additional and share which And and strength well our results, flexibility investment, to force the of details by liquidity Insurance of the of good everyone. the another portfolio by about appreciate Thank you, positions. as in capital Rick. opportunity strong reflect quarter as our highlighted Mortgage operating resiliency performance, first quarter our I quality afternoon, and
or reported diluted per $X.XX year As share quarter net $XXX ago. we in a XXXX, million GAAP $X.XX the compared of in per of income quarter to last share first earned night, the diluted first
for XX.X% $XX.XX XXXX in was XX, quarter release. $X.XX of $X.XX helped Adjusted as produce XX% diluted of equity our net our grow year-over-year of in press XXXX. and detailed a share quarter compared diluted return Those quarter XXXX share reflected the for to also first the of book first income operating reconciliations to per value earnings per provided XXXX, share the first March the per on as in
more related detail XXXX. I drivers. quarter to generated total million address challenging Despite the of during will $XXX revenues and results, these first revenue $XXX behind first the Turning XXXX compared GAAP we our quarter first of to million environment, the in in macroeconomic
Our net to be significant to totals. the contributor most premiums continued earned those
our fourth XXXX, on in press $XXX programs, went the ceded strategic change that first reinsurance share of of earned earned premiums our distribution risk of first net of increase reflects of mitigate release, primarily as in line million last an from quota part reinsurance in into including under result the position. Exhibit programs year down year the and our in $XXX detailed optimize risk continued in the D we as our to prior agreement XXXX of quarter effect and The a of with mid XXXX. use from premiums million capital quarter reported quarter As
both due fewer the impacted In significant Insurance our addition, policy cancellations our during premiums by insurance Mortgage title well of past in primarily as activity year. were refinance as to lower XXXX portfolio the first single-premium in mortgage volume, reduction earned quarter in the
our The large net premiums two consistent of the mortgage most earned size significant and insurance remain and portfolio. average yield of drivers in-force our premium
to year-over-year our grew primary including of and which $XXX.X represents XX, currently in March most premium X% insurance expected future significant primary force, be monthly to Our our total in insured of revenues. force XXXX, XX% year-over-year of as in the billion portfolio is growth X% driver
in quarter Contributing new the written market. insurance year-over-year first to this the compared $XX.X new of growth quarter was in billion of the first for of to reduction $XX.X insurance The billion mortgage written XXXX. decline in XXXX the origination overall reflects
a our has benefited has decrease our insurance had year compared purchase and the XX% which to annualized it on persistency impact increased on basis originations refinance written, new rate, a quarter negative first the a to quarterly in While industry-wide significantly XX% in ago.
of rise sharp mortgage in low the period less quarter a persistency likely the rates, rates since extended first In last remain our X% to very in in due or near rate term is strong. as end the of rate of refinancing. we year, mortgage of Given therefore of following force to expect had an and particular, insurance our cancel the to less XX%
cash in premium persistency recurring toward growth, in Given recent is of in the this especially for future earned mix indicator insurance our premiums we years monthly an our flows. and positive shift portfolio in increase insured force products, believe our
our on Mortgage webcast stabilized Insurance modest the from yield XX.X a quarter for portfolio quarter, XXXX. provided fourth quarter first in-force for approximately XX shown guidance basis with in of level portfolio points, consistent of reported the last XXXX at increase As our and premium the Slide the
continue yield risk programs, the course due period can as in-force Given the net to rates from pricing strong XXXX, insured persistency while portfolio commissions over expect to distribution remain to current flat single-premium other earned portfolio yield of premium relatively the such policy the our environment, profit fluctuate factors period and to industry cancellations. we changes in and of our total
year persistency the been the significant interest the and in the higher to size quarter benefit than first a increase $XX our of million rates, to a strength from higher has in on million In of portfolio. environment income addition rate in the ago, $XX investment XXXX, positive impact our XX% another the reflecting first investment reported quarter
income of Slide with webcast short-term consists investment our investments portfolio on well-diversified, and X, XX% $X investment highly-rated of grade. total securities, billion shown fixed As rated of our
the of X.X% the future liabilities. The At quarter from flows. and book claims-paying to should on yield reinvestment years, the our assets was be our first to believe for quarter increased end, are environment rate investment portfolio positive current higher structured that the end, during quarter address X.X% duration to portfolio continue the cash expected appropriately resources investment X.X we of timing and our approximately our other and at of
of XXXX, negative directly As rates effect unrealized the previously stockholders' our fair losses during in investment our reported, a portfolio on interest recorded to value rising had resulting primarily equity.
