Radian Announces Third Quarter 2026 Financial Results

— Third quarter revenue grew 106% year over year; Specialty represented 57% of net premiums earned —

— Specialty delivered strong underwriting performance, benefiting from a benign catastrophe quarter —

— Primary mortgage insurance in force continued to grow, reaching a record $286 billion —

— Third quarter total segment Combined Ratio of 61% —

— Third quarter diluted net income from continuing operations per share of $1.28, with adjusted diluted net operating income per share of $1.44 —

— Third quarter return on equity from continuing operations of 15%, with adjusted net operating return on equity of 16% —

— Year-to-date share repurchases total $379 million, or 8% of shares outstanding, including $135 million of shares repurchased in the third quarter and an additional $117 million of shares repurchased in October —

WAYNE, Pa.--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations of $172 million, or $1.28 per diluted share, for the quarter ended September 30, 2026. This compares with net income from continuing operations of $153 million, or $1.11 per diluted share, for the quarter ended September 30, 2025.

Pretax income from continuing operations for the quarter ended September 30, 2026, was $228 million compared to $199 million for the quarter ended September 30, 2025. The results for the third quarter of 2026 reflect the impact of $21 million from 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 September 30, 2026, was $254 million compared to $206 million for the quarter ended September 30, 2025. Adjusted diluted net operating income per share for the quarter ended September 30, 2026, was $1.44 compared to $1.15 for the quarter ended September 30, 2025.

N/A – Not applicable
(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) See Exhibit E for additional segment information.
(3) Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility of $500 million.

Book value per share at September 30, 2026, was $35.78 compared to $36.00 at June 30, 2026, and $34.34 at September 30, 2025. This represents 4.2% growth in book value per share at September 30, 2026, as compared to September 30, 2025, and includes accumulated other comprehensive income (loss) of $(3.32) per share as of September 30, 2026, and $(1.67) per share as of September 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 an excellent third quarter, with strong contributions from both our Mortgage Insurance and Specialty Insurance businesses. Total revenue more than doubled year-over-year with the addition of Inigo, and the strategic rationale for the acquisition is already showing up in our results,” said Radian CEO Mike Weinbach. “With two strong insurance businesses, disciplined underwriting, and significant financial flexibility, we’re focused on executing and creating long-term value for shareholders.”

THIRD QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pretax operating income of $206 million for the quarter. Key drivers of the Mortgage segment’s third quarter results include:

• Primary Insurance in Force of $286 billion, an increase of 2% year-over-year
  • New Insurance Written of $15 billion, a decrease of 5% year-over-year
  • Annualized persistency for the quarter of 83%, compared to 84% for the third quarter of 2025
• Net premiums earned and in-force portfolio premium yield remained stable at $237 million and 38 basis points, respectively
• Provision for losses of $32 million, which included favorable reserve development on prior period defaults of $26 million
• Mortgage segment Combined Ratio of 37%, including an Expense Ratio of 23%
• See Exhibit E for additional segment information

Specialty

The Specialty segment reported adjusted pretax operating income of $86 million for the quarter. Key drivers of the Specialty segment’s third quarter results include:

• Total gross premiums written of $310 million
  • Direct gross premiums written of $151 million
  • Assumed gross premiums written of $159 million
• Net premiums earned of $311 million
• Provision for losses of $148 million, reflecting a benign quarter for catastrophe losses. The provision for losses this quarter also included favorable reserve development on prior accident year loss reserves of $43 million.
• Specialty segment Combined Ratio of 80%
• 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 fully repaid this borrowing as of September 30, 2026.
• During the third quarter of 2026, the company repurchased 3.7 million shares of Radian Group common stock at a total cost of $135 million. In addition, in October the company repurchased 3.5 million shares of Radian Group common stock at a total cost of $117 million.
  • Current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025. Following the October share repurchases, purchase authority of up to $484 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 $34 million, in the third quarter of 2026.
• Radian Group’s available liquidity was $376 million as of September 30, 2026. In addition, Radian Group maintained $500 million of undrawn capacity under its unsecured revolving credit facility as of September 30, 2026.
• As previously disclosed, in October 2026, Inigo’s letter of credit facility supporting its Funds at Lloyd’s requirements was amended and extended, with Radian Group becoming guarantor, facilitating an increase in commitments from $620 million to $880 million and improved pricing under the facility.

Radian Guaranty

• 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 of 2026.
• Subject to prior approval from the Pennsylvania Insurance Department, 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 to Radian Group during 2026.
• At September 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 the third quarter of 2026, Radian Guaranty entered into an excess of loss (XOL) reinsurance
  arrangement with a panel of highly rated third-party reinsurance providers. The agreement, which went into effect on September 1, 2026, secures approximately $125 million of XOL reinsurance coverage on certain policies written from January 1, 2023 through June 30, 2024.

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 September 30, 2026, this wind down was substantially complete.
• 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.
• The remaining net carrying value of the assets and liabilities held for sale related to these businesses was $17 million as of September 30, 2026.
• Additional details regarding discontinued operations may be found in Exhibit D.

CONFERENCE CALL

Radian will discuss third quarter 2026 financial results in a conference call tomorrow, Thursday, November 5, 2026, at 9:00 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