Earnings release
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press release November 4, 2026 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. November 4, 2026 - 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’sacquisition 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 $1.15 for the quarter ended September 30, 2025.
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Key Financial Highlights Quarter ended ($ in millions, except per-share amounts) September 30, 2026 June 30, 2026 September 30, 2025 Consolidated Total revenues $624 $575 $303 Net premiums earned $548 $504 $237 Net investment income $77 $75 $63 Net income $164 $116 $141 Net income from continuing operations $172 $118 $153 Diluted net income from continuing operations per share $1.28 $0.87 $1.11 Pretax income from continuing operations $228 $151 $199 Adjusted pretax operating income (1) $254 $196 $206 Adjusted diluted net operating income per share (1) $1.44 $1.14 $1.15 Return on equity from continuing operations 14.6% 9.8% 13.4% Adjusted net operating return on equity (1) 16.3% 12.9% 13.9% Segment information (2) Combined Ratio - Mortgage 36.6% 35.8% 27.0% Combined Ratio - Specialty 80.4% 97.7% N/A New insurance written - Mortgage $14,688 $16,331 $15,497 Gross premiums written - Specialty $310 $504 N/A As of ($ in millions, except per-share amounts) September 30, 2026 June 30, 2026 September 30, 2025 Consolidated Book value per share $35.78 $36.00 $34.34 Accumulated other comprehensive income (loss) value per share $(3.32) $(1.99) $(1.67) Available holding company liquidity (3) $376 $412 $995 Total investments $6,981 $6,986 $5,852 Assets held for sale $35 $64 $723 Liabilities held for sale $17 $30 $550 Segment information PMIERs Available Assets $5,329 $5,349 $5,958 PMIERs excess Available Assets $1,478 $1,450 $1,876 Primary mortgage insurance in force $285,680 $284,035 $280,559 Percentage of primary loans in default 2.68% 2.47% 2.42% 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’savailable liquidity without considering available capacity under its unsecured revolving credit facility of $500 million.
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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. “Radiandelivered 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. “Withtwo strong insurance businesses, disciplined underwriting, and significant financial flexibility, we’refocused on executing and creating long-term value for shareholders.”
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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’sthird 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’sthird 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’sfinancial 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.
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§ Current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’sboard 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’savailable 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’sletter 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’sAvailable 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.
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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.
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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. Contact: 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 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 Insurance in Force and Risk in Force Exhibit J: Supplemental Data - Inigo’sUnaudited Results of Operations
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Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations (1) Exhibit A 2026 2025 (In thousands, except per-share amounts) Qtr 3 Qtr 2 Qtr 1 (2) Qtr 4 Qtr 3 Revenues Net premiums earned $ 548,283 $ 503,712 $ 402,528 $ 237,192 $ 237,103 Net investment income 77,267 74,696 69,698 62,683 63,399 Net gains (losses) on financial instruments and foreign exchange (4,026) (5,789) (8,879) (1,159) 1,285 Other income 2,587 2,340 2,990 1,796 1,399 Total revenues 624,111 574,959 466,337 300,512 303,186 Expenses Provision for losses 176,901 194,945 107,933 21,588 17,886 Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”) 81,003 90,503 62,069 4,280 7,166 Other operating expenses 110,611 110,586 98,169 56,417 62,256 Interest expense 21,427 22,312 20,594 17,189 17,184 Amortization of other acquired intangible assets 5,883 5,896 3,909 — — Total expenses 395,825 424,242 292,674 99,474 104,492 Pretax income from continuing operations 228,286 150,717 173,663 201,038 198,694 Income tax provision 56,079 32,489 44,197 42,236 45,892 Net income from continuing operations 172,207 118,228 129,466 158,802 152,802 Income (loss) from discontinued operations, net of tax (8,552) (2,314) (5,373) (3,959) (11,359) Net income $ 163,655 $ 115,914 $ 124,093 $ 154,843 $ 141,443 Diluted net income per share Net income from continuing operations $ 1.28 $ 0.87 $ 0.93 $ 1.15 $ 1.11 Income (loss) from discontinued operations, net of tax (0.06) (0.02) (0.04) (0.03) (0.08) Diluted net income per share $ 1.22 $ 0.85 $ 0.89 $ 1.12 $ 1.03 (1) See Exhibit D for additional details. (2) Includes Inigo results from the date of acquisition, February 2, 2026.
