Earnings release
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05/08/2026 , 23:44 News Radian 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 ) -- Aug . 5 , 2026-- 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 . Key Financial Highlights Quarter ended June March June ( $ in millions , except per - share amounts ) 30 , 31 , 30 , 2026 2026 ( 1 ) 2025 Consolidated https://www.radian.com/news?id=25281 1/53
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Total revenues $575 $466 $299 Net premiums earned $504 $403 $234 Net investment income $75 $70 $62 Net income $116 $124 $142 Net income from continuing operations $118 $129 $154 Diluted net income from continuing operations per share $0.87 $0.93 $1.11 Pretax income from continuing operations $151 $174 $193 Adjusted pretax operating income $196 $232 $191 Adjusted diluted net operating income per share $1.14 $1.27 $1.11 Return on equity from continuing operations 9.8% 10.8% 13.6% Adjusted net operating return on equity 12.9% 14.7% 13.5% Segment information Combined Ratio - Mortgage 35.8% 30.2% 30.4% Combined Ratio - Specialty 97.7% 85.3% N/A New insurance written - Mortgage $16,331 $13,490 $14,330 (2) (2) (2) (3) (4) (4) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 2/53
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Gross premiums written - Specialty $504 $162 N/A As of ($ in millions, except per-share amounts) June 30, 2026 March 31, 2026 June 30, 2025 Consolidated Book value per share $36.00 $35.67 $33.18 Accumulated other comprehensive income (loss) value per share $(1.99) $(1.94) $(2.02) Available holding company liquidity $412 $391 $784 Total investments $6,986 $7,040 $5,680 Assets held for sale $64 $280 $2,267 Liabilities held for sale $30 $219 $2,071 Segment information PMIERs Available Assets $5,349 $5,445 $6,021 PMIERs excess Available Assets $1,450 $1,596 $2,035 Primary mortgage insurance in force $284,035 $281,718 $276,745 Percentage of primary loans in default 2.47% 2.51% 2.27% (5) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 3/53
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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 segmentʼs 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 Groupʼs available liquidity without considering available capacity under its unsecured revolving credit facility. Book value per share atJune 30, 2026, was$36.00compared to$35.67atMarch 31, 2026, and$33.18atJune 30, 2025. This represents 8.5% growth in book value per share atJune 30, 2026, as compared toJune 30, 2025, and includes accumulated other comprehensive income (loss) of$(1.99)per share as ofJune 30, 2026, and$(2.02)per share as ofJune 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 OfficerRick Thornberry. “OurMortgage and Specialty Insurancebusinesses 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 millionfor the quarter. Key drivers of the Mortgage segmentʼs second quarter results include: Primary Insurancein 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 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 4/53
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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 millionfor the quarter. Key drivers of the Specialty segmentʼs 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 millionincludes the impact of reserves established for expected and potential claims related to theMiddle Eastconflict. 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 Inigoʼs financial results for periods prior to the acquisition CAPITAL AND LIQUIDITY UPDATE Radian Group InJanuary 2026,Radian Groupdrew$200 millionon its unsecured revolving credit facility. The company repaid$125 millionof 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 ofRadian Groupcommon stock at a total cost of$76 million. In addition, in July the company repurchased 1.3 million shares ofRadian Groupcommon stock at a total cost of$50 million. The company fully utilized the authority under its$900 millionshare repurchase authorization that was scheduled to expire onJune 30, 2026. As a result, current repurchases are being made pursuant to the$750 millionauthorization approved by Radian Groupʼs board of directors inMay 2025. Following the July share repurchases, purchase authority of up to$686 millionremained available under this authorization, which is scheduled to expire inDecember 2027. Radian Grouppaid a dividend on its common stock in the amount of$0.255per share, totaling$37 million, in the second quarter of 2026. Radian Groupʼs available liquidity was$412 millionas ofJune 30, 2026. In addition,Radian Groupmaintained$425 millionof undrawn capacity under its unsecured revolving credit facility as ofJune 30, 2026. Radian Guaranty Radian Guarantypaid an ordinary dividend toRadian Groupof$200 millionin the second quarter of 2026, following an ordinary dividend of$140 millionpaid in the first quarter of 2026. Radian Guarantyexpects to pay approximately$650 millionin total ordinary dividends toRadian Groupduring 2026, subject to prior approval from thePennsylvania Insurance Department. AtJune 30, 2026, Radian Guarantyʼs 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, inJune 2026,Radian Guarantyagreed 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 betweenJuly 1, 2027andJune 30, 2028(increasing total coverage to 30%), and 20% of policies issued betweenJuly 1, 2028andJune 30, 2029, in each case subject to certain conditions. STRATEGIC UPDATE 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 5/53
