(Bloomberg) — Radian Group Inc. Chief Executive Officer S.A. Ibrahim said the mortgage insurer is poised to expand after its first profitable year since 2006.
Radian posted net income of $959.5 million in 2014 after enduring years of losses on guaranties of home loans that were made before the financial crisis. As the company's stock rebounded, Ibrahim reached a deal last year to acquire mortgage-services provider Clayton Holdings. He also sold a bond guaranty unit for about $800 million.
"The combination of these events marks a turning point," Ibrahim said in an annual letter to shareholders on the Philadelphia-based insurer's website Friday. "With the majority of our legacy exposure behind us, we are able to simplify and streamline our company to drive long-term value."
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