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Radian Group Inc. and Subsidiaries Net Income Per Share Exhibit B The calculation of basic and diluted net income per share is as follows. 2026 2025 (In thousands, except per-share amounts) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Net income from continuing operations $ 172,207 $ 118,228 $ 129,466 $ 158,802 $ 152,802 Income (loss) from discontinued operations, net of tax (8,552) (2,314) (5,373) (3,959) (11,359) Net income—basic and diluted $ 163,655 $ 115,914 $ 124,093 $ 154,843 $ 141,443 Average common shares outstanding—basic 133,160 135,355 137,004 137,032 137,003 Dilutive effect of share-based compensation arrangements (2) 1,225 928 1,481 1,218 923 Adjusted average common shares outstanding—diluted 134,385 136,283 138,485 138,250 137,926 Net income per share Basic Net income from continuing operations $ 1.29 $ 0.87 $ 0.94 $ 1.16 $ 1.12 Income (loss) from discontinued operations, net of tax (0.06) (0.02) (0.04) (0.03) (0.08) Basic net income per share $ 1.23 $ 0.85 $ 0.90 $ 1.13 $ 1.04 Diluted Net income from continuing operations $ 1.28 $ 0.87 $ 0.93 $ 1.15 $ 1.11 Income (loss) from discontinued operations, net of tax (0.06) (0.02) (0.04) (0.03) (0.08) Diluted net income per share $ 1.22 $ 0.85 $ 0.89 $ 1.12 $ 1.03 (1) Includes Inigo results from the date of acquisition, February 2, 2026. (2) The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (2) Qtr 4 Qtr 3 Shares of common stock equivalents — 315 — — —
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Radian Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets Exhibit C Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, (In thousands, except per-share amounts) 2026 2026 2026 2025 2025 Assets Investments $ 6,980,964 $ 6,986,457 $ 7,040,322 $ 5,987,318 $ 5,852,034 Cash 40,921 119,047 55,445 24,829 15,258 Restricted cash 64,796 36,000 32,534 10 11 Accrued investment income 55,439 56,263 51,497 40,285 43,031 Premiums and other receivables 722,865 812,176 665,910 120,197 128,765 Reinsurance recoverable 383,641 381,405 356,521 48,806 44,837 Deferred policy acquisition costs and VOBA 153,281 180,884 188,673 19,018 16,711 Goodwill and other acquired intangible assets 410,650 414,842 420,738 — — Prepaid federal income taxes 1,062,640 1,058,060 1,056,329 1,056,329 1,012,629 Other assets 494,153 546,691 504,347 351,337 369,013 Assets held for sale 34,552 64,495 280,060 474,268 722,514 Total assets $ 10,403,902 $ 10,656,320 $ 10,652,376 $ 8,122,397 $ 8,204,803 Liabilities and stockholders’equity Reserve for losses and loss adjustment expense $ 2,007,328 $ 1,911,780 $ 1,822,619 $ 399,946 $ 387,650 Unearned premiums 903,989 1,015,963 856,058 159,341 166,165 Short-term borrowings 548,424 535,108 494,730 33,320 50,679 Long-term borrowings 621,286 696,895 773,946 1,075,795 1,076,973 Net deferred tax liability 922,410 962,163 978,540 942,193 910,256 Other liabilities 733,273 696,238 697,989 366,470 410,232 Liabilities held for sale 17,402 29,694 219,233 363,818 550,399 Total liabilities 5,754,112 5,847,841 5,843,115 3,340,883 3,552,354 Common stock 152 156 156 157 157 Treasury stock (1,010,462) (1,009,701) (991,427) (989,745) (989,352) Additional paid-in capital 662,004 783,231 842,235 861,211 855,320 Retained earnings 5,429,208 5,300,213 5,220,411 5,132,050 5,012,742 Accumulated other comprehensive income (loss) (431,112) (265,420) (262,114) (222,159) (226,418) Total stockholders’equity 4,649,790 4,808,479 4,809,261 4,781,514 4,652,449 Total liabilities and stockholders’ equity $ 10,403,902 $ 10,656,320 $ 10,652,376 $ 8,122,397 $ 8,204,803 Shares outstanding 129,945 133,556 134,845 135,498 135,473 Book value per share $ 35.78 $ 36.00 $ 35.67 $ 35.29 $ 34.34 Holding company debt-to-capital ratio (1) 18.7% 19.2% 20.2% 18.3% 18.7% (1) Calculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and any outstanding borrowings under our revolving credit facility, divided by the carrying value of our senior notes, any outstanding borrowings under our revolving credit facility and stockholders’equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.