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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 ofJune 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 Groupreceived$19 millionin 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 millionas ofJune 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, at10:00 a.m. Eastern time. The conference call will be webcast live on the companyʼs website atwww.radian.com/for-investors/investor-eventsor atwww.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 callhereto 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 Radianʼs website approximately two hours after the live broadcast ends for a period of one year atwww.radian.com/for-investors/investor-events. In addition to the information provided in the companyʼs earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radianʼs website atwww.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 companyʼs 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 inthe 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 companyʼs operating trends and enabling more meaningful comparisons with Radianʼs 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 companyʼs 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 companyʼs effective tax rate, by average stockholdersʼ equity, based on the average of the beginning and ending balances for each period presented. 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 6/53
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See Exhibit F or Radianʼs 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. Visitwww.radian.comto 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 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 Insurancein Force and Risk in Force Exhibit J: Supplemental Data - Inigoʼs Unaudited Results of Operations (Pre-Acquisition) Radian Group Inc.and Subsidiaries Condensed Consolidated Statements of Operations(1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 7/53
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Exhibit A (In thousands, except per- share amounts) 2026 2025 Qtr 2 Qtr 1 Qtr 4 Revenues Net premiums earned $ 503,712 $ 402,528 $ 237,192 Net investment income 74,696 69,698 62,683 Net gains (losses) on financial instruments and foreign exchange (5,789 ) (8,879 ) (1,159 ) Other income 2,340 2,990 1,796 Total revenues 574,959 466,337 300,512 Expenses Provision for losses 194,945 107,933 21,588 Amortization of deferred policy acquisition costs and 90,503 62,069 4,280 (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 8/53
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value of business acquired (“VOBA”) Other operating expenses 110,586 98,169 56,417 Interest expense 22,312 20,594 17,189 Amortization of other acquired intangible assets 5,896 3,909 — Total expenses 424,242 292,674 99,474 Pretax income from continuing operations 150,717 173,663 201,038 Income tax provision 32,489 44,197 42,236 Net income from continuing operations 118,228 129,466 158,802 Income (loss) from discontinued operations, net of tax (2,314 ) (5,373 ) (3,959 ) Net income $ 115,914 $ 124,093 $ 154,843 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 9/53
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Diluted net income per share Net income from continuing operations $ 0.87 $ 0.93 $ 1.15 Income (loss) from discontinued operations, net of tax (0.02 ) (0.04 ) (0.03 ) Diluted net income per share $ 0.85 $ 0.89 $ 1.12 (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 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 10/53
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Qtr 2 Qtr 1 Qtr 4 Net income from continuing operations $ 118,228 $ 129,466 $ 158,802 Income (loss) from discontinued operations, net of tax (2,314 ) (5,373 ) (3,959 Net income— basic and diluted $ 115,914 $ 124,093 $ 154,843 Average common shares outstanding— basic 135,355 137,004 137,032 Dilutive effect of share-based compensation arrangements 928 1,481 1,218 Adjusted average common shares outstanding— diluted 136,283 138,485 138,250 Net income per share Basic (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 11/53
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Net income from continuing operations $ 0.87 $ 0.94 $ 1.16 Income (loss) from discontinued operations, net of tax (0.02 ) (0.04 ) (0.03 Basic net income per share $ 0.85 $ 0.90 $ 1.13 Diluted Net income from continuing operations $ 0.87 $ 0.93 $ 1.15 Income (loss) from discontinued operations, net of tax (0.02 ) (0.04 ) (0.03 Diluted net income per share $ 0.85 $ 0.89 $ 1.12 (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 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 12/53
