Radian Group Inc (RDN)

Radian to Host Investor Day TodayJune 4, 2026 6:30 AM
Business Wire Radian Group Inc. (NYSE: RDN) will host an Investor Day today, Thursday, June 4, 2026, beginning at 9 a.m. Eastern time in Midtown Manhattan, New York City. During the event, Radian’s executive leadership team will discuss the company’s long-term strategy for value creation as a global multi-line specialty insurer, outlining how the company’s strong financial foundation, complementary insurance businesses, and disciplined capital management are expected to drive continued growth across market cycles. The event will include an overview of Radian’s mortgage insurance business as well as an in-depth look at its Inigo specialty insurance business. To learn more and to register to view the live broadcast, visit the company's Investor Day webpage at https://www.radian.com/RDNinvestorday26. A replay of the webcast will be available at https://www.radian.com/for-investors/investor-events/investor-day-26 following the live broadcast, for a period of one year. About Radian Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity. View source version on businesswire.com: https://www.businesswire.com/news/home/20260604897587/en/ For Investors:
Bob Lally - Phone: 215.231.1570
email: robert.lally@radian.com For the Media:
Rashi Iyer - Phone 215.231.1167
email: rashi.iyer@radian.com Original: Radian to Host Investor Day Today

Radian Announces Inducement Grants to Incoming Chief Executive Officer Under NYSE Rule 303A.08June 3, 2026 4:30 PM
Business Wire Radian Group Inc. (NYSE: RDN) today announced that it has granted equity-based awards to Michael Weinbach as a material inducement to his employment. These awards are being provided in accordance with Mr. Weinbach’s employment agreement and issued pursuant to the employment inducement award exemption to the stockholder approval requirements under New York Stock Exchange Listed Company Manual Section 303A.08. Radian is issuing this press release pursuant to the requirements of Section 303A.08. As previously announced, Mr. Weinbach has been appointed as Radian's Chief Executive Officer-Elect, effective June 1, 2026 (“Employment Date”), and will assume the role of Chief Executive Officer and become a member of the Board of Directors on August 13, 2026, succeeding Rick Thornberry, who announced his intent to retire effective December 31, 2026. Mr. Weinbach is a seasoned financial services executive with more than 30 years of experience, having most recently served as President of Mr. Cooper Group and, prior to that, as CEO of Consumer Lending at Wells Fargo and CEO of Chase Home Lending at JPMorgan Chase. Effective on the Employment Date, Mr. Weinbach was granted the following inducement equity awards under the 2026 Inducement Grant Equity Plan: (1) 185,020 performance-based restricted stock units as a 2026 annual long-term incentive award (the “BV RSUs”), subject to performance-based vesting conditions consistent with those applicable to the annual 2026 performance-based long-term incentive awards granted to the Company’s other executive officers, (2) 77,090 performance-based restricted stock units as a sign-on award, with the same terms and conditions of the BV RSUs, and (3) 150,000 time-based restricted stock units as a sign-on award, which will vest in three substantially equal annual installments over three years, subject to his continued employment and a requirement that he “match” the award by timely purchasing the same number of shares of the Company’s common stock by December 31, 2026. Mr. Weinbach has satisfied the “matching” condition, having purchased 170,000 shares of Radian common stock in the open market upon joining the company. About Radian Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603670443/en/ For Investors:
Bob Lally – Phone: 215.231.1570
Email: robert.lally@radian.com For the Media:
Rashi Iyer - Phone 215.231.1167
Email: rashi.iyer@radian.com Original: Radian Announces Inducement Grants to Incoming Chief Executive Officer Under NYSE Rule 303A.08

Radian CEO Rick Thornberry Announces Intent to Retire; Board Appoints Mike Weinbach as His SuccessorMay 21, 2026 4:30 PM
Business Wire Radian Group Inc. (NYSE: RDN) today announced that Chief Executive Officer Rick Thornberry has informed the Board of Directors of his intent to retire in December 2026, following nearly a decade of leadership that fundamentally transformed the company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521326697/en/Mike Weinbach, CEO-Elect, Radian The Board has appointed Mike Weinbach as CEO-Elect, effective June 1, 2026. Weinbach will assume the role of chief executive officer and become a member of the Board on August 13, 2026. Thornberry will serve as a strategic advisor through his retirement on December 31, 2026, supporting a disciplined and thoughtful transition. A Legacy of Strategic Transformation Since joining Radian as CEO in 2017, Thornberry has more than tripled book value per share on a total return basis, including dividends, delivering a 13.4% compounded annual growth rate while building the operational and financial foundation that enabled the company's next strategic evolution. That evolution culminated earlier this year with the $1.7 billion acquisition of Inigo Limited, a highly respected Lloyd's specialty insurer with broad reach across diversified, multi-line specialty insurance lines. The transaction, which closed February 2, 2026, marked Radian's entry into the global specialty insurance market and significantly expanded the company's total addressable market. “Rick's impact on Radian over the last nine years cannot be overstated,” said Howard Culang, Non-Executive Chairman of the Board. “Under his leadership, Radian evolved from a strong domestic franchise into a diversified, global company with the financial strength, talent, and strategic positioning to compete and win for years to come. The Inigo acquisition represents a defining moment in Radian’s history, and it happened because of Rick’s vision, discipline and entrepreneurial leadership. On behalf of the entire Board, we are deeply grateful for his leadership and the remarkable legacy he leaves.” “It has been a privilege to lead the Radian team, and I am deeply proud of all that we have accomplished together,” said Thornberry. “We set out to build a company that could grow and perform across market cycles – one with the financial strength, the culture, the disciplined approach to risk and capital, and a genuine commitment to our customers and stockholders, and I believe we have done that. The addition of Inigo is the clearest expression of that ambition, expanding our business and offering a runway of growth that simply was not available to us before. Mike is a proven leader with the experience, discipline, and people-first approach this company deserves, and I look forward to working closely with him to ensure a seamless transition." Introducing Mike Weinbach Mike Weinbach is a seasoned executive whose 30-year career has been defined by leading large, complex businesses through growth and transformation at the intersection of financial services, data, and technology. Most recently, he served as President of Mr. Cooper Group, where he successfully led the industry's largest mortgage servicer through its acquisition by Rocket Companies in 2025 while advancing technology initiatives that enhanced customer experience and grew the company's servicing and originations portfolios. Prior to Mr. Cooper, Weinbach was CEO of Consumer Lending at Wells Fargo, overseeing strategy across home, auto, student, and personal lending, credit cards, and merchant services, leading a team of more than 40,000 employees and serving on the company's Operating Committee. Before Wells Fargo, he spent 16 years at JPMorgan Chase, ultimately serving as CEO of Chase Home Lending after progressive leadership roles across consumer banking, business banking, home lending, and auto lending. He began his career as an M&A investment banker at Citigroup. Weinbach holds an MBA from Harvard Business School and a bachelor's degree in economics from The Wharton School of the University of Pennsylvania. “Selecting a CEO is one of the Board’s most important responsibilities, and we approached the process with the rigor it deserves, engaging with Russell Reynolds Associates, a global executive search and leadership advisory firm, to ensure we considered the best leadership talent available,” said Culang. “In Mike, we found someone who distinguished himself throughout the process – not only for his track record of leading large, diversified and complex businesses, but for the thoughtfulness and discipline with which he thinks about the road ahead. Radian is exceptionally well positioned, and we have full confidence that Mike is the right leader to build on that foundation.” "Radian has established itself as a truly differentiated company – a best-in-class mortgage insurance business with deep customer relationships, financial discipline, and now a global specialty platform with significant runway," said Weinbach. “I’m coming in with great respect for what Rick and this team have built and a clear focus on what comes next – executing the strategy, investing in our people, and delivering long-term value for our customers and stockholders. I’m looking forward to working with this exceptional team.” About Radian
Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity. Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as “will,” “expects,” “believes” and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2025 Form 10-K, and in our subsequent quarterly and other reports filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521326697/en/ For Investors:
Bob Lally – Phone: 215.231.1570
Email: robert.lally@radian.com For the Media:
Rashi Iyer - Phone 215.231.1167
email: rashi.iyer@radian.com Original: Radian CEO Rick Thornberry Announces Intent to Retire; Board Appoints Mike Weinbach as His Successor

Radian Announces Results of 2026 Annual Meeting of Stockholders and Approves Regular Quarterly Dividend on Common StockMay 21, 2026 4:15 PM
Business Wire Radian Group Inc. (NYSE: RDN) announced today that its stockholders re-elected all eleven of the company’s director nominees, who serve one-year terms and are elected annually. As previously disclosed, Gregory Serio, a director of the company since 2012, retired at the end of his current term following today’s 2026 Annual Meeting. Serio’s retirement comes after a successful tenure during which Radian transformed into a global multi-line specialty insurer. "Greg's expertise in the insurance industry, risk management, and corporate governance has been a true asset to our Board. We are grateful for his years of dedicated service and his many contributions to this organization, and we wish him the very best in what lies ahead," said Howard B. Culang, Non-Executive Board Chair. In addition to the election of directors, the company’s stockholders approved all other proposals recommended by the Board of Directors and presented for vote at Radian’s 2026 Annual Meeting, consisting of an advisory proposal to approve the compensation of Radian’s named executive officers (“say-on-pay”), a new equity compensation plan for Radian and ratifying the appointment of PricewaterhouseCoopers LLP as the company’s independent auditors for 2026. The company’s Board of Directors also approved a regular quarterly dividend on its common stock in the amount of $0.255 per share, payable June 17, 2026, to stockholders of record as of June 2, 2026. About Radian Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521709694/en/ For Investors:
Bob Lally – Phone: 215.231.1570
Email: robert.lally@radian.com For the Media:
Rashi Iyer - Phone 215.231.1167
email: rashi.iyer@radian.com Original: Radian Announces Results of 2026 Annual Meeting of Stockholders and Approves Regular Quarterly Dividend on Common Stock

