The mortgage insurer Radian Group Inc. posted its first profit in five quarters as claims costs fell.
The Philadelphia company said it had net income of $112.2 million, or 84 cents a share, in the quarter.
In the year-earlier quarter Radian posted a loss of $70.5 million, or 86 cents, a year earlier, when there was less stock outstanding.
The provision for losses narrowed to $344.4 million from $404.9 million in last year's third quarter. S.A. Ibrahim, Radian's chief executive, said in a press release Tuesday that the company benefited from "declining mortgage insurance delinquencies, despite the challenge of an uncertain economy."
