,392,000	188,123,000	198,649,000	179,817,000	200,983,000	182,676,000	204,011,000	203,298,000	255,461,000	259,880,000	234,140,000	246,506,000	161,641,000	195,496,000	161,189,000	179,167,000	161,205,000	-42,224,000	181,293,000	205,639,000	217,673,000	209,545,000	216,136,000	176,485,000	184,688,000	180,571,000	142,442,000	45,502,500	102,814,000	-35,474,000	114,670,000									133,544,250	153,250,000	-8,773,000	501,229,000	165,467,000
net income per share																																																3.84	1.26
basic			1.03	0.99	0.98	1	0.99	0.99	0.91	0.99	0.92	1	1.03	1.22	1.16	1.02	1.06	0.68	0.8	0.65	0.76	0.7	-0.15	0.7	0.77	0.85	0.8	0.8	0.66	0.67	0.98	0.53	0.133	0.3	-0.13	0.36
diluted			1.02	0.98	0.97	0.99	0.98	0.98	0.91	0.98	0.91	0.98	1.01	1.2	1.15	1.01	1.05	0.67	0.8	0.64	0.75	0.7	-0.15	0.7	0.81	0.83	0.78	0.78	0.64	0.66	0.96	0.52	0.13	0.3	-0.13	0.34
amortization of other acquired intangible assets									1,371,000	1,371,000	1,370,000	1,371,000	1,587,000	1,023,000	849,000	849,000
amortization and impairment of other acquired intangible assets																	863,000	862,000	863,000	862,000	2,225,000	961,000	979,000	979,000	15,823,000	2,139,000	2,139,000	2,187,000	3,461,000	3,472,000
revenues:
expenses:
loss on extinguishment of debt																										5,940,000	16,798,000
net premiums earned—insurance																								277,415,000	301,486,000	281,185,000	299,166,000	263,512,000	261,682,000	258,431,000	251,344,000	242,550,000	245,175,000	236,702,000	229,096,000	221,800,000	233,585,000	238,149,000	229,085,000	220,950,000	226,443,000	227,433,000	237,437,000	224,595,000	197,593,000	227,156,000	211,984,000
restructuring and other exit costs																													113,000	4,464,000	925,000	551,000	5,230,000	12,038,000
loss on induced conversion and debt extinguishment																																		45,766,000	1,247,000	4,456,000		17,397,000	2,108,000	55,570,000	2,320,000	11,000	91,876,000
impairment of goodwill																																			184,374,000
amortization and impairment of other intangible assets																															2,748,000	2,748,000	2,629,000	2,890,000	18,856,000
dividends per share																															0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003
amortization and impairment of intangible assets																																				3,296,000	3,290,000	3,292,000	3,311,000	3,328,000	3,409,000	3,273,000	3,281,000	3,023,000
direct cost of services																																					18,327,750	26,704,000	24,858,000	21,749,000	22,241,000	24,949,000	23,520,000	18,451,000	19,709,000	23,896,000
net income per share																																																3.84	1.26
basic:
diluted:
income from discontinued operations																																											0.03
benefit from losses																																											32,560,000	45,028,000	78,556,000	42,526,000	157,174,000	345,452,000	114,767,000
income tax benefit																																											34,791,000	45,723,000	-855,413,000	-340,000	3,909,000
net gains on investments																																													-19,962,000	-7,839,000	-7,132,000
change in fair value of derivative instruments																																													31,730,750	19,360,000	10,778,000	2,576,000	4,647,000
net gains on other financial instruments																																													-3,651,000	982,000	902,000
amortization of intangible assets																																													823,500	3,294,000
equity in net income of affiliates																																													-3,250			130,580,000	32,482,000
basic net income per share	1.13	1.04																																											0.728	0.8	-0.07
premiums written—insurance:
direct																																															268,886,000
assumed																																															-126,000
ceded																																															-17,918,000
net premiums written																																															250,842,000	795,227,000	181,428,000
increase in unearned premiums																																															-38,858,000
gain on sale of affiliate
change in pdr																																															-2,325,000
premiums earned																																																766,717,000	243,420,000
gain on sales of investments																																																40,956,000	26,676,000
benefit for income taxes																																																138,545,000	45,457,000
net income available to common stockholders																																																362,684,000	120,010,000
weighted-average shares outstanding																																																94,456	95,078
gains and losses:
total gains and																																																	31,323,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2013-09-30	2009-03-31	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31

assets
investments
fixed maturities
available for sale—at fair value	4,271,916,000	5,074,425,000	5,108,278,000	5,112,192,000	5,074,920,000
trading—at fair value	65,661,000	74,595,000	74,317,000	77,012,000	82,652,000
equity securities—at fair value	36,632,000	75,540,000	92,991,000	110,614,000	138,189,000	145,717,000	143,314,000	155,405,000	89,057,000	108,911,000	133,106,000	155,870,000	148,965,000	145,155,000	146,574,000	185,803,000	184,245,000	193,498,000	175,147,000	141,412,000	151,240,000	91,317,000	104,513,000	74,853,000	130,221,000	121,759,000	149,954,000	125,025,000	130,565,000	121,865,000	122,977,000	111,032,000																		272,098,000	306,413,000	297,187,000	281,069,000	279,131,000	292,331,000	314,736,000	276,277,000					249,634,000
other long-term invested assets—at fair value	10,116,000	8,830,000	8,238,000	8,214,000	7,942,000
short-term investments—at fair value	1,602,993,000	618,644,000	502,501,000	526,663,000	521,648,000	432,385,000	710,868,000	703,545,000	660,566,000	492,444,000	435,925,000	376,752,000	402,090,000	392,514,000	336,306,000	525,460,000	551,508,000	617,515,000	662,095,000	705,660,000	618,004,000	567,146,000	955,090,000	638,760,000	518,393,000	552,095,000	909,880,000	1,066,110,000	528,403,000	645,119,000	626,060,000	435,756,000	415,658,000	491,956,000	538,620,000	686,685,000	741,531,000	835,960,000	800,465,000	735,666,000	1,076,944,000	1,460,918,000	1,649,370,000	1,194,280,000	1,300,872,000	1,423,784,000
total investments	5,987,318,000	5,852,034,000	6,484,692,000	6,113,792,000	6,345,236,000	6,497,180,000	6,588,149,000	6,327,114,000	6,085,654,000	5,885,652,000	5,895,871,000	5,837,892,000	5,693,491,000	5,591,881,000	5,906,147,000	6,334,950,000	6,513,542,000	6,658,487,000	6,681,659,000	6,671,874,000	6,788,442,000	6,584,577,000	6,431,350,000	5,608,627,000	5,658,747,000	5,533,724,000	5,513,319,000	5,475,770,000	5,153,029,000	5,028,235,000	4,873,919,000	4,668,217,000	4,643,942,000	4,546,664,000	4,583,842,000	4,437,716,000	4,462,430,000	4,565,748,000	4,636,914,000	4,470,172,000	4,298,686,000	4,376,771,000	4,309,148,000	3,621,646,000	3,629,299,000	5,025,320,000	6,420,771,000	6,387,069,000	6,559,947,000	6,512,997,000	5,919,977,000	5,945,968,000	5,715,694,000	5,536,443,000	5,638,161,000	5,480,413,000	5,556,007,000	5,223,217,000	5,273,760,000	5,070,199,000	5,130,163,000	5,007,362,000
cash	24,829,000	15,258,000	22,090,000	24,182,000	38,823,000	28,061,000	13,791,000	26,993,000	18,999,000	55,489,000	61,142,000	50,167,000	56,183,000	54,701,000	135,262,000	131,853,000	151,145,000	154,709,000	134,939,000	102,776,000	87,915,000	82,020,000	68,387,000	54,108,000	92,729,000	49,393,000	74,111,000	118,668,000	95,393,000	104,413,000	95,573,000	122,481,000	80,569,000	61,917,000	56,918,000	73,701,000	52,149,000	46,356,000	55,062,000	64,844,000	46,898,000	69,030,000	51,381,000	57,204,000	30,465,000	35,325,000	77,444,000	148,328,000	181,038,000	62,800,000	108,838,000	132,605,000	46,218,000	61,725,000	16,916,000	27,776,000	24,571,000	22,484,000	30,186,000	45,510,000	67,903,000	67,169,000
restricted cash	10,000	11,000	105,000	4,168,000	2,649,000	2,014,000	1,993,000	1,832,000	1,066,000	1,305,000	1,317,000	577,000	377,000	1,107,000	561,000	1,651,000	1,475,000	1,866,000	2,968,000	20,987,000	6,231,000	4,424,000	16,279,000	7,817,000	3,545,000	2,853,000	5,007,000	9,086,000	11,609,000	9,925,000	9,152,000	7,623,000	15,675,000	36,888,000	25,486,000	12,689,000	9,665,000	10,312,000	9,298,000	10,060,000	13,000,000	10,280,000	12,633,000	14,220,000	14,031,000	22,991,000
accrued investment income	40,285,000	43,031,000	50,542,000	44,378,000	49,053,000	49,707,000	47,607,000	46,334,000	45,783,000	45,623,000	42,650,000	42,567,000	40,093,000	38,596,000	35,774,000	35,531,000	32,812,000	33,258,000	32,223,000	34,841,000	34,047,000																									28,453,000	60,436,000	68,254,000	70,909,000	64,804,000	63,020,000	62,003,000	60,926,000	62,705,000	59,438,000	57,943,000	59,102,000	57,792,000	57,964,000	58,860,000	55,701,000	53,702,000
accounts and notes receivable	120,197,000	128,765,000	130,020,000	127,741,000	128,093,000	138,439,000	137,777,000	130,095,000	123,857,000	144,614,000	138,432,000	129,565,000	119,834,000	174,041,000	166,380,000	142,579,000	124,016,000	166,730,000	153,128,000	134,075,000	121,294,000	145,164,000	110,722,000	123,381,000	93,630,000	144,113,000	122,104,000	89,237,000	78,652,000	108,003,000	94,848,000	80,068,000	72,558,000	97,020,000	78,540,000	73,794,000	77,631,000	94,692,000	77,170,000	66,340,000	61,734,000	65,951,000	72,093,000	64,405,000	85,792,000	85,047,000	241,484,000	103,261,000	90,721,000	163,531,000	64,027,000	67,602,000	42,216,000	66,142,000	49,943,000	69,627,000	73,606,000	66,030,000	70,926,000	82,566,000	78,593,000	73,856,000