Radian Announces First Quarter 2026 Financial ResultsMay 6, 2026 4:46 PM
Business Wire — Radian completes acquisition of Inigo, becoming a global multi-line specialty insurer — — First quarter diluted net income from continuing operations per share of $0.93 — — First quarter adjusted net operating income per share of $1.27 — — First quarter return on equity from continuing operations of 10.8% — — Adjusted net operating return on equity of 14.7% — — Book value per share growth of 10% year-over-year to $35.67 — — $140 million ordinary dividend paid from Radian Guaranty to holding company during the first quarter — — Repurchased $50 million of shares and paid $35 million of dividends to stockholders during first quarter — Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations for the quarter ended March 31, 2026, of $129 million, or $0.93 per diluted share. This compares with net income from continuing operations for the quarter ended March 31, 2025, of $152 million, or $1.03 per diluted share. Pretax income from continuing operations for the quarter ended March 31, 2026, was $174 million compared to $199 million for the quarter ended March 31, 2025. The results for the first quarter of 2026 include $49 million of acquisition-related expenses, amortization of acquired intangible assets and other purchase accounting adjustments related to the company’s acquisition of Inigo. Adjusted pretax operating income for the quarter ended March 31, 2026, was $232 million compared to $201 million for the quarter ended March 31, 2025. Adjusted diluted net operating income per share for the quarter ended March 31, 2026, was $1.27 compared to $1.04 for the quarter ended March 31, 2025. Key Financial Highlights   Quarter ended ($ in millions, except per-share amounts)   March 31,
2026 (1)   December 31,
2025   March 31,
2025 Consolidated             Total revenues   $466   $301   $295 Net premiums earned   $403   $237   $234 Net investment income   $70   $63   $61 Net income   $124   $155   $145 Net income from continuing operations   $129   $159   $152 Diluted net income from continuing operations per share   $0.93   $1.15   $1.03 Pretax income from continuing operations   $174   $201   $199 Adjusted pretax operating income (2)   $232   $204   $201 Adjusted diluted net operating income per share (2)   $1.27   $1.16   $1.04 Return on equity from continuing operations   10.8%   13.5%   13.2% Adjusted net operating return on equity (2)   14.7%   13.6%   13.4% Segment information (3)             Combined ratio - Mortgage (4)   30.2%   28.1%   27.8% Combined ratio - Specialty (4)   85.3%   N/A   N/A New insurance written - Mortgage   $13,490   $15,850   $9,489 Gross premiums written - Specialty   $162   N/A   N/A     As of ($ in millions, except per-share amounts)   March 31,
2026   December 31,
2025   March 31,
2025 Consolidated             Book value per share   $35.67   $35.29   $32.48 Accumulated other comprehensive income (loss) value per share   $(1.94)   $(1.64)   $(2.09) Available holding company liquidity (5)   $391   $1,834   $834 Total investments   $7,040   $5,987   $5,725 Assets held for sale   $280   $474   $1,517 Liabilities held for sale   $219   $364   $1,312 Segment information             PMIERs Available Assets   $5,445   $5,384   $6,022 PMIERs excess Available Assets   $1,596   $1,560   $2,094 Primary mortgage insurance in force   $281,718   $282,519   $274,159 Percentage of primary loans in default   2.51%   2.56%   2.33% N/A – Not applicable (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G. (3)   See Exhibit E for additional segment information. (4)   Calculated as the sum of each segment’s reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment. (5)   Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility. Book value per share at March 31, 2026, was $35.67 compared to $35.29 at December 31, 2025, and $32.48 at March 31, 2025. This represents a 10% growth in book value per share at March 31, 2026, as compared to March 31, 2025, and includes accumulated other comprehensive income (loss) of $(1.94) per share as of March 31, 2026, and $(2.09) per share as of March 31, 2025. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates. “This quarter marks a defining milestone for Radian, our first as a global multi-line specialty insurer following the successful acquisition of Inigo. By uniting two world-class insurance businesses, we have created a more diversified and resilient enterprise, as reflected in our exceptional first quarter results,” said Radian Chief Executive Officer Rick Thornberry. “With a strong capital position, 22% year-over-year growth in adjusted diluted net operating income per share and adjusted operating return on equity increasing to 14.7% in the quarter, we are demonstrating the power of our strategy. We are confident in our direction, energized by the opportunities ahead, and committed to delivering long-term value for our stockholders.” FIRST QUARTER RESULTS OF OPERATIONS Mortgage The Mortgage segment reported adjusted pre-tax operating income of $221 million for the quarter. Key drivers of Mortgage segment’s first quarter results include: Primary Insurance in Force of $282 billion, an increase of 3% year-over-year New Insurance Written of $13.5 billion, an increase of 42% year-over-year Annualized persistency for the three months ended March 31, 2026, of 81.3% Net premiums earned grew to $238 million, with a stable in-force portfolio premium yield of 37.9 basis points Provision for losses of $24 million, which includes favorable reserve development on prior period defaults of $36 million Mortgage segment combined ratio of 30.2%, including an expense ratio of 20.0% See Exhibit E for additional segment information Specialty The Specialty segment reported adjusted pre-tax operating income of $40 million for the quarter, reflecting Inigo’s operations for the period post-acquisition, beginning February 2, 2026. Key drivers of Specialty segment’s results for the period since acquisition include: Total gross premiums written of $162 million Insurance gross premiums written of $82 million Reinsurance gross premiums written of $80 million Net premiums earned of $164 million Provision for losses of $86 million, which includes favorable reserve development on prior year loss reserves of $13 million Specialty segment combined ratio of 85.3% See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for the month ended January 31, 2026, prior to the acquisition. CAPITAL AND LIQUIDITY UPDATE Radian Group In January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $50 million of this borrowing during the first quarter and expects to repay this borrowing in full during 2026. On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited (“Inigo”), a Lloyd’s of London (“Lloyd’s”) specialty insurer. Radian funded the acquisition from Radian Group’s available liquidity sources. During the first quarter of 2026, the company repurchased 1.5 million shares of Radian Group common stock at a total cost of $50 million. In addition, in April the company repurchased 1.9 million shares of Radian Group common stock at a total cost of $65 million. The Company has fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, future repurchases will be made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025, which is scheduled to expire in December 2027. Following the April share repurchases, purchase authority of up to $748 million remained available under this authorization. Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the first quarter of 2026. Radian Group’s available liquidity was $391 million as of March 31, 2026. In addition, Radian Group maintained $350 million of undrawn capacity under its unsecured revolving credit facility as of March 31, 2026. Radian Guaranty Radian Guaranty paid an ordinary dividend to Radian Group of $140 million in the first quarter of 2026. Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department. At March 31, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion. STRATEGIC UPDATE Discontinued Operations As an update to the divestiture plan previously announced in 2025, during the first quarter of 2026 Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. The Company is currently engaged in ongoing discussions with prospective buyers for its Title and Real Estate Services businesses, and continues to expect to complete its divestiture plans for these businesses by the end of the third quarter of 2026. During the first quarter of 2026, Radian Group received $46 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these businesses to $61 million as of March 31, 2026, including the impact of estimated costs related to the sales. Additional details regarding discontinued operations may be found in Exhibit D. CONFERENCE CALL Radian will discuss first quarter 2026 financial results in a conference call tomorrow, Thursday, May 7, 2026, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below. The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events. In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors. NON-GAAP FINANCIAL MEASURES Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors. Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures. ABOUT RADIAN Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit www.radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity. FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited) Exhibit A:   Condensed Consolidated Statements of Operations Exhibit B:   Net Income Per Share Exhibit C:   Condensed Consolidated Balance Sheets Exhibit D:   Condensed Consolidated Statements of Operations Detail Exhibit E:   Segment Information Exhibit F:   Definition of Consolidated Non-GAAP Financial Measures Exhibit G:   Non-GAAP Financial Measure Reconciliations Exhibit H:   Mortgage Supplemental Information - New Insurance Written Exhibit I:   Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force Exhibit J:   Supplemental Information - Inigo Adjusted Pretax Operating Income for January 2026 (Pre-Acquisition) Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations (1) Exhibit A   (In thousands, except per-share amounts)   2026     2025     Qtr 1 (2)     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Revenues                               Net premiums earned   $ 402,528     $ 237,192     $ 237,103     $ 233,526     $ 234,044   Net investment income     69,698       62,683       63,399       61,672       61,010   Net gains (losses) on financial instruments and foreign exchange     (8,879 )     (1,159 )     1,285       1,851       (2,001 ) Other income     2,990       1,796       1,399       1,502       1,782   Total revenues     466,337       300,512       303,186       298,551       294,835   Expenses                               Provision for losses     107,933       21,588       17,886       11,954       15,340   Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”)     62,069       4,280       7,166       7,205       6,388   Other operating expenses     98,169       56,417       62,256       69,178       57,908   Interest expense     20,594       17,189       17,184       17,428       16,489   Amortization of other acquired intangible assets     3,909       —       —       —       —   Total expenses     292,674       99,474       104,492       105,765       96,125   Pretax income from continuing operations     173,663       201,038       198,694       192,786       198,710   Income tax provision     44,197       42,236       45,892       38,301       46,620   Net income from continuing operations     129,466       158,802       152,802       154,485       152,090   Income (loss) from discontinued operations, net of tax     (5,373 )     (3,959 )     (11,359 )     (12,689 )     (7,532 ) Net income   $ 124,093     $ 154,843     $ 141,443     $ 141,796     $ 144,558                                   Diluted net income per share                               Net income from continuing operations   $ 0.93     $ 1.15     $ 1.11     $ 1.11     $ 1.03   Income (loss) from discontinued operations, net of tax     (0.04 )     (0.03 )     (0.08 )     (0.09 )     (0.05 ) Diluted net income per share   $ 0.89     $ 1.12     $ 1.03     $ 1.02     $ 0.98   (1)   See Exhibit D for additional details. (2)   Includes Inigo results from the date of acquisition, February 2, 2026. Radian Group Inc. and Subsidiaries Net Income Per Share Exhibit B   The calculation of basic and diluted net income per share is as follows.   (In thousands, except per-share amounts)   2026     2025     Qtr 1 (1)     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Net income from continuing operations   $ 129,466     $ 158,802     $ 152,802     $ 154,485     $ 152,090   Income (loss) from discontinued operations, net of tax     (5,373 )     (3,959 )     (11,359 )     (12,689 )     (7,532 ) Net income—basic and diluted   $ 124,093     $ 154,843     $ 141,443     $ 141,796     $ 144,558                                   Average common shares outstanding—basic     137,004       137,032       137,003       137,376       145,618   Dilutive effect of share-based compensation arrangements (2)     1,481       1,218       923       984       2,109   Adjusted average common shares outstanding—diluted     138,485       138,250       137,926       138,360       147,727                                   Net income per share                               Basic                               Net income from continuing operations   $ 0.94     $ 1.16     $ 1.12     $ 1.12     $ 1.04   Income (loss) from discontinued operations, net of tax     (0.04 )     (0.03 )     (0.08 )     (0.09 )     (0.05 ) Basic net income per share   $ 0.90     $ 1.13     $ 1.04     $ 1.03     $ 0.99                                   Diluted                               Net income from continuing operations   $ 0.93     $ 1.15     $ 1.11     $ 1.11     $ 1.03   Income (loss) from discontinued operations, net of tax     (0.04 )     (0.03 )     (0.08 )     (0.09 )     (0.05 ) Diluted net income per share   $ 0.89     $ 1.12     $ 1.03     $ 1.02     $ 0.98   (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.     2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1                                   Shares of common stock equivalents     —       —       —       2       24   Radian Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets Exhibit C   (In thousands, except per-share amounts)   Mar 31,
2026     Dec 31,
2025     Sep 30,
2025     Jun 30,
2025     Mar 31,
2025   Assets                               Investments   $ 7,040,322     $ 5,987,318     $ 5,852,034     $ 5,680,489     $ 5,725,077   Cash     55,445       24,829       15,258       19,013       16,026   Restricted cash     32,534       10       11       28       29   Accrued investment income     51,497       40,285       43,031       43,467       41,973   Premiums and other receivables     665,910       120,197       128,765       125,744       121,052   Reinsurance recoverable     356,521       48,806       44,837       41,653       38,188   Deferred policy acquisition costs and VOBA     188,673       19,018       16,711       17,248       17,855   Goodwill and other acquired intangible assets     420,738       —       —       —       —   Prepaid federal income taxes     1,056,329       1,056,329       1,012,629       997,805       921,080   Other assets     504,347       351,337       369,013       411,198       389,255   Assets held for sale     280,060       474,268       722,514       2,267,056       1,517,393   Total assets   $ 10,652,376     $ 8,122,397     $ 8,204,803     $ 9,603,701     $ 8,787,928   Liabilities and stockholders’ equity                               Reserve for losses and loss adjustment expense   $ 1,822,619     $ 399,946     $ 387,650     $ 377,231     $ 369,090   Unearned premiums     856,058       159,341       166,165       171,901       178,931   Short-term borrowings     494,730       33,320       50,679       88,963       22,400   Long-term borrowings     773,946       1,075,795       1,076,973       1,076,325       1,075,687   Net deferred tax liability     978,540       942,193       910,256       864,421       826,692   Other liabilities     697,989       366,470       410,232       461,335       415,986   Liabilities held for sale     219,233       363,818       550,399       2,070,844       1,312,316   Total liabilities     5,843,115       3,340,883       3,552,354       5,111,020       4,201,102   Common stock     156       157       157       157       162   Treasury stock     (991,427 )     (989,745 )     (989,352 )     (988,764 )     (969,396 ) Additional paid-in capital     842,235       861,211       855,320       847,399       1,048,738   Retained earnings     5,220,411       5,132,050       5,012,742       4,906,830       4,802,038   Accumulated other comprehensive income (loss)     (262,114 )     (222,159 )     (226,418 )     (272,941 )     (294,716 ) Total stockholders’ equity     4,809,261       4,781,514       4,652,449       4,492,681       4,586,826   Total liabilities and stockholders’ equity   $ 10,652,376     $ 8,122,397     $ 8,204,803     $ 9,603,701     $ 8,787,928   Shares outstanding     134,845       135,498       135,473       135,395       141,220   Book value per share   $ 35.67     $ 35.29     $ 34.34     $ 33.18     $ 32.48                                   Holding company debt-to-capital ratio (1)     20.2 %     18.3 %     18.7 %     19.2 %     18.9 % (1)   Calculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and revolving credit facility, divided by the carrying value of our senior notes, revolving credit facility and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings. Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 1 of 4)     Net Premiums Earned                                        2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Mortgage                               Direct   $ 268,902     $ 268,465     $ 266,093     $ 262,044     $ 261,911   Ceded (1)     (30,725 )     (31,273 )     (28,990 )     (28,518 )     (27,867 ) Net premiums earned     238,177       237,192       237,103       233,526       234,044   Specialty (2)                               Direct     108,987     N/A     N/A     N/A     N/A   Assumed     94,498     N/A     N/A     N/A     N/A   Ceded     (39,134 )   N/A     N/A     N/A     N/A   Net premiums earned     164,351     N/A     N/A     N/A     N/A   Total                               Direct     377,889       268,465       266,093       262,044       261,911   Assumed     94,498     N/A     N/A     N/A     N/A   Ceded     (69,859 )     (31,273 )     (28,990 )     (28,518 )     (27,867 ) Total net premiums earned   $ 402,528     $ 237,192     $ 237,103     $ 233,526     $ 234,044   (1)   Includes profit commission under our Mortgage segment’s QSR Program. (2)   Includes Inigo results from the date of acquisition, February 2, 2026. Net Investment Income                                       2026     2025   (In thousands)   Qtr 1 (1)     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Fixed maturities   $ 60,370     $ 51,655     $ 57,614     $ 57,354     $ 56,649   Equity securities     1,160       1,798       2,446       2,634       2,145   Short-term investments     9,322       10,362       4,503       2,842       3,508   Other (2)     (1,154 )     (1,132 )     (1,164 )     (1,158 )     (1,292 ) Net investment income   $ 69,698     $ 62,683     $ 63,399     $ 61,672     $ 61,010   (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   Primarily includes investment management expenses, as well as the net impact from our securities lending activities. Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 2 of 4)     Provision for Losses                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Mortgage                               Current period (1)   $ 59,839     $ 57,047     $ 52,963     $ 47,912     $ 53,740   Prior period (2)     (35,563 )     (35,459 )     (35,077 )     (35,958 )     (38,400 ) Provision for losses - Mortgage     24,276       21,588       17,886       11,954       15,340                                   Specialty (3)                               Current period (4)     98,846     N/A     N/A     N/A     N/A   Prior period (5)     (12,578 )   N/A     N/A     N/A     N/A   Provision for losses - Specialty     86,268     N/A     N/A     N/A     N/A                                   VOBA - reserves amortization (6)     (2,611 )   N/A     N/A     N/A     N/A                                   Total provision for losses   $ 107,933     $ 21,588     $ 17,886     $ 11,954     $ 15,340   (1)   Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default. (2)   Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time. (3)   Includes Inigo results from the date of acquisition, February 2, 2026. (4)   Related to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims. (5)   Related to changes in estimates of losses and loss adjustment expenses related to prior accident years. (6)   Represents positive amortization of the VOBA intangible asset attributable to reserves for the period since the date of acquisition, February 2, 2026. Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 3 of 4)     Amortization of deferred policy acquisition costs and VOBA                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Amortization of deferred policy acquisition costs                               Mortgage   $ 6,899     $ 4,280     $ 7,166     $ 7,205     $ 6,388   Specialty (1)     29,065     N/A     N/A     N/A     N/A   Purchase accounting adjustments (1)     (30,001 )   N/A     N/A     N/A     N/A   Amortization of deferred policy acquisition costs     5,963       4,280       7,166       7,205       6,388   Amortization of VOBA (1)     56,106     N/A     N/A     N/A     N/A   Amortization of deferred policy acquisition costs and VOBA   $ 62,069     $ 4,280     $ 7,166     $ 7,205     $ 6,388   (1)   Includes results from the date of acquisition, February 2, 2026. Other Operating Expenses                                       2026     2025   (In thousands)   Qtr 1 (1)     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Salaries and other base employee expenses   $ 32,972     $ 25,086     $ 24,259     $ 26,932     $ 26,139   Variable and share-based incentive compensation     13,051       16,768       16,115       27,335       15,265   Other general operating expenses (2)     60,366       22,589       29,438       21,986       23,227   Ceding commissions     (8,220 )     (8,026 )     (7,556 )     (7,075 )     (6,723 ) Total   $ 98,169     $ 56,417     $ 62,256     $ 69,178     $ 57,908   (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   Includes $22 million in the first quarter of 2026 and $2 million and $9 million in the fourth and third quarter of 2025, respectively, of acquisition-related expenses. Interest Expense                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Senior notes   $ 15,839     $ 15,829     $ 15,819     $ 15,810     $ 15,800   Letter of credit fees (1)     2,290       —       —       —       —   Revolving credit facility     1,996       389       258       741       264   FHLB advances     469       458       1,107       877       425   Loss on extinguishment of debt     —       513       —       —       —   Total interest expense   $ 20,594     $ 17,189     $ 17,184     $ 17,428     $ 16,489   (1)   Represents interest expense on Inigo’s letter of credit facility and includes Inigo’s results from the date of acquisition, February 2, 2026. Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 4 of 4)     Discontinued Operations                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Revenues                               Net premiums earned   $ 5,037     $ 5,248     $ 4,624     $ 3,995     $ 2,634   Services revenue     13,656       13,640       12,352       10,882       11,943   Net investment income     5,091       7,089       10,744       11,097       7,564   Net gains (losses) on financial instruments and foreign exchange     1,409       (576 )     2,191       (6,703 )     1,278   Income (loss) on consolidated VIEs     —       —       (2,129 )     185       428   Other income     1,685       (176 )     (332 )     (3 )     (568 ) Total revenues     26,878       25,225       27,450       19,453       23,279   Expenses                               Provision for losses     209       311       129       143       (173 ) Cost of services     10,152       9,735       8,729       8,412       8,673   Other operating expenses     20,155       16,136       23,732       20,225       19,039   Interest expense     3,613       4,802       8,105       8,446       6,010   Total expenses     34,129       30,984       40,695       37,226       33,549   Pretax income (loss) from discontinued operations     (7,251 )     (5,759 )     (13,245 )     (17,773 )     (10,270 ) Income tax provision (benefit)     (1,878 )     (1,800 )     (1,886 )     (5,084 )     (2,738 ) Income (loss) from discontinued operations, net of tax   $ (5,373 )   $ (3,959 )   $ (11,359 )   $ (12,689 )   $ (7,532 ) Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 1 of 3) Subsequent to the acquisition of Inigo in the first quarter of 2026, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain changes that caused the composition of our reportable segments and the allocations of certain expenses for segment measurements to change. We have reflected these changes in our segment operating results for all periods presented, as shown below. Effective with the first quarter of 2026, we have two reportable business segments that are managed separately, Mortgage and Specialty. In addition to these reportable segments, effective with the first quarter of 2026, we report in a Corporate category activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from Radian Group’s borrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities. The results of our Mortgage Conduit, Title and Real Estate Services businesses are reflected in income (loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations for all periods presented. See Exhibit D for details on our discontinued operations. Summarized financial information concerning our reportable segments, Mortgage and Specialty, and our Corporate activities for the periods indicated is as follows. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.     Three Months Ended March 31, 2026   (In thousands)   Mortgage     Specialty (1)     Corporate     Inter-
segment (2)     Total   Net premiums written   $ 233,265     $ 148,483     $ —     $ —     $ 381,748   (Increase) decrease in unearned premiums     4,912       15,868       —       —       20,780   Net premiums earned     238,177       164,351       —       —       402,528   Net investment income (2)     53,327       16,899       9,222       (9,750 )     69,698   Other income     1,663       1,327       —       —       2,990   Total     293,167       182,577       9,222       (9,750 )     475,216   Provision for losses     24,276       86,268       —       —       110,544   Amortization of deferred policy acquisition costs     6,899       29,065       —       —       35,964   Other operating expenses     40,723       24,885       10,699       —       76,307   Interest expense (2)     470       2,290       27,584       (9,750 )     20,594   Total     72,368       142,508       38,283       (9,750 )     243,409   Adjusted pretax operating income (loss)   $ 220,799     $ 40,069     $ (29,061 )   $ —     $ 231,807   (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   Net investment income for the Mortgage segment and interest expense for the Corporate category each include $10 million related to interest on an intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition, which is eliminated in consolidation.   Three Months Ended March 31, 2025   (In thousands)   Mortgage     Specialty   Corporate     Inter-
segment     Total   Net premiums written   $ 230,250     N/A   $ —     $ —     $ 230,250   (Increase) decrease in unearned premiums     3,794     N/A     —       —       3,794   Net premiums earned     234,044     N/A     —       —       234,044   Net investment income     48,451     N/A     12,559       —       61,010   Other income     1,782     N/A     —       —       1,782   Total     284,277     N/A     12,559       —       296,836   Provision for losses     15,340     N/A     —       —       15,340   Amortization of deferred policy acquisition costs     6,388     N/A     —       —       6,388   Other operating expenses     43,203     N/A     14,321       —       57,524   Interest expense     425     N/A     16,064       —       16,489   Total     65,356     N/A     30,385       —       95,741   Adjusted pretax operating income (loss)   $ 218,921     N/A   $ (17,826 )   $ —     $ 201,095   Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 2 of 3)     Mortgage                                        2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Net premiums written   $ 233,265     $ 234,431     $ 235,733     $ 231,596     $ 230,250   (Increase) decrease in unearned premiums     4,912       2,761       1,370       1,930       3,794   Net premiums earned     238,177       237,192       237,103       233,526       234,044   Net investment income (1)     53,327       50,140       51,965       53,289       48,451   Other income     1,663       1,796       1,399       1,502       1,782   Total     293,167       289,128       290,467       288,317       284,277   Provision for losses     24,276       21,588       17,886       11,954       15,340   Amortization of deferred policy acquisition costs     6,899       4,280       7,166       7,205       6,388   Other operating expenses     40,723       40,808       39,159       51,881       43,203   Interest expense     470       458       1,107       877       425   Total     72,368       67,134       65,318       71,917       65,356   Adjusted pretax operating income   $ 220,799     $ 221,994     $ 225,149     $ 216,400     $ 218,921   (1)   Net investment income for the first quarter of 2026 includes $10 million related to interest receivable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and eliminated in consolidation. Corporate                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Net investment income   $ 9,222     $ 12,760     $ 11,434     $ 8,383     $ 12,559   Total     9,222       12,760       11,434       8,383       12,559   Other operating expenses     10,699       14,754       14,414       17,297       14,321   Interest expense (1)     27,584       16,435       16,077       16,551       16,064   Total     38,283       31,189       30,491       33,848       30,385   Adjusted pretax operating income (loss)   $ (29,061 )   $ (18,429 )   $ (19,057 )   $ (25,465 )   $ (17,826 ) (1)   Interest expense for the first quarter of 2026 includes $10 million related to interest payable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as net investment income for the Mortgage segment and eliminated in consolidation. Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 3 of 3)     Selected Key Segment Ratios                                       2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Mortgage                               Loss ratio (1)     10.2 %     9.1 %     7.5 %     5.1 %     6.6 % Expense ratio (2)     20.0 %     19.0 %     19.5 %     25.3 %     21.2 % Combined ratio (3)     30.2 %     28.1 %     27.0 %     30.4 %     27.8 %                                 Specialty (4)                               Loss ratio (1)     52.5 %   N/A     N/A     N/A     N/A   Expense ratio (2)     32.8 %   N/A     N/A     N/A     N/A   Combined ratio (3)     85.3 %   N/A     N/A     N/A     N/A   (1) Calculated as each segment’s provision for losses expressed as a percentage of net premiums earned. (2) Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. (3) Calculated as the sum of each segment’s Loss ratio and Expense ratio. (4) Includes Inigo results from the date of acquisition, February 2, 2026. Radian Group Inc. and Subsidiaries Definition of Non-GAAP Financial Measures Exhibit F (page 1 of 2) Use of Non-GAAP Financial Measures In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them. The results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein. Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations. These adjustments, along with the reasons for their treatment, are described below. (1)   Net gains (losses) on financial instruments and foreign exchange. The recognition of realized gains or losses on financial instruments and foreign currency exchange gains or losses can vary significantly across periods as such amounts are influenced by discretionary actions, including the timing of individual securities transactions, as well as by market conditions, our tax and capital profile, foreign currency movements, and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities and from changes in foreign exchange rates affecting monetary assets and liabilities. These valuation adjustments may not necessarily result in realized economic gains or losses. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses, foreign currency exchange impacts, and changes in fair value of financial instruments.       (2)   Amortization of other acquired intangible assets. Amortization of other acquired intangible assets represents the periodic expense required to amortize the cost of acquired intangible assets over their estimated useful lives. Acquired intangible assets are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. We do not view these charges as part of the operating performance of our primary activities.   Radian Group Inc. and Subsidiaries Definition of Non-GAAP Financial Measures Exhibit F (page 2 of 2)       (3)   Other purchase accounting adjustments, net. Other purchase accounting adjustments include amortization related to VOBA and other impacts resulting from purchase accounting, such as the reversal of amortization related to Inigo’s historical deferred acquisition costs and capitalized software as of the acquisition date. These non-cash amounts arise from acquisition-related accounting requirements and do not necessarily reflect the underlying operating performance of the acquired business.   (4)   Acquisition-related expenses and other non-operating items. Acquisition-related expenses and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) acquisition-related income and expenses, (ii) impairment of internal-use software and other long-lived assets; and (iii) gains (losses) on extinguishment of debt. See Exhibit G for the reconciliations of the most comparable GAAP measures, pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share and return on equity from continuing operations to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively. Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share or return on equity from continuing operations. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies. Radian Group Inc. and Subsidiaries Non-GAAP Financial Measure Reconciliations Exhibit G (page 1 of 2)     Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income                                       2026     2025   (In thousands)   Qtr 1 (1)     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Pretax income from continuing operations   $ 173,663     $ 201,038     $ 198,694     $ 192,786     $ 198,710   Less reconciling income (expense) items                               Net gains (losses) on financial instruments and foreign exchange     (8,879 )     (1,159 )     1,285       1,850       (2,001 ) Amortization of other acquired intangible assets     (3,909 )     —       —       —       —   Other purchase accounting adjustments, net     (23,330 ) (2)   —       —       —       —   Acquisition-related expenses and other non-operating items (3)     (22,026 )     (1,368 )     (8,683 )     —       (384 ) Total adjusted pretax operating income (4)   $ 231,807     $ 203,565     $ 206,092     $ 190,936     $ 201,095   (1)   Includes Inigo results from the date of acquisition, February 2, 2026. (2)   Primarily includes $53 million of net VOBA asset and liability amortization, offset by $30 million reversal of policy acquisition costs that are reflected in the Specialty segment results but eliminated under purchase accounting on a consolidated basis. (3)   Acquisition-related expenses and other non-operating items for the first quarter of 2026 relates primarily to acquisition-related expenses for investment banking fees, transfer taxes, legal costs and other transaction expenses, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A. (4)   Total adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segments and Corporate activities as follows:     2026     2025   (In thousands)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Adjusted pretax operating income (loss)                               Mortgage segment   $ 220,799     $ 221,994     $ 225,149     $ 216,400     $ 218,921   Specialty segment (a)     40,069     N/A     N/A     N/A     N/A   Corporate activities     (29,061 )     (18,429 )     (19,057 )     (25,465 )     (17,826 ) Total adjusted pretax operating income   $ 231,807     $ 203,565     $ 206,092     $ 190,935     $ 201,095   (a)   Includes results from the date of acquisition, February 2, 2026. Reconciliation of Diluted Net Income from Continuing Operations Per Share
to Adjusted Diluted Net Operating Income Per Share                                     2026     2025       Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Diluted net income from continuing operations per share   $ 0.93     $ 1.15     $ 1.11     $ 1.11     $ 1.03   Less per-share impact of reconciling income (expense) items                               Net gains (losses) on financial instruments and foreign exchange     (0.06 )     (0.01 )     0.01       0.01       (0.02 ) Amortization of other acquired intangible assets     (0.03 )     —       —       —       —   Other purchase accounting adjustments, net     (0.17 )     —       —       —       —   Acquisition-related expenses and other non-operating items     (0.16 )     (0.01 )     (0.06 )     —       —   Income tax (provision) benefit on reconciling income (expense) items (1)     0.08       0.01       0.01       (0.01 )     0.01   Per-share impact of reconciling income (expense) items     (0.34 )     (0.01 )     (0.04 )     —       (0.01 ) Adjusted diluted net operating income per share   $ 1.27     $ 1.16     $ 1.15     $ 1.11     $ 1.04   (1)   Calculated using the company’s statutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments. Radian Group Inc. and Subsidiaries Non-GAAP Financial Measure Reconciliations Exhibit G (page 2 of 2)   Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)                                     2026     2025       Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   Return on equity from continuing operations (1)     10.8 %     13.5 %     13.4 %     13.6 %     13.2 % Less impact of reconciling income (expense) items (2)                               Net gains (losses) on financial instruments and foreign exchange     (0.7 )%     (0.1 )%     0.1 %     0.1 %     (0.3 )% Amortization of other acquired intangible assets     (0.3 )%     — %     — %     — %     — % Other purchase accounting adjustments, net     (2.0 )%     — %     — %     — %     — % Acquisition-related expenses and other non-operating items     (1.8 )%     (0.1 )%     (0.7 )%     — %     — % Income tax (provision) benefit on reconciling income (expense) items (3)     0.9 %     0.1 %     0.1 %     — %     0.1 % Impact of reconciling income (expense) items     (3.9 )%     (0.1 )%     (0.5 )%     0.1 %     (0.2 )% Adjusted net operating return on equity     14.7 %     13.6 %     13.9 %     13.5 %     13.4 % (1)   Calculated by dividing annualized net income from continuing operations by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented. (2)   Annualized, as a percentage of average stockholders’ equity. (3)   Calculated using the company’s statutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments.       See Exhibit F for additional information on our non-GAAP financial measures. Radian Group Inc. and Subsidiaries Mortgage Supplemental Information - New Insurance Written Exhibit H       2026     2025   ($ in millions)   Qtr 1     Qtr 4     Qtr 3     Qtr 2     Qtr 1   NIW   $ 13,490     $ 15,850     $ 15,497     $ 14,330     $ 9,489   NIW by premium type                               Direct monthly and other recurring premiums     97.7 %     97.2 %     96.4 %     96.4 %     96.4 % Direct single premiums     2.3 %     2.8 %     3.6 %     3.6 %     3.6 %                                 NIW for purchases     78.6 %     85.2 %     94.8 %     94.6 %     95.6 % NIW for refinances     21.4 %     14.8 %     5.2 %     5.4 %     4.4 % NIW by FICO score (1)                               >=740     66.7 %     65.5 %     63.5 %     68.2 %     68.1 % 680-739     28.4 %     29.7 %     31.8 %     27.0 %     27.0 % 620-679     4.6 %     4.8 %     4.7 %     4.8 %     4.9 % =740     60.7 %     60.7 %     60.7 %     60.6 %     60.3 % 680-739     32.4 %     32.4 %     32.3 %     32.2 %     32.4 % 620-679     6.7 %     6.7 %     6.8 %     6.9 %     7.0 %