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(In thousands) Qtr 2 Qtr 1 Qtr 4 Qtr 3 Shares of common stock equivalents 315 — — — Radian Group Inc.and Subsidiaries Condensed Consolidated Balance Sheets Exhibit C (In thousands, except per- share amounts) Jun 30, Mar 31, Dec 31, 2026 2026 2025 Assets Investments $ 6,986,457 $ 7,040,322 $ 5,98 Cash 119,047 55,445 24,8 Restricted cash 36,000 32,534 10 Accrued investment income 56,263 51,497 40,2 Premiums and other receivables 812,176 665,910 120, 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 13/53
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Reinsurance recoverable 381,405 356,521 48,8 Deferred policy acquisition costs and VOBA 180,884 188,673 19,0 Goodwilland other acquired intangible assets 414,842 420,738 — Prepaid federal income taxes 1,058,060 1,056,329 1,05 Other assets 546,691 504,347 351, Assets held for sale 64,495 280,060 474, Total assets $ 10,656,320 $ 10,652,376 $ 8,12 Liabilities and stockholdersʼ equity Reserve for losses and loss adjustment expense $ 1,911,780 $ 1,822,619 $ 399 Unearned premiums 1,015,963 856,058 159, Short-term borrowings 535,108 494,730 33,3 Long-term borrowings 696,895 773,946 1,07 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 14/53
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Net deferred tax liability 962,163 978,540 942 Other liabilities 696,238 697,989 366 Liabilities held for sale 29,694 219,233 363 Total liabilities 5,847,841 5,843,115 3,34 Common stock 156 156 157 Treasurystock (1,009,701 ) (991,427 ) (989 Additional paid-in capital 783,231 842,235 861, Retained earnings 5,300,213 5,220,411 5,13 Accumulated other comprehensive income (loss) (265,420 ) (262,114 ) (222 Total stockholdersʼ equity 4,808,479 4,809,261 4,78 Total liabilities and stockholdersʼ equity $ 10,656,320 $ 10,652,376 $ 8,12 Shares outstanding 133,556 134,845 135, 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 15/53
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Book value per share $ 36.00 $ 35.67 $ 35.2 Holding company debt-to-capital ratio 19.2 % 20.2 % 18.3 (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 stockholdersʼ 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 2 Qtr 1 Qtr 4 Mortgage Direct $ 269,537 $ 268,902 $ 268,465 (1) (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 16/53
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Ceded (33,188 ) (30,725 ) (31,273 ) Net premiums earned 236,349 238,177 237,192 Specialty Direct 146,061 108,987 N/A Assumed 190,077 94,498 N/A Ceded (68,775 ) (39,134 ) N/A Net premiums earned 267,363 164,351 N/A Total Direct 415,598 377,889 268,465 Assumed 190,077 94,498 N/A Ceded (101,963 ) (69,859 ) (31,273 ) Total net premiums earned $ 503,712 $ 402,528 $ 237,192 (1) For Specialty, includes Inigo results from the date of acquisition,February 2, 2026. (2) Includes profit commission under our Mortgage segmentʼs QSR Program. (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 17/53
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Net Investment Income 2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Fixed maturities $ 67,992 $ 60,370 $ 51,655 Equity securities 1,116 1,160 1,798 Short-term investments 6,508 9,322 10,362 Other (920 ) (1,154 ) (1,132 ) Net investment income $ 74,696 $ 69,698 $ 62,683 (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) (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 18/53
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Provision for Losses 2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Mortgage Current period $ 49,387 $ 59,839 $ 57,047 Prior period (19,969 ) (35,563 ) (35,459 Provision for losses - Mortgage 29,418 24,276 21,588 Specialty Current period 193,410 98,846 N/A Prior period (24,171 ) (12,578 ) N/A Provision for losses - Specialty 169,239 86,268 N/A (1) (2) (3) (4) (5) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 19/53
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VOBA - reserves amortization (3,712 ) (2,611 ) N/A Total provision for losses $ 194,945 $ 107,933 $ 21,588 (1) For Specialty, includes Inigo results from the date of acquisition,February 2, 2026. (2) 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. (3) 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. (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. 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 (6) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 20/53
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2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Amortization of deferred policy acquisition costs Mortgage $ 6,881 $ 6,899 $ 4,280 Specialty 52,937 29,065 N/A Purchase accounting adjustments (37,128 ) (30,001 ) N/A Amortization of deferred policy acquisition costs 22,690 5,963 4,280 Amortization of VOBA 67,813 56,106 N/A Amortization of deferred policy acquisition costs and VOBA $ 90,503 $ 62,069 $ 4,280 (1) For Specialty, purchase accounting adjustments and amortization of VOBA, includes results from the date of acquisition,February 2, 2026. (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 21/53