reinsurance recoverables	48,806,000	44,837,000	43,652,000	40,227,000	36,433,000	34,015,000	31,064,000	28,151,000		24,148,000	22,979,000	24,396,000		30,569,000	39,876,000	55,015,000	67,896,000	76,048,000	75,411,000	76,664,000	73,202,000																									57,260,000	537,359,000
deferred policy acquisition costs	19,018,000	16,711,000	17,248,000	17,855,000	17,746,000	18,430,000	18,566,000	18,561,000	18,718,000	18,817,000	19,272,000	18,236,000	18,460,000	17,920,000	16,983,000	16,383,000	16,317,000	16,823,000	17,873,000	15,652,000	18,305,000																									68,461,000	222,269,000	184,765,000	239,400,000	233,582,000	232,548,000	225,597,000	219,573,000	215,803,000	209,524,000	206,013,000	201,253,000	199,943,000	207,453,000	207,508,000	201,091,000	218,779,000
property and equipment	17,165,000	18,663,000	23,516,000	25,576,000	27,637,000	41,892,000	56,360,000	60,521,000	63,822,000	74,558,000	73,885,000	72,111,000	70,981,000	75,740,000	74,874,000	75,275,000	75,086,000	74,170,000	74,288,000	78,309,000	80,457,000
prepaid federal income taxes	1,056,329,000	1,012,629,000	997,805,000	921,080,000	921,080,000	870,336,000	837,736,000	750,320,000	750,320,000	696,820,000	663,320,000	596,368,000	596,368,000	526,123,000	466,123,000																																13,475,000	536,343,000	536,343,000	861,809,000	860,135,000	788,240,000	760,963,000	709,304,000	639,704,000	539,973,000	530,549,000	481,049,000	426,813,000	420,840,000	358,340,000	358,840,000
other assets	334,172,000	350,350,000	408,675,000	381,846,000	375,931,000	384,666,000	396,600,000	369,944,000	459,805,000	420,483,000	375,132,000	418,609,000	427,024,000	458,292,000	414,412,000	803,765,000	837,303,000	839,061,000	815,261,000	763,502,000	447,447,000	640,830,000	585,866,000	513,187,000	567,619,000	513,647,000	430,236,000	373,678,000	367,700,000	415,272,000	430,077,000	426,773,000	407,849,000	439,016,000	377,355,000	357,435,000	343,835,000	422,123,000	332,372,000	325,129,000	354,420,000	349,657,000	349,371,000	356,713,000	375,491,000	387,844,000	347,110,000	593,986,000	203,140,000	194,790,000	200,123,000	282,080,000	274,943,000	303,959,000	300,352,000	235,035,000	197,974,000	198,426,000	178,418,000	202,229,000	222,718,000	217,588,000
assets held for sale	474,268,000	722,514,000																																										1,755,873,000	1,736,444,000
total assets	8,122,397,000	8,204,803,000	9,580,657,000	8,765,386,000	8,663,988,000	8,419,771,000	8,129,643,000	7,759,865,000	7,593,933,000	7,378,682,000	7,306,543,000	7,204,402,000	7,063,729,000	6,985,843,000	7,274,287,000	7,615,746,000	7,839,185,000	8,041,608,000	8,009,068,000	7,920,861,000	7,948,021,000	7,777,345,000	7,569,309,000	6,690,432,000	6,808,313,000	6,670,602,000	6,592,126,000	6,599,569,000	6,314,652,000	6,269,484,000	6,139,488,000	6,010,249,000	5,900,881,000	5,844,273,000	5,817,106,000	5,827,760,000	5,863,174,000	6,049,827,000	6,067,263,000	5,969,391,000	5,642,100,000	5,760,916,000	5,736,504,000	6,813,855,000	6,859,963,000	5,758,573,000	8,703,610,000	8,409,417,000	8,254,025,000	8,214,860,000	8,118,085,000	8,124,908,000	7,737,321,000	7,507,347,000	7,410,594,000	7,098,297,000	7,168,203,000	6,722,597,000	6,700,020,000	6,530,712,000	6,541,093,000	6,445,767,000
liabilities and stockholders’ equity
liabilities
reserve for losses and lae	399,946,000	387,650,000	383,103,000	374,945,000	360,326,000	363,225,000	357,470,000	361,833,000	370,148,000	367,568,000	379,434,000	405,651,000	426,843,000	483,664,000	594,808,000	727,247,000	828,642,000	893,155,000	885,498,000	887,355,000	848,413,000
unearned premiums	159,341,000	166,165,000	171,901,000	178,931,000	188,337,000	198,007,000	206,094,000	215,124,000	225,396,000	236,400,000	246,666,000	257,735,000	271,479,000	285,290,000	298,991,000	312,013,000	329,090,000	348,322,000	373,031,000	406,689,000	448,791,000	501,787,000	561,280,000	605,045,000	626,822,000	647,856,000	666,354,000	720,159,000	739,357,000	747,921,000	741,296,000	723,100,000	723,938,000	717,589,000	702,210,000	684,797,000	681,222,000	680,973,000	677,599,000	673,887,000	680,300,000	676,938,000	665,947,000	657,555,000	644,504,000	751,587,000	1,152,552,000	1,048,064,000	1,074,589,000	1,045,267,000	987,788,000	974,768,000	914,422,000	913,879,000	874,733,000	838,042,000	789,878,000	735,768,000	742,691,000	726,689,000	656,309,000	718,649,000
senior notes	1,067,908,000	1,067,251,000	1,066,603,000	1,065,965,000	1,065,337,000	1,064,718,000	1,513,782,000	1,512,860,000	1,417,781,000	1,416,687,000	1,415,610,000	1,414,549,000	1,413,504,000	1,412,473,000	1,411,458,000	1,410,458,000	1,409,473,000	1,408,502,000	1,407,545,000	1,406,603,000	1,405,674,000	1,404,759,000	1,403,857,000	887,584,000	887,110,000	886,643,000	982,890,000	1,031,197,000	1,030,348,000	1,029,511,000	1,028,687,000	1,027,875,000
other borrowings	41,207,000	60,401,000										121,642,000	155,822,000
net deferred tax liability	942,193,000	910,256,000	841,376,000	804,149,000	746,685,000	737,605,000	656,113,000	626,353,000	589,564,000	497,560,000	479,754,000	455,517,000	391,083,000	335,374,000	324,866,000	324,004,000	337,509,000	286,957,000	266,330,000	210,571,000	213,897,000
other liabilities	366,470,000	410,232,000	490,165,000	442,188,000	431,556,000	318,345,000	293,351,000	262,902,000	343,199,000	309,701,000	281,127,000	289,731,000	333,604,000	358,665,000	305,269,000	320,114,000	296,614,000	383,585,000	303,442,000	353,173,000	291,855,000	462,797,000	391,810,000	438,782,000	414,189,000	358,431,000	308,337,000	419,470,000	333,659,000	379,362,000	385,051,000	412,793,000	353,845,000	360,835,000	379,144,000	319,282,000	321,859,000	413,401,000	294,507,000	306,188,000	269,016,000	311,855,000	278,929,000	310,642,000	326,743,000
liabilities held for sale	363,818,000	550,399,000																																										966,078,000	947,008,000
total liabilities	3,340,883,000	3,552,354,000	5,087,976,000	4,178,560,000	4,040,130,000	3,720,918,000	3,647,324,000	3,320,133,000	3,196,128,000	3,225,783,000	3,135,707,000	3,097,924,000	3,144,402,000	3,247,793,000	3,343,325,000	3,468,182,000	3,580,389,000	3,783,672,000	3,675,235,000	3,685,569,000	3,663,668,000	3,654,966,000	3,583,304,000	2,825,924,000	2,759,590,000	2,748,095,000	2,808,882,000	2,889,478,000	2,825,937,000	2,922,206,000	2,938,352,000	2,957,833,000	2,900,843,000	2,856,071,000	2,902,946,000	2,906,452,000	2,990,888,000	3,161,121,000	3,261,896,000	3,308,993,000	3,145,169,000	3,317,609,000	3,374,560,000	4,537,961,000	4,688,213,000	4,864,053,000	6,902,704,000	5,953,510,000	5,386,669,000	4,767,368,000	3,975,367,000	3,950,132,000	3,770,288,000	3,677,179,000	3,639,374,000	3,523,282,000	3,600,628,000	3,276,005,000	3,216,416,000	3,185,018,000	3,197,608,000	3,219,923,000
commitments and contingencies
stockholders’ equity
common stock	157,000	157,000	157,000	162,000	168,000	171,000	172,000	171,000	173,000	175,000	177,000	176,000	176,000	176,000
treasury stock	-989,745,000	-989,352,000	-988,764,000	-969,396,000	-968,246,000	-967,717,000	-967,218,000	-946,202,000	-945,870,000	-945,504,000	-945,032,000	-931,313,000	-930,643,000	-930,396,000	-930,284,000	-920,958,000	-920,798,000	-920,355,000	-920,225,000	-910,347,000	-910,115,000	-909,745,000	-909,738,000	-902,024,000	-901,657,000	-901,556,000	-901,419,000	-895,321,000	-894,870,000	-894,635,000	-894,610,000	-894,191,000	-893,888,000	-893,754,000	-893,531,000	-893,372,000	-893,332,000	-893,197,000	-893,176,000	-893,176,000	-893,176,000	-893,176,000	-893,176,000	-893,149,000	-892,961,000	-892,807,000	-888,508,000	-890,052,000	-888,643,000	-889,108,000	-890,521,000	-893,645,000	-853,553,000	-795,117,000	-737,068,000	-669,752,000	-542,645,000	-469,882,000	-176,181,000	-103,817,000	-80,674,000	-60,503,000
additional paid-in capital	861,211,000	855,320,000	847,399,000	1,048,738,000	1,246,826,000	1,315,046,000	1,356,341,000	1,390,436,000	1,430,594,000	1,482,712,000	1,522,895,000	1,515,852,000	1,519,641,000	1,513,615,000	1,698,490,000	1,871,763,000	1,878,372,000	2,012,870,000	2,161,857,000	2,242,950,000	2,245,897,000	2,238,869,000	2,232,949,000	2,231,670,000	2,449,884,000	2,469,097,000	2,539,803,000	2,697,724,000	2,724,733,000	2,720,626,000	2,715,426,000	2,748,233,000	2,754,275,000	2,747,393,000	2,743,872,000	2,743,594,000	2,779,891,000	2,778,860,000	2,781,136,000	2,773,349,000	2,716,618,000	2,718,210,000	2,709,721,000	2,541,585,000	2,531,513,000	2,346,591,000	1,353,213,000	1,338,062,000	1,334,854,000	1,325,936,000	1,326,538,000	1,336,013,000	1,342,942,000	1,333,815,000	1,328,135,000	1,306,691,000	1,292,597,000	1,289,526,000	1,272,974,000	1,272,088,000	1,267,824,000	1,259,559,000
retained earnings	5,132,050,000	5,012,742,000	4,906,830,000	4,802,038,000	4,695,348,000	4,584,453,000	4,470,335,000	4,357,823,000	4,243,759,000	4,136,598,000	4,016,482,000	3,908,396,000	3,786,952,000	3,656,870,000	3,491,675,000	3,326,119,000	3,180,935,000	3,012,997,000	2,913,138,000	2,785,744,000	2,684,636,000	2,561,076,000	2,450,423,000	2,504,853,000	2,389,789,000	2,229,107,000	2,056,175,000	1,889,964,000	1,719,541,000	1,580,296,000	1,438,032,000	1,229,616,000	1,116,333,000	1,110,057,000	1,045,453,000	1,073,333,000	997,890,000	937,338,000	855,070,000	757,202,000	691,742,000	617,731,000	548,161,000	498,593,000	406,814,000		1,511,719,000	1,981,046,000	2,375,189,000	2,903,798,000	3,609,259,000	3,590,712,000	3,332,517,000	3,222,189,000	3,075,683,000	2,810,853,000	2,649,991,000	2,511,469,000	2,243,400,000	2,123,201,000	2,004,673,000	1,886,548,000