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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 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Mortgage Direct $ 270,388 $ 269,537 $ 268,902 $ 268,465 $ 266,093 Ceded (2) (33,603) (33,188) (30,725) (31,273) (28,990) Net premiums earned 236,785 236,349 238,177 237,192 237,103 Specialty Direct 153,942 146,061 108,987 N/A N/A Assumed 259,116 190,077 94,498 N/A N/A Ceded (101,560) (68,775) (39,134) N/A N/A Net premiums earned 311,498 267,363 164,351 N/A N/A Total Direct 424,330 415,598 377,889 268,465 266,093 Assumed 259,116 190,077 94,498 N/A N/A Ceded (135,163) (101,963) (69,859) (31,273) (28,990) Total net premiums earned $ 548,283 $ 503,712 $ 402,528 $ 237,192 $ 237,103 (1) For Specialty, includes Inigo results from the date of acquisition, February 2, 2026. (2) Includes profit commission under our Mortgage segment’sQSR Program. Net Investment Income 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Fixed maturities $ 71,510 $ 67,992 $ 60,370 $ 51,655 $ 57,614 Equity securities 1,192 1,116 1,160 1,798 2,446 Short-term investments 5,354 6,508 9,322 10,362 4,503 Other (2) (789) (920) (1,154) (1,132) (1,164) Net investment income $ 77,267 $ 74,696 $ 69,698 $ 62,683 $ 63,399 (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.
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Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 2 of 4) Provision for Losses 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Mortgage Current period (2) $ 58,326 $ 49,387 $ 59,839 $ 57,047 $ 52,963 Prior period (3) (26,297) (19,969) (35,563) (35,459) (35,077) Provision for losses - Mortgage 32,029 29,418 24,276 21,588 17,886 Specialty Current period (4) 191,105 193,410 98,846 N/A N/A Prior period (5) (42,827) (24,171) (12,578) N/A N/A Provision for losses - Specialty 148,278 169,239 86,268 N/A N/A VOBA - reserves amortization (6) (3,406) (3,712) (2,611) N/A N/A Total provision for losses $ 176,901 $ 194,945 $ 107,933 $ 21,588 $ 17,886 (1) For Specialty provision for losses and VOBA - reserves amortization, 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.
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Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 3 of 4) Amortization of deferred policy acquisition costs and VOBA 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Amortization of deferred policy acquisition costs Mortgage $ 6,979 $ 6,881 $ 6,899 $ 4,280 $ 7,166 Specialty 59,685 52,937 29,065 N/A N/A Purchase accounting adjustments (25,563) (37,128) (30,001) N/A N/A Amortization of deferred policy acquisition costs 41,101 22,690 5,963 4,280 7,166 Amortization of VOBA 39,902 67,813 56,106 N/A N/A Amortization of deferred policy acquisition costs and VOBA $ 81,003 $ 90,503 $ 62,069 $ 4,280 $ 7,166 (1) For Specialty, purchase accounting adjustments and amortization of VOBA, includes results from the date of acquisition, February 2, 2026. Other Operating Expenses 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Salaries and other base employee expenses $ 31,369 $ 34,779 $ 32,972 $ 25,086 $ 24,259 Variable and share-based incentive compensation 29,678 29,899 13,051 16,768 16,115 Other general operating expenses (2) 58,615 54,515 60,366 22,589 29,438 Ceding commissions (9,051) (8,607) (8,220) (8,026) (7,556) Total $ 110,611 $ 110,586 $ 98,169 $ 56,417 $ 62,256 (1) Includes Inigo results from the date of acquisition, February 2, 2026. (2) Includes acquisition-related expenses of $4 million, $7 million and $22 million in the third, second and first quarters of 2026, respectively, and $2 million and $9 million in the fourth and third quarters of 2025, respectively. Interest Expense 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Senior notes $ 15,859 $ 15,848 $ 15,839 $ 15,829 $ 15,819 Letter of credit fees (1) 3,571 3,533 2,290 — — Revolving credit facility 1,041 2,176 1,996 389 258 FHLB advances 956 755 469 458 1,107 Loss on extinguishment of debt — — — 513 — Total interest expense $ 21,427 $ 22,312 $ 20,594 $ 17,189 $ 17,184 (1) Represents interest expense on Inigo’sletter of credit facility and the first quarter of 2026 includes Inigo’sresults from the date of acquisition, February 2, 2026.
