Radian Announces First Quarter 2026 Financial Results

Published: 2026-05-06 16:47:05 ET RDN

— 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 —

Published on 05/06/2026 at 04:47 pm EDT

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

New insurance written - Mortgage

$13,490

$15,850

$9,489

Gross premiums written - Specialty

$162

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:

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:

CAPITAL AND LIQUIDITY UPDATE

Radian Group

Radian Guaranty

STRATEGIC UPDATE

Discontinued Operations

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

1.03

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

1.04

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

1.03

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

—

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

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

1,012,629

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

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

Assumed

94,498

N/A

Ceded

(39,134

)

N/A

Net premiums earned

164,351

N/A

Total

Direct

377,889

268,465

266,093

262,044

261,911

Assumed

94,498

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

Prior period (5)

(12,578

)

N/A

Provision for losses - Specialty

86,268

N/A

VOBA - reserves amortization (6)

(2,611

)

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

Purchase accounting adjustments (1)

(30,001

)

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

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

)

(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

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

Expense ratio (2)

32.8

N/A

Combined ratio (3)

85.3

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.

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.

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

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

1.03

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

Net gains (losses) on financial instruments and foreign exchange

(0.06

)

(0.01

)

0.01

(0.02

)

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

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

(0.3

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

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

Direct single premiums

2.3

2.8

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

620-679

4.6

4.8

4.7

4.8

4.9

<=619

0.3

0.0

Total NIW

100.0

NIW by LTV (1)

95.01% and above

17.2

17.3

16.3

16.7

15.6

90.01% to 95.00%

44.1

44.0

46.5

44.0

41.5

85.01% to 90.00%

29.9

29.2

30.1

32.3

85.00% and below

8.8

8.0

9.2

10.6

Total NIW

100.0

Radian Group Inc. and Subsidiaries

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

Exhibit I

2026

2025

($ in millions)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Primary IIF

281,718

282,519

280,559

276,745

274,159

Primary RIF (1)

74,651

74,704

74,039

72,820

71,958

Primary RIF by premium type

Direct monthly and other recurring premiums

91.2

91.0

90.7

90.3

90.1

Direct single premiums

8.8

9.0

9.3

9.7

9.9

Primary RIF by FICO score (2)

>=740

60.7

60.6

60.3

680-739

32.4

32.3

32.2

32.4

620-679

6.7

6.8

6.9

7.0

<=619

0.2

0.3

Total RIF

100.0

Primary RIF by LTV (2)

95.01% and above

21.0

20.7

20.4

20.2

20.0

90.01% to 95.00%

48.9

48.6

48.3

48.0

47.9

85.01% to 90.00%

26.0

26.4

26.8

27.1

27.3

85.00% and below

4.1

4.3

4.5

4.7

4.8

Total RIF

100.0

Persistency Rate (12 months ended)

82.4

83.6

83.8

83.7

Persistency Rate (quarterly, annualized) (3)

81.3

81.6

84.2

83.8

85.7

(1)

RIF is presented on a gross basis and includes the amount ceded under reinsurance.

(2)

At origination.

(3)

The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter shown. It may be impacted by seasonality or other factors, including the level of refinance activity during the applicable periods and may not be indicative of full-year trends.

Radian Group Inc. and Subsidiaries

Supplemental Data - Inigo’s Adjusted Pretax Operating Income for January 2026 (Pre-Acquisition)

Exhibit J

The following table presents Inigo’s unaudited results of operations for the one month period ended January 31, 2026, prior to the acquisition date. The amounts are presented on a basis consistent with how the Company now reports results for its Specialty segment.

One Month Ended January 31, 2026

(In thousands)

Specialty

Net premiums written (1)

129,405

(Increase) decrease in unearned premiums

(34,213

)

Net premiums earned

95,192

Net investment income

8,100

Other income

433

Total

103,725

Provision for losses

55,232

Amortization of deferred policy acquisition costs

20,131

Other operating expenses

13,579

Interest expense

1,203

Total

90,145

Adjusted pretax operating income

13,580

(1)

Gross written premiums were $254 million for the one month ended January 31, 2026.

FORWARD-LOOKING STATEMENTS

All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition and statements regarding our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, are made on the basis of management’s current views and assumptions with respect to future events. 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 where new risks emerge from time to time, and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. 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 press release. 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.

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