accumulated other comprehensive income	-222,159,000	-226,418,000	-272,941,000	-294,716,000	-350,238,000	-233,100,000	-377,311,000	-362,496,000	-330,851,000	-521,082,000	-423,686,000	-386,633,000	-456,799,000	-502,215,000	-329,105,000	-129,553,000	120,093,000	152,224,000	178,856,000	116,735,000	263,725,000	231,969,000	212,161,000	29,801,000	110,488,000	125,639,000	88,462,000	17,494,000	-60,920,000	-59,240,000	-57,943,000	-31,475,000	23,085,000	24,273,000	18,117,000	-3,363,000	-12,395,000	65,473,000	62,105,000	22,791,000	-18,477,000	-7,419,000	-11,534,000	59,674,000	51,485,000	29,140,000		26,753,000	45,858,000	106,769,000	97,345,000	141,599,000	145,030,000	69,184,000	104,373,000	129,164,000	169,282,000	115,382,000	143,315,000	54,126,000	151,566,000	140,144,000
total stockholders’ equity	4,781,514,000	4,652,449,000	4,492,681,000	4,586,826,000	4,623,858,000	4,698,853,000	4,482,319,000	4,439,732,000	4,397,805,000	4,152,899,000	4,170,836,000	4,106,478,000	3,919,327,000	3,738,050,000	3,930,962,000	4,147,564,000	4,258,796,000	4,257,936,000	4,333,833,000	4,235,292,000	4,284,353,000	4,122,379,000	3,986,005,000	3,864,508,000	4,048,723,000	3,922,507,000	3,783,244,000	3,710,091,000	3,488,715,000	3,347,278,000	3,201,136,000	3,052,416,000	3,000,038,000	2,988,202,000	2,914,144,000	2,920,425,000	2,872,286,000	2,888,706,000	2,805,367,000	2,660,398,000	2,496,931,000	2,435,570,000	2,353,398,000	2,206,912,000	2,097,060,000	894,520,000	1,800,906,000	2,455,907,000	2,867,356,000	3,447,492,000	4,142,718,000	4,174,776,000	3,967,033,000	3,830,168,000	3,771,220,000	3,575,015,000	3,567,575,000	3,446,592,000	3,483,604,000	3,345,694,000	3,343,485,000
total liabilities and stockholders’ equity	8,122,397,000	8,204,803,000	9,580,657,000	8,765,386,000	8,663,988,000	8,419,771,000	8,129,643,000	7,759,865,000	7,593,933,000	7,378,682,000	7,306,543,000	7,204,402,000	7,063,729,000	6,985,843,000	7,274,287,000	7,615,746,000	7,839,185,000	8,041,608,000	8,009,068,000	7,920,861,000	7,948,021,000	7,777,345,000	7,569,309,000	6,690,432,000	6,808,313,000	6,670,602,000	6,592,126,000	6,599,569,000	6,314,652,000	6,269,484,000	6,139,488,000	6,010,249,000	5,900,881,000	5,844,273,000	5,817,106,000	5,827,760,000	5,863,174,000	6,049,827,000	6,067,263,000	5,969,391,000	5,642,100,000	5,760,916,000	5,736,504,000	6,813,855,000	6,859,963,000	5,758,573,000	8,703,610,000	8,409,417,000	8,254,025,000	8,214,860,000	8,118,085,000	8,124,908,000	7,737,321,000	7,507,347,000	7,410,594,000	7,098,297,000	7,168,203,000	6,722,597,000	6,700,020,000	6,530,712,000	6,541,093,000	6,445,767,000
residential mortgage loans held for sale—at fair value			698,367,000	279,097,000	519,885,000	529,517,000
consolidated vie assets
securitized residential mortgage loans held for investment—at fair value			1,394,700,000	1,058,736,000	717,227,000	353,078,000
other vie assets			7,612,000	5,805,000	4,080,000	1,953,000
secured borrowings			762,933,000	272,667,000	538,294,000	551,916,000	484,665,000	207,601,000	119,476,000	241,753,000	178,762,000
consolidated vie liabilities
securitized nonrecourse debt—at fair value			1,360,195,000	1,029,008,000	703,526,000	344,904,000
other vie liabilities			11,700,000	10,707,000	6,069,000	3,388,000
fixed-maturities available for sale—at fair value						5,292,480,000	5,176,521,000	5,209,025,000	5,188,228,000	5,037,747,000	5,155,897,000	5,172,375,000	5,017,711,000	4,909,232,000	5,228,744,000	5,401,704,000								4,603,613,000	4,688,911,000	4,527,223,000	4,113,650,000	3,897,584,000	4,021,575,000	3,763,710,000	3,586,055,000	3,554,734,000	3,458,719,000	3,256,581,000	3,158,843,000	2,937,415,000	2,838,512,000	2,757,508,000	2,711,395,000	2,523,335,000	1,865,461,000	1,496,328,000	1,178,842,000	695,085,000	536,890,000	98,912,000
trading securities—at fair value						89,272,000	91,928,000	103,256,000	106,423,000	99,769,000	105,929,000	108,306,000	115,665,000	139,901,000	189,441,000	218,018,000	256,546,000	263,363,000	267,980,000	265,314,000	290,885,000	291,650,000	297,609,000	287,270,000	317,150,000	329,935,000	337,017,000	383,992,000	469,071,000	493,956,000	535,634,000	563,377,000	606,401,000	636,225,000	708,788,000	811,313,000	879,862,000	969,657,000	1,123,038,000	1,209,089,000	1,279,137,000	1,414,757,000	1,466,435,000	1,574,795,000	1,633,584,000	3,250,934,000	1,067,935,000	457,760,000	435,746,000	38,438,000	39,344,000	28,112,000	106,706,000	105,691,000	115,786,000	89,966,000	79,384,000					53,806,000
other invested assets—at fair value						7,809,000	7,422,000	8,849,000	8,625,000	8,492,000	5,762,000	5,746,000	5,511,000	5,079,000	5,082,000	3,965,000	4,165,000	3,899,000	3,624,000	5,777,000	4,973,000	5,472,000	4,047,000	4,131,000	4,072,000	2,712,000	2,818,000	3,059,000	3,415,000	3,585,000	3,193,000	3,318,000
reinsurance funds withheld						138,810,000	135,849,000	133,460,000	130,564,000	156,114,000	154,354,000	153,099,000	152,067,000	218,777,000	223,649,000	225,363,000	228,078,000	290,502,000	285,406,000	282,345,000	278,555,000	318,773,000	312,350,000	302,551,000	291,829,000	352,532,000	339,641,000	329,868,000	321,212,000	352,952,000	331,776,000	305,409,000	288,398,000	194,353,000	180,991,000	167,427,000	158,001,000	177,147,000	163,360,000	151,104,000
mortgage loans held for sale—at fair value							458,096,000	147,034,000	32,755,000	138,289,000	59,252,000	18,843,000	3,549,000
reinsurance recoverable									25,909,000				25,633,000
goodwill and other acquired intangible assets										11,173,000	12,543,000	13,914,000	15,285,000	16,873,000	17,895,000	18,744,000	19,593,000	20,456,000	21,318,000	22,181,000	23,043,000	25,268,000	26,229,000	27,208,000	28,187,000	52,533,000	54,672,000	56,811,000	58,998,000	55,707,000
fhlb advances														153,550,000	184,284,000	148,983,000	150,983,000	172,649,000	153,983,000	138,833,000	176,483,000	141,058,000	175,122,000	173,760,000	134,875,000	104,492,000	106,382,000
common stock: par value 0.001 per share...															186,000	193,000	194,000	200,000	207,000	210,000	210,000	210,000	210,000	208,000		220,000	223,000	230,000		231,000	231,000	233,000
fixed-maturities available for sale—at fair value, net of allowance for credit losses of 0 and 948																	5,517,078,000	5,580,212,000	5,572,813,000
fixed-maturities available for sale—at fair value, net of allowance for credit losses of 638 and 948																				5,553,711,000
fixed-maturities available for sale—at fair value, net of allowance for credit losses of 948 as of december 31, 2020																					5,723,340,000
prepaid reinsurance premium																					267,638,000	295,062,000	330,476,000	356,104,000	363,856,000	374,339,000	385,805,000	408,622,000	417,628,000	413,728,000	405,447,000	390,241,000	386,509,000	239,620,000	235,349,000	230,148,000	229,438,000	229,754,000	229,231,000	228,718,000
fixed-maturities available for sale—at fair value, net of allowance for credit losses of 2,290 as of september 30, 2020																						5,628,992,000
reserve for losses and loss adjustment expense																						825,792,000	738,885,000	418,202,000		398,141,000	405,278,000	388,784,000		412,460,000	451,542,000	488,656,000		556,488,000	651,591,000	726,169,000		821,934,000	848,379,000	891,348,000		1,098,570,000	1,204,792,000	1,384,714,000
fixed-maturities available for sale—at fair value, net of allowance for credit losses of 2,476 as of june 30, 2020																							5,070,091,000
deferred income taxes																											6,872,000	67,697,000	131,643,000	134,201,000	171,293,000	253,381,000	229,567,000	356,181,000	389,759,000	369,209,000	411,798,000	401,442,000	444,513,000	518,059,000	577,945,000	601,893,000	651,238,000	649,996,000	700,201,000	17,902,000	492,663,000
reserve for losses and loss adjustment expenses																									404,765,000				401,361,000				507,588,000				760,269,000				976,399,000				1,560,032,000	2,346,879,000	3,332,642,000	2,287,742,000	1,902,128,000	1,094,704,000	909,371,000	852,462,000	840,938,000	789,701,000	791,690,000	792,600,000	786,942,000	797,671,000	776,903,000	775,375,000	786,115,000	790,380,000
common stock: par value .001 per share; 485,000 shares authorized at december 31, 2019 and 2018; 219,123 and 231,132 shares issued at december 31, 2019 and 2018, respectively; 201,164 and 213,473 shares outstanding at december 31, 2019 and 2018, respectively																									219,000
common stock: par value .001 per share; 485,000 shares authorized at december 31, 2018 and 2017; 231,132 and 233,417 shares issued at december 31, 2018 and 2017, respectively; 213,473 and 215,814 shares outstanding at december 31, 2018 and 2017, respectively																													231,000
goodwill and other intangible assets																															59,179,000	61,465,000	64,212,000	66,967,000	69,857,000	273,068,000	276,228,000	279,400,000	282,703,000	286,069,000	289,417,000	287,334,000	290,640,000	293,798,000	288,240,000
equity securities available for sale—at fair value																																	162,830,000	161,303,000	176,808,000	1,330,000	1,330,000	1,330,000	500,000	500,000	75,430,000	985,000	881,000	143,533,000	143,368,000	121,868,000	142,444,000	302,491,000	245,551,000
