appreciate Rick, impacts we good from completed I the everyone. year opportunity the during those of the fourth full Radian and and team positive strength results results, our you, quarter Thank the on the that to and quarter. especially actions speak given today afternoon, the of capital about behalf
$X.XX or per $X.XX As reported share last ago. earned we fourth of night, a the compared in the net to diluted in quarter million share quarter XXXX, of fourth diluted income GAAP per year $XXX
For the in $X.XX was year that XX.X% trends press compared an full per $X.XX per higher XX.X% improvement operating or year diluted credit provision. release. the for with favorable amount XXXX full earnings helped the year, Adjusted reflected $X.XX in million the primarily net than XXXX. was fourth higher XXXX GAAP driven diluted mortgage by share the Those year-over-year per share insurance $XXX produce provided net our as and full for benefited to for detailed on income income reconciliations the for $X.XX in return compared our equity to the loss quarter diluted share
the drivers, which I related more first positive revenue macroeconomic were these environment ways. broader behind will in negative results. to detail address Turning by both and impacted and our
As XXXX. portfolio press title from reduction decline Compared both release, a size to prior as in portfolio impacted our $XXX the in in and premium force fourth the our we well during Exhibit cancellations refinance reported Changes our the insurance activity to Insurance yield lower total as Insurance amount D periods, also of resulting due primarily in average of net fewer of volume, quarter premiums Mortgage mortgage premiums net this reflects in Mortgage in significant in single policy premium earned XXXX. revenues, on detailed million our earned.
accounted for billion XXXX, during represents premium this billion which volume. $XXX now other both as monthly our $XX significant in in fourth nearly in including Our December the insurance driver our X% of including of fourth portfolio. be the Contributing growth most force, XX, and premiums our expected XXXX, force primary total of In for to grew to XX% the written insured of XX% insurance full is future year-over-year year-over-year year new monthly and billion to quarter growth $XX was quarter. XX% written and recurring of XXXX, new revenues
due to record the in in XXXX and written mortgage from reduction in decline insurance market. reflects overall the a new origination pace The XXXX XXXX experienced the
had new basis ago. and market XX% persistency has our negative quarterly year the written, benefited a to on while purchase on rate. fourth persistency compared has However, slowdown the a impact significantly to rate quarter, originations In our it insurance our a increased in XX% refinance annualized
We expect remain our our force of to near due to and likely had in of the elevated, less or in X% as particular, less term insurance a refinancing. to end persistency since of rate year approximately mortgage therefore in XX% are cancel rate XXXX
mix Given in the flows. our of persistency indicator recent premium positive toward for we believe this shift recurring especially future in insured and earned our in premiums our portfolio cash monthly is increase years an products,
compared a XXXX, in portfolio XX webcast our and more force Mortgage more was XX, stated shift expectations, points over years the to approximately the composition quarter Slide reflecting continued past prior previously for of on insured to that premium the Insurance shown recent portfolio our basis As to as moderate of with our was portfolio for decline consistent yield fourth vintages. year our
rates persistency pricing the the XXXX. elevated expect course in the further flat Given premium and yield stabilize relatively force of to current remain over environment, and portfolio we industry
from our As policy distribution a reminder, as can profit net single yield several to premium other period cancellations. earned such total commissions to period risk insured due and fluctuate our factors programs, the portfolio in changes of
future Slide not intent in to addition in our impact value the stockholders' had value $XX these of portfolio, these rising book In recovery, fourth on contrast, year $XX fourth unrealized a rates effect webcast to fair in the persistency impact losses on since for securities rates, these recorded interest positive compared currently X. during we higher notable investment been our to a increased directly have on portfolio our We the negative environment our of environment of to the of rate of temporary be had ability in which equity, as interest the investment to resulting have year negative that X.X% losses has yield unrealized primarily are quarter losses on and a realize on XXXX. benefit from to XXXX In may The until shown their dates. as as expect hold end to the million do rising maturity income million rate continue XXXX increased investment and increase cash quarter book to positive the to another should the flows. be the reinvestment our
As also wide of estate Rick XXXX. of noted, fourth XXXX of million quarter the mortgage $XX the which and segment in for Homegenius third fourth to the decline XXXX for industry quarter revenues, $XX real and transactions for negatively impacted $XX the quarter compared million our million totaled
in of to third quarter before Our operating for $XX corporate as align reported Homegenius compared income we $XX included current severance to necessary allocated quarter $X pretax expenses with million adjustments fourth of for the loss to structure quarter was loss XXXX. for and conditions. million of XXXX related XXXX of and made the for the fourth XXXX million a fourth $X expense operating the loss our million of market The quarter of charges
our The provision positive trends this we to experiencing losses. that have Moving been continued quarter. for