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Other Operating Expenses 2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Salaries and other base employee expenses $ 34,779 $ 32,972 $ 25,086 Variable and share-based incentive compensation 29,899 13,051 16,768 Other general operating expenses 54,515 60,366 22,589 Ceding commissions (8,607 ) (8,220 ) (8,026 ) Total $ 110,586 $ 98,169 $ 56,417 (1) Includes Inigo results from the date of acquisition,February 2, 2026. (2) Includes acquisition-related expenses of$7 millionand$22 millionin the second and first quarters of 2026, respectively, and$2 millionand$9 millionin the fourth and third quarters of 2025, respectively. Interest Expense (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 22/53
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2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Senior notes $ 15,848 $ 15,839 $ 15,829 Letter of credit fees 3,533 2,290 — Revolving credit facility 2,176 1,996 389 FHLB advances 755 469 458 Loss on extinguishment of debt — — 513 Total interest expense $ 22,312 $ 20,594 $ 17,189 (1) Represents interest expense on Inigoʼs letter of credit facility and the first quarter of 2026 includes Inigoʼs 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 (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 23/53
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2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Revenues Net premiums earned $ 5,069 $ 5,037 $ 5,248 Services revenue 13,332 13,656 13,640 Net investment income 1,516 5,091 7,089 Net gains (losses) on financial instruments and foreign exchange (129 ) 1,409 (576 ) Income (loss) on consolidated VIEs — — — Other income 485 1,685 (176 ) Total revenues 20,273 26,878 25,225 Expenses 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 24/53
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Provision for losses 144 209 311 Cost of services 9,506 10,152 9,735 Other operating expenses 12,873 20,155 16,136 Interest expense 1,003 3,613 4,802 Total expenses 23,526 34,129 30,984 Pretax income (loss) from discontinued operations (3,253 ) (7,251 ) (5,759 ) Income tax provision (benefit) (939 ) (1,878 ) (1,800 ) Income (loss) from discontinued operations, net of tax $ (2,314 ) $ (5,373 ) $ (3,959 ) Radian Group Inc.and Subsidiaries Segment Information Exhibit E (page 1 of 4) 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, we report in a Corporate category activities that include: (i) income (losses) from assets held byRadian Group; (ii) interest expense from Radian Groupʼs borrowings, including the Intercompany Note withRadian 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 25/53
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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. Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our segments. On a consolidated basis, adjusted pretax operating income is a non-GAAP financial measure. 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 EndedJune 30, 2026 (In thousands) Mortgage Specialty Corporate Net premiums written $ 232,554 $ 382,180 $ — (Increase) decrease in unearned premiums 3,795 (114,817 ) — Net premiums earned 236,349 267,363 — Net investment income 55,614 24,902 3,930 Other income 1,258 1,082 — Total 293,221 293,347 3,930 Provision for losses 29,418 169,239 — (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 26/53
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Amortization of deferred policy acquisition costs 6,881 52,937 — Other operating expenses 48,347 39,042 16,723 Interest expense 754 3,533 27,775 Total 85,400 264,751 44,498 Adjusted pretax operating income (loss) $ 207,821 $ 28,596 $ (40,568 ) (1) Net investment income for the Mortgage segment and interest expense for the Corporate category each include$10 millionrelated to interest on an intercompany loan issued byRadian GuarantytoRadian Groupin connection with the Inigo acquisition, which is eliminated in consolidation. Radian Group Inc.and Subsidiaries Segment Information Exhibit E (page 2 of 4) Three Months EndedJune 30, 2025 (In thousands) Mortgage Specialty Corporate (1) (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 27/53
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Net premiums written $ 231,596 N/A $ — (Increase) decrease in unearned premiums 1,930 N/A — Net premiums earned 233,526 N/A — Net investment income 53,289 N/A 8,383 Other income 1,502 N/A — Total 288,317 N/A 8,383 Provision for losses 11,954 N/A — Amortization of deferred policy acquisition costs 7,205 N/A — Other operating expenses 51,881 N/A 17,297 Interest expense 877 N/A 16,551 Total 71,917 N/A 33,848 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 28/53