other invested assets																																	334,000	599,000	783,000	973,000	1,195,000	1,293,000	1,516,000	1,582,000	1,714,000	3,783,000	13,620,000	13,953,000	14,585,000	129,394,000	22,749,000	23,001,000	23,122,000	24,016,000	26,778,000	26,789,000	17,737,000	2,531,000	2,616,000	2,841,000	3,352,000	3,931,000	3,850,000	3,972,000	4,336,000	4,593,000
long-term debt																																	1,027,074,000	1,026,806,000	989,010,000	1,008,777,000	1,069,537,000	1,067,666,000	1,278,051,000	1,286,466,000	1,219,454,000	1,230,246,000	1,224,892,000	1,218,972,000	1,209,926,000	921,927,000					747,929,000	747,849,000	747,692,000	747,615,000	747,540,000	747,393,000	966,658,000	717,038,000	717,579,000	717,514,000	717,461,000	717,404,000
common stock: par value .001 per share; 485,000,000 shares authorized at december 31, 2017 and 2016; 233,416,989 and 232,091,921 shares issued at december 31, 2017 and 2016, respectively; 215,814,188 and 214,521,079 shares outstanding at december 31, 2017 and 2016, respectively																																	233,000
common stock: par value .001 per share; 485,000,000 shares authorized at september 30, 2017 and december 31, 2016; 232,894,636 and 232,091,921 shares issued at september 30, 2017 and december 31, 2016, respectively; 215,298,551 and 214,521,079 shares outstanding at september 30, 2017 and december 31, 2016, respectively																																		233,000
equity component of currently redeemable convertible senior notes																																			16,000	883,000						7,737,000	8,546,000	68,982,000	74,690,000
common stock: par value .001 per share; 485,000,000 shares authorized at june 30, 2017 and december 31, 2016; 232,757,360 and 232,091,921 shares issued at june 30, 2017 and december 31, 2016, respectively; 215,174,898 and 214,521,079 shares outstanding at june 30, 2017 and december 31, 2016, respectively																																			233,000
common stock: par value .001 per share; 485,000,000 shares authorized at march 31, 2017 and december 31, 2016; 232,663,818 and 232,091,921 shares issued at march 31, 2017 and december 31, 2016, respectively; 215,090,781 and 214,521,079 shares outstanding at march 31, 2017 and december 31, 2016, respectively																																				233,000
common stock: par value .001 per share; 485,000,000 shares authorized at december 31, 2016 and 2015; 232,091,921 and 224,432,465 shares issued at december 31, 2016 and 2015, respectively; 214,521,079 and 206,871,768 shares outstanding at december 31, 2016 and 2015, respectively																																					232,000
common stock: par value .001 per share; 485,000,000 shares authorized at september 30, 2016 and december 31, 2015; 231,967,395 and 224,432,465 shares issued at september 30, 2016 and december 31, 2015, respectively; 214,405,103 and 206,871,768 shares outstanding at september 30, 2016 and december 31, 2015, respectively																																						232,000
common stock: par value .001 per share; 485,000,000 shares authorized at june 30, 2016 and december 31, 2015; 231,844,615 and 224,432,465 shares issued at june 30, 2016 and december 31, 2015, respectively; 214,283,918 and 206,871,768 shares outstanding at june 30, 2016 and december 31, 2015, respectively																																							232,000
common stock: par value .001 per share; 485,000,000 shares authorized at march 31, 2016 and december 31, 2015; 231,825,865 and 224,432,465 shares issued at march 31, 2016 and december 31, 2015, respectively; 214,265,168 and 206,871,768 shares outstanding at march 31, 2016 and december 31, 2015, respectively																																								232,000
common stock: par value .001 per share; 485,000,000 shares authorized at december 31, 2015 and 2014; 224,432,465 and 208,601,020 shares issued at december 31, 2015 and 2014, respectively; 206,871,768 and 191,053,530 shares outstanding at december 31, 2015 and 2014, respectively																																									224,000
common stock: par value .001 per share; 485,000,000 shares authorized at september 30, 2015 and december 31, 2014, respectively; 224,430,472 and 208,601,020 shares issued at september 30, 2015 and december 31, 2014, respectively; 206,869,775 and 191,053,530 shares outstanding at september 30, 2015 and december 31, 2014, respectively																																										224,000
common stock: par value .001 per share; 485,000,000 shares authorized at june 30, 2015 and december 31, 2014, respectively; 226,147,213 and 208,601,020 shares issued at june 30, 2015 and december 31, 2014, respectively; 208,586,516 and 191,053,530 shares outstanding at june 30, 2015 and december 31, 2014, respectively																																											226,000
common stock: par value .001 per share; 485,000,000 shares authorized at march 31, 2015 and december 31, 2014, respectively; 208,974,967 and 208,601,020 shares issued at march 31, 2015 and december 31, 2014, respectively; 191,415,726 and 191,053,530 shares outstanding at march 31, 2015 and december 31, 2014, respectively																																												209,000
fixed-maturities held to maturity—at amortized cost																																														428,000
common stock: par value .001 per share; 485,000,000 shares authorized at december 31, 2014 and 2013; 208,601,020 and 190,636,972 shares issued at december 31, 2014 and 2013, respectively; 191,053,530 and 173,099,515 shares outstanding at december 31, 2014 and 2013, respectively																																													209,000
property and equipment, at cost																																														9,126,000	17,315,000	23,725,000	22,799,000	26,403,000	29,846,000	32,490,000	43,925,000	46,981,000	47,966,000	58,500,000	62,728,000	66,349,000	70,417,000	68,975,000	72,545,000	71,436,000
derivative assets																																														20,844,000	169,993,000	251,003,000	232,759,000
reserve for premium deficiency																																														1,983,000	38,677,000	583,543,000
vie debt—at fair value																																														104,218,000
derivative liabilities																																														344,870,000	741,638,000	657,426,000	703,405,000	675,432,000
accounts payable and accrued expenses																																														392,589,000	573,366,000	332,234,000	380,988,000	184,636,000	220,661,000	207,887,000	196,234,000	205,264,000	217,292,000	281,388,000	187,021,000	202,223,000	209,901,000	265,188,000	272,406,000	281,136,000
common stock: par value .001 per share; 485,000,000 and 325,000,000 shares authorized at september 30, 2013 and december 31, 2012, respectively;190,634,951 and 151,131,173 shares issued at september 30, 2013 and december 31, 2012, respectively; 173,097,494 and 133,647,216 shares outstanding at september 30, 2013 and december 31, 2012, respectively																																														191,000
retained deficit																																														-588,595,000
fixed maturities held to maturity—at amortized cost																																															31,946,000	46,731,000	47,951,000	65,222,000	74,599,000	78,961,000	91,389,000	108,299,000	118,267,000	145,781,000	156,705,000					273,995,000
fixed maturities available for sale—at fair value																																															3,332,811,000	4,577,746,000	4,659,048,000	4,586,674,000	4,587,667,000	4,593,461,000	4,890,629,000	4,774,422,000	4,678,657,000	4,618,883,000	4,389,766,000					4,170,261,000
hybrid securities—at fair value																																															441,431,000	544,723,000	571,919,000	641,107,000	595,424,000	587,384,000
short-term investments																																															1,381,455,000	434,617,000	576,610,000	885,442,000	289,752,000	334,074,000	328,164,000	266,369,000	430,504,000	308,206,000	650,523,000	225,497,000	272,062,000	216,787,000	212,450,000	255,073,000
investment in affiliates																																															103,291,000	112,683,000	116,969,000	94,144,000	639,571,000	588,323,000	560,570,000	492,175,000	436,685,000	398,054,000	437,765,000	383,023,000	347,404,000	337,795,000	318,398,000	328,478,000
long-term debt and other borrowings																																															857,324,000	958,762,000	959,244,000	948,010,000
variable interest entity debt—at fair value																																															206,505,000
common stock: par value .001 per share; 325,000,000 shares authorized; 98,612,288 and 98,223,210 shares issued at march 31, 2009 and december 31, 2008, respectively; 81,414,301 and 81,034,883 shares outstanding at march 31, 2009 and december 31, 2008, respectively																																															99,000
accumulated other comprehensive loss																																															-175,617,000
variable interest entity debt																																																85,739,000	100,219,000
deferred income taxes payable																																																	52,360,000	383,172,000	888,667,000	942,167,000
common stock: par value .001 per share; 325,000,000 and 200,000,000 shares authorized at june 30, 2008 and december 31, 2007; 97,631,763 shares issued at june 30, 2008 and december 31, 2007; 80,405,377 and 80,412,974 shares outstanding at june 30, 2008 and december 31, 2007, respectively																																																98,000