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Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Operations Detail Exhibit D (page 4 of 4) Discontinued Operations 2026 2025 (In thousands) Qtr 3 (1) Qtr 2 Qtr 1 Qtr 4 Qtr 3 Revenues Net premiums earned $ 5,285 $ 5,069 $ 5,037 $ 5,248 $ 4,624 Services revenue 7,140 13,332 13,656 13,640 12,352 Net investment income 157 1,516 5,091 7,089 10,744 Net gains (losses) on financial instruments and foreign exchange (2) (3,684) (129) 1,409 (576) 2,191 Income (loss) on consolidated VIEs — — — — (2,129) Other income 41 485 1,685 (176) (332) Total revenues 8,939 20,273 26,878 25,225 27,450 Expenses Provision for losses 97 144 209 311 129 Cost of services 6,281 9,506 10,152 9,735 8,729 Other operating expenses 11,842 12,873 20,155 16,136 23,732 Interest expense (78) 1,003 3,613 4,802 8,105 Total expenses 18,142 23,526 34,129 30,984 40,695 Pretax income (loss) from discontinued operations (9,203) (3,253) (7,251) (5,759) (13,245) Income tax provision (benefit) (651) (939) (1,878) (1,800) (1,886) Income (loss) from discontinued operations, net of tax $ (8,552) $ (2,314) $ (5,373) $ (3,959) $ (11,359) (1) Includes results from the Real Estate Services business up to the date of disposition, August 3, 2026. (2) Includes amounts recognized during the third quarter of 2026 related to the completed sale of the Real Estate Services business and the pending disposition of the Title business.
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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 by Radian Group; (ii) interest expense from Radian Group’sborrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities. Following our decision to divest our Mortgage Conduit, Title and Real Estate Services businesses, the results for these 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 Ended September 30, 2026 (In thousands) Mortgage Specialty Corporate Inter- segment (1) Total Net premiums written $ 231,795 $ 277,764 $ — $ — $ 509,559 (Increase) decrease in unearned premiums 4,990 33,734 — — 38,724 Net premiums earned 236,785 311,498 — — 548,283 Net investment income (1) 55,791 27,782 3,444 (9,750) 77,267 Other income 1,303 1,284 — — 2,587 Total 293,879 340,564 3,444 (9,750) 628,137 Provision for losses 32,029 148,278 — — 180,307 Amortization of deferred policy acquisition costs 6,979 59,685 — — 66,664 Other operating expenses 47,629 42,565 15,845 — 106,039 Interest expense (1) 956 3,571 26,650 (9,750) 21,427 Total 87,593 254,099 42,495 (9,750) 374,437 Adjusted pretax operating income (loss) $ 206,286 $ 86,465 $ (39,051) $ — $ 253,700 (1) Net investment income for the Mortgage segment and interest expense for the Corporate category each include $10 million related to interest on an intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition, which are eliminated in consolidation.