Radian to Host Investor Day on June 4, 2026April 28, 2026 4:30 PM
Business Wire
Leadership to provide overview of Radian’s vision and strategy for value creation as a global multi-line specialty insurer


Radian Group Inc. (NYSE: RDN) today announced that it will host an Investor Day on Thursday, June 4, 2026, beginning at 9 a.m. Eastern time in Midtown Manhattan, New York City.


During the event, Radian’s executive leadership team will discuss the company’s long-term strategy for value creation as a global multi-line specialty insurer, outlining how its strong financial foundation, complementary insurance businesses, and disciplined capital management are expected to drive continued growth across market cycles. The event will include an overview of Radian’s mortgage insurance business as well as an in-depth look at its Inigo specialty insurance business.


In person attendees will have the opportunity to engage directly with Radian management, including the Inigo team, during a dedicated Q&A session. Please RSVP at 2026 Radian Investor Day to reserve your spot.


The event will be available via a live, listen-only webcast at https://www.radian.com/who-we-are/for-investors/webcasts. A replay of the webcast will be available on the same page following the live broadcast, for a period of one year.


About Radian


Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428514835/en/
For Investors:

Bob Lally – Phone: 215.231.1570

Email: robert.lally@radian.com


For the Media:

Rashi Iyer - Phone 215.231.1167

email: rashi.iyer@radian.com


Original: Radian to Host Investor Day on June 4, 2026

Radian to Webcast First Quarter Conference CallApril 16, 2026 4:30 PM
Business Wire
Radian Group Inc. (NYSE: RDN) today announced that it will hold a conference call on Thursday, May 7, 2026, at 11:00 a.m. Eastern time to discuss the company’s first quarter 2026 results, which will be announced after the market closes on Wednesday, May 6, 2026.


The conference call will be webcast live on the company’s website at https://www.radian.com/for-investors/investor-events or at radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.


The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).


A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at https://www.radian.com/for-investors/investor-events.


In addition to the information provided in the company's earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian's website at https://www.radian.com/for-investors/quarterly-results.


About Radian

Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416072098/en/
For Investors

Bob Lally – Phone: 215.231.1570

Email: robert.lally@radian.com


For the Media

Rashi Iyer – Phone: 215.231.1167

Email: rashi.iyer@radian.com


Original: Radian to Webcast First Quarter Conference Call

Radian Announces Fourth Quarter and Full Year 2025 Financial ResultsFebruary 18, 2026 4:30 PM
Business Wire
— Radian completes acquisition of Inigo in February 2026, becoming a global multi-line specialty insurer —


— Fourth quarter net income from continuing operations of $159 million, or $1.15 per diluted share —


— Full year net income from continuing operations of $618 million, or $4.39 per diluted share —


— Full year return on equity from continuing operations of 13.1% —


— Book value per share growth of 13% year-over-year to $35.29 —


— Primary mortgage insurance in force grew to another all-time high of $282.5 billion —


— $795 million total distributions paid from Radian Guaranty to holding company during 2025 —


— Returned $576 million of capital to stockholders through dividends and share repurchases during 2025 —


Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations for the quarter ended December 31, 2025, of $159 million, or $1.15 per diluted share. This compares with net income from continuing operations for the quarter ended December 31, 2024, of $164 million, or $1.08 per diluted share.


Net income from continuing operations for the full year 2025 was $618 million, or $4.39 per diluted share. This compares with net income from continuing operations for the full year 2024 of $660 million, or $4.28 per diluted share.


Pretax income from continuing operations for the quarter ended December 31, 2025, was $201 million compared to $210 million for the quarter ended December 31, 2024. Pretax income from continuing operations for the full year 2025 was $791 million, compared to $846 million for the full year 2024.


Adjusted pretax operating income for the quarter ended December 31, 2025, was $204 million compared to $220 million for the quarter ended December 31, 2024. Adjusted diluted net operating income per share for the quarter ended December 31, 2025, was $1.16 compared to $1.13 for the quarter ended December 31, 2024.


Adjusted pretax operating income for the full year 2025 was $802 million compared to $867 million for the full year 2024. Adjusted diluted net operating income per share for the full year 2025 was $4.45 compared to $4.39 for the full year 2024.