reserve for second-lien premium deficiency																																																	213,736,000	155,176,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,631,763 shares issued at march 31, 2008 and december 31, 2007; 80,460,406 and 80,412,974 shares outstanding at march 31, 2008 and december 31, 2007, respectively																																																	98,000
provisional losses recoverable																																																					12,293,000	12,110,000	11,905,000	24,963,000	24,648,000	24,284,000	36,679,000	36,230,000	35,641,000	48,557,000
current income taxes payable																																																		280,971,000	220,951,000	224,999,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,631,763 and 97,625,407 shares issued at september 30, 2007 and december 31, 2006, respectively; 80,429,181 and 79,401,691 shares outstanding at september 30, 2007 and december 31, 2006, respectively																																																		97,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,631,763 and 97,625,407 shares issued at june 30, 2007 and december 31, 2006, respectively; 80,393,796 and 79,401,691 shares outstanding at june 30, 2007 and december 31, 2006, respectively																																																			97,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,631,657 and 97,625,407 shares issued at march 31, 2007 and december 31, 2006, respectively; 80,285,430 and 79,401,691 shares outstanding at march 31, 2007 and december 31, 2006, respectively																																																				97,000
deferred federal income taxes																																																					1,071,002,000	1,020,720,000	1,008,119,000	863,859,000	870,129,000	823,305,000	769,342,000	700,252,000	723,885,000	688,262,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,570,373 and 97,373,169 shares issued at september 30, 2006 and december 31, 2005, respectively; 80,777,307 and 83,032,456 shares outstanding at september 30, 2006 and december 31, 2005, respectively																																																					97,000
deferred compensation																																																								-2,038,000	-1,747,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,473,548 and 97,373,169 shares issued at june 30, 2006 and december 31, 2005, respectively; 81,583,869 and 83,032,456 shares outstanding at june 30, 2006 and december 31, 2005, respectively																																																						97,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,440,198 and 97,373,169 shares issued at march 31, 2006 and december 31, 2005, respectively; 82,440,466 and 83,032,456 shares outstanding at march 31, 2006 and december 31, 2005, respectively																																																							97,000
common stock: par value .001 per share; 200,000,000 shares authorized; 97,120,577 and 96,560,912 shares issued in 2005 and 2004, respectively																																																								97,000
common stock: par value .001 per share; 200,000,000 shares authorized; 96,780,148 and 96,560,912 shares issued in 2005 and 2004, respectively																																																									97,000
fixed maturities held to maturity – at amortized cost																																																										170,717,000	187,152,000	232,723,000	258,399,000
fixed maturities available for sale – at fair value																																																										4,419,572,000	4,467,054,000	4,321,143,000	4,371,612,000
trading securities – at fair value																																																										95,065,000	48,947,000	60,340,000	52,269,000
equity securities – at fair value																																																										308,435,000	294,695,000	235,234,000	231,097,000
common stock: par value .001 per share; 200,000,000 shares authorized; 96,685,308 and 96,560,912 shares issued in 2005 and 2004, respectively																																																										97,000
current income taxes																																																													41,432,000	24,092,000
common stockholders’ equity
common stock: par value .001 per share; 200,000,000 shares authorized; 96,229,486 and 95,851,346 shares issued in 2004 and 2003, respectively																																																											96,000
common stock: par value .001 per share; 200,000,000 shares authorized; 96,202,153 and 95,851,346 shares issued in 2004 and 2003, respectively																																																												96,000
common stock: par value .001 per share; 200,000,000 shares authorized; 96,091,407 and 95,851,346 shares issued in 2004 and 2003, respectively																																																													96,000
short-term debt
common stock: par value .001 per share; 200,000,000 shares authorized; 95,851,346 and 95,134,279 shares issued in 2003 and 2002, respectively																																																														96,000
total common stockholders’ equity																																																														3,225,844,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2009-03-31	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31

cash flows from operating activities																																													27,104,000	-123,214,000	-62,031,000	94,293,000	25,578,000	204,187,000	130,610,000	115,813,000	127,321,000	280,568,000	99,050,000	65,423,000	99,814,000	79,661,000	21,936,000
net income	154,843,000	141,443,000	141,796,000	144,558,000	148,291,000	151,892,000																																							-88,797,000
less: income from discontinued operations, net of tax	-3,959,000
net income from continuing operations	158,802,000
adjustments to reconcile net income to net cash from operating activities:
net losses on investments and other financial instruments	1,159,000	-6,710,000	4,852,000	723,000	8,291,000	-2,174,000
loss on extinguishment of debt					0	0
depreciation, other amortization and other impairments	2,756,000
deferred income tax provision	11,756,000	52,717,000	31,439,000	42,705,000	40,219,000	43,157,000
change in:
accrued investment income	2,746,000	6,298,000	-7,971,000	2,950,000	-1,473,000	-4,053,000
accounts and notes receivable	8,568,000	-6,056,000	-2,714,000	995,000	10,215,000	2,148,000
reinsurance recoverable	-3,969,000	-3,059,000	-3,425,000	-3,794,000	-2,418,000	-2,951,000
deferred policy acquisition costs	-2,307,000	537,000	607,000	-109,000	684,000	136,000																																							26,391,000
prepaid federal income tax	-43,700,000	-14,824,000			-50,744,000	-32,600,000
other assets	19,311,000	6,820,000	614,000	8,761,000	16,990,000	-1,330,000
unearned premiums	-6,824,000	-5,736,000	-7,030,000	-9,406,000	-9,670,000	-8,087,000																																							319,785,000
reserve for losses and lae	12,296,000	10,442,000	8,158,000	14,619,000	-2,899,000	5,755,000
reinsurance funds withheld	-7,513,000	3,213,000	3,027,000	3,156,000	-16,827,000	2,961,000
other liabilities	20,182,000	24,401,000	-13,635,000	-22,684,000	-6,367,000	10,385,000
net cash from operating activities, continuing operations	173,776,000																																				91,587,000	135,639,000	112,629,000	41,869,000	21,507,000	60,811,000	-66,884,000	80,000
net cash from operating activities, discontinued operations	233,218,000																																								0	0	10,409,000	-12,168,000
net cash from operating activities	406,994,000	358,397,000	-713,335,000	67,806,000	-269,415,000	-237,919,000	-207,282,000	51,044,000	264,958,000	75,227,000	72,471,000	116,778,000	-282,219,000	105,298,000	60,175,000	116,675,000	153,808,000	127,408,000	122,867,000	153,029,000	159,678,000	193,465,000	149,491,000	155,800,000	187,626,000	168,676,000	120,351,000	217,778,000	185,857,000	191,107,000	182,375,000	118,447,000	142,150,000	12,013,000	122,480,000	83,932,000	91,587,000	135,639,000	112,629,000	41,869,000	21,507,000	60,811,000	-56,475,000	-12,088,000
capital expenditures	-870,000	-843,000	-1,284,000	-1,209,000	-342,000	-207,000	-1,066,000	-1,558,000	-1,886,000	-4,282,000	-5,327,000	-4,786,000	0	-4,664,000	0	-4,075,000	-3,881,000	-3,727,000	-2,920,000	-2,073,000	-2,293,000	-4,129,000	-5,644,000	-4,950,000	-6,919,000	-5,500,000	-8,548,000	-6,659,000	-5,685,000	-7,995,000	-7,626,000	-4,702,000	-3,503,000	-11,729,000	-5,757,000	-7,687,000	-7,290,000	-11,626,000	-10,108,000	-6,518,000	-6,202,000	-8,610,000	-8,184,000	-2,470,000
free cash flows	406,124,000	357,554,000	-714,619,000	66,597,000	-269,757,000	-238,126,000	-208,348,000	49,486,000	263,072,000	70,945,000	67,144,000	111,992,000	-282,219,000	100,634,000	60,175,000	112,600,000	149,927,000	123,681,000	119,947,000	150,956,000	157,385,000	189,336,000	143,847,000	150,850,000	180,707,000	163,176,000	111,803,000	211,119,000	180,172,000	183,112,000	174,749,000	113,745,000	138,647,000	284,000	116,723,000	76,245,000	84,297,000	124,013,000	102,521,000	35,351,000	15,305,000	52,201,000	-64,659,000	-14,558,000
cash flows from investing activities
proceeds from sales of:
available for sale securities	701,680,000	40,972,000	115,909,000	117,832,000
trading securities	-2,593,000	595,000	2,600,000	7,803,000					0	1,000	-1,000	9,123,000	39,000				0	0	0	7,952,000	0	0	1,666,000	9,936,000	9,662,000	9,162,000	41,630,000	70,083,000	23,135,000	18,543,000	4,675,000	11,964,000	18,336,000	46,426,000	83,334,000	46,688,000	112,628,000	28,109,000