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Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 2 of 4) Three Months Ended September 30, 2025 (In thousands) Mortgage Specialty (1) Corporate Inter- segment Total Net premiums written $ 235,733 N/A $ — $ — $ 235,733 (Increase) decrease in unearned premiums 1,370 N/A — — 1,370 Net premiums earned 237,103 N/A — — 237,103 Net investment income 51,965 N/A 11,434 — 63,399 Other income 1,399 N/A — — 1,399 Total 290,467 N/A 11,434 — 301,901 Provision for losses 17,886 N/A — — 17,886 Amortization of deferred policy acquisition costs 7,166 N/A — — 7,166 Other operating expenses 39,159 N/A 14,414 — 53,573 Interest expense 1,107 N/A 16,077 — 17,184 Total 65,318 N/A 30,491 — 95,809 Adjusted pretax operating income (loss) $ 225,149 N/A $ (19,057) $ — $ 206,092 (1) See Exhibit J for details. Mortgage 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Net premiums written $ 231,795 $ 232,554 $ 233,265 $ 234,431 $ 235,733 (Increase) decrease in unearned premiums 4,990 3,795 4,912 2,761 1,370 Net premiums earned 236,785 236,349 238,177 237,192 237,103 Net investment income (1) 55,791 55,614 53,327 50,140 51,965 Other income 1,303 1,258 1,663 1,796 1,399 Total 293,879 293,221 293,167 289,128 290,467 Provision for losses 32,029 29,418 24,276 21,588 17,886 Amortization of deferred policy acquisition costs 6,979 6,881 6,899 4,280 7,166 Other operating expenses 47,629 48,347 40,723 40,808 39,159 Interest expense 956 754 470 458 1,107 Total 87,593 85,400 72,368 67,134 65,318 Adjusted pretax operating income $ 206,286 $ 207,821 $ 220,799 $ 221,994 $ 225,149 (1) Net investment income for each quarter of 2026 includes $10 million related to interest receivable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and eliminated in consolidation.
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Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 3 of 4) Specialty 2026 2025 (1) (In thousands) Qtr 3 Qtr 2 Qtr 1 (2) Qtr 4 Qtr 3 Net premiums written (3) $ 277,764 $ 382,180 $ 148,483 N/A N/A (Increase) decrease in unearned premiums 33,734 (114,817) 15,868 N/A N/A Net premiums earned 311,498 267,363 164,351 N/A N/A Net investment income 27,782 24,902 16,899 N/A N/A Other income 1,284 1,082 1,327 N/A N/A Total 340,564 293,347 182,577 N/A N/A Provision for losses 148,278 169,239 86,268 N/A N/A Amortization of deferred policy acquisition costs 59,685 52,937 29,065 N/A N/A Other operating expenses 42,565 39,042 24,885 N/A N/A Interest expense 3,571 3,533 2,290 N/A N/A Total 254,099 264,751 142,508 N/A N/A Adjusted pretax operating income $ 86,465 $ 28,596 $ 40,069 N/A N/A (1) See Exhibit J for details. (2) From the date of acquisition, February 2, 2026. (3) Gross premiums written for the periods presented are as follows: 2026 2025 (a) (In thousands) Qtr 3 Qtr 2 Qtr 1 (b) Qtr 4 Qtr 3 Gross premiums written $ 309,995 $ 504,479 $ 161,952 N/A N/A (a) See Exhibit J for details. (b) From the date of acquisition, February 2, 2026. Corporate 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Net investment income $ 3,444 $ 3,930 $ 9,222 $ 12,760 $ 11,434 Total 3,444 3,930 9,222 12,760 11,434 Other operating expenses 15,845 16,723 10,699 14,754 14,414 Interest expense (1) 26,650 27,775 27,584 16,435 16,077 Total 42,495 44,498 38,283 31,189 30,491 Adjusted pretax operating income (loss) $ (39,051) $ (40,568) $ (29,061) $ (18,429) $ (19,057) (1) Interest expense for each of the quarters of 2026 includes $10 million related to interest payable on the intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as net investment income for the Mortgage segment and eliminated in consolidation.