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Adjusted pretax operating income (loss) $ 216,400 N/A $ (25,465 ) (1) See Exhibit J for details. Mortgage 2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Net premiums written $ 232,554 $ 233,265 $ 234,431 (Increase) decrease in unearned premiums 3,795 4,912 2,761 Net premiums earned 236,349 238,177 237,192 Net investment income 55,614 53,327 50,140 Other income 1,258 1,663 1,796 Total 293,221 293,167 289,128 (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 29/53
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Provision for losses 29,418 24,276 21,588 Amortization of deferred policy acquisition costs 6,881 6,899 4,280 Other operating expenses 48,347 40,723 40,808 Interest expense 754 470 458 Total 85,400 72,368 67,134 Adjusted pretax operating income $ 207,821 $ 220,799 $ 221,994 (1) Net investment income for each of the first and second quarters of 2026 includes$10 millionrelated to interest receivable on the intercompany loan issued byRadian GuarantytoRadian Groupin connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and eliminated in consolidation. Radian Group Inc.and Subsidiaries Segment Information Exhibit E (page 3 of 4) Specialty 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 30/53
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2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Qtr 3 Net premiums written $ 382,180 $ 148,483 N/A N/A (Increase) decrease in unearned premiums (114,817 ) 15,868 N/A N/A Net premiums earned 267,363 164,351 N/A N/A Net investment income 24,902 16,899 N/A N/A Other income 1,082 1,327 N/A N/A Total 293,347 182,577 N/A N/A Provision for losses 169,239 86,268 N/A N/A Amortization of deferred policy acquisition costs 52,937 29,065 N/A N/A Other operating expenses 39,042 24,885 N/A N/A (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 31/53
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Interest expense 3,533 2,290 N/A N/A Total 264,751 142,508 N/A N/A Adjusted pretax operating income $ 28,596 $ 40,069 N/A N/A (1) See Exhibit J for details. (2) Includes Inigo results from the date of acquisition,February 2, 2026. Corporate 2026 2025 (In thousands) Qtr 2 Qtr 1 Qtr 4 Net investment income $ 3,930 $ 9,222 $ 12,760 Total 3,930 9,222 12,760 Other operating expenses 16,723 10,699 14,754 Interest expense 27,775 27,584 16,435(1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 32/53
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Total 44,498 38,283 31,189 Adjusted pretax operating income (loss) $ (40,568 ) $ (29,061 ) $ (18,429 ) (1) Interest expense for each of the first and second quarters of 2026 includes$10 millionrelated to interest payable on the intercompany loan issued byRadian GuarantytoRadian Groupin 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 4 of 4) Selected Key Segment Ratios 2026 2025 Qtr 2 Qtr 1 Qtr 4 Mortgage Loss Ratio (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 33/53
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Current period 20.9 % 25.1 % 24.0 % Prior period development (8.5 )% (14.9 )% (14.9 )% Total Loss Ratio 12.4 % 10.2 % 9.1 % Expense Ratio 23.4 % 20.0 % 19.0 % Combined Ratio 35.8 % 30.2 % 28.1 % Specialty Loss Ratio Current period 72.3 % 60.2 % N/A Prior period development (9.0 )% (7.7 )% N/A Total Loss Ratio 63.3 % 52.5 % N/A Expense Ratio 34.4 % 32.8 % N/A Combined Ratio 97.7 % 85.3 % N/A (3) (4) (2) (3) (4) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 34/53
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(1) For Specialty, includes Inigo results from the date of acquisition,February 2, 2026. (2) Calculated as each segmentʼs provision for losses expressed as a percentage of net premiums earned. (3) Calculated as each segmentʼs operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. (4) Calculated as the sum of each segmentʼs Loss Ratio and Expense Ratio. 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 (Radianʼs 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 companyʼs 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 35/53
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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 companyʼs effective tax rate, by average stockholdersʼ 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) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 36/53
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(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 Inigoʼs 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 include 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 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 37/53
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(In thousands) Qtr 2 Qtr 1 Qtr 4 Pretax income from continuing operations $ 150,717 $ 173,663 $ 201,038 Less reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange (5,789 ) (8,879 ) (1,159 ) Amortization of other acquired intangible assets (5,896 ) (3,909 ) — Other purchase accounting adjustments, net (26,726 ) (23,330 ) — Acquisition- related expenses and other non- operating items (6,721 ) (22,026 ) (1,368 ) Total adjusted pretax operating income $ 195,849 $ 231,807 $ 203,565 (1) (2) (3) (4) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 38/53
