Radian Group Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the quarter ended September 30, 2026, were $624 million, compared to $303 million in the same period in 2025, representing a 106% year-over-year increase.
• Net premiums earned were $548 million for the quarter, up from $237 million in the prior year period.
• Net income from continuing operations was $172 million ($1.28 per diluted share), compared to $153 million ($1.11 per diluted share) in the third quarter of 2025.
• Pretax income from continuing operations was $228 million, compared to $199 million in the prior year period.
• Adjusted pretax operating income was $254 million, compared to $206 million in the prior year period.
• Adjusted diluted net operating income per share was $1.44, compared to $1.15 in the prior year period.
• Return on equity from continuing operations was 14.6%, with an adjusted net operating return on equity of 16.3%.
• Book value per share was $35.78 as of September 30, 2026, compared to $34.34 in the prior year period, reflecting 4.2% growth.
• Total investments were $6,981 million as of September 30, 2026, compared to $5,852 million in the prior year period.
• Available holding company liquidity was $376 million as of September 30, 2026, excluding $500 million of undrawn capacity under its unsecured revolving credit facility.

Business Segments and Product Lines:

• The Specialty segment contributed 57% of net premiums earned, reporting adjusted pretax operating income of $86 million.
• Specialty segment combined ratio was 80.4%, driven by a benign catastrophe quarter and favorable prior period reserve development of $43 million.
• Specialty gross premiums written totaled $310 million, including $151 million in direct and $159 million in assumed premiums.
• The Mortgage segment reported adjusted pretax operating income of $206 million with a combined ratio of 36.6%.
• Primary mortgage insurance in force reached a record $286 billion, an increase of 2% year-over-year.
• New insurance written in the Mortgage segment was $15 billion, a decrease of 5% year-over-year.
• Annualized persistency for the Mortgage segment was 83%, compared to 84% in the third quarter of 2025.
• Mortgage segment provision for losses was $32 million, including favorable reserve development of $26 million on prior period defaults.

Other Key Points:

• Year-to-date share repurchases totaled $379 million (8% of shares outstanding), including $135 million in the third quarter and $117 million in October.
• Following October repurchases, $484 million remained available under the $750 million authorization approved in May 2025, expiring in December 2027.
• Radian Group paid a dividend of $0.255 per share, totaling $34 million, in the third quarter of 2026.
• Radian Guaranty distributed $515 million to Radian Group in the first nine months of 2026, including a $175 million ordinary dividend in the third quarter.
• Radian Guaranty expects to pay $145 million in ordinary dividends in the fourth quarter of 2026, resulting in over $650 million in total ordinary dividends for the year.
• Radian Guaranty's Available Assets under PMIERs totaled $5.3 billion, with excess Available Assets of $1.5 billion.
• Radian Guaranty entered into an excess of loss reinsurance arrangement effective September 1, 2026, securing approximately $125 million of coverage on policies written from January 1, 2023, through June 30, 2024.
• In October 2026, Inigo's letter of credit facility was amended and extended, increasing commitments from $620 million to $880 million with Radian Group as guarantor.
• The company completed the sale of its Real Estate Services business in August 2026 and entered into a definitive agreement to sell its Title business to the same buyer.
• The wind down of the Mortgage Conduit business was substantially complete as of September 30, 2026.
• The acquisition of Inigo, completed on February 2, 2026, contributed to the revenue doubling year-over-year.
• Results include $21 million in purchase accounting adjustments, amortization of acquired intangible assets, and acquisition-related expenses related to the Inigo acquisition.