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Radian Group Inc. and Subsidiaries Segment Information Exhibit E (page 4 of 4) Selected Key Segment Ratios 2026 2025 Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Mortgage Loss Ratio (2) Current period 24.6 % 20.9 % 25.1 % 24.0 % 22.3 % Prior period development (11.1)% (8.5)% (14.9)% (14.9)% (14.8)% Total Loss Ratio 13.5 % 12.4 % 10.2 % 9.1 % 7.5 % Expense Ratio (3) 23.1 % 23.4 % 20.0 % 19.0 % 19.5 % Combined Ratio (4) 36.6 % 35.8 % 30.2 % 28.1 % 27.0 % Specialty Loss Ratio (2) Current period 61.3 % 72.3 % 60.2 % N/A N/A Prior period development (13.7)% (9.0)% (7.7)% N/A N/A Total Loss Ratio 47.6 % 63.3 % 52.5 % N/A N/A Expense Ratio (3) 32.8 % 34.4 % 32.8 % N/A N/A Combined Ratio (4) 80.4 % 97.7 % 85.3 % N/A N/A Total Combined Ratio (4) 61.5 % 68.6 % 52.7 % 28.1 % 27.0 % (1) For Specialty, includes Inigo results from the date of acquisition, February 2, 2026. (2) Calculated as each segment’sprovision for losses expressed as a percentage of net premiums earned. (3) Calculated as each segment’soperating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. (4) Combined ratio is a commonly used measure of insurance underwriting performance that provides an indication of underwriting profitability for our insurance segments. Each segment’sCombined Ratio is calculated as the sum of that segment’sLoss Ratio and Expense Ratio. Total Combined Ratio is calculated based on the aggregate provision for losses and operating expenses of the insurance segments divided by their aggregate net premiums earned.
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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 “adjustedpretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjustednet operating return on equity,”which are non-GAAP financial measures for the consolidated company on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them. The results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein. 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’seffective 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’seffective tax rate, by average stockholders’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.
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Radian Group Inc. and Subsidiaries Definition of Non-GAAP Financial Measures Exhibit F (page 2 of 2) (3) Other purchase accounting adjustments, net. Other purchase accounting adjustments include amortization related to VOBA and other impacts resulting from purchase accounting, such as the reversal of amortization related to Inigo’s historical deferred acquisition costs and capitalized software as of the acquisition date. These non-cash amounts arise from acquisition-related accounting requirements and do not necessarily reflect the underlying operating performance of the acquired business. (4) Acquisition-related expenses and other non-operating items. Acquisition-related expenses and other non-operating items 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.
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Radian Group Inc. and Subsidiaries Non-GAAP Financial Measure Reconciliations Exhibit G (page 1 of 2) Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income 2026 2025 (In thousands) Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Pretax income from continuing operations $ 228,286 $ 150,717 $ 173,663 $ 201,038 $ 198,694 Less reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange (4,026) (5,789) (8,879) (1,159) 1,285 Amortization of other acquired intangible assets (5,883) (5,896) (3,909) — — Other purchase accounting adjustments, net (2) (10,687) (26,726) (23,330) — — Acquisition-related expenses and other non-operating items (3) (4,818) (6,721) (22,026) (1,368) (8,683) Total adjusted pretax operating income (4) $ 253,700 $ 195,849 $ 231,807 $ 203,565 $ 206,092 (1) Includes Inigo results from the date of acquisition, February 2, 2026. (2) Primarily includes net VOBA asset and liability amortization of $36 million, $64 million and $53 million for the three months ended September 30, 2026, June 30, 2026 and March 31, 2026, respectively, partially offset by reversals of policy acquisition costs of $26 million, $37 million and $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, second and third 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 costs, 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 3 Qtr 2 Qtr 1 (a) Qtr 4 Qtr 3 Adjusted pretax operating income (loss) Mortgage segment $ 206,286 $ 207,821 $ 220,799 $ 221,994 $ 225,149 Specialty segment 86,465 28,596 40,069 N/A N/A Corporate activities (39,051) (40,568) (29,061) (18,429) (19,057) Total adjusted pretax operating income $ 253,700 $ 195,849 $ 231,807 $ 203,565 $ 206,092 (a) For Specialty, includes results from the date of acquisition, February 2, 2026.