equity securities	74,301,000	21,486,000	3,589,000	14,319,000	17,244,000	13,996,000	13,667,000	840,000	21,817,000	841,000	43,219,000	2,076,000		1,875,000	1,235,000	4,535,000	7,459,000	24,849,000	2,601,000	1,839,000	13,005,000	1,652,000	16,454,000	59,339,000	17,484,000	12,477,000	6,540,000	33,278,000	2,995,000	10,001,000	26,906,000	55,795,000
proceeds from redemptions of:
purchases of:
sales, redemptions and (purchases) of:
short-term investments	-1,042,975,000	-226,822,000	27,593,000	-4,408,000	-88,559,000	308,463,000	-27,514,000	-39,147,000	-174,090,000	-47,134,000	-73,628,000	43,190,000	19,216,000	-44,162,000	142,942,000	70,153,000	85,557,000	24,451,000	-9,614,000	-32,311,000	-61,128,000	396,947,000	-346,524,000	-72,220,000	20,216,000	360,341,000	153,473,000	-526,013,000	108,453,000	-11,212,000	-188,349,000	-17,217,000	72,749,000	49,567,000	144,019,000	57,923,000	92,877,000	-34,713,000
other assets and other invested assets	-8,671,000	214,000	-46,000	-279,000	-159,000	43,000	1,411,000	-180,000	2,900,000	-2,750,000	-30,000	-165,000		257,000			-127,000	1,210,000	2,322,000	2,721,000	445,000	-1,357,000	-1,000	2,347,000	-1,426,000	197,000	141,000	349,000	479,000	1,818,000	201,000	92,000	286,000	184,000	190,000	222,000	99,000	1,233,000
additions to property and equipment	-870,000	-843,000	-1,284,000	-1,209,000	-342,000	-207,000	-1,066,000	-1,558,000	-1,886,000	-4,282,000	-5,327,000	-4,786,000		-4,664,000
net cash from investing activities, continuing operations	-93,249,000																																				-89,003,000	92,999,000	-105,464,000	-74,590,000		-41,899,000	31,162,000	25,189,000
net cash from investing activities, discontinued operations	15,930,000																																								0	0	-4,515,000	9,514,000
net cash from investing activities	-77,319,000	-26,705,000	125,073,000	106,237,000	35,317,000	366,862,000	-1,035,000	-73,398,000	-111,397,000	-99,412,000	-59,491,000	-30,542,000	389,376,000	35,952,000	84,399,000	-71,795,000	32,122,000	42,409,000	5,545,000	-81,938,000	-145,523,000	-157,222,000	-612,428,000	31,993,000	-139,146,000	-18,109,000	40,549,000	-185,343,000	-183,014,000	-129,700,000	-256,960,000	-119,740,000	-126,263,000	-25,032,000	-98,731,000	48,534,000	-89,003,000	92,999,000	-105,464,000	-74,590,000	-17,662,000	-41,899,000	26,647,000	34,703,000	-30,022,000			-335,765,000	-34,678,000	-147,210,000				55,092,000			-41,688,000	-81,200,000	-7,411,000
cash flows from financing activities
dividends and dividend equivalents paid	-34,873,000	-34,827,000	-38,627,000	-37,288,000	-36,734,000	-37,157,000	-40,507,000	-37,563,000	-34,879,000	-35,828,000	-39,516,000	-35,685,000	-31,716,000	-32,433,000	-35,934,000	-35,354,000	-25,133,000	-26,129,000	-27,941,000	-24,095,000	-24,093,000	-24,064,000	-24,163,000	-25,138,000
issuance of common stock	16,000	248,000	670,000	109,000	0	41,000	427,000	460,000	222,000	19,000	531,000	983,000	223,000	549,000	238,000	331,000	157,000	113,000	772,000	340,000	48,000	25,000	33,000	1,447,000	290,000	858,000	905,000	363,000	257,000	318,000	147,000	663,000	3,849,000	160,000	258,000	2,865,000	374,000	278,000	41,000	24,000
repurchases of common stock, including excise taxes paid	0	0
issuance of senior notes					0	0	-419,000	617,164,000													0	-516,000			-59,000	-439,000
redemption of senior notes					0	-450,000,000	0	-527,079,000
proceeds	-1,449,000
proceeds from fhlb advances	10,500,000
repayments of fhlb advances	-28,244,000
proceeds from credit facility borrowings	0	0
repayments of credit facility borrowings	0	0
credit facility commitment fees paid	-3,596,000	-141,000	-122,000	-146,000	-239,000	-291,000	-140,000	-142,000	-238,000	-192,000	-281,000	-193,000	-240,000	-194,000	-191,000	-189,000	-2,615,000	-239,000	-237,000	-234,000	-299,000	-239,000	-1,517,000	-237,000	-279,000	-239,000	-237,000	-234,000	-867,000	-238,000	-220,000	-185,000
proceeds (repayments) related to cash collateral for loaned securities	-56,437,000	-45,880,000	28,421,000	10,385,000	8,818,000
net cash from financing activities, continuing operations	-114,083,000																																				-27,000	-237,241,000	-16,669,000	50,668,000	-25,886,000	-1,164,000	26,721,000	930,000
net cash from financing activities, discontinued operations	-186,116,000
net cash from financing activities	-300,199,000	-337,841,000	582,108,000	-187,166,000	245,495,000	-114,652,000	195,276,000	31,114,000	-190,290,000	18,520,000	-1,265,000	-92,052,000	-47,319,000	-221,265,000	-142,255,000	-63,996,000	-189,885,000	-151,149,000	-114,268,000	-41,474,000	-6,453,000	-34,465,000	485,678,000	-222,142,000	-4,452,000	-177,439,000	-209,532,000	-11,683,000	-10,179,000	-51,795,000	49,206,000	35,154,000	-18,763,000	29,381,000	-27,788,000	-107,914,000	-27,000	-237,241,000	-16,669,000	50,668,000	-25,886,000	-1,164,000	26,721,000	930,000	-203,000	-1,619,000	11,160,000	199,052,000	-10,669,000	14,755,000	-54,228,000	-57,359,000	-48,827,000
increase in cash and restricted cash	29,476,000	-6,149,000	-6,154,000	-13,123,000	11,397,000	14,291,000	-13,041,000	8,760,000	-36,729,000	-5,665,000	11,715,000	-5,816,000	59,838,000	-80,015,000	2,319,000	-19,116,000	-3,955,000	18,668,000	14,144,000	29,617,000	7,702,000	1,778,000	22,741,000	-34,349,000	44,028,000	-26,872,000	-48,636,000	20,752,000	-7,336,000	9,613,000	-25,379,000	33,860,000	-2,561,000	16,401,000	-3,986,000	24,576,000
cash and restricted cash, beginning of period	0	0	-1,000	41,473,000	0	0	0	20,065,000	0	0	0	56,560,000	-113,774,000	0	0	152,620,000	0	0	0	94,146,000	0	0	0	96,274,000	0	0	0	107,002,000	0	0	0	96,244,000	0	0	0	61,814,000
cash and restricted cash, end of period	29,476,000	-6,149,000	-6,155,000	28,350,000	11,397,000	14,291,000	-13,041,000	28,825,000	-36,729,000	-5,665,000	11,715,000	50,744,000	-53,936,000	-80,015,000	2,319,000	133,504,000	-3,955,000	18,668,000	14,144,000	123,763,000	7,702,000	1,778,000	22,741,000	61,925,000	44,028,000	-26,872,000	-48,636,000	127,754,000	-7,336,000	9,613,000	-25,379,000	130,104,000	-2,561,000	16,401,000	-3,986,000	86,390,000
supplemental disclosures of cash flow information
income taxes paid																																										-196,000						31,485,000			81,061,000	76,411,000	24,126,000	56,783,000	89,227,000	29,675,000
interest paid, continuing operations
interest paid, discontinued operations
supplemental noncash information
transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment, discontinued operations
retention of mortgage servicing and other related rights from residential mortgage loan sales, discontinued operations
operating lease right-of-use assets obtained in exchange for operating lease liabilities, continuing operations
operating lease right-of-use assets obtained in exchange for operating lease liabilities, discontinued operations
supplemental noncash information, discontinued operations
transfer from residential mortgage loans held for sale to securitized residential mortgage loans held for investment		0	397,971,000	369,977,000	427,648,000
retention of mortgage servicing and other related rights from residential mortgage loan sales		1,616,000	1,733,000	1,486,000
operating lease right-of-use assets obtained in exchange for operating lease liabilities					0
purchases of residential mortgage loans held for sale			-944,224,000	-210,909,000	-505,843,000
proceeds from sales of residential mortgage loans held for sale			114,543,000	71,046,000	65,014,000
principal payments from residential mortgage loans held for sale			8,548,000	12,249,000	9,963,000
net losses on consolidated vie assets and liabilities			2,081,000	-1,430,000	1,434,000
depreciation, other amortization, and other impairments			26,724,000	14,376,000	25,725,000	18,753,000
principal payments from securitized residential mortgage loans held for investment			66,889,000	39,419,000	58,533,000
issuance of securitized nonrecourse debt			391,373,000	353,744,000	421,822,000
repayments of securitized nonrecourse debt			-66,889,000	-39,419,000	-58,533,000
proceeds from secured borrowings			1,598,912,000	336,069,000	534,860,000	1,101,356,000	406,704,000	145,977,000	32,152,000	120,786,000	44,011,000	10,569,000		13,417,000	10,151,000	3,000,000	10,000,000	0	29,000,000	3,000,000	68,125,000	31,949,000	46,965,000	59,995,000	42,264,000	37,011,000	30,000,000	6,000,000	10,991,000	29,914,000	8,994,000	6,550,000
repayments of secured borrowings			-1,108,645,000	-601,696,000	-548,483,000	-1,052,855,000	-119,889,000	-48,853,000	-145,178,000	-46,193,000	-40,493,000	-599,000		-16,000,000	-3,000,000	-5,000,000	0	-6,000,000	-14,000,000	-28,000,000	-31,950,000	-39,964,000	-37,002,000	-29,011,000	-25,382,000	-23,000,000
repurchases of common stock				-208,924,000	-76,016,000	-49,010,000	-50,015,000	-50,018,000	-63,286,000	-50,019,000	-5,002,000	-15,007,000	-13,084,000	-200,203,000	-167,920,000	-18,988,000	-147,618,000
amortization and impairment of goodwill and other acquired intangible assets
interest paid																																									27,018,000	4,512,000	25,031,000	4,516,000	8,382,000	19,094,000	9,334,000	9,238,000	16,446,000	8,057,000	8,071,000	16,481,000	7,502,000	10,015,000	9,799,000	9,637,000	9,627,000	9,837,000	9,618,000
retention of mortgage servicing rights from residential mortgage loan sales					426,000