Key Financial Highlights






 






Quarter ended






 






Year ended








($ in millions, except per-share amounts)






 






December 31,

2025






 






September 30,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 






 






 






 






 






 






 








Total revenues






 






$301






 






$303






 






$293






 






$1,197






 






$1,206








Net income






 






$155






 






$141






 






$148






 






$583






 






$604








Net income from continuing operations






 






$159






 






$153






 






$164






 






$618






 






$660








Diluted net income from continuing operations per share






 






$1.15






 






$1.11






 






$1.08






 






$4.39






 






$4.28








Pretax income from continuing operations






 






$201






 






$199






 






$210






 






$791






 






$846








Adjusted pretax operating income (1)






 






$204






 






$206






 






$220






 






$802






 






$867








Adjusted diluted net operating income per share (1)






 






$1.16






 






$1.15






 






$1.13






 






$4.45






 






$4.39








Return on equity from continuing operations






 






13.5%






 






13.4%






 






14.1%






 






13.1%






 






14.6%








Adjusted net operating return on equity (1)






 






13.6%






 






13.9%






 






14.7%






 






13.3%






 






15.0%








New insurance written






 






$15,850






 






$15,497






 






$13,186






 






$55,166






 






$51,984








Net premiums earned






 






$237






 






$237






 






$235






 






$942






 






$939








New defaults






 






14,201






 






13,378






 






13,967






 






51,551






 






50,535









 






 






As of








($ in millions, except per-share amounts)






 






December 31,

2025






 






September 30,

2025






 






December 31,

2024








 






 






 






 






 






 






 








Book value per share






 






$35.29






 






$34.34






 






$31.33








Accumulated other comprehensive income (loss) value per share






 






$(1.64)






 






$(1.67)






 






$(2.37)








PMIERs Available Assets






 






$5,384






 






$5,958






 






$6,039








PMIERs excess Available Assets






 






$1,560






 






$1,876






 






$2,158








Available holding company liquidity (2)






 






$1,834






 






$995






 






$885








Total investments






 






$5,987






 






$5,852






 






$5,702








Assets held for sale






 






$474






 






$723






 






$1,447








Liabilities held for sale






 






$364






 






$550






 






$1,240








Primary mortgage insurance in force






 






$282,519






 






$280,559






 






$275,126








Percentage of primary loans in default






 






2.56%






 






2.42%






 






2.44%








Loss reserves






 






$400






 






$388






 






$354








(1) 

Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.







(2) 

Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.







Book value per share at December 31, 2025, was $35.29 compared to $34.34 at September 30, 2025, and $31.33 at December 31, 2024. This represents a 13% growth in book value per share at December 31, 2025, as compared to December 31, 2024, and includes accumulated other comprehensive income (loss) of $(1.64) per share as of December 31, 2025, and $(2.37) per share as of December 31, 2024. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.


“We delivered a strong year in 2025, driven by the consistent performance of our mortgage insurance business and the disciplined way we manage risk and capital. Just as importantly, we took meaningful steps to shape our company for the future – simplifying our focus and acquiring Inigo to expand our reach as a global multi-line specialty insurer,” said Radian’s Chief Executive Officer, Rick Thornberry. “As we look forward to the opportunities ahead in 2026, we are building from a position of strength with a focused strategy, a talented team, and the financial flexibility to invest in growth while continuing to return capital to stockholders. We believe this positions Radian to continue to deliver long-term value across market cycles.”


FOURTH QUARTER AND FULL YEAR HIGHLIGHTS



Mortgage insurance new insurance written was $15.9 billion in the fourth quarter of 2025 compared to $15.5 billion in the third quarter of 2025 and $13.2 billion in the fourth quarter of 2024. Mortgage insurance new insurance written was $55.2 billion for the full year 2025 compared to $52.0 billion for the prior year.


Refinances accounted for 15% of total NIW in the fourth quarter of 2025 compared to 5% in the third quarter of 2025 and 10% in the fourth quarter of 2024.



Additional details regarding NIW may be found in Exhibit H.






Total primary mortgage insurance in force of $282.5 billion as of December 31, 2025, compared to $280.6 billion as of September 30, 2025, and $275.1 billion as of December 31, 2024.


Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended December 31, 2025, compared to 84% for the twelve months ended September 30, 2025, and 84% for the twelve months ended December 31, 2024.



Annualized persistency for the three months ended December 31, 2025, was 82% compared to 84% for the three months ended September 30, 2025, and 83% for the three months ended December 31, 2024.



Additional details regarding our primary mortgage insurance in force may be found in Exhibit I.






Net mortgage insurance premiums earned were $237 million for the fourth quarter of 2025 compared to $237 million for the third quarter of 2025 and $235 million for the fourth quarter of 2024.


Mortgage insurance in force portfolio premium yield was 37.9 basis points in the fourth quarter of 2025. This compares to 37.9 basis points in the third quarter of 2025 and 38.0 basis points in the fourth quarter of 2024.



Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 33.8 basis points in the fourth quarter of 2025. This compares to 34.0 basis points in the third quarter of 2025 and 34.2 basis points in the fourth quarter of 2024.



Additional details regarding premiums earned may be found in Exhibit D.






The mortgage insurance provision for losses was $22 million in the fourth quarter of 2025 compared to $18 million in the third quarter of 2025 and a de minimis amount in the fourth quarter of 2024.


Favorable reserve development on prior period defaults was $35 million in the fourth quarter of 2025 compared to $35 million in the third quarter of 2025 and $56 million in the fourth quarter of 2024.



The number of primary delinquent loans was 25,230 as of December 31, 2025, compared to 23,819 as of September 30, 2025, and 24,055 as of December 31, 2024.



The loss ratio in the fourth quarter of 2025 was 9% compared to 8% in the third quarter of 2025 and 0% in the fourth quarter of 2024.



Total mortgage insurance net claims paid, which include the impact of settlements and commutations, were $13 million in the fourth quarter of 2025 compared to $10 million in the third quarter of 2025 and $5 million in the fourth quarter of 2024. For the full year 2025, total mortgage insurance net claims paid were $34 million, compared to $17 million for the full year of 2024.



Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.






Other operating expenses were $56 million in the fourth quarter of 2025 compared to $62 million in the third quarter of 2025 and $58 million in the fourth quarter of 2024. Other operating expenses were $246 million for the full year 2025, compared to $248 million for the full year 2024.


Details regarding other operating expenses may be found in Exhibit D.






CAPITAL AND LIQUIDITY UPDATE


Radian Group



Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the fourth quarter of 2025.



Radian Group’s available liquidity increased from $995 million as of September 30, 2025, to $1.8 billion as of December 31, 2025, resulting from funds received from Radian Guaranty during the fourth quarter of 2025 in the form of a $195 million ordinary dividend and a $600 million intercompany borrowing, as discussed in more detail below. Total holding company liquidity as of December 31, 2025, including the company’s $500 million unsecured revolving credit facility that was undrawn as of that date, was $2.3 billion.



In January 2026, Radian Group drew $200 million on our unsecured revolving credit facility. We expect to repay this borrowing during 2026.



On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited (“Inigo”), a Lloyd’s of London (“Lloyd's”) specialty insurer. Radian funded the acquisition from Radian Group’s available liquidity sources. See “Strategic Update” below for additional details.



Radian Guaranty



Radian Guaranty distributed $795 million to Radian Group through dividends and return of capital in 2025, including a $195 million ordinary dividend in the fourth quarter of 2025.



In December 2025, Radian Group executed a $600 million intercompany note agreement to borrow funds from Radian Guaranty to fund a portion of the purchase price payment to acquire Inigo, as discussed below. The note has a ten-year term, bears interest at a rate of 6.50% per annum and was approved by the Pennsylvania Insurance Department. As a condition of this approval, Radian Guaranty is required to comply with certain conditions while the note is outstanding, including, most notably, obtaining prior approval from the Pennsylvania Insurance Department for all dividends paid by Radian Guaranty for an expected period of at least three years and maintaining a minimum policyholders’ surplus of $500 million, among other conditions.



Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026. As noted, these dividends require prior approval from the Pennsylvania Insurance Department.



During the fourth quarter of 2025, Radian Guaranty entered into an excess of loss (XOL) reinsurance arrangement with a panel of highly rated third-party reinsurance providers. This arrangement is consistent with the company’s use of risk distribution strategies to effectively manage capital and proactively mitigate risk. The agreement, which is effective December 2025, secures approximately $373 million of XOL reinsurance coverage on certain policies written from 2016 through 2021.



At December 31, 2025, Radian Guaranty’s Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion.



STRATEGIC UPDATE


Discontinued Operations



Consistent with the previously announced divestiture plan of its Mortgage Conduit, Title and Real Estate Services businesses, the Company is engaged in active discussions with potential acquirers and continues to expect to complete the divestiture plan by the end of the third quarter of 2026.



During the fourth quarter of 2025, Radian Group received $62 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these three businesses to $110 million as of December 31, 2025, including the impact of estimated costs related to the sales.



Additional details regarding discontinued operations may be found in Exhibit D.



Inigo Acquisition



On February 2, 2026, Radian Group announced that it has completed its strategic acquisition of Inigo, a Lloyd’s specialty insurer, for $1.67 billion in a primarily all-cash transaction.



This strategic acquisition marks an important milestone in Radian’s expansion from a leading U.S. mortgage insurer to a global, diversified multi-line specialty insurer, significantly increasing the company’s product expertise and capabilities.



The transaction values Inigo at approximately 1.4 times(1) its estimated tangible equity at the end of 2025. The acquisition is expected to deliver mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in 2026. Radian expects the acquisition will double its total annual revenue and provide flexibility to deploy capital across multiple insurance lines through various business cycles.





(1) 






Estimate presented on a U.K. GAAP basis. The difference between U.K. and U.S. GAAP is expected to be limited.







CONFERENCE CALL


Radian will discuss fourth quarter 2025 financial results in a conference call tomorrow, Thursday, February 19, 2026, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.


The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).


A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events.


In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.


NON-GAAP FINANCIAL MEASURES


Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.


Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on investments and other financial instruments, and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.


See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.


ABOUT RADIAN


As a leading U.S. private mortgage insurer, Radian Group Inc. (NYSE: RDN) provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. For more information www.radian.com.


FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)




Exhibit A:






 






Condensed Consolidated Statements of Operations








Exhibit B:






 






Net Income Per Share








Exhibit C:






 






Condensed Consolidated Balance Sheets








Exhibit D:






 






Condensed Consolidated Statements of Operations Detail








Exhibit E:






 






Segment Information








Exhibit F:






 






Definition of Consolidated Non-GAAP Financial Measures








Exhibit G:






 






Non-GAAP Financial Measure Reconciliations








Exhibit H:






 






Mortgage Insurance Supplemental Information - New Insurance Written








Exhibit I:






 






Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force








Radian Group Inc. and Subsidiaries



Condensed Consolidated Statements of Operations (1)








Exhibit A (page 1 of 2)











(In thousands, except per-share amounts)






 






2025






 






 






2024






 








 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net premiums earned






 






$






237,192






 






 






$






237,103






 






 






$






233,526






 






 






$






234,044






 






 






$






235,276






 








Net investment income






 






 






62,683






 






 






 






63,399






 






 






 






61,672






 






 






 






61,010






 






 






 






62,211






 








Net gains (losses) on investments and other financial instruments






 






 






(1,159






)






 






 






1,285






 






 






 






1,851






 






 






 






(2,001






)






 






 






(6,750






)








Other income






 






 






1,796






 






 






 






1,399






 






 






 






1,502






 






 






 






1,782






 






 






 






1,932






 








Total revenues






 






 






300,512






 






 






 






303,186






 






 






 






298,551






 






 






 






294,835






 






 






 






292,669






 








Expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Provision for losses






 






 






21,588






 






 






 






17,886






 






 






 






11,954






 






 






 






15,340






 






 






 






61






 








Policy acquisition costs






 






 






4,280






 






 






 






7,166






 






 






 






7,205






 






 






 






6,388






 






 






 






7,276






 








Other operating expenses






 






 






56,417






 






 






 






62,256






 






 






 






69,178






 






 






 






57,908






 






 






 






58,398






 








Interest expense






 






 






17,189






 






 






 






17,184






 






 






 






17,428






 






 






 






16,489






 






 






 






16,550






 








Total expenses






 






 






99,474






 






 






 






104,492






 






 






 






105,765






 






 






 






96,125






 






 






 






82,285






 








Pretax income from continuing operations






 






 






201,038






 






 






 






198,694






 






 






 






192,786






 






 






 






198,710






 






 






 






210,384






 








Income tax provision






 






 






42,236






 






 






 






45,892






 






 






 






38,301






 






 






 






46,620






 






 






 






46,629






 








Net income from continuing operations






 






 






158,802






 






 






 






152,802






 






 






 






154,485






 






 






 






152,090






 






 






 






163,755






 








Income (loss) from discontinued operations, net of tax






 






 






(3,959






)






 






 






(11,359






)






 






 






(12,689






)






 






 






(7,532






)






 






 






(15,464






)








Net income






 






$






154,843






 






 






$






141,443






 






 






$






141,796






 






 






$






144,558






 






 






$






148,291






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted net income per share






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income from continuing operations






 






$






1.15






 






 






$






1.11






 






 






$






1.11






 






 






$






1.03






 






 






$






1.08






 








Income (loss) from discontinued operations, net of tax






 






 






(0.03






)






 






 






(0.08






)






 






 






(0.09






)






 






 






(0.05






)






 






 






(0.10






)








Diluted net income per share






 






$






1.12






 






 






$






1.03






 






 






$






1.02






 






 






$






0.98






 






 






$






0.98






 










(1) See Exhibit D for additional details.




Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations (1)








Exhibit A (page 2 of 2)











 






 






Years Ended December 31,






 








(In thousands, except per-share amounts)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Revenues






 






 






 






 






 






 








Net premiums earned






 






$






941,865






 






 






$






939,237






 








Net investment income






 






 






248,764






 






 






 






264,814






 








Net gains (losses) on investments and other financial instruments






 






 






(24






)






 






 






(4,347






)








Other income






 






 






6,479






 






 






 






6,595






 








Total revenues






 






 






1,197,084






 






 






 






1,206,299






 








Expenses






 






 






 






 






 






 








Provision for losses






 






 






66,768






 






 






 






(2,248






)








Policy acquisition costs






 






 






25,039






 






 






 






27,316






 








Other operating expenses






 






 






245,759






 






 






 






247,618






 








Interest expense






 






 






68,290






 






 






 






88,006






 








Total expenses






 






 






405,856






 






 






 






360,692






 








Pretax income from continuing operations






 






 






791,228






 






 






 






845,607






 








Income tax provision






 






 






173,049






 






 






 






185,292






 








Net income from continuing operations






 






 






618,179






 






 






 






660,315






 








Income (loss) from discontinued operations, net of tax






 






 






(35,539






)






 






 






(55,875






)








Net income






 






$






582,640






 






 






$






604,440






 








 






 






 






 






 






 






 








Diluted net income per share






 






 






 






 






 






 








Net income from continuing operations






 






$






4.39






 






 






$






4.28






 








Income (loss) from discontinued operations, net of tax






 






 






(0.25






)






 






 






(0.36






)








Diluted net income per share






 






$






4.14






 






 






$






3.92






 










(1) See Exhibit D for additional details.




Radian Group Inc. and Subsidiaries








Net Income Per Share








Exhibit B (page 1 of 2)











The calculation of basic and diluted net income per share is as follows.











(In thousands, except per-share amounts)






 






2025






 






 






2024






 








 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income from continuing operations






 






$






158,802






 






 






$






152,802






 






 






$






154,485






 






 






$






152,090






 






 






$






163,755






 








Income (loss) from discontinued operations, net of tax






 






 






(3,959






)






 






 






(11,359






)






 






 






(12,689






)






 






 






(7,532






)






 






 






(15,464






)








Net income—basic and diluted






 






$






154,843






 






 






$






141,443






 






 






$






141,796






 






 






$






144,558






 






 






$






148,291






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average common shares outstanding—basic






 






 






137,032






 






 






 






137,003






 






 






 






137,376






 






 






 






145,618






 






 






 






150,302






 








Dilutive effect of share-based compensation arrangements (1)






 






 






1,218






 






 






 






923






 






 






 






984






 






 






 






2,109






 






 






 






1,610






 








Adjusted average common shares outstanding—diluted






 






 






138,250






 






 






 






137,926






 






 






 






138,360






 






 






 






147,727






 






 






 






151,912






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income per share






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income from continuing operations






 






$






1.16






 






 






$






1.12






 






 






$






1.12






 






 






$






1.04






 






 






$






1.09






 








Income (loss) from discontinued operations, net of tax






 






 






(0.03






)






 






 






(0.08






)






 






 






(0.09






)






 






 






(0.05






)






 






 






(0.10






)








Basic net income per share






 






$






1.13






 






 






$






1.04






 






 






$






1.03






 






 






$






0.99






 






 






$






0.99






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income from continuing operations






 






$






1.15






 






 






$






1.11






 






 






$






1.11






 






 






$






1.03






 






 






$






1.08






 








Income (loss) from discontinued operations, net of tax






 






 






(0.03






)






 






 






(0.08






)






 






 






(0.09






)






 






 






(0.05






)






 






 






(0.10






)








Diluted net income per share






 






$






1.12






 






 






$






1.03






 






 






$






1.02






 






 






$






0.98






 






 






$






0.98






 









(1)






The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.










 






 






2025






 






 






2024






 









(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 









 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 









Shares of common stock equivalents






 






 






—






 






 






 






—






 






 






 






2






 






 






 






24






 






 






 






9






 









Radian Group Inc. and Subsidiaries








Net Income Per Share








Exhibit B (page 2 of 2)











 






 






Years Ended December 31,






 








(In thousands, except per-share amounts)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Net income from continuing operations—basic and diluted






 






$






618,179






 






 






$






660,315






 








Income (loss) from discontinued operations, net of tax






 






 






(35,539






)






 






 






(55,875






)








Net income—basic and diluted






 






$






582,640






 






 






$






604,440






 








 






 






 






 






 






 






 








Average common shares outstanding—basic






 






 






139,445






 






 






 






152,465






 








Dilutive effect of share-based compensation arrangements (1)






 






 






1,366






 






 






 






1,726






 








Adjusted average common shares outstanding—diluted






 






 






140,811






 






 






 






154,191






 








 






 






 






 






 






 






 








Net income per share






 






 






 






 






 






 








Basic






 






 






 






 






 






 








Net income from continuing operations






 






$






4.43






 






 






$






4.33






 








Income (loss) from discontinued operations, net of tax






 






 






(0.25






)






 






 






(0.37






)








Basic net income per share






 






$






4.18






 






 






$






3.96






 








 






 






 






 






 






 






 








Diluted






 






 






 






 






 






 








Net income from continuing operations






 






$






4.39






 






 






$






4.28






 








Income (loss) from discontinued operations, net of tax






 






 






(0.25






)






 






 






(0.36






)








Diluted net income per share






 






$






4.14






 






 






$






3.92






 









(1)






The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.










 






 






Years Ended December 31,






 









(In thousands)






 






2025






 






 






2024






 









 






 






 






 






 






 






 









Shares of common stock equivalents






 






 






—






 






 






 






11






 
















 




Radian Group Inc. and Subsidiaries








Condensed Consolidated Balance Sheets








Exhibit C











(In thousands, except per-share amounts)






 






Dec 31,






 






 






Sep 30,






 






 






Jun 30,






 






 






Mar 31,






 






 






Dec 31,






 








 






2025






 






 






2025






 






 






2025






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Assets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Investments






 






$






5,987,318






 






 






$






5,852,034






 






 






$






5,680,489






 






 






$






5,725,077






 






 






$






5,701,831






 








Cash






 






 






24,829






 






 






 






15,258






 






 






 






19,013






 






 






 






16,026






 






 






 






19,220






 








Restricted cash






 






 






10






 






 






 






11






 






 






 






28






 






 






 






29






 






 






 






30






 








Accrued investment income






 






 






40,285






 






 






 






43,031






 






 






 






43,467






 






 






 






41,973






 






 






 






44,308






 








Accounts and notes receivable






 






 






120,197






 






 






 






128,765






 






 






 






125,744






 






 






 






121,052






 






 






 






120,990






 








Reinsurance recoverable






 






 






48,806






 






 






 






44,837






 






 






 






41,653






 






 






 






38,188






 






 






 






34,559






 








Deferred policy acquisition costs






 






 






19,018






 






 






 






16,711






 






 






 






17,248






 






 






 






17,855






 






 






 






17,746






 








Property and equipment, net






 






 






17,165






 






 






 






18,663






 






 






 






20,236






 






 






 






21,754






 






 






 






23,369






 








Prepaid federal income taxes






 






 






1,056,329






 






 






 






1,012,629






 






 






 






997,805






 






 






 






921,080






 






 






 






921,080






 








Other assets






 






 






334,172






 






 






 






350,350






 






 






 






390,962






 






 






 






367,501






 






 






 






358,962






 








Assets held for sale






 






 






474,268






 






 






 






722,514






 






 






 






2,267,056






 






 






 






1,517,393






 






 






 






1,447,440






 








Total assets






 






$






8,122,397






 






 






$






8,204,803






 






 






$






9,603,701






 






 






$






8,787,928






 






 






$






8,689,535






 








Liabilities and stockholders’ equity






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reserve for losses and loss adjustment expense






 






$






399,946






 






 






$






387,650






 






 






$






377,231






 






 






$






369,090






 






 






$






354,431






 








Unearned premiums






 






 






159,341






 






 






 






166,165






 






 






 






171,901






 






 






 






178,931






 






 






 






188,337






 








Senior notes






 






 






1,067,908






 






 






 






1,067,251






 






 






 






1,066,603






 






 






 






1,065,965






 






 






 






1,065,337






 








Other borrowings






 






 






41,207






 






 






 






60,401






 






 






 






98,685






 






 






 






32,122






 






 






 






45,865






 








Net deferred tax liability






 






 






942,193






 






 






 






910,256






 






 






 






864,421






 






 






 






826,692






 






 






 






772,232






 








Other liabilities






 






 






366,470






 






 






 






410,232






 






 






 






461,335






 






 






 






415,986






 






 






 






399,282






 








Liabilities held for sale






 






 






363,818






 






 






 






550,399






 






 






 






2,070,844






 






 






 






1,312,316






 






 






 






1,240,193






 








Total liabilities






 






 






3,340,883






 






 






 






3,552,354






 






 






 






5,111,020






 






 






 






4,201,102






 






 






 






4,065,677






 








Common stock






 






 






157






 






 






 






157






 






 






 






157






 






 






 






162






 






 






 






168






 








Treasury stock






 






 






(989,745






)






 






 






(989,352






)






 






 






(988,764






)






 






 






(969,396






)






 






 






(968,246






)








Additional paid-in capital






 






 






861,211






 






 






 






855,320






 






 






 






847,399






 






 






 






1,048,738






 






 






 






1,246,826






 








Retained earnings






 






 






5,132,050






 






 






 






5,012,742






 






 






 






4,906,830






 






 






 






4,802,038






 






 






 






4,695,348






 








Accumulated other comprehensive income (loss)






 






 






(222,159






)






 






 






(226,418






)






 






 






(272,941






)






 






 






(294,716






)






 






 






(350,238






)








Total stockholders’ equity






 






 






4,781,514






 






 






 






4,652,449






 






 






 






4,492,681






 






 






 






4,586,826






 






 






 






4,623,858






 








Total liabilities and stockholders’ equity






 






$






8,122,397






 






 






$






8,204,803






 






 






$






9,603,701






 






 






$






8,787,928






 






 






$






8,689,535






 








Shares outstanding






 






 






135,498






 






 






 






135,473






 






 






 






135,395






 






 






 






141,220






 






 






 






147,569






 








Book value per share






 






$






35.29






 






 






$






34.34






 






 






$






33.18






 






 






$






32.48






 






 






$






31.33






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Holding company debt-to-capital ratio (1)






 






 






18.3






%






 






 






18.7






%






 






 






19.2






%






 






 






18.9






%






 






 






18.7






%









(1)






Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.









Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations Detail








Exhibit D (page 1 of 5)











Net Premiums Earned






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Direct






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Premiums earned, excluding revenue from cancellations






 






$






266,460






 






 






$






264,272






 






 






$






260,336






 






 






$






260,705






 






 






$






261,017






 








Single Premium Policy cancellations






 






 






2,005






 






 






 






1,821






 






 






 






1,708






 






 






 






1,206






 






 






 






2,363






 








Total direct






 






 






268,465






 






 






 






266,093






 






 






 






262,044






 






 






 






261,911






 






 






 






263,380






 








Ceded






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Premiums earned, excluding revenue from cancellations






 






 






(48,294






)






 






 






(45,870






)






 






 






(43,849






)






 






 






(42,288






)






 






 






(43,239






)








Single Premium Policy cancellations (1)






 






 






1,788






 






 






 






1,653






 






 






 






1,328






 






 






 






902






 






 






 






952






 








Profit commission - other (2)






 






 






15,233






 






 






 






15,227






 






 






 






14,003






 






 






 






13,519






 






 






 






14,183






 








Total ceded






 






 






(31,273






)






 






 






(28,990






)






 






 






(28,518






)






 






 






(27,867






)






 






 






(28,104






)








Net premiums earned






 






$






237,192






 






 






$






237,103






 






 






$






233,526






 






 






$






234,044






 






 






$






235,276






 









(1)






Includes the impact of related profit commissions.








(2)






Represents the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.









Net Investment Income






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Fixed maturities






 






$






51,655






 






 






$






57,614






 






 






$






57,354






 






 






$






56,649






 






 






$






57,129






 








Equity securities






 






 






1,798






 






 






 






2,446






 






 






 






2,634






 






 






 






2,145






 






 






 






3,350






 








Short-term investments






 






 






10,362






 






 






 






4,503






 






 






 






2,842






 






 






 






3,508






 






 






 






3,009






 








Other (1)






 






 






(1,132






)






 






 






(1,164






)






 






 






(1,158






)






 






 






(1,292






)






 






 






(1,277






)








Net investment income






 






$






62,683






 






 






$






63,399






 






 






$






61,672






 






 






$






61,010






 






 






$






62,211






 









(1)






Includes investment management expenses, as well as the net impact from our securities lending activities.









Provision for Losses






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








Current period defaults (1)






 






$






57,047






 






 






$






52,963






 






 






$






47,912






 






 






$






53,740






 






 






$






55,795






 








Prior period defaults (2)






 






 






(35,459






)






 






 






(35,077






)






 






 






(35,958






)






 






 






(38,400






)






 






 






(55,734






)








Total provision for losses






 






$






21,588






 






 






$






17,886






 






 






$






11,954






 






 






$






15,340






 






 






$






61






 









(1)






Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.








(2)






Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.









Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations Detail








Exhibit D (page 2 of 5)











Other Operating Expenses






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Salaries and other base employee expenses






 






$






25,086






 






 






$






24,259






 






 






$






26,932






 






 






$






26,139






 






 






$






23,393






 








Variable and share-based incentive compensation






 






 






16,768






 






 






 






16,115






 






 






 






27,335






 






 






 






15,265






 






 






 






15,842






 








Other general operating expenses (1)






 






 






22,589






 






 






 






29,438






 






 






 






21,986






 






 






 






23,227






 






 






 






25,783






 








Ceding commissions






 






 






(8,026






)






 






 






(7,556






)






 






 






(7,075






)






 






 






(6,723






)






 






 






(6,620






)








Total






 






$






56,417






 






 






$






62,256






 






 






$






69,178






 






 






$






57,908






 






 






$






58,398






 









(1)






Includes $2 million and $9 million in the fourth and third quarter of 2025, respectively, of acquisition-related expenses.









Interest Expense






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Senior notes






 






$






15,829






 






 






$






15,819






 






 






$






15,810






 






 






$






15,800






 






 






$






15,791






 








Revolving credit facility






 






 






389






 






 






 






258






 






 






 






741






 






 






 






264






 






 






 






356






 








FHLB advances






 






 






458






 






 






 






1,107






 






 






 






877






 






 






 






425






 






 






 






403






 








Loss on extinguishment of debt






 






 






513






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Total interest expense






 






$






17,189






 






 






$






17,184






 






 






$






17,428






 






 






$






16,489






 






 






$






16,550






 









Discontinued Operations






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net premiums earned






 






$






5,248






 






 






$






4,624






 






 






$






3,995






 






 






$






2,634






 






 






$






3,286






 








Services revenue






 






 






13,640






 






 






 






12,352






 






 






 






10,882






 






 






 






11,943






 






 






 






11,989






 








Net investment income






 






 






7,089






 






 






 






10,744






 






 






 






11,097






 






 






 






7,564






 






 






 






9,099






 








Net gains (losses) on investments and other financial instruments






 






 






(576






)






 






 






2,191






 






 






 






(6,703






)






 






 






1,278






 






 






 






(1,541






)








Income (loss) on consolidated VIEs






 






 






—






 






 






 






(2,129






)






 






 






185






 






 






 






428






 






 






 






(467






)








Other income






 






 






(176






)






 






 






(332






)






 






 






(3






)






 






 






(568






)






 






 






826






 








Total revenues






 






 






25,225






 






 






 






27,450






 






 






 






19,453






 






 






 






23,279






 






 






 






23,192






 








Expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Provision for losses






 






 






311






 






 






 






129






 






 






 






143






 






 






 






(173






)






 






 






(685






)








Cost of services






 






 






9,735






 






 






 






8,729






 






 






 






8,412






 






 






 






8,673






 






 






 






9,769






 








Other operating expenses






 






 






16,136






 






 






 






23,732






 






 






 






20,225






 






 






 






19,039






 






 






 






29,403






 








Interest expense






 






 






4,802






 






 






 






8,105






 






 






 






8,446






 






 






 






6,010






 






 






 






5,963






 








Total expenses






 






 






30,984






 






 






 






40,695






 






 






 






37,226






 






 






 






33,549






 






 






 






44,450






 








Pretax income (loss) from discontinued operations






 






 






(5,759






)






 






 






(13,245






)






 






 






(17,773






)






 






 






(10,270






)






 






 






(21,258






)








Income tax provision (benefit)






 






 






(1,800






)






 






 






(1,886






)






 






 






(5,084






)






 






 






(2,738






)






 






 






(5,794






)








Income (loss) from discontinued operations, net of tax






 






$






(3,959






)






 






$






(11,359






)






 






$






(12,689






)






 






$






(7,532






)






 






$






(15,464






)









Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations Detail








Exhibit D (page 3 of 5)











Net Premiums Earned






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








Direct






 






 






 






 






 






 








Premiums earned, excluding revenue from cancellations






 






$






1,051,773






 






 






$






1,040,678






 








Single Premium Policy cancellations






 






 






6,740






 






 






 






8,336






 








Total direct






 






 






1,058,513






 






 






 






1,049,014






 








Ceded






 






 






 






 






 






 








Premiums earned, excluding revenue from cancellations






 






 






(180,301






)






 






 






(164,055






)








Single Premium Policy cancellations (1)






 






 






5,671






 






 






 






2,390






 








Profit commission - other (2)






 






 






57,982






 






 






 






51,888






 








Total ceded






 






 






(116,648






)






 






 






(109,777






)








Net premiums earned






 






$






941,865






 






 






$






939,237






 









(1)






Includes the impact of related profit commissions.








(2)






The amounts represent the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.









Net Investment Income






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Fixed maturities






 






$






223,271






 






 






$






231,235






 








Equity securities






 






 






9,024






 






 






 






12,003






 








Short-term investments






 






 






21,215






 






 






 






26,908






 








Other (1)






 






 






(4,746






)






 






 






(5,332






)








Net investment income






 






$






248,764






 






 






$






264,814






 









(1)






Includes investment management expenses, as well as the net impact from our securities lending activities.









Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations Detail








Exhibit D (page 4 of 5)











Provision for Losses






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








Current period defaults (1)






 






$






211,355






 






 






$






197,719






 








Prior period defaults (2)






 






 






(144,587






)






 






 






(199,967






)








Total provision for losses






 






$






66,768






 






 






$






(2,248






)









(1)






Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.








(2)






Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.









Other Operating Expenses






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Salaries and other base employee expenses






 






$






102,416






 






 






$






102,679






 








Variable and share-based incentive compensation






 






 






75,482






 






 






 






63,272






 








Other general operating expenses (1)






 






 






97,240






 






 






 






106,164






 








Ceding commissions






 






 






(29,379






)






 






 






(24,497






)








Total






 






$






245,759






 






 






$






247,618






 









(1)






Includes $10 million in 2025 primarily comprised of acquisition-related expenses. Includes $13 million in 2024, of impairment of long-lived assets, consisting of impairments to our internal-use software and lease-related assets.









Interest Expense






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Senior notes






 






$






63,258






 






 






$






80,020






 








FHLB advances






 






 






2,867






 






 






 






2,430






 








Revolving credit facility






 






 






1,652






 






 






 






1,281






 








Loss on extinguishment of debt






 






 






513






 






 






 






4,275






 








Total interest expense






 






$






68,290






 






 






$






88,006






 









Radian Group Inc. and Subsidiaries








Condensed Consolidated Statements of Operations Detail








Exhibit D (page 5 of 5)











Discontinued Operations






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Revenues






 






 






 






 






 






 








Net premiums earned






 






$






16,501






 






 






$






12,046






 








Services revenue






 






 






48,817






 






 






 






49,246






 








Net investment income






 






 






36,494






 






 






 






27,879






 








Net gains (losses) on investments and other financial instruments






 






 






(3,810






)






 






 






(5,767






)








Income (loss) on consolidated VIEs






 






 






(1,516






)






 






 






(2






)








Other income






 






 






(1,079






)






 






 






583






 








Total revenues






 






 






95,407






 






 






 






83,985






 








Expenses






 






 






 






 






 






 








Provision for losses






 






 






410






 






 






 






(266






)








Cost of services






 






 






35,549






 






 






 






37,738






 








Other operating expenses






 






 






79,132






 






 






 






100,822






 








Interest expense






 






 






27,363






 






 






 






20,008






 








Total expenses






 






 






142,454






 






 






 






158,302






 








Pretax income (loss) from discontinued operations






 






 






(47,047






)






 






 






(74,317






)








Income tax provision (benefit)






 






 






(11,508






)






 






 






(18,442






)








Income (loss) from discontinued operations, net of tax






 






$






(35,539






)






 






$






(55,875






)









Radian Group Inc. and Subsidiaries








Segment Information








Exhibit E (page 1 of 2)







In the third quarter of 2025, Radian Group’s board of directors approved a divestiture plan of its Mortgage Conduit, Title and Real Estate Services businesses. As a result, the results for these businesses are reflected in income (loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations for all periods presented. See Exhibit D for details on our discontinued operations.


Summarized financial information concerning our one reportable segment, Mortgage Insurance, following such reclassification, for the periods indicated is as follows. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.