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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 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Diluted net income from continuing operations per share $ 1.28 $ 0.87 $ 0.93 $ 1.15 $ 1.11 Less per-share impact of reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange (0.03) (0.04) (0.06) (0.01) 0.01 Amortization of other acquired intangible assets (0.04) (0.04) (0.03) — — Other purchase accounting adjustments, net (0.08) (0.20) (0.17) — — Acquisition-related expenses and other non-operating items (0.04) (0.05) (0.16) (0.01) (0.06) Income tax (provision) benefit on reconciling income (expense) items (2) 0.03 0.06 0.08 0.01 0.01 Per-share impact of reconciling income (expense) items (0.16) (0.27) (0.34) (0.01) (0.04) Adjusted diluted net operating income per share $ 1.44 $ 1.14 $ 1.27 $ 1.16 $ 1.15 (1) Includes Inigo results from the date of acquisition, February 2, 2026. (2) Calculated using the company’sstatutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments. Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity 2026 2025 Qtr 3 Qtr 2 Qtr 1 (1) Qtr 4 Qtr 3 Return on equity from continuing operations (2) 14.6 % 9.8 % 10.8 % 13.5 % 13.4 % Less impact of reconciling income (expense) items (3) Net gains (losses) on financial instruments and foreign exchange (0.3)% (0.5)% (0.7)% (0.1)% 0.1 % Amortization of other acquired intangible assets (0.5)% (0.5)% (0.3)% — % — % Other purchase accounting adjustments, net (0.9)% (2.2)% (2.0)% — % — % Acquisition-related expenses and other non-operating items (0.4)% (0.6)% (1.8)% (0.1)% (0.7)% Income tax (provision) benefit on reconciling income (expense) items (4) 0.4 % 0.7 % 0.9 % 0.1 % 0.1 % Impact of reconciling income (expense) items (1.7)% (3.1)% (3.9)% (0.1)% (0.5)% Adjusted net operating return on equity 16.3 % 12.9 % 14.7 % 13.6 % 13.9 % (1) Includes Inigo results from the date of acquisition, February 2, 2026. (2) Calculated by dividing annualized net income from continuing operations by average stockholders’equity, based on the average of the beginning and ending balances for each period presented. (3) Annualized, as a percentage of average stockholders’ equity. (4) Calculated using the company’sstatutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments. See Exhibit F for additional information on our non-GAAP financial measures.
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Radian Group Inc. and Subsidiaries Mortgage Supplemental Information - New Insurance Written Exhibit H 2026 2025 ($ in millions) Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 NIW $ 14,688 $ 16,331 $ 13,490 $ 15,850 $ 15,497 NIW by premium type Direct monthly and other recurring premiums 97.6% 97.7% 97.7% 97.2% 96.4% Direct single premiums 2.4% 2.3% 2.3% 2.8% 3.6% NIW for purchases 96.6% 90.4% 78.6% 85.2% 94.8% NIW for refinances 3.4% 9.6% 21.4% 14.8% 5.2% NIW by FICO score (1) (2) >=740 68.9% 67.8% 66.7% 65.5% 63.5% 680-739 25.9% 26.5% 28.4% 29.7% 31.8% 620-679 5.1% 5.5% 4.6% 4.8% 4.7% <=619 0.1% 0.2% 0.3% 0.0% 0.0% Total NIW 100.0% 100.0% 100.0% 100.0% 100.0% NIW by LTV (1) 95.01% and above 16.9% 16.9% 17.2% 17.3% 16.3% 90.01% to 95.00% 44.8% 45.1% 44.1% 44.0% 46.5% 85.01% to 90.00% 30.3% 30.2% 29.9% 29.9% 29.2% 85.00% and below 8.0% 7.8% 8.8% 8.8% 8.0% Total NIW 100.0% 100.0% 100.0% 100.0% 100.0% (1) At origination. (2) Credit score information is based primarily on FICO scores and, effective with the third quarter of 2026, includes a de minimis amount of loans underwritten using VantageScore credit scores. Such loans are included within the credit score bands presented above.
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Radian Group Inc. and Subsidiaries Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force Exhibit I 2026 2025 ($ in millions) Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Primary IIF $ 285,680 $ 284,035 $ 281,718 $ 282,519 $ 280,559 Primary RIF (1) $ 75,937 $ 75,397 $ 74,651 $ 74,704 $ 74,039 Primary RIF by premium type Direct monthly and other recurring premiums 92.0% 91.6% 91.2% 91.0% 90.7% Direct single premiums 8.0% 8.4% 8.8% 9.0% 9.3% Primary RIF by FICO score (2) (3) >=740 61.3% 61.0% 60.7% 60.7% 60.7% 680-739 31.9% 32.2% 32.4% 32.4% 32.3% 620-679 6.6% 6.6% 6.7% 6.7% 6.8% <=619 0.2% 0.2% 0.2% 0.2% 0.2% Total RIF 100.0% 100.0% 100.0% 100.0% 100.0% Primary RIF by LTV (2) 95.01% and above 21.5% 21.2% 21.0% 20.7% 20.4% 90.01% to 95.00% 49.5% 49.1% 48.9% 48.6% 48.3% 85.01% to 90.00% 25.0% 25.6% 26.0% 26.4% 26.8% 85.00% and below 4.0% 4.1% 4.1% 4.3% 4.5% Total RIF 100.0% 100.0% 100.0% 100.0% 100.0% Persistency Rate (12 months ended) 81.2% 81.6% 82.4% 83.6% 83.8% Persistency Rate (quarterly, annualized) (4) 82.9% 81.6% 81.3% 81.6% 84.2% (1) RIF is presented on a gross basis and includes the amount ceded under reinsurance. (2) At origination. (3) Credit score information is based primarily on FICO scores and, effective with the third quarter of 2026, includes a de minimis amount of loans underwritten using VantageScore credit scores. Such loans are included within the credit score bands presented above. (4) 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.