amortization of other acquired intangible assets
fixed-maturities available for sale						91,589,000	169,775,000	130,248,000	65,674,000	36,125,000	119,199,000	110,882,000	-339,042,000	202,009,000	65,895,000	128,072,000	198,953,000	207,315,000	174,649,000	154,423,000	68,591,000	159,844,000	202,135,000	533,019,000	216,254,000	202,042,000
purchases of mortgage loans held for sale
proceeds from sales of mortgage loans held for sale
proceeds from repayments of mortgage loans held for sale
change in secured borrowings							-885,000	-68,832,000	20,917,000	29,947,000	39,485,000	-52,120,000	66,000	13,599,000	54,401,000	-7,796,000	-24,676,000	33,893,000	-11,804,000	16,152,000	-18,284,000	-1,656,000	-14,681,000	-2,854,000	4,294,000	-1,995,000	-9,971,000	21,534,000	-2,072,000	-78,217,000	80,912,000	38,719,000
impairment of goodwill
capital distributions from subsidiaries
capital contributions to subsidiaries
purchases of property and equipment																-4,075,000	-3,881,000	-3,727,000	-2,920,000	-2,073,000	-2,293,000	-4,129,000	-5,644,000	-4,950,000	-6,919,000	-5,500,000	-8,548,000	-6,659,000	-5,685,000	-7,995,000	-7,626,000	-4,702,000	-3,503,000	-11,729,000	-5,757,000	-7,687,000	-7,290,000	-11,626,000	-10,108,000	-6,518,000	-6,202,000	-8,610,000	-8,184,000	-2,470,000	-814,000	-2,939,000	-344,000	268,000	-854,000	-2,142,000	-2,172,000	-4,748,000	-4,403,000	-2,016,000	-2,052,000	-2,033,000	-5,269,000	-4,135,000	-5,290,000
amortization and impairment of other acquired intangible assets
reinsurance recoverables
proceeds from sale of subsidiary, net of cash sold
repayments and repurchases of senior notes																									-24,000	-102,722,000
repayments of other borrowings																					0	0	-40,000	-39,000	-38,000	-39,000
effect of exchange rate changes on cash and restricted cash																									0	0					0	-1,000	315,000	39,000	53,000	24,000
repurchases of common shares																			-90,058,000	-8,637,000	0	0	0	-226,305,000	-25,016,000	-86,368,000
cash flows from operating activities:
prepaid reinsurance premiums
cash flows from investing activities:
acquisitions, net of cash acquired																													-7,302,000	-28,000	-373,000	-261,000	0	0	0	-86,000					-4,388,000	0	0	-6,449,000
cash flows from financing activities:
supplemental disclosures of cash flow information:
proceeds from sale of a subsidiary, net of cash sold																						0	612,000	15,869,000
net cash received (transferred) in sale of subsidiaries
radian group inc.
consolidated statements of cash flows
dividends paid																									-502,000	-506,000	-519,000	-534,000	-534,000	-533,000	-533,000	-540,000	-540,000	-538,000	-538,000	-538,000	-537,000	-535,000	-536,000	-497,000	-517,000	-521,000	-480,000	-478,000	-203,000	-1,619,000	-1,640,000	-1,597,000	-1,607,000	-1,604,000	-1,631,000	-1,639,000	-1,664,000	-1,695,000	-1,702,000	-1,769,000	-1,972,000	-1,975,000	-1,885,000
proceeds from termination of capped calls																																	99,000	26,000							1,177,000	0
fixed-maturity investments available for sale																												435,709,000	151,550,000	228,952,000	123,485,000	224,597,000	151,165,000	87,367,000	396,566,000	253,121,000	149,494,000	231,104,000
purchase of common shares																												-31,774,000		0	-40,050,000	-10,003,000	0	0			0	0
payments of secured borrowings																												-7,000,000	-17,917,000
repayment of other borrowings																												-38,000		-39,000	-44,000	-50,000	-57,000	-67,000	-59,000	-81,000	-79,000	-86,000	-98,000	-108,000
loss on induced conversion and debt extinguishment
purchases and redemptions of senior notes
purchases of common shares
excess tax benefits from stock-based awards																																					218,000	52,000	43,000	20,000	0	321,000	1,271,000	1,408,000				410,000	744,000	4,334,000	2,388,000	113,000	1,261,000
amortization and impairment of other intangible assets
equity securities available for sale																																	14,895,000	5,320,000			0	0
issuance of long-term debt																																	-1,087,000				0	-132,000	-590,000	344,139,000	-145,000	-781,000												663,000
purchases and redemptions of long-term debt																																	-1,609,000	-450,232,000	-31,526,000	-110,160,000	-3,000	-236,818,000	-15,529,000	-192,722,000	-27,686,000	-183,000
change in payable under securities lending agreements																																	-17,425,000
less: increase in cash of business held for sale
income taxes paid, continuing operations
income taxes paid, discontinued operations
excess tax benefits from share-based awards
net (gains) losses on investments and other financial instruments recognized in earnings
amortization and impairment of intangible assets
depreciation and other amortization
fixed-maturity investments held to maturity
proceeds from the sale of investment in affiliate, net of cash transferred																																									0	0
income taxes paid (received), continuing operations
effect of exchange rate changes on cash																																						-103,000	-278,000	-1,000	-91,000	-99,000	103,000	-46,000	1,517,000	1,652,000	-3,362,000	-3,708,000	-3,908,000	2,972,000	-136,000	-1,242,000	-155,000
increase in cash																																						-8,706,000	-9,782,000	17,946,000	-22,132,000	17,649,000	-3,004,000	23,499,000		-32,710,000	-19,749,000	-46,038,000	-23,767,000	74,704,000	-15,507,000	44,809,000	9,069,000			-8,196,000	-15,324,000	-22,393,000	734,000
cash, beginning of period																																						0	0	46,898,000	0	0	0	30,465,000	79,048,000	0	200,787,000	0	0	57,901,000	0	0	7,847,000	0	0	30,680,000	0	0	67,169,000
cash, end of period																																						-8,706,000	-9,782,000	64,844,000	-22,132,000	17,649,000	-5,823,000	57,204,000	77,444,000	-32,710,000	181,038,000	-46,038,000	-23,767,000	132,605,000	-15,507,000	44,809,000	16,916,000	3,205,000	2,087,000	22,484,000	-15,324,000	-22,393,000	67,903,000
•
net income from continuing operations:
net income from continuing operations - basic
adjustment for dilutive convertible senior notes due 2019, net of tax																																						-65,000
net income from continuing operations - diluted
net income:
income from discontinued operations, net of tax																																												530,000
net income - basic																																						-15,309,000
net income - diluted
average common shares outstanding - basic																																						113,000
dilutive effect of convertible senior notes due 2017																																						166,000
dilutive effect of convertible senior notes due 2019																																						-654,000
dilutive effect of stock-based compensation arrangements																																						140,000
adjusted average common shares outstanding - diluted																																						-235,000
net income per share
basic:
diluted:
income from discontinued operations
proceeds from sales of fixed-maturity investments available for sale																																								111,099,000	-76,584,000	39,375,000	53,688,000	3,621,000	267,834,000	122,084,000	71,452,000	48,457,000	51,289,000	111,104,000	266,030,000	127,804,000	322,294,000	140,535,000
proceeds from sales of equity securities available for sale																																								74,868,000	499,000	0			221,000	2,169,000	3,623,000	28,099,000	11,157,000	5,096,000	16,625,000	14,516,000	56,419,000	10,965,000	43,656,000	9,704,000	26,088,000	15,053,000	172,096,000
proceeds from sales of trading securities																																								65,163,000				69,915,000
proceeds from redemptions of fixed-maturity investments available for sale																																								58,856,000	38,848,000	39,568,000	19,677,000	5,502,000	77,915,000	47,110,000	45,984,000	69,580,000	47,019,000	51,695,000	65,505,000	41,940,000	38,055,000	61,436,000
proceeds from redemptions of trading securities																																								34,105,000
purchases of fixed-maturity investments available for sale																																								-753,660,000	-398,857,000	-361,821,000	-573,350,000	-152,290,000	-32,199,000	-173,030,000	-167,188,000	-95,071,000	-200,964,000	-217,339,000	-331,797,000	-355,489,000	-422,311,000	-413,030,000
sales and redemptions of short-term investments																																								341,365,000
sales and redemptions of other assets and other invested assets																																								132,000
purchase of shares under share repurchase program																																								-100,188,000
net payments related to derivative contracts and vies
net cash (paid) received for commutations, terminations and recaptures
proceeds from redemptions of fixed-maturity investments held to maturity																																													5,005,000	1,640,000	5,841,000	10,023,000	4,912,000	5,906,000	17,523,000	10,391,000	8,968,000	17,528,000
proceeds from redemptions of equity securities available for sale
purchases of equity securities available for sale																																									-75,038,000	0			-2,710,000	-69,508,000	-15,781,000	-1,013,000	-4,979,000	-830,000	-12,880,000	-11,786,000	-736,000	-53,205,000	-657,000	-10,213,000	-23,592,000	-15,394,000	-145,432,000
purchases of trading securities