partially reported during of at XXXX accumulated the with first of the reversed million first the of quarter. these of losses $XXX end $XX $XXX from by declining year-end However, unrealized in comprehensive quarter million, tax, net the million to loss income unrealized as other
liquidity the discussed. in given to quarter we Unless flows portfolio, securities considerations risks do realize continue we cash need generate operating that expect future that each not hold to to the to other in ability specific opportunities significant that losses, and result these positive the rebalance our our or due recovery we to identify until these the Rick
XXXX quarter in and to segment the to for $XX the the impacted and noted. continue negatively million mortgage estate of million decline Rick XXXX Homegenius transactions, of $XX totaled industry-wide first as by for quarter first compared and rate higher revenues environment Our real be
to our been into The losses. for XXXX. continued we trends Moving have provision positive have that experiencing
quarter in in million and losses of As years. rates default in XXXX programs of first our recent previous a a net noted appreciation in primarily XXXX. had the benefits of the expectations, strong of the home and to on million webcast direction These to in been due price consistent to our than the in recent positive $XX we quarters, securing have net for provision experienced XX at benefit the benefit with $XX forbearance of Slide impact compared mortgage greater part first quarter due
our While still benefit remaining Mortgage of returned pre-pandemic and declining as Insurance significant, inventory that in balances been reserve the has magnitude have default recent quarters to levels.
of provision the partially was offset our by trends, quarter first we as favorable the on to defaults loss to $XX due during for net periods benefit benefit certain again reported our the quarter. new for defaults prior-period prior of assumptions of provision mortgage from $XX cure claim million reserve result of lowered For XXXX, million development the
by on at other reported default of a factors, as to Slide new largely which defaults is paid our first items, declined XX, and determined us claim. Among which, first, our new to two webcast number in XXXX will the by of servicers, frequency for defaults become provision of the the those key noted approximately XX,XXX, estimate slightly quarter second,
cure quarter favorable Consistent recent we with the benefit continue equity the new portfolio and we uncertainties our risks with to with X% in the this current quarters, as default-to-claim-rate-frequency for associated recent insured from trends this environment. maintained embedded assumption the economic and defaults balance at
to expenses. Turning our other
a For the compared XXXX, XXXX. first operating first other to $XX $XX quarter million, million of the our expenses totaled of in decrease quarter
The reduce quarter actions fourth conditions rate year, we the particular as our took challenging reduce market run of during our to helped in the response XXXX, and to expenses expenses of in last expected. to
of to on XXXX XXXX million. savings to while our actions anticipate other full-year consolidated Based $XXX expense expect our $XX approximately we previous million, continue and $XX million be to $XXX to we to approximately cost guidance, million consistent services operating be full-year our expenses date with to
of incentive and the elevated of certain annual our variable to in share-based grants. the compensation volume-related to of do XXXX XX%. compensation, These represent total combined in to such changes reduction due XX% fluctuate basis, expenses on year-over-year to a can or a these $XX items we incentive $XX employee be second amounts expenses million basis including costs and On in as timing million benefits, quarter expenses and expect a to due
available Moving our to finally liquidity. capital and
pay following to million Radian pleased to that first report $XXX Group capital ordinary of dividend highlighted, crisis year-end Guaranty of financial to are the completed of we its the series at actions during XXXX. was Radian first quarter, able As an Rick the since in start the XXXX,
to $XXX noted, of expectations our approximately current performance to on based million prior to ordinary $XXX million Radian XXXX, during with Group additional between further Rick consistent dividends pay remainder expects the and Guaranty As Radian of guidance.
After required represents Guaranty's generally assets at with minimum end, a levels. the year-end payment billion PMIERs over XX% of Radian quarter $X.X dividend, consistent PMIERs totaled cushion, which assets available excess
Group ordinary increased $XXX to dividend a holding net $XXX this dividend by shares at quarterly our to quarter share from Guaranty the cost we million company total a primarily increased quarter Radian the of during our the share value-based result stockholders, liquidity and the to $XX purchase XXX,XXX which of $X.XXX of Radian XX.X% available increase first from million. under of Our per recent payment the program, of holding million. in resulted the This most company, activities in to which current during quarter was repurchase
$X expires share our million additional million available an current January purchases in which share XXXX. in repurchase Following of $XXX April, authorization, under remains
To financial we this also in-force consistent flow recap, quarter at holding our but strength continue and a and cash results stockholders earnings the to highlight power only the Guaranty, policyholders macroeconomic flexibility in to Mortgage generated the customers, portfolio environment. Radian and for value both Insurance our even and and not challenging company our our from deliver
back now Rick. turn the to I will over call
