Radian 2015 Income Down 70%

Radian Group Inc. reported net income of $286.9 million for 2015, a decline of nearly 70% from 2014's $959.5 million. The year-over-year change is from the reversal of a deferred tax asset allowance that bulked up the 2014 results by $852 million. The 2014 results also include a loss of $300 million related to Radian Asset Assurance, the bond insurer it sold to Assured Guaranty.

Pretax income from continuing operations in 2015 was $437.8 million, up from $407.2 million in 2014.

Fourth-quarter net income for the Philadelphia-based mortgage insurer was $74.5 million, down from $428.3 million for the same period in 2014. However, the year-ago results were boosted by an $807 million reversal of the deferred tax asset that was only partially offset by a $450 million loss attributable to the RAA sale.

New insurance written for the full year totaled $41.4 billion, up from $37.3 billion in 2014. For the fourth quarter, NIW was $9.1 billion, down from $10 billion for the same period one year prior.

Insurance-in-force at the end of the year was $175.6 billion, an increase of $3.8 billion from Dec. 31, 2014.

In its first full year as a subsidiary of Radian Group, Clayton Holdings had revenue of $157.4 million. Its fourth-quarter revenue was $38.2 million, up from $35.4 million the previous year.