sales, redemptions (purchases) of short-term investments
sales of other assets and other invested assets
net cash (used in) investing activities, continuing operations
purchase of shares under asr																																									0	0
proceeds from sales and redemptions of trading securities																																										49,130,000
purchases and redemptions of short-term investments																																										187,828,000
sales and redemptions of other assets
less: change in cash of business held for sale																																										0
sales of other assets																																											333,000	632,000
sales (purchases) and redemptions of short-term investments																																												106,728,000
change in cash of business held for sale																																												3,240,000
income taxes (received) paid																																												-41,000						-15,674,000
net premiums earned																																												1,007,000
net investment income																																												9,153,000	31,345,000
net gains on investments and other financial instruments																																												13,668,000
change in fair value of derivative instruments																																												2,625,000	-28,576,000
total revenues																																												26,453,000	196,746,000
benefit from losses																																												502,000	321,684,000
policy acquisition costs																																												-191,000	5,739,000
other operating expense																																												4,107,000
total expenses																																												4,418,000	320,627,000
equity in net income of affiliates																																												-13,000
income from operations of businesses held for sale																																												22,022,000
loss on classification as held for sale																																												-13,930,000
income tax provision																																												7,562,000
cash flows used in operating activities
(purchases)/sales and redemptions of short-term investments
sales (purchases) of other invested assets
proceeds from sale of investment in affiliate
(purchases)/sales of property and equipment
proceeds/payments related to issuance or exchange of debt
redemption of long-term debt																																																						-219,337,000	0	-663,000
proceeds from sales of hybrid securities																																													39,620,000	116,018,000	89,188,000	60,845,000	138,334,000	61,977,000
proceeds from redemptions of hybrid securities																																													9,304,000	13,675,000	15,672,000	10,025,000	14,179,000	28,767,000
purchases of hybrid securities																																													-58,790,000	-108,336,000	-134,618,000	-100,405,000	-141,688,000	-92,344,000
(purchases) sales of short-term investments																																													-334,592,000			-593,201,000					-67,921,000
purchases of other invested assets																																													-816,000	-989,000	-260,000			-6,167,000
proceeds from termination of interest-rate swap																																														0	12,800,000
decrease in cash																																													-1,604,000									3,205,000
income taxes received																																													-226,128,000		-250,337,000
supplemental disclosures of non-cash items:
stock-based compensation, net of tax																																													1,055,000	2,174,000	2,999,000	-2,255,000	536,000	3,658,000
net premiums written—insurance																																													161,959,000
net premiums earned—insurance																																													177,883,000
net gains on other financial instruments																																													12,276,000
other income																																													3,818,000
benefit from premium deficiency																																													-48,184,000
other operating expenses																																													35,694,000
interest expense																																													5,694,000
pretax income																																													-123,881,000
income tax benefit																																													-35,084,000
cash and investments																																													4,141,601,000
total assets																																													5,241,881,000
reserve for losses and loss adjustment expenses																																													3,116,553,000
derivative liabilities																																													127,472,000
sales (purchases) of short-term investments																																														142,577,000	120,915,000												42,563,000
net cash from (used) in investing activities																																														90,471,000	34,484,000
proceeds from issuance of common stock under incentive plans																																																239,000	9,037,000	16,005,000	5,641,000	5,854,000	11,811,000	14,094,000	3,071,000	9,168,000	886,000	4,264,000	8,265,000
purchase of treasury stock																																																0	-18,843,000	-3,980,000	-60,626,000	-61,687,000	-60,235,000	-127,107,000	-72,763,000	-293,640,000	-72,364,000	-23,143,000	-20,171,000
sale (purchase) of investment in affiliates
loan to affiliate
proceeds from other borrowings
balance sheets
cost																																																		100	1,400	-15,700	79,800
fair value																																																0	-200	400	-2,800	-22,100	115,800	10,600	-15,700	95,100	-11,400	8,000	52,300
derivative financial contracts
notional value																																																582,000	-4,840,000	60,885,000	4,174,000	6,017,000	36,509,000	5,250,000	1,707,000	12,593,000	1,000,000	2,000,000	9,000,000
gross unrealized gains																																																-52,600	-42,700	124,600	4,900	-8,400	118,300	19,800	-1,200	66,700	7,600	10,200	57,300
gross unrealized losses																																																593,900	76,700	34,100	1,600	12,000	22,700	-20,300	-10,800	55,400	-15,200	6,200	77,900
net unrealized gains																																																-646,500	-119,400	90,500	3,300	-20,400	95,600	40,100	9,600	11,300
derivative financial guaranty contracts
purchases of short-term investments																																																		-92,933,000
other																																																					365,000	1,407,000	-1,013,000	748,000	116,000
sales of short-term investments																																																								234,562,000
(purchases) sales of other invested assets
(purchase) sale of investment in affiliates
net cash (used in)/provided by investing activities																																																					-69,270,000
debt issuance costs																																																						-334,000
sales of other invested assets																																																						745,000			151,000	-306,000	3,370,000
net cash from by investing activities
stock-based compensation																																																				1,782,000	3,926,000
purchase of other invested assets
investments in affiliates																																																									0
proceeds from sales of investment in affiliates
net cash used by financing activities																																																						-331,641,000	175,664,000	-288,979,000
balance sheet
amortized cost																																																						-1,300	-4,900	72,300	-100	9,200	42,500
(purchases)/sales of short-term investments
distributions from affiliates																																																							8,750,000	60,375,000	0	40,750,000	41,550,000
repurchase of warrants																																																							0	-2,075,000
proceeds from sales of fixed maturity investments available for sale																																																								61,211,000	227,730,000	249,141,000	363,205,000
proceeds from redemptions of fixed maturity investments available for sale																																																								39,630,000	48,372,000	49,468,000	62,718,000
proceeds from redemptions of fixed maturity investments held to maturity																																																								8,946,000	47,047,000	26,546,000	12,304,000
purchases of fixed maturity investments available for sale																																																								-187,542,000	-309,179,000	-431,500,000	-554,495,000
(purchases)/sales of other invested assets																																																								-28,000
net cash provided (used) in investing activities																																																								215,360,000
disposals of property and equipment
repayment of short-term debt
capital issuance costs
net cash (used in)/provided by financing activities																																																									-73,450,000	-20,854,000	-13,791,000
income taxes (paid)/received																																																										-95,575,000	-2,007,000
net unrealized losses																																																										4,000	-20,600

Radian Group Inc(NYSE:RDN)

Radian Group Inc
(NYSE:RDN)