Radian Group Inc. (NYSE:RDN) shares are hitting in the pre-market session after the company reported a much wider loss than expected in its fourth quarter.
The Mortgage insurer said that loss during the recent quarter, its net losses speeded to $1.1 billion, or $8.55 a share, from a year ago loss of $91.9 million, $1.12 a share.
Analysts were eyeing the company to report a loss of 56 cents a share.
The company said it continues to expect mortgage insurance claims paid to be about $1.7 billion for 2011.
The company said that its net premiums earnings jumped 4% year on year to $220.1 million, while mortgage insurance claims consisting of both first liens and second liens, grew 55% to $392.9 million.
Net premiums written were $201.7 million, compared with $163.3 million a year ago.
Shares of RDN slumped 10.88% to $6.55.
Radian Group Inc. (Radian Group) is a credit enhancement company. The Company operates in three business segments: mortgage insurance, financial guaranty and financial services.
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