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Radian Group Inc. and Subsidiaries Supplemental Data - Inigo’sUnaudited Results of Operations Exhibit J The following tables includes Inigo’sunaudited 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 through March 31, 2026. 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 Qtr 2 Qtr 1 Net premiums written (1) $ 277,888 $ 285,570 $ 254,676 $ 372,873 $ 308,827 (Increase) decrease in unearned premiums (18,345) 19,424 68,044 (128,602) (69,923) Net premiums earned 259,543 304,994 322,720 244,271 238,904 Net investment income 24,999 24,516 22,399 20,980 19,580 Other income 1,760 2,429 1,694 2,095 994 Total 286,302 331,939 346,813 267,346 259,478 Provision for losses 141,500 175,991 110,493 82,751 182,495 Amortization of deferred policy acquisition costs 49,196 56,785 60,410 42,975 41,771 Other operating expenses 38,464 45,213 36,579 34,777 30,654 Interest expense 3,493 4,772 3,328 3,293 3,256 Total 232,653 282,761 210,810 163,796 258,176 Adjusted pretax operating income $ 53,649 $ 49,178 $ 136,003 $ 103,550 $ 1,302 (1) Gross premiums written for the periods presented were as follows: 2026 2025 (In thousands) Qtr 1 Qtr 4 Qtr 3 Qtr 2 Qtr 1 Gross premiums written $ 416,264 $ 314,619 $ 284,522 $ 498,403 $ 425,126 2026 2025 Qtr 1 Qtr 4 Qtr 3 Qtr 2 Qtr 1 Loss Ratio (1) Current period 59.1% 59.3% 43.0% 56.8% 95.7% Prior period development (4.6)% (1.6)% (8.8)% (22.9)% (19.3)% Total Loss Ratio 54.5% 57.7% 34.2% 33.9% 76.4% Expense Ratio (2) 33.8% 33.4% 30.1% 31.8% 30.3% Combined Ratio (3) 88.3% 91.1% 64.3% 65.7% 106.7% (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 ended December 31, 2025, Inigo’sCombined Ratio was 81.1%.
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FORWARD-LOOKING STATEMENTS All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements”within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time, and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward- looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation: § 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 the Middle 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 the U.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; § risks associated with investments to diversify and grow our business or to pursue 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, Lloyd’sand/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 Guaranty’sability to remain an approved insurer to the GSEs, including the ability to comply with the PMIERs; § changes in the current housing finance system in the United States, including the roles and areas of primary focus of the FHA, the U.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 mortgage insurance operations and our risk distribution strategies; § risks associated with our integration of Inigo and the 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 Radian’sability 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;
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§ risks associated with the sale of our Title business, including: the ability to complete the transaction; risks and uncertainties related to securing third-party approvals, consents and regulatory approvals; and the risk that certain post-closing activities may divert management’sattention 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 Lloyd’s; § 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 connection with the Intercompany Note, will require prior approval from the Pennsylvania Insurance Department for distributions from Radian Guaranty to us for a period of at least three years and possibly up to five years following the Closing Date of the Inigo acquisition; § the ability of our U.S. principal operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our U.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, Lloyd’s; § 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 the VA and 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 in U.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.
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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 “Item1A. Risk Factors”in our Annual Report on Form 10-K for the year ended December 31, 2025, and to subsequent reports and registration statements filed from time to time with the SEC. 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. ###