XXXX mortgage quarter due period As webcast net and our benefit Slide quarters, with direction prior of on reserve fourth to in consistent for million of in noted development. losses $XX the we for a had provision favorable the XX recent
defaults, on we of will benefit of number net for estimates million offset by prior claim mortgage a more positive for reserve along be in had the a our $XXX defaults, period claim provision $XXX the for provision losses, and new million For of which of a as full period is loss both provision from year development that our million of than of of XXXX, reported result defaults average each of the $XXX our number new those with defaults. paid. was driver defaults The benefit submitted corresponding ultimately new
operational change Slide approximately the well webcast ultimate on to new or by XX,XXX expected in the As quarter which of on areas claims a defaults by in were slightly have reserves by material affected impact introduced as noted defaults Hurricane an neither are elevated of XXXX paid. reporting quarter, fourth as XX, in Ian of our our
we Although recent forbearance uncertainties part cure strong large current have X%, prior in lowered assumption in and ultimate to new in the favorable quarter. the our continuing $XX Similar prior and appreciation of resulting in from years, economic those associated for to claim due we in defaults favorable home default assumptions with to more risks key the given been quarters, recent the environment. due release certain trends million experienced quarter programs cure the price at the fourth maintained reserves rate claim of periods our for to trends, period defaults current
Turning to other expenses. our
XXXX, quarter fourth third the $XXX fourth and quarter other million, of of million increase $XX totaled an For operating XXXX. the million our expenses the $XX to compared quarter in of XXXX in
elevated primarily quarter Our with and and to full $XX be year to million. are year-over-year a amounts million on be basis XXXX to we while $XX or combined expenses to of these items; to primarily consistent due anticipate cost approximately charges. to to shared of consolidated operating expenses a were XXXX a other basis, our million, million full from on On our to related total the $XX represent expected reduction expense XX%. services as million impairments year two our of impairment $XXX $XXX $XX approximately other well expenses million million and in XXXX million XX% $XX items, related in date fourth savings in as previously in of lived total lease estimates, assets actions nonoperating to other operating severance Based long assets, $XX
variable items and changes can such reminder, as compensation these related costs. volume a incentive expenses due fluctuate As in to
Moving finally capital our liquidity. and to available
Rick to Radian of important risk third-party GSEs. As of our Radian actions the enhance agreement ongoing unrelated reached financial the company flexibility. novate the Reinsurance which milestone we capital completed of we insurer quarter In transactions dividends, to consisted efforts by this a completed an ordinary following return portfolio Guaranty's of with an transfer ability issued the highlighted, entire insured for credit series subsidiary, an December, of our part pay to with as
mortgage novation insurer. the we Radian the completed Radian as of this overall our Following strategy, into and merger of Reinsurance flagship part Guaranty,
Insurance $XXX repayment Once this Pennsylvania surplus and were an from early Radian and Department of of end million a Group, a Guaranty of both outstanding million completed, note capital the return merger was $XXX XXXX. the approved paid Radian at to
As earlier, of as discussed as the positive million a unassigned outstanding with Slide capital webcast result XX. of favorable shown well Radian XXXX actions balance our impact these Guaranty of ended on results $XXX financial as a funds
As regulatory expect Radian important is It this highlighted, without in to paying resume dividends position, ordinary favorable prior Group approval need to we XXXX. Rick Guaranty of quarter first the the for beginning given Radian recurring to the does of able in the note prohibit Department to Pennsylvania past. Insurance been the approval payment successfully to dividends extraordinary from us pay do that from we've which distribution, not recurring an seeking ordinary
laws. sizable As by $XXX with earnings, scheduled, to amount in $XXX entity's be the noted, Beginning the ongoing XXXX. projections, capacity statutory approximate the XXXX, balances more million Guaranty's we Rick Radian dividend expect primarily limitations in driven million to the Pennsylvania ordinary current dividends insurance also ordinary anticipate are of releases on reserve and based consistent when contingency under we to
minimum a assets which increased $X.X over during represents PMIERs fourth quarter the to PMIERs assets cushion. excess Guaranty's required Radian XX% available billion,
$XXX capital $XXX the company quarter increased earlier. available result the as described liquidity to of during holding from million actions Our million a fourth
and approximately During through million stockholders returned repurchase the both $XX we dividend fourth activities. share to quarter of XXXX,
these over full returned stockholders $XXX the through XXXX, million for While we year activities. to
back given mindful in broader have our of cash deliver meaningful both future and flexibility and believe the place are macroeconomic turn Radian at portfolio, Insurance we customers, we call distribution of uncertainties Rick. the in and company While flows the now level the well Guaranty. risk stockholders, I current the the to to strength environment, our and from we expected are risks value our in over force financial to holding we will Mortgage positioned and policyholders
