Radian Announces Second Quarter 2026 Financial Results

— Second quarter revenue grew 93% year over year; Specialty represented 53% of net premiums earned —

— Transformation strategy continues to gain momentum with first full quarter Inigo results —

— Divestitures near completion as company sharpens focus on insurance —

— CEO transition supports strategic continuity and execution —

— Primary mortgage insurance in force reached a record $284 billion —

— Default rate declined from prior quarter, with continued favorable credit trends —

— $200 million ordinary dividend paid from Radian Guaranty to holding company during second quarter —

— Repurchased $76 million of shares and paid $37 million of dividends to stockholders during second quarter —

— Second quarter diluted net income from continuing operations per share of $0.87 with adjusted net operating income per share of $1.14 —

WAYNE, Pa.--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations of $118 million, or $0.87 per diluted share, for the quarter ended June 30, 2026. This compares with net income from continuing operations of $154 million, or $1.11 per diluted share for the quarter ended June 30, 2025.

Pretax income from continuing operations for the quarter ended June 30, 2026, was $151 million compared to $193 million for the quarter ended June 30, 2025. The results for the second quarter of 2026 include $39 million of purchase accounting adjustments, amortization of acquired intangible assets and acquisition-related expenses related to the company’s acquisition of Inigo.

Adjusted pretax operating income for the quarter ended June 30, 2026, was $196 million compared to $191 million for the quarter ended June 30, 2025. Adjusted diluted net operating income per share for the quarter ended June 30, 2026, was $1.14 compared to $1.11 for the quarter ended June 30, 2025.

Book value per share at June 30, 2026, was $36.00 compared to $35.67 at March 31, 2026, and $33.18 at June 30, 2025. This represents 8.5% growth in book value per share at June 30, 2026, as compared to June 30, 2025, and includes accumulated other comprehensive income (loss) of $(1.99) per share as of June 30, 2026, and $(2.02) per share as of June 30, 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.

“Radian delivered strong second quarter results as we benefit from our transformation into a global multi-line specialty insurer,” said Radian Chief Executive Officer Rick Thornberry. “Our Mortgage and Specialty Insurance businesses together generated 93% revenue growth and 116% increase in net earned premiums year over year, demonstrating the strength and diversification of our insurance platform. At the same time, our recently announced divestitures further simplify our portfolio and deepen our focus on insurance. With these actions, coupled with a seamless leadership transition, Radian is well-positioned to capitalize on future opportunities and deliver value for stockholders.”

SECOND QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pretax operating income of $208 million for the quarter. Key drivers of the Mortgage segment’s second quarter results include:

• Primary Insurance in Force of $284 billion, an increase of 3% year-over-year
  • New Insurance Written of $16 billion, an increase of 14% year-over-year
  • Annualized persistency for the quarter, of 82%
• Net premiums earned grew to $236 million, with a stable in-force portfolio premium yield of 38 basis points
• Provision for losses of $29 million, which includes favorable reserve development on prior period defaults of $20 million
• Operating expenses in the Mortgage segment and Corporate category increased compared to prior quarter primarily due to share-based compensation expense associated with annual equity awards granted during the quarter. Compared to the second quarter of 2025, Mortgage segment and Corporate category operating expenses declined 7% and 3%, respectively.
• Mortgage segment Combined Ratio of 36%, including an Expense Ratio of 23%
• See Exhibit E for additional segment information

Specialty

The Specialty segment reported adjusted pretax operating income of $29 million for the quarter. Key drivers of the Specialty segment’s second quarter results include:

• Total gross premiums written of $504 million
  • Insurance gross premiums written of $229 million
  • Reinsurance gross premiums written of $275 million
• Net premiums earned of $267 million
• Provision for losses of $169 million includes the impact of reserves established for expected and potential claims related to the Middle East conflict. The provision for loss this quarter also includes favorable reserve development on prior accident year loss reserves of $24 million
• Specialty segment Combined Ratio of 98%
• See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for periods 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 $125 million of this borrowing during the first half of 2026 and expects to repay this borrowing in full during 2026.
• During the second quarter of 2026, the company repurchased 2.2 million shares of Radian Group common stock at a total cost of $76 million. In addition, in July the company repurchased 1.3 million shares of Radian Group common stock at a total cost of $50 million.
  • The company fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025. Following the July share repurchases, purchase authority of up to $686 million remained available under this authorization, which is scheduled to expire in December 2027.
• Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $37 million, in the second quarter of 2026.
• Radian Group’s available liquidity was $412 million as of June 30, 2026. In addition, Radian Group maintained $425 million of undrawn capacity under its unsecured revolving credit facility as of June 30, 2026.

Radian Guaranty

• Radian Guaranty paid an ordinary dividend to Radian Group of $200 million in the second quarter of 2026, following an ordinary dividend of $140 million paid in the first quarter of 2026.
• Radian Guaranty expects to pay approximately $650 million in total ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.
• At June 30, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.3 billion, resulting in PMIERs excess Available Assets of $1.5 billion.
• Consistent with our use of risk distribution strategies to effectively manage capital and proactively mitigate risk, in June 2026, Radian Guaranty agreed to terms on two quota share reinsurance arrangements, each with a panel of third-party reinsurance providers. Under these agreements, we expect to cede future NIW as follows: 15% of policies issued between July 1, 2027 and June 30, 2028 (increasing total coverage to 30%), and 20% of policies issued between July 1, 2028 and June 30, 2029, in each case subject to certain conditions.

STRATEGIC UPDATE

Discontinued Operations

• As an update to the divestiture plan 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. As of June 30, 2026, this wind down was substantially completed.
• In August, the company completed the sale of its Real Estate Services business to a real estate technology and services company, and has also entered into a definitive agreement to sell its Title business to the same company. The pending sale of its Title business is subject to satisfaction of customary closing conditions, including obtaining required regulatory approvals.
• During the second quarter of 2026, Radian Group received $19 million in distributions from its businesses held for sale. These distributions contributed to the reduction in the net carrying value of the assets and liabilities held for sale related to these businesses to $35 million as of June 30, 2026, including the impact of estimated costs related to the divestitures.
• Additional details regarding discontinued operations may be found in Exhibit D.

CONFERENCE CALL

Radian will discuss second quarter 2026 financial results in a conference call tomorrow, Thursday, August 6, 2026, at 10:00 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)

For Investors
Bob Lally - Phone: 215.231.1570
email: robert.lally@radian.com

For Media
Rashi Iyer - Phone: 215.231.1167
email: rashi.iyer@radian.com