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(1) Includes Inigo results from the date of acquisition,February 2, 2026. (2) Primarily includes net VOBA asset and liability amortization of$64 millionand$53 millionfor the three months endedJune 30, 2026andMarch 31, 2026, respectively, partially offset by reversals of policy acquisition costs of$37 millionand$30 million, respectively. The policy acquisition costs 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 and second quarters of 2026 relate primarily to expenses associated with the Inigo acquisition, including retention bonus expense, investment banking fees, transfer taxes, legal costs, audit 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 2 Qtr 1 Qtr 4 Adjusted pretax operating income (loss) Mortgage segment $ 207,821 $ 220,799 $ 221,994 Specialty segment 28,596 40,069 N/A Corporate activities (40,568 ) (29,061 ) (18,429 Total adjusted pretax operating income $ 195,849 $ 231,807 $ 203,565 (a) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 39/53
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(a) For Specialty, includes results from the date of acquisition,February 2, 2026. Radian Group Inc.and Subsidiaries Non-GAAP Financial Measure Reconciliations Exhibit G (page 2 of 2) Reconciliation of Diluted Net Income from Continuing Operations Per Share to Adjusted Diluted Net Operating Income Per Share 2026 2025 Qtr 2 Qtr 1 Qtr 4 Diluted net income from continuing operations per share $ 0.87 $ 0.93 $ 1.15 Less per- share impact of reconciling income (expense) items (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 40/53
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Net gains (losses) on financial instruments and foreign exchange (0.04 ) (0.06 ) (0.01 ) Amortization of other acquired intangible assets (0.04 ) (0.03 ) — Other purchase accounting adjustments, net (0.20 ) (0.17 ) — Acquisition- related expenses and other non- operating items (0.05 ) (0.16 ) (0.01 ) Income tax (provision) benefit on reconciling income (expense) items 0.06 0.08 0.01 Per-share impact of reconciling income (expense) items (0.27 ) (0.34 ) (0.01 ) Adjusted diluted net operating income per share $ 1.14 $ 1.27 $ 1.16 (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 41/53
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(1) Includes Inigo results from the date of acquisition,February 2, 2026. (2) Calculated using the companyʼs statutory tax rates of 21% forU.S. based adjustments and 25% forU.K. based adjustments. Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Eq 2026 2025 Qtr 2 Qtr 1 Qtr 4 Return on equity from continuing operations 9.8 % 10.8 % 13.5 % Less impact of reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange (0.5 )% (0.7 )% (0.1 )% Amortization of other acquired intangible assets (0.5 )% (0.3 )% — % (1) (2) (3) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 42/53
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Other purchase accounting adjustments, net (2.2 )% (2.0 )% — % Acquisition- related expenses and other non- operating items (0.6 )% (1.8 )% (0.1 )% Income tax (provision) benefit on reconciling income (expense) items 0.7 % 0.9 % 0.1 % Impact of reconciling income (expense) items (3.1 )% (3.9 )% (0.1 )% Adjusted net operating return on equity 12.9 % 14.7 % 13.6 % (1) Includes Inigo results from the date of acquisition,February 2, 2026. (2) Calculated by dividing annualized net income from continuing operations by average stockholdersʼ equity, based on the average of the beginning and ending balances for each period presented. (3) Annualized, as a percentage of average stockholdersʼ equity. (4) Calculated using the companyʼs statutory tax rates of 21% forU.S. based adjustments and 25% forU.K. based adjustments. (4) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 43/53
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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 2 Qtr 1 Qtr 4 NIW $ 16,331 $ 13,490 $ 15,850 NIW by premium type Direct monthly and other recurring premiums 97.7 % 97.7 % 97.2 % Direct single premiums 2.3 % 2.3 % 2.8 % NIW for purchases 90.4 % 78.6 % 85.2 % 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 44/53
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NIW for refinances 9.6 % 21.4 % 14.8 % NIW by FICO score >=740 67.8 % 66.7 % 65.5 % 680-739 26.5 % 28.4 % 29.7 % 620-679 5.5 % 4.6 % 4.8 % <=619 0.2 % 0.3 % 0.0 % Total NIW 100.0 % 100.0 % 100.0 % NIW by LTV 95.01% and above 16.9 % 17.2 % 17.3 % 90.01% to 95.00% 45.1 % 44.1 % 44.0 % 85.01% to 90.00% 30.2 % 29.9 % 29.9 % 85.00% and below 7.8 % 8.8 % 8.8 % Total NIW 100.0 % 100.0 % 100.0 % (1) At origination. (1) (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 45/53
