Nov. 1 (Bloomberg) -- Radian Group Inc., the second-largest U.S. mortgage insurer, jumped the most since August in New York trading as profit advanced and the company said sales are climbing.
Third-quarter net income increased 64 percent to $183.6 million, or $1.37 per share, from $112.2 million, or 84 cents, the Philadelphia-based company said today in a statement.
Policy sales climbed 2 percent to $178.3 million as smaller rival PMI Group Inc. was prohibited from selling new coverage. Mortgage insurance claims fell 33 percent from a year earlier to $329.9 million.
“We are encouraged by our ability to significantly increase Radian’s volume of profitable new business while maintaining our sharp focus on loss mitigation,” Chief Executive Officer Sanford Ibrahim said in the statement.
Radian climbed 45 cents, or 19 percent, to $2.80 at 10:27 a.m. in New York Stock Exchange composite trading. The insurer has fallen about 65 percent this year compared with the 7.6 percent decline in the Russell 2000 Index.
--Editors: Dan Kraut, Steve Dickson
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