Adjusted Pretax Operating Income






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net premiums written






 






$






234,431






 






 






$






235,733






 






 






$






231,596






 






 






$






230,250






 






 






$






231,979






 








(Increase) decrease in unearned premiums






 






 






2,761






 






 






 






1,370






 






 






 






1,930






 






 






 






3,794






 






 






 






3,297






 








Net premiums earned






 






 






237,192






 






 






 






237,103






 






 






 






233,526






 






 






 






234,044






 






 






 






235,276






 








Net investment income






 






 






62,683






 






 






 






63,399






 






 






 






61,672






 






 






 






61,010






 






 






 






62,211






 








Other income






 






 






1,796






 






 






 






1,399






 






 






 






1,503






 






 






 






1,781






 






 






 






1,931






 








Total






 






 






301,671






 






 






 






301,901






 






 






 






296,701






 






 






 






296,835






 






 






 






299,418






 








Provision for losses






 






 






21,588






 






 






 






17,886






 






 






 






11,954






 






 






 






15,340






 






 






 






61






 








Policy acquisition costs






 






 






4,280






 






 






 






7,166






 






 






 






7,204






 






 






 






6,389






 






 






 






7,276






 








Other operating expenses






 






 






55,562






 






 






 






53,573






 






 






 






69,179






 






 






 






57,523






 






 






 






55,224






 








Interest expense






 






 






16,676






 






 






 






17,184






 






 






 






17,428






 






 






 






16,489






 






 






 






16,549






 








Total






 






 






98,106






 






 






 






95,809






 






 






 






105,765






 






 






 






95,741






 






 






 






79,110






 








Adjusted pretax operating income






 






$






203,565






 






 






$






206,092






 






 






$






190,936






 






 






$






201,094






 






 






$






220,308






 









Selected Mortgage Insurance Key Ratios






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Loss ratio (1)






 






 






9.1






%






 






 






7.5






%






 






 






5.1






%






 






 






6.6






%






 






 






0.0






%








Expense ratio (2)






 






 






25.2






%






 






 






25.6






%






 






 






32.7






%






 






 






27.3






%






 






 






26.6






%









(1)






Calculated as provision for losses expressed as a percentage of net premiums earned.








(2)






Calculated as operating expenses (which consist of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.









Radian Group Inc. and Subsidiaries








Segment Information








Exhibit E (page 2 of 2)











Adjusted Pretax Operating Income






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Net premiums written






 






$






932,010






 






 






$






930,149






 








(Increase) decrease in unearned premiums






 






 






9,855






 






 






 






9,088






 








Net premiums earned






 






 






941,865






 






 






 






939,237






 








Net investment income






 






 






248,764






 






 






 






264,814






 








Other income






 






 






6,479






 






 






 






6,595






 








Total






 






 






1,197,108






 






 






 






1,210,646






 








Provision for losses






 






 






66,768






 






 






 






(2,248






)








Policy acquisition costs






 






 






25,039






 






 






 






27,316






 








Other operating expenses






 






 






235,837






 






 






 






234,632






 








Interest expense






 






 






67,777






 






 






 






83,732






 








Total






 






 






395,421






 






 






 






343,432






 








Adjusted pretax operating income






 






$






801,687






 






 






$






867,214






 









Selected Mortgage Insurance Key Ratios






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Loss ratio (1)






 






 






7.1






%






 






 






(0.2






)%








Expense ratio (2)






 






 






27.7






%






 






 






27.9






%









(1)






Calculated as provision for losses expressed as a percentage of net premiums earned.








(2)






Calculated as operating expenses (which consist of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.









Radian Group Inc. and Subsidiaries








Definition of Non-GAAP Financial Measures








Exhibit F (page 1 of 2)







Use of Non-GAAP Financial Measures


In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them.


The results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein.


Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on investments and other financial instruments and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes, computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.


Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations. These adjustments, along with the reasons for their treatment, are described below.




(1)






Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities. These valuation adjustments may not necessarily result in realized economic gains or losses.








 






 








 






Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses and changes in fair value of other financial instruments. Except for certain investments and other financial instruments attributable to specific operating segments, we do not view them to be indicative of our fundamental operating activities.








 






 








(2)






Impairment of other long-lived assets and other non-operating items, if any. Impairment of other long-lived assets and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) impairment of internal-use software and other long-lived assets; (ii) gains (losses) from the sale of lines of business; (iii) acquisition-related income and expenses; and (iv) gains (losses) on extinguishment of debt.









Radian Group Inc. and Subsidiaries








Definition of Non-GAAP Financial Measures








Exhibit F (page 2 of 2)







See Exhibit G for the reconciliations of the most comparable GAAP measures, pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share and return on equity from continuing operations to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively.


Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share or return on equity from continuing operations. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies.




Radian Group Inc. and Subsidiaries









Non-GAAP Financial Measure Reconciliations









Exhibit G (page 1 of 3)









 



Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








(In thousands)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Pretax income from continuing operations






 






$






201,038






 






 






$






198,694






 






 






$






192,786






 






 






$






198,710






 






 






$






210,384






 








Less reconciling income (expense) items






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






(1,159






)






 






 






1,285






 






 






 






1,850






 






 






 






(2,000






)






 






 






(6,750






)








Impairment of other long-lived assets and other non-operating items (1)






 






 






(1,368






)






 






 






(8,683






)






 






 






—






 






 






 






(384






)






 






 






(3,174






)








Total adjusted pretax operating income






 






$






203,565






 






 






$






206,092






 






 






$






190,936






 






 






$






201,094






 






 






$






220,308






 









(1)






Relates primarily to acquisition-related expenses for the 2025 periods and impairment of other long-lived assets for 2024, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A.









Reconciliation of Diluted Net Income from Continuing Operations Per Share

to Adjusted Diluted Net Operating Income Per Share






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








 






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted net income from continuing operations per share






 






$






1.15






 






 






$






1.11






 






 






$






1.11






 






 






$






1.03






 






 






$






1.08






 








Less per-share impact of reconciling income (expense) items






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






(0.01






)






 






 






0.01






 






 






 






0.01






 






 






 






(0.02






)






 






 






(0.04






)








Impairment of other long-lived assets and other non-operating items






 






 






(0.01






)






 






 






(0.06






)






 






 






—






 






 






 






—






 






 






 






(0.02






)








Income tax (provision) benefit on reconciling income (expense) items (1)






 






 






0.01






 






 






 






0.01






 






 






 






(0.01






)






 






 






0.01






 






 






 






0.01






 








Per-share impact of reconciling income (expense) items






 






 






(0.01






)






 






 






(0.04






)






 






 






—






 






 






 






(0.01






)






 






 






(0.05






)








Adjusted diluted net operating income per share






 






$






1.16






 






 






$






1.15






 






 






$






1.11






 






 






$






1.04






 






 






$






1.13






 









(1)






Calculated using the company’s federal statutory tax rate of 21%.









Radian Group Inc. and Subsidiaries









Non-GAAP Financial Measure Reconciliations









Exhibit G (page 2 of 3)









 



Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2025






 






 






2024






 








 






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Return on equity from continuing operations (1)






 






 






13.5






%






 






 






13.4






%






 






 






13.6






%






 






 






13.2






%






 






 






14.1






%








Less impact of reconciling income (expense) items (2)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






(0.1






)%






 






 






0.1






%






 






 






0.1






%






 






 






(0.3






)%






 






 






(0.6






)%








Impairment of other long-lived assets and other non-operating items






 






 






(0.1






)%






 






 






(0.7






)%






 






 






—






%






 






 






—






%






 






 






(0.2






)%








Income tax (provision) benefit on reconciling income (expense) items (3)






 






 






0.1






%






 






 






0.1






%






 






 






—






%






 






 






0.1






%






 






 






0.2






%








Impact of reconciling income (expense) items






 






 






(0.1






)%






 






 






(0.5






)%






 






 






0.1






%






 






 






(0.2






)%






 






 






(0.6






)%








Adjusted net operating return on equity






 






 






13.6






%






 






 






13.9






%






 






 






13.5






%






 






 






13.4






%






 






 






14.7






%









(1)






Calculated by dividing annualized net income from continuing operations by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.








(2)






Annualized, as a percentage of average stockholders’ equity.








(3)






Calculated using the company’s federal statutory tax rate of 21%.









Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income






 








 






 






 






 






 






 






 








 






 






Years Ended December 31,






 








(In thousands)






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Pretax income from continuing operations






 






$






791,228






 






 






$






845,607






 








Less reconciling income (expense) items






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






(24






)






 






 






(4,347






)








Impairment of other long-lived assets and other non-operating items (1)






 






 






(10,435






)






 






 






(17,260






)








Total adjusted pretax operating income






 






$






801,687






 






 






$






867,214






 









(1)






Relates primarily to acquisition-related expenses for 2025 and impairment of other long-lived assets for 2024, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A.









Radian Group Inc. and Subsidiaries









Non-GAAP Financial Measure Reconciliations









Exhibit G (page 3 of 3)









 



Reconciliation of Diluted Net Income from Continuing Operations Per Share to Adjusted Diluted Net Operating Income Per Share






 








 






 






Years Ended December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Diluted net income from continuing operations per share






 






$






4.39






 






 






$






4.28






 








Less per-share impact of reconciling income (expense) items






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






—






 






 






 






(0.03






)








Impairment of other long-lived assets and other non-operating items






 






 






(0.08






)






 






 






(0.11






)








Income tax (provision) benefit on reconciling income (expense) items (1)






 






 






0.02






 






 






 






0.03






 








Per-share impact of reconciling income (expense) items






 






 






(0.06






)






 






 






(0.11






)








Adjusted diluted net operating income per share (1)






 






$






4.45






 






 






$






4.39






 









(1)






Calculated using the company’s federal statutory tax rate of 21%.









Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)






 








 






 






Years Ended December 31,






 








 






 






2025






 






 






2024






 








 






 






 






 






 






 






 








Return on equity from continuing operations (1)






 






 






13.1






%






 






 






14.6






%








Less impact of reconciling income (expense) items (2)






 






 






 






 






 






 








Net gains (losses) on investments and other financial instruments






 






 






—






%






 






 






(0.1






)%








Impairment of other long-lived assets and other non-operating items






 






 






(0.2






)%






 






 






(0.4






)%








Income tax (provision) benefit on reconciling income (expense) items (3)






 






 






—






%






 






 






0.1






%








Impact of reconciling income (expense) items






 






 






(0.2






)%






 






 






(0.4






)%








Adjusted net operating return on equity






 






 






13.3






%






 






 






15.0






%









(1)






Calculated by dividing net income from continuing operations by average stockholders’ equity.








(2)






As a percentage of average stockholders’ equity.








(3)






Calculated using the company’s federal statutory tax rate of 21%.








 






 








See Exhibit F for additional information on our non-GAAP financial measures.









Radian Group Inc. and Subsidiaries








Mortgage Insurance Supplemental Information - New Insurance Written








Exhibit H











 






 






2025






 






 






2024






 








($ in millions)






 






Qtr 4






 






 






Qtr 3






 






 






Qtr 2






 






 






Qtr 1






 






 






Qtr 4






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NIW






 






$






15,850






 






 






$






15,497






 






 






$






14,330






 






 






$






9,489






 






 






$






13,186






 








NIW by premium type






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Direct monthly and other recurring premiums






 






 






97.2






%






 






 






96.4






%






 






 






96.4






%






 






 






96.4






%






 






 






96.4






%








Direct single premiums






 






 






2.8






%






 






 






3.6






%






 






 






3.6






%






 






 






3.6






%






 






 






3.6






%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NIW for purchases






 






 






85.2






%






 






 






94.8






%






 






 






94.6






%






 






 






95.6






%






 






 






90.4






%








NIW for refinances






 






 






14.8






%






 






 






5.2






%






 






 






5.4






%






 






 






4.4






%






 






 






9.6






%








NIW by FICO score (1)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








>=740






 






 






65.5






%






 






 






63.5






%






 






 






68.2






%






 






 






68.1






%






 






 






71.7






%








680-739






 






 






29.7






%






 






 






31.8






%






 






 






27.0






%






 






 






27.0






%






 






 






23.3






%








620-679






 






 






4.8






%






 






 






4.7






%






 






 






4.8






%






 






 






4.9






%






 






 






5.0






%








=740






 






 






60.7






%






 






 






60.7






%






 






 






60.6






%






 






 






60.3






%






 






 






60.1






%








680-739






 






 






32.4






%






 






 






32.3






%






 






 






32.2






%






 






 






32.4






%






 






 






32.6






%








620-679






 






 






6.7






%






 






 






6.8






%






 






 






6.9






%






 






 






7.0






%






 






 






7.0






%