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Radian Group Inc.and Subsidiaries Mortgage Supplemental Information -Primary Insurancein Force and Risk in Force Exhibit I 2026 2025 ($ in millions) Qtr 2 Qtr 1 Qtr 4 Primary IIF $ 284,035 $ 281,718 $ 282,519 Primary RIF $ 75,397 $ 74,651 $ 74,704 Primary RIF by premium type Direct monthly and other recurring premiums 91.6 % 91.2 % 91.0 Direct single premiums 8.4 % 8.8 % 9.0 Primary RIF by FICO score >=740 61.0 % 60.7 % 60.7 680-739 32.2 % 32.4 % 32.4 (1) (2) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 46/53
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620-679 6.6 % 6.7 % 6.7 <=619 0.2 % 0.2 % 0.2 Total RIF 100.0 % 100.0 % 100.0 Primary RIF by LTV 95.01% and above 21.2 % 21.0 % 20.7 90.01% to 95.00% 49.1 % 48.9 % 48.6 85.01% to 90.00% 25.6 % 26.0 % 26.4 85.00% and below 4.1 % 4.1 % 4.3 Total RIF 100.0 % 100.0 % 100.0 Persistency Rate (12 months ended) 81.6 % 82.4 % 83.6 Persistency Rate (quarterly, annualized) 81.6 % 81.3 % 81.6 (1) RIF is presented on a gross basis and includes the amount ceded under reinsurance. (2) At origination. (2) (3) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 47/53
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(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 - Inigoʼs Unaudited Results of Operations (Pre-Acquisition) Exhibit J The following tables present Inigoʼs unaudited results of operations for periods prior to the acquisition date. The amounts presented for the first quarter of 2026 include one month of pre-acquisition activity and results from the Closing Date throughMarch 31, 2026. Pre-acquisitionJanuary 2026results were previously reported in Exhibit J to the companyʼs first quarter 2026 earnings release, and post-acquisition first quarter 2026 results are presented in Exhibit E. The amounts are presented on a basis consistent with how the company now reports results for its Specialty segment. Specialty 2026 2025 (In thousands) Qtr 1 Qtr 4 Qtr 3 Net premiums written $ 277,888 $ 285,570 $ 254,676 (Increase) decrease in unearned premiums (18,345 ) 19,424 68,044 Net premiums earned 259,543 304,994 322,720 (1) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 48/53
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Net investment income 24,999 24,516 22,399 Other income 1,760 2,429 1,694 Total 286,302 331,939 346,813 Provision for losses 141,500 175,991 110,493 Amortization of deferred policy acquisition costs 49,196 56,785 60,410 Other operating expenses 38,464 45,213 36,579 Interest expense 3,493 4,772 3,328 Total 232,653 282,761 210,810 Adjusted pretax operating income $ 53,649 $ 49,178 $ 136,003 (1) Gross premiums written for the periods presented were as follows: 2026 2025 (In thousands) Qtr 1 Qtr 4 Qtr 3(a) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 49/53
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Gross premiums written $ 416,264 $ 314,619 $ 284,522 2026 2025 Qtr 1 Qtr 4 Qtr 3 Loss Ratio Current period 59.1 % 59.3 % 43.0 % Prior period development (4.6 )% (1.6 )% (8.8 )% Total Loss Ratio 54.5 % 57.7 % 34.2 % Expense Ratio 33.8 % 33.4 % 30.1 % Combined Ratio 88.3 % 91.1 % 64.3 % (1) Calculated as provision for losses expressed as a percentage of net premiums earned. (2) Calculated as 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 Loss Ratio and Expense Ratio. For the year endedDecember 31, 2025, Inigoʼs Combined Ratio was 81.1%. 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 (1) (2) (3) 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 50/53
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27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and theU.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, are made on the basis of managementʼs 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: general economic and market conditions, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties; political and geopolitical events, instability and conflict, including the current hostilities in theMiddle East; supply chain disruptions; civil disturbances; endemics/pandemics; and extreme weather events and other natural disasters that may adversely affect economic conditions and the markets in which we do business; the health of theU.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market and the credit performance of our insured mortgage portfolio, as well as our business prospects; our ability to successfully implement our business strategy through varying market and economic cycles, including the softening premium rate environment that our Specialty segment is currently experiencing in certain insurance and reinsurance lines; risks associated with investments to diversify and grow our business, including our acquisition of Inigo, or the pursuit of new lines of business or development of new products and services, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, and risks associated with our use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets; our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE, Lloydʼs and/or regulatory approvals and licenses that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions; Radian Guarantyʼs ability to remain an approved insurer to the GSEs, including the ability to comply with the PMIERs; changes in the current housing finance system inthe United States, including the roles and areas of primary focus of the FHA, theU.S. Department of Veterans Affairs(“VA”), the GSEs and private mortgage insurers in this system; risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting; a decrease in the Persistency Rate of our mortgage insurance on insurance policies where premiums are paid on a monthly installment basis; the possibility that for our Mortgage segment we may fail to accurately calculate or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies; risks associated with our post-acquisition integration of Inigo and operation of our Specialty business, including: the possibility that the anticipated benefits and impacts of the acquisition are not realized when expected, or at all; risks related to the volatility and uncertainty of expected future performance and results in our Specialty segment; and risks associated with Radianʼs 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 51/53
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ability to successfully execute on its strategic evolution to become a global multi-line specialty insurer, such as risks associated with entering new markets and lines of business and our ability to manage international operations; risks associated with the sale of our Title business, including: the ability to complete the transaction, on the anticipated timeline or at all, risks and uncertainties related to securing third- party approvals, consents and regulatory approval; and the risk that certain post-closing activities may divert managementʼs attention from our ongoing business operations; claims for natural catastrophic events or severe economic events in our Specialty segment that could cause large losses and substantial volatility in our results of operations; our ability to maintain an adequate level of capital in our subsidiaries, including for our insurance subsidiaries, to satisfy current and future requirements of regulators, the GSEs and Lloydʼs; our ability to successfully execute and implement our capital plans, including loss limitation and risk distribution strategies through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our ongoing liquidity needs; the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control and, in the case ofRadian Guaranty, will require prior approval from thePennsylvania Insurance Departmentfor a period of at least three years and possibly up to five years in connection with the funding for the Inigo acquisition; the ability of ourU.S. principal operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for ourU.S. insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators; changes in the charters or business practices of, or rules or regulations imposed by or applicable to: (i) in the case of our Mortgage segment, the GSEs or loans purchased by the GSEs and (ii) in the case of our Specialty segment, Lloydʼs; government actions and the adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate; legal and regulatory claims, assertions, actions, reviews, audits, inquiries or investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business; changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects; competition, including increased competition, on the basis of pricing, capacity (including, with respect to our Specialty segment, alternative sources of capital from both traditional markets and alternative capital, including catastrophe bonds), coverage terms or other factors and, specifically with respect to our Mortgage segment, competition from current and potential new mortgage insurers, the FHA and theVAand from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance; the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves; the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to the increase in the number and sophistication of attempted cyber-attacks or cyber-intrusions such as malware, unauthorized access, ransomware and, more recently, the ability of cyber threat actors (including the AI itself acting autonomously) to use AI tools to find and exploit vulnerabilities; volatility in our financial results caused by changes in the fair value of our assets carried at fair value; changes inU.S. GAAP or SAP rules and guidance, or their interpretation; the amount and timing of potential payments or adjustments associated with tax examinations; and our ability to attract, develop and retain key employees. 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 52/53
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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 endedDecember 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. View source version onbusinesswire.com:https://www.businesswire.com/news/home/202607 31129910/en/ 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 Source:Radian Group Inc. 05/08/2026, 23:44 News | Radian https://www.radian.com/news